Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2022.

Back in July, I said that Market Volatility Has One Final Act.¹Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon. But bond prices have dropped significantly, and so you will see at the end of the letter that we are bullish bonds.

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0% or even negative.

Another component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet—one estimate indicates $279B net out through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

Last year when my colleagues and I spoke about inflation², I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds. And the latest data still shows a strong labor market with low unemployment.

Inflation has caused real take-home pay to shrink over the past year. This should result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)³Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Number of Shares		Value
COMMON STOCKS: 100.2%
Diversified Financials: 100.2%
Ares Capital Corp.		5,557,471	$	107,981,662
Bain Capital Specialty Finance, Inc. †		619,402		7,804,465
Barings BDC, Inc.		1,298,824		11,572,522
BlackRock TCP Capital Corp. †		780,583		9,234,297
Blackstone Secured Lending Fund		1,009,930		23,521,270
Capital Southwest Corp.		372,007		7,012,332
Carlyle Secured Lending, Inc. †		637,617		8,002,093
Fidus Investment Corp. †		310,391		5,850,870
FS KKR Capital Corp. †		3,619,106		69,486,835
Gladstone Investment Corp. †		448,683		5,788,011
Goldman Sachs BDC, Inc. †		1,297,639		20,061,499
Golub Capital BDC, Inc. †		1,785,015		23,151,645
Hercules Capital, Inc. †		1,719,318		24,981,691
Main Street Capital Corp. †		602,694		22,263,516
MidCap Financial Investment Corp. †		858,303		9,407,001
New Mountain Finance Corp. †		1,170,401		14,220,372
Newtek Business Services Corp. †		329,118		5,295,509
Oaktree Specialty Lending Corp. †		2,056,613		13,573,646
Owl Rock Capital Corp. †		4,599,398		54,594,854

	Number of Shares		Value
Diversified Financials (continued)
PennantPark Floating Rate Capital Ltd. †		575,963	$	6,381,670
PennantPark Investment Corp. †		813,192		4,838,492
Prospect Capital Corp. †		3,260,538		23,671,506
Sixth Street Specialty Lending, Inc. †		1,039,703		18,881,006
SLR Investment Corp.		621,696		8,411,547
TriplePoint Venture Growth BDC Corp. †		442,275		5,652,274
Total Common Stocks (Cost: $551,515,253)				511,640,585


SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.7%
Money Market Fund: 19.7% (Cost: $100,626,266)
State Street Navigator Securities Lending Government Money Market Portfolio		100,626,266		100,626,266
Total Investments: 119.9% (Cost: $652,141,519)				612,266,851
Liabilities in excess of other assets: (19.9)%				(101,702,028)
NET ASSETS: 100.0%			$	510,564,823

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Par (000’s		)	Value
CORPORATE BONDS: 42.7%
Basic Materials: 6.8%
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25	CNY	20,000		$	2,774,303
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24	CNY	10,000			1,397,967
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25	CNY	10,000			1,392,654
					5,564,924
Consumer Cyclicals: 1.8%
Beijing Infrastructure Investment Co. Ltd. 3.09%, 09/01/24	CNY	6,000			829,361
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26	CNY	4,900			685,361
					1,514,722
Energy: 4.0%
PetroChina Co. Ltd. 3.50%, 01/19/26	CNY	3,490			489,872
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25	CNY	20,000			2,777,389
					3,267,261
Financials: 15.1%
Agricultural Development Bank of China 3.24%, 08/14/24	CNY	4,790			665,743
4.98%, 01/12/25	CNY	4,620			667,622
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.40%, 10/24/24	CNY	15,000			2,073,496
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27	CNY	20,000			2,905,447
China Development Bank 3.34%, 07/14/25	CNY	3,830			536,731
4.59%, 08/01/38	CNY	20,301			3,259,451
Chongqing Longhu Development Co. Ltd. 3.45%, 08/02/23	CNY	5,000			617,229
4.44%, 01/25/24	CNY	8,000			951,532
Cinda Investment Co. Ltd. 4.30%, 12/22/23	CNY	1,500			205,410
CITIC Securities Co. Ltd. 3.78%, 09/10/24	CNY	3,000			420,424
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24	CNY	200			27,729
					12,330,814
Industrials: 7.5%
Chengdu Xingcheng Investment Group Co. Ltd. 4.74%, 12/30/23 (o)	CNY	5,000			699,725
China Railway Group Ltd. 3.99%, 07/16/24	CNY	5,000			701,617
China State Railway Group Co. Ltd. 3.45%, 07/25/24	CNY	15,000			2,090,746

	Par (000’s		)	Value
Industrials (continued)
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24	CNY	2,100		$	305,298
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26	CNY	10,000			1,388,924
Sichuan Development Holding Co. Ltd. 4.55%, 08/06/25	CNY	5,000			718,406
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23	CNY	15			2,060
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30	CNY	2,000			281,110
					6,187,886
Real Estate: 1.8%
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 (d) *	CNY	1,000			34,276
7.00%, 03/03/21 (d) *	CNY	1,000			34,277
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25	CNY	10,000			1,374,524
					1,443,077
Technology: 0.4%
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24	CNY	2,052			296,283

Utilities: 5.3%
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s)	CNY	15,000			2,092,253
China Yangtze Power Co. Ltd. 3.35%, 10/17/26	CNY	1,500			209,305
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24	CNY	5,000			699,861
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26	CNY	10,000			1,387,640
					4,389,059
Total Corporate Bonds (Cost: $39,070,358)					34,994,026

GOVERNMENT OBLIGATIONS: 49.5%
Agricultural Development Bank of China
2.25%, 04/22/25	CNY	2,930			399,650
2.96%, 04/17/30	CNY	4,000			549,102
3.63%, 07/19/26	CNY	2,700			383,382
3.74%, 07/12/29	CNY	6,240			900,786
3.75%, 01/25/29	CNY	5,150			741,536
3.79%, 10/26/30	CNY	1,110			161,122
3.85%, 01/06/27	CNY	5,110			734,828

	Par (000’s		)	Value
4.39%, 09/08/27	CNY	6,470		$	953,223
4.65%, 05/11/28	CNY	5,560			832,717

Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40	CNY	15,000			2,078,186
China Development Bank
3.18%, 04/05/26	CNY	4,850			679,136
3.30%, 03/03/26	CNY	5,550			779,883
3.39%, 02/03/27	CNY	10,042			1,420,972
3.41%, 06/07/31	CNY	1,640			232,455
3.45%, 09/20/29	CNY	4,800			681,457
3.48%, 01/08/29	CNY	4,460			633,494
3.65%, 05/21/29	CNY	7,150			1,025,941
3.66%, 03/01/31	CNY	1,170			168,672
3.70%, 10/20/30	CNY	4,150			599,169
4.04%, 04/10/27	CNY	6,160			891,488
4.04%, 07/06/28	CNY	2,720			397,154
China Government Bond
1.99%, 04/09/25	CNY	5,660			768,491
2.47%, 09/02/24	CNY	5,300			727,691
2.68%, 05/21/30	CNY	6,320			863,037
2.69%, 08/12/26	CNY	7,450			1,028,477
2.77%, 06/24/30	CNY	5,690			777,649
2.85%, 06/04/27	CNY	5,420			753,091
2.86%, 07/16/30	CNY	3,350			461,178
2.88%, 11/05/23	CNY	4,950			681,602
2.90%, 05/05/26	CNY	846			117,813
3.01%, 05/13/28	CNY	5,630			787,565
3.02%, 10/22/25	CNY	9,250			1,291,498
3.02%, 05/27/31	CNY	6,210			868,698
3.03%, 03/11/26	CNY	5,400			754,848

	Par (000’s		)	Value
3.25%, 06/06/26	CNY	6,030		$	849,782
3.27%, 11/19/30	CNY	6,330			899,621
3.27%, 08/22/46	CNY	500			2,574,548
3.28%, 12/03/27	CNY	6,150			872,525
3.29%, 05/23/29	CNY	2,680			381,648
3.74%, 09/22/35	CNY	3,900			582,657
Export-Import Bank of China
3.22%, 05/14/26	CNY	5,470			766,416
3.23%, 03/23/30	CNY	2,900			405,905
3.28%, 02/11/24	CNY	4,670			646,608
3.33%, 02/22/26	CNY	3,560			500,058
3.38%, 07/16/31	CNY	4,250			601,222
3.43%, 10/23/25	CNY	1,830			257,612
3.74%, 11/16/30	CNY	2,380			344,054
3.86%, 05/20/29	CNY	2,480			360,643
3.88%, 01/12/36	CNY	1,170			174,869
4.89%, 03/26/28	CNY	3,010			456,363
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 2.70%, 10/21/24	CNY	12,000			1,643,247
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25	CNY	5,000			684,144
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24	CNY	17,000			2,389,096
Total Government Obligations (Cost: $45,480,785)					40,517,009
Total Investments: 92.2% (Cost: $84,551,143)					75,511,035
Other assets less liabilities: 7.8%					6,358,232
NET ASSETS: 100.0%				$	81,869,267

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Par (000’s		)	Value
CORPORATE BONDS: 94.0%
Argentina: 3.3%
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.88%, 12/01/27	$	439		$	267,515
Genneia SA 144A 8.75%, 09/02/27		550			510,890
MercadoLibre, Inc.
2.38%, 01/14/26		650			564,277
3.12%, 01/14/31 †		1,025			743,335
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25		800			509,756
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25		75			47,790
Pampa Energia SA 144A
7.50%, 01/24/27		925			765,428
9.12%, 04/15/29		450			372,384
Pan American Energy LLC 144A 9.12%, 04/30/27		425			459,669
Telecom Argentina SA 144A
8.00%, 07/18/26		575			497,225
8.50%, 08/06/25		575			538,352
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25		550			479,985
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25		200			174,540
YPF Energia Electrica SA 144A 10.00%, 07/25/26		540			430,213
YPF SA 144A
1.50%, 09/30/33 (s)		850			461,295
2.50%, 06/30/29 (s)		1,125			708,941
4.00%, 02/12/26 (s)		1,150			1,012,000
6.95%, 07/21/27		1,225			746,221
7.00%, 12/15/47		775			405,794
8.50%, 03/23/25		516			411,025
8.50%, 07/28/25		1,675			1,209,735
8.50%, 06/27/29		587			358,070
8.75%, 04/04/24		858			743,898
					12,418,338
Armenia: 0.1%
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25		425			402,471
Austria: 0.1%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28		300			236,100
Azerbaijan: 1.0%
Southern Gas Corridor CJSC 144A

	Par (000’s		)	Value
Azerbaijan (continued)
6.88%, 03/24/26 †	$	2,925		$	2,884,094
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		1,050			1,025,503
					3,909,597
Bahrain: 1.6%
BBK BSC Reg S 5.50%, 07/09/24		700			682,111
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25		650			622,944
Mumtalakat Sukuk Holding Co. Reg S
4.10%, 01/21/27		650			617,789
5.62%, 02/27/24		950			946,977
Oil and Gas Holding Co. BSCC 144A
7.50%, 10/25/27		1,500			1,455,157
7.62%, 11/07/24		1,125			1,118,149
8.38%, 11/07/28		650			640,005
					6,083,132
Barbados: 0.2%
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 †		900			824,369
Bermuda: 0.8%
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25		667			206,620
Digicel International Finance Ltd./Digicel international Holdings Ltd 144A
8.75%, 05/25/24		1,750			1,497,378
13.00%, 12/31/25		597			406,901
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		975			822,822
					2,933,721
Brazil: 8.6%
Adecoagro SA 144A 6.00%, 09/21/27		750			679,841
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		550			486,458
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27		550			522,926
Atento Luxco 1 SA 144A 8.00%, 02/10/26		400			158,740
Azul Investments LLP 144A 5.88%, 10/26/24		200			151,512
B2W Digital Lux Sarl 144A 4.38%, 12/20/30		400			275,515
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		500			399,015
Banco Bradesco SA 144A 3.20%, 01/27/25		525			495,553
Banco BTG Pactual SA 144A

	Par (000’s		)	Value
Brazil (continued)
2.75%, 01/11/26	$	350		$	306,731
4.50%, 01/10/25		675			645,638
Banco Daycoval SA Reg S 4.25%, 12/13/24		300			288,026
Banco do Brasil SA 144A
4.62%, 01/15/25		650			632,011
4.75%, 03/20/24		550			541,005
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24		375			371,257
Banco Votorantim SA 144A
4.38%, 07/29/25		450			426,269
4.50%, 09/24/24		250			242,598
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,250			959,344
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81		425			404,912
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		516			496,867
BRF GmbH 144A 4.35%, 09/29/26		375			334,313
BRF SA 144A
4.88%, 01/24/30		375			294,157
5.75%, 09/21/50		500			337,515
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24		650			668,249
Centrais Eletricas Brasileiras SA 144A
3.62%, 02/04/25		350			329,964
4.62%, 02/04/30		475			407,804
Cosan Luxembourg SA 144A 7.00%, 01/20/27		350			344,540
Cosan SA 144A 5.50%, 09/20/29		575			510,496
CSN Inova Ventures 144A 6.75%, 01/28/28		775			665,581
CSN Resources SA 144A 7.62%, 04/17/26		250			239,698
Embraer Netherlands Finance BV
5.05%, 06/15/25		625			592,812
5.40%, 02/01/27		550			504,022
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28		500			472,850
ERO Copper Corp. 144A 6.50%, 02/15/30		250			188,480
FS Luxembourg Sarl 144A 10.00%, 12/15/25		450			460,051
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30		300			235,628

	Par (000’s		)	Value
Brazil (continued)
5.50%, 01/14/32	$	350		$	266,377
Gol Finance SA 144A 7.00%, 01/31/25		500			218,598
Guara Norte Sarl 144A 5.20%, 06/15/34		562			441,626
InterCement Financial Operations BV 144A 5.75%, 07/17/24		450			313,245
Itau Unibanco Holding SA 144A
3.25%, 01/24/25		325			312,985
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31		350			301,518
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29		550			510,634
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o)		500			384,850
JSM Global Sarl 144A 4.75%, 10/20/30		275			190,861
Klabin Austria GmbH 144A
3.20%, 01/12/31 †		200			151,173
5.75%, 04/03/29		575			539,402
7.00%, 04/03/49		528			470,023
Light Servicos de Eletricidade SA / Light Energia SA 144A 4.38%, 06/18/26		375			305,079
MARB BondCo Plc 144A 3.95%, 01/29/31		875			649,989
MV24 Capital BV 144A 6.75%, 06/01/34		622			515,589
Natura Cosmeticos SA 144A 4.12%, 05/03/28		750			585,375
NBM US Holdings, Inc. 144A
6.62%, 08/06/29		400			371,197
7.00%, 05/14/26		550			531,793
Nexa Resources SA 144A
5.38%, 05/04/27		450			411,804
6.50%, 01/18/28		325			300,365
Petrobras Global Finance BV
5.09%, 01/15/30 †		350			312,004
5.30%, 01/27/25		325			321,331
5.60%, 01/03/31 †		625			568,634
5.62%, 05/20/43		200			155,993
5.75%, 02/01/29		275			256,791
6.00%, 01/27/28 †		625			600,906
6.25%, 03/17/24		275			276,295
6.75%, 01/27/41		400			347,936
6.75%, 06/03/50		300			241,719
6.85%, 06/05/15		900			707,648
6.88%, 01/20/40		372			330,288
6.90%, 03/19/49		450			372,796
7.25%, 03/17/44		515			462,279
7.38%, 01/17/27		400			408,570
8.75%, 05/23/26		200			215,926
Rede D’or Finance Sarl 144A

	Par (000’s		)	Value
Brazil (continued)
4.50%, 01/22/30	$	524		$	433,497
4.95%, 01/17/28		350			310,784
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24		412			416,949
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27		266			274,462
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28		298			299,806
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		450			402,750
Simpar Europe SA 144A 5.20%, 01/26/31		350			253,676
Tupy Overseas SA 144A 4.50%, 02/16/31		300			227,622
Ultrapar International SA 144A
5.25%, 10/06/26		200			193,171
5.25%, 06/06/29		300			283,197
Unigel Luxembourg SA 144A 8.75%, 10/01/26		350			338,764
Usiminas International Sarl 144A 5.88%, 07/18/26		550			511,987
XP, Inc. 144A 3.25%, 07/01/26		500			437,217
					32,805,859
British Virgin Islands: 0.3%
China SCE Group Holdings Ltd. Reg S
7.00%, 05/02/25		700			63,875
7.38%, 04/09/24		750			101,250
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24		400			314,000
New Metro Global Ltd. Reg S
4.50%, 05/02/26		500			70,625
4.62%, 10/15/25		400			62,400
Sino-Ocean Land Treasure Finance I Ltd. Reg S 6.00%, 07/30/24		1,000			177,850
Sino-Ocean Land Treasure Finance II Ltd. Reg S 5.95%, 02/04/27		450			51,178
Studio City Co. Ltd. 144A 7.00%, 02/15/27 †		550			437,626
					1,278,804
Cambodia: 0.2%
NagaCorp Ltd. Reg S 7.95%, 07/06/24		700			609,000
Canada: 0.2%
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24		565			458,921

	Par (000’s		)	Value
Canada (continued)
Frontera Energy Corp. 144A 7.88%, 06/21/28	$	550		$	412,088
					871,009
Cayman Islands: 2.2%
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26		1,300			1,117,480
Banco Bradesco SA 144A 4.38%, 03/18/27		350			328,440
Banco do Brasil SA 144A
3.25%, 09/30/26		550			489,525
4.88%, 01/11/29		350			314,844
CT Trust 144A 5.12%, 02/03/32		1,300			1,041,525
Dar Al-Arkan Sukuk Co. Ltd. Reg S 7.75%, 02/07/26		500			480,060
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31		550			514,965
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o)		800			774,040
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29		900			854,910
Oryx Funding Ltd. 144A 5.80%, 02/03/31		900			790,556
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31		558			480,474
StoneCo Ltd. 144A 3.95%, 06/16/28		375			279,905
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24		800			763,360
					8,230,084
Chile: 1.2%
Agrosuper SA 144A 4.60%, 01/20/32		650			530,821
CAP SA 144A 3.90%, 04/27/31		450			308,605
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33		735			358,347
Kenbourne Invest SA 144A 6.88%, 11/26/24		618			551,080
Latam Airlines Group SA 144A
13.38%, 10/15/27		600			590,514
13.38%, 10/15/29		1,000			996,395
VTR Comunicaciones SpA 144A
4.38%, 04/15/29		600			336,957
5.12%, 01/15/28		617			393,328
VTR Finance NV 144A

	Par (000’s		)	Value
Chile (continued)
6.38%, 07/15/28	$	825		$	438,790
					4,504,837
China: 6.5%
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25		300			63,637
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o)		4,250			3,936,553
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o)		700			655,025
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o)		650			390,000
Chengdu Economic & Technological Investment Group Co. Ltd. Reg S 5.30%, 12/07/24		200			194,000
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)		840			844,200
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24		650			558,220
China SCE Group Holdings Ltd. Reg S 6.00%, 02/04/26		400			33,000
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o)		600			546,600
CIFI Holdings Group Co. Ltd. Reg S 4.38%, 04/12/27 †		500			35,125
4.45%, 08/17/26		650			48,606
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)		550			548,281
Country Garden Holdings Co. Ltd. Reg S
2.70%, 07/12/26		1,500			138,560
3.12%, 10/22/25		2,000			198,335
3.30%, 01/12/31		1,300			102,216
3.88%, 10/22/30		800			63,026
4.20%, 02/06/26		800			78,411
4.80%, 08/06/30		500			39,760

	Par (000’s		)	Value
China (continued)
5.12%, 01/17/25	$	800		$	80,672
5.12%, 01/14/27		800			70,372
5.40%, 05/27/25		1,150			111,002
6.50%, 04/08/24		500			77,347
7.25%, 04/08/26		1,850			181,826
8.00%, 01/27/24		1,600			272,188
eHi Car Services Ltd. Reg S
7.00%, 09/21/26		350			169,750
7.75%, 11/14/24		600			301,713
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26		1,200			977,328
Fortune Star BVI Ltd. Reg S
5.95%, 10/19/25		1,000			370,000
6.85%, 07/02/24		850			403,750
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24		200			75,000
Greenland Global Investment Ltd. Reg S
5.88%, 07/03/24		700			157,500
6.75%, 03/03/24		500			112,500
Greentown China Holdings Ltd. Reg S
4.70%, 04/29/25		750			345,375
5.65%, 07/13/25		300			133,950
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o)		9,350			8,368,123
Mianyang Investment Holding Group Co. Ltd. Reg S 6.70%, 08/08/25		400			396,219
New Metro Global Ltd. Reg S 4.80%, 12/15/24		600			158,280
Powerlong Real Estate Holdings Ltd. Reg S
5.95%, 04/30/25		500			41,232
6.25%, 08/10/24		600			66,000
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24		200			72,000
RKPF Overseas 2019 A Ltd. Reg S
6.00%, 09/04/25		600			243,975
6.70%, 09/30/24		750			454,312
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o)		400			114,000
Times China Holdings Ltd. Reg S
5.55%, 06/04/24		600			53,342
5.75%, 01/14/27		200			11,861

	Par (000’s		)	Value
China (continued)
6.20%, 03/22/26	$	600		$	39,662
6.75%, 07/08/25		600			46,193
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24		675			286,875
West China Cement Ltd. Reg S 4.95%, 07/08/26		800			456,520
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24		400			340,000
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23		650			628,875
Zhangzhou Transportation Development Group Co. Ltd. Reg S 4.98%, 06/01/25		800			775,472
					24,866,769
Colombia: 5.6%
Aris Mining Corp. 144A 6.88%, 08/09/26		325			226,250
Banco de Bogota SA 144A 6.25%, 05/12/26		1,633			1,499,902
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31		600			409,701
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29		900			732,501
Cable Onda SA 144A 4.50%, 01/30/30		850			697,263
Canacol Energy Ltd. 144A 5.75%, 11/24/28		700			527,373
Ecopetrol SA
4.12%, 01/16/25 †		1,800			1,661,593
4.62%, 11/02/31		1,875			1,296,099
5.38%, 06/26/26		2,225			2,025,940
5.88%, 05/28/45		2,950			1,801,772
5.88%, 11/02/51		1,100			656,100
6.88%, 04/29/30		2,900			2,391,630
7.38%, 09/18/43		1,283			942,646
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		1,475			1,055,575
4.38%, 02/15/31		925			629,153
Geopark Ltd. 144A 5.50%, 01/17/27		750			612,505
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,525			1,061,278
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26		700			641,117
Oleoducto Central SA 144A 4.00%, 07/14/27		750			612,053

	Par (000’s		)	Value
Colombia (continued)
Orazul Energy Peru SA 144A 5.62%, 04/28/27	$	550		$	469,219
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27		900			809,412
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29		808			687,462
					21,446,544
Costa Rica: 0.2%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43		700			476,410
6.75%, 10/07/31		450			396,675
					873,085
Cyprus: 0.3%
MHP Lux SA 144A
6.25%, 09/19/29		500			225,000
6.95%, 04/03/26		850			390,796
MHP SE 144A 7.75%, 05/10/24		750			361,275
					977,071
Czech Republic: 0.2%
Energo-Pro AS 144A 8.50%, 02/04/27		650			599,840
Dominican Republic: 0.1%
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		400			314,608
El Salvador: 0.1%
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24		425			419,197
France: 0.1%
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29		500			440,223
Georgia: 0.4%
Georgia Capital JSC Reg S 6.12%, 03/09/24		600			563,017
Georgian Railway JSC 144A 4.00%, 06/17/28		650			495,677
Silknet JSC 144A 8.38%, 01/31/27		375			347,813
					1,406,507
Ghana: 0.4%
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 †		925			774,687
Tullow Oil Plc 144A 7.00%, 03/01/25		1,050			684,842
					1,459,529
Greece: 0.2%
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A

	Par (000’s		)	Value
Greece (continued)
10.75%, 07/01/25	$	775		$	715,747
Guatemala: 0.5%
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31		525			469,611
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29		1,650			1,455,328
					1,924,939
Honduras: 0.1%
Inversiones Atlantida SA 144A 7.50%, 05/19/26		375			336,188
Hong Kong: 4.4%
Agile Group Holdings Ltd. Reg S 6.05%, 10/13/25 †		650			128,072
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o)		500			76,374
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o)		950			165,179
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o)		1,000			762,500
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o)		850			688,500
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o)		1,050			678,507
Champion Path Holdings Ltd. Reg S
4.50%, 01/27/26		850			559,921
4.85%, 01/27/28		650			398,937
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o)		750			656,219
4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o)		900			812,250
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26		450			323,089
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		500			399,150

	Par (000’s		)	Value
Hong Kong (continued)
Easy Tactic Ltd. 7.50%, 07/11/28	$	353		$	28,251
Fortune Star BVI Ltd. Reg S
5.00%, 05/18/26		650			214,637
5.05%, 01/27/27		600			201,000
Franshion Brilliant Ltd. Reg S 4.88% (US Treasury Yield Curve Rate T 5 Year+2.75%), 06/21/24 (o)		200			124,252
6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 2/8/2026 (o)		700			502,480
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24		600			227,457
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24		400			184,000
Li & Fung Ltd. Reg S
4.38%, 10/04/24		850			799,287
4.50%, 08/18/25		900			778,499
Melco Resorts Finance Ltd. 144A
4.88%, 06/06/25		1,400			1,000,260
5.25%, 04/26/26		800			509,374
5.38%, 12/04/29		1,700			952,850
5.62%, 07/17/27		970			590,871
5.75%, 07/21/28		1,150			667,000
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25		300			123,000
RKPF Overseas 2020 A Ltd. Reg S
5.12%, 07/26/26		600			175,650
5.20%, 01/12/26		700			217,439
Seaspan Corp. 144A 5.50%, 08/01/29		1,250			965,924
Seaspan Corp. 144A Reg S 6.50%, 04/29/26		400			385,200
Sino-Ocean Land Treasure IV Ltd. Reg S
3.25%, 05/05/26		500			62,511
4.75%, 08/05/29		800			80,970
4.75%, 01/14/30		850			83,432
Studio City Finance Ltd. 144A
5.00%, 01/15/29		1,600			691,392
6.00%, 07/15/25		650			312,592
6.50%, 01/15/28		875			367,923
Yancoal International Resources Development Co. Ltd. Reg S 2.90%, 11/18/24		500			476,632
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		750			378,750
					16,750,331
India: 5.3%
ABJA Investment Co. Pte Ltd. Reg S

	Par (000’s		)	Value
India (continued)
5.95%, 07/31/24	$	1,500		$	1,473,278
Adani Green Energy Ltd. 144A 4.38%, 09/08/24		1,100			830,500
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24		850			773,202
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharash 144A 4.62%, 10/15/39		452			290,104
Bank of Baroda Reg S 3.88%, 04/04/24		450			438,756
Canara Bank Reg S 3.88%, 03/28/24		600			584,643
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		800			722,200
6.45%, 06/04/29		650			537,323
Future Retail Ltd. 144A 5.60%, 01/22/25		650			20,345
GMR Hyderabad International Airport Ltd. 144A
4.25%, 10/27/27		450			355,500
4.75%, 02/02/26		550			483,312
5.38%, 04/10/24		375			360,956
HPCL-Mittal Energy Ltd. Reg S
5.25%, 04/28/27		550			474,375
5.45%, 10/22/26		400			358,160
India Green Energy Holdings 144A 5.38%, 04/29/24		500			467,066
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		874			674,338
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		500			372,408
JSW Steel Ltd. 144A
3.95%, 04/05/27		650			473,217
5.05%, 04/05/32		850			535,764
JSW Steel Ltd. Reg S
5.38%, 04/04/25		500			434,375
5.95%, 04/18/24		750			702,375
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o)		1,475			1,301,466
Periama Holdings LLC Reg S 5.95%, 04/19/26		1,150			938,205
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27		750			674,629
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 †		850			629,476

	Par (000’s		)	Value
India (continued)
Shriram Transport Finance Co. Ltd. 144A
4.15%, 07/18/25	$	500		$	432,755
4.40%, 03/13/24		1,100			1,026,619
Tata Motors Ltd. Reg S 5.88%, 05/20/25		400			382,000
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24		450			426,398
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o)		550			342,375
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26		875			523,941
13.88%, 01/21/24		1,525			1,278,133
Vedanta Resources Ltd. 144A 6.12%, 08/09/24		1,475			876,795
					20,194,989
Indonesia: 2.4%
Adaro Indonesia PT 144A 4.25%, 10/31/24		1,200			1,125,709
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24		400			168,000
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		111			902
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25		400			344,000
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26		600			447,660
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26		800			693,225
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25		400			369,500
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24		573			555,173
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25		825			779,446
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26		500			395,000
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27		950			762,269
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26		850			756,265
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25		775			743,729
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			489,000

	Par (000’s		)	Value
Indonesia (continued)
Saka Energi Indonesia PT 144A 4.45%, 05/05/24	$	650		$	606,358
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26		600			335,100
8.12%, 01/22/25		700			480,200
					9,051,536
Israel: 3.1%
Leviathan Bond Ltd. 144A Reg S
6.12%, 06/30/25		875			835,071
6.50%, 06/30/27		875			820,312
6.75%, 06/30/30		800			716,812
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 †		900			739,692
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26		3,975			3,365,792
4.10%, 10/01/46		2,298			1,396,348
6.00%, 04/15/24		1,417			1,403,368
6.75%, 03/01/28 †		1,425			1,346,518
7.12%, 01/31/25		1,150			1,141,157
					11,765,070
Kuwait: 0.3%
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26		800			659,820
4.50%, 02/23/27		750			597,802
					1,257,622
Luxembourg: 2.4%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		350			276,376
Aegea Finance Sarl 144A 6.75%, 05/20/29 †		300			276,600
AI Candelaria Spain SA 144A 7.50%, 12/15/28		475			400,940
Consolidated Energy Finance SA 144A 5.62%, 10/15/28		700			588,938
CSN Resources SA 144A
4.62%, 06/10/31		600			401,820
5.88%, 04/08/32 †		375			271,762
Energean Israel Finance Ltd. 144A Reg S
4.50%, 03/30/24		900			862,051
4.88%, 03/30/26		925			834,813
5.38%, 03/30/28		900			794,250
5.88%, 03/30/31		925			786,250
Gol Finance SA 144A 8.00%, 06/30/26		425			249,556
Kenbourne Invest SA 144A 4.70%, 01/22/28		725			531,639
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,200			918,888

	Par (000’s		)	Value
Luxembourg (continued)
Minerva Luxembourg SA 144A 4.38%, 03/18/31	$	850		$	646,998
Movida Europe SA 144A 5.25%, 02/08/31		550			405,853
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 †		350			292,250
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26		475			430,913
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31		186			157,368
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 †		200			151,788
					9,279,053
Macao: 0.2%
MGM China Holdings Ltd. 144A 4.75%, 02/01/27		1,200			903,096
Mauritius: 2.4%
Axian Telecom 144A 7.38%, 02/16/27		625			541,563
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		605			440,010
CA Magnum Holdings 144A 5.38%, 10/31/26		1,525			1,281,119
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		478			368,694
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,491			1,153,419
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25		1,075			920,573
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27		1,300			1,016,197
India Airport Infra 144A 6.25%, 10/25/25		625			554,225
India Clean Energy Holdings 144A 4.50%, 04/18/27		550			383,276
India Cleantech Energy 144A 4.70%, 08/10/26		521			398,450
India Green Power Holdings 144A 4.00%, 02/22/27		700			528,533
India Toll Roads 144A 5.50%, 08/19/24		600			558,571
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26		875			622,563
Network i2i Ltd. 144A

	Par (000’s		)	Value
Mauritius (continued)
3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) †	$	625		$	496,503
					9,263,696
Mexico: 6.6%
Alsea SAB de CV 144A 7.75%, 12/14/26		650			618,829
Axtel SAB de CV 144A 6.38%, 11/14/24		693			464,920
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31		750			634,313
Braskem Idesa SAPI 144A 6.99%, 02/20/32 †		1,775			1,191,549
Cemex SAB de CV 144A
3.88%, 07/11/31		1,775			1,355,656
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o)		1,425			1,179,822
5.20%, 09/17/30		1,200			1,023,404
5.45%, 11/19/29		1,125			983,998
7.38%, 06/05/27		1,450			1,438,907
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31		900			566,964
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26		500			398,343
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26		450			357,716
Grupo KUO SAB De CV 144A 5.75%, 07/07/27		600			516,921
Metalsa SAPI de CV 144A 3.75%, 05/04/31		350			242,445
Mexarrend SAPI de CV 144A 10.25%, 07/24/24		600			145,338
Nemak SAB de CV 144A 3.62%, 06/28/31		825			601,396
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25		600			252,124
Petroleos Mexicanos
4.25%, 01/15/25		175			163,137
4.50%, 01/23/26		325			286,941
4.88%, 01/18/24 †		225			219,286
5.35%, 02/12/28 †		550			439,300
5.50%, 06/27/44		175			99,733
5.62%, 01/23/46		175			98,410
5.95%, 01/28/31		1,025			740,536
6.35%, 02/12/48		425			245,025
6.38%, 01/23/45		325			191,396
6.49%, 01/23/27		425			371,004
6.50%, 03/13/27		1,075			944,695
6.50%, 01/23/29 †		325			261,644

	Par (000’s		)	Value
Mexico (continued)
6.50%, 06/02/41	$	425		$	268,619
6.62%, 06/15/35		750			522,097
6.62%, 06/15/38		125			82,001
6.70%, 02/16/32		1,840			1,394,554
6.75%, 09/21/47		1,525			921,238
6.84%, 01/23/30		650			519,899
6.88%, 10/16/25 †		250			240,615
6.88%, 08/04/26		675			625,650
6.95%, 01/28/60		1,050			631,893
7.69%, 01/23/50		2,200			1,437,163
8.75%, 06/02/29		525			468,468
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25		525			435,832
Total Play Telecomunicaciones SA de CV 144A
6.38%, 09/20/28		900			619,131
7.50%, 11/12/25		850			720,253
Unifin Financiera SAB de CV 144A
7.00%, 01/15/25		600			56,250
7.25%, 09/27/23		285			29,212
8.38%, 01/27/28		825			82,500
9.88%, 01/28/29		875			87,500
					25,176,627
Mongolia: 0.1%
Mongolian Mining Corp./ Energy Resources LLC 144A 9.25%, 04/15/24		650			364,787
Morocco: 1.1%
OCP SA 144A
3.75%, 06/23/31		1,100			825,621
4.50%, 10/22/25		875			835,757
5.12%, 06/23/51		1,100			677,156
5.62%, 04/25/24		1,100			1,092,326
6.88%, 04/25/44		750			593,812
					4,024,672
Netherlands: 0.9%
Coruripe Netherlands BV 144A 10.00%, 02/10/27		250			208,126
Greenko Dutch BV 144A 3.85%, 03/29/26		1,289			1,012,061
Petrobras Global Finance BV 5.50%, 06/10/51 †		400			283,816
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27		1,150			1,016,313
5.12%, 05/09/29 †		1,150			989,644
					3,509,960
Nigeria: 0.8%
Access Bank Plc 144A 6.12%, 09/21/26		725			534,470
EBN Finance Co. BV 144A 7.12%, 02/16/26		450			359,856
Fidelity Bank Plc 144A

	Par (000’s		)	Value
Nigeria (continued)
7.62%, 10/28/26	$	550		$	431,750
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25		550			475,035
SEPLAT Energy Plc 144A 7.75%, 04/01/26		875			689,106
United Bank for Africa Plc 144A 6.75%, 11/19/26		475			406,125
					2,896,342
Oman: 1.4%
Bank Muscat SAOG Reg S 4.75%, 03/17/26		700			663,413
Lamar Funding Ltd. 144A 3.96%, 05/07/25		1,575			1,455,752
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27		675			663,674
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		700			630,702
OQ SAOC 144A 5.12%, 05/06/28		1,100			995,876
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28 †		1,025			1,009,062
					5,418,479
Panama: 0.4%
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o)		475			384,235
Banistmo SA 144A 4.25%, 07/31/27		600			529,414
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29		600			532,320
					1,445,969
Paraguay: 0.2%
Banco Continental SAECA 144A 2.75%, 12/10/25		350			300,615
Frigorifico Concepcion SA 144A 7.70%, 07/21/28		425			335,312
					635,927
Peru: 2.4%
Auna SAA 144A 6.50%, 11/20/25		375			293,012
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29		500			478,424
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30		400			351,048
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29		500			486,942
Camposol SA 144A

	Par (000’s		)	Value
Peru (continued)
6.00%, 02/03/27	$	550		$	390,801
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26		825			685,099
InRetail Consumer 144A 3.25%, 03/22/28		950			753,483
InRetail Shopping Malls 144A 5.75%, 04/03/28		525			466,043
Minsur SA 144A 4.50%, 10/28/31		750			605,415
Peru LNG Srl 144A 5.38%, 03/22/30		1,350			1,064,678
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,450			1,071,554
5.62%, 06/19/47		2,900			1,865,323
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28		500			400,989
Volcan Cia Minera SAA 144A 4.38%, 02/11/26		500			420,443
					9,333,254
Philippines: 0.1%
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o)		400			343,996
Poland: 0.4%
Canpack SA / Canpack US LLC 144A
3.12%, 11/01/25		650			567,054
3.88%, 11/15/29		1,200			955,356
					1,522,410
Qatar: 0.2%
QNB Finansbank AS 144A 6.88%, 09/07/24		925			927,859
Saudi Arabia: 0.5%
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24		650			604,191
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.75%, 02/15/25		900			862,371
6.88%, 02/26/27		600			554,400
					2,020,962
Singapore: 2.2%
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27		871			692,648
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o)		1,400			665,000
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o)		200			99,990

	Par (000’s		)	Value
Singapore (continued)
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26	$	600		$	583,500
Greenko Solar Mauritius Ltd. 144A
5.55%, 01/29/25 †		750			657,188
5.95%, 07/29/26		900			729,000
Inkia Energy Ltd. 144A 5.88%, 11/09/27		492			439,057
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28		500			384,247
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24		800			739,948
Puma International Financing SA 144A
5.00%, 01/24/26		1,200			1,068,252
5.12%, 10/06/24		850			798,524
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		649			576,363
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26		700			567,035
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24		600			357,000
					8,357,752
South Africa: 2.5%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,525			1,373,964
7.12%, 02/11/25		1,875			1,759,312
8.45%, 08/10/28		575			506,292
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		800			673,872
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24		675			649,571
6.50%, 10/13/26		750			717,675
Sasol Financing USA LLC
5.88%, 03/27/24		2,050			2,006,479
6.50%, 09/27/28		1,250			1,106,686
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29		650			624,943
					9,418,794
South Korea: 0.2%
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o)		850			742,688
Spain: 0.6%
AES Andres BV 144A 5.70%, 05/04/28		400			323,275

	Par (000’s		)	Value
Spain (continued)
AI Candelaria Spain SA 144A 5.75%, 06/15/33	$	1,000		$	652,130
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25		550			511,149
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		725			507,699
International Airport Finance SA 144A 12.00%, 03/15/33		522			452,453
					2,446,706
Tanzania: 0.1%
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40		500			421,663
Thailand: 0.6%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34		1,775			1,321,668
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31		1,200			1,008,318
					2,329,986
Togo: 0.2%
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24		800			758,600
Trinidad and Tobago: 0.7%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		800			843,600
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		600			552,366
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		525			447,468
Trinidad Generation Unlimited 144A 5.25%, 11/04/27		900			857,633
					2,701,067
Turkey: 5.8%
Akbank TAS 144A
5.12%, 03/31/25		700			630,941
6.80%, 02/06/26 †		725			659,627
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31		850			706,025
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		700			500,414

	Par (000’s		)	Value
Turkey (continued)
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27	$	1,100		$	825,330
Coca-Cola Icecek AS 144A 4.50%, 01/20/29		700			564,305
KOC Holding AS 144A 6.50%, 03/11/25		1,100			1,045,891
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		500			399,142
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26		550			506,138
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26		950			807,338
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24		750			662,775
6.88%, 02/28/25		805			704,359
Turkcell Iletisim Hizmetleri AS 144A
5.75%, 10/15/25		675			601,165
5.80%, 04/11/28		750			602,047
Turkiye Is Bankasi AS 144A
6.12%, 04/25/24		1,825			1,775,360
7.85%, 12/10/23		555			557,970
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30		1,250			1,106,841
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24		1,125			1,043,471
Turkiye Sinai Kalkinma Bankasi AS 144A
5.88%, 01/14/26		450			393,768
6.00%, 01/23/25		650			587,868
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26		975			906,253
Turkiye Vakiflar Bankasi TAO 144A
5.25%, 02/05/25		1,025			921,143
5.50%, 10/01/26		775			652,558
6.50%, 01/08/26		1,025			906,243
8.12%, 03/28/24		975			961,691
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25		950			668,154
Yapi ve Kredi Bankasi AS 144A
5.85%, 06/21/24		650			621,652
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31		775			688,442
8.25%, 10/15/24		825			813,161
Zorlu Yenilenebilir Enerji AS 144A

	Par (000’s		)	Value
Turkey (continued)
9.00%, 06/01/26	$	400		$	289,144
					22,109,216
Ukraine: 0.4%
Kernel Holding SA 144A
6.50%, 10/17/24		350			117,561
6.75%, 10/27/27		400			131,800
Metinvest BV 144A
7.65%, 10/01/27		450			188,775
7.75%, 10/17/29		800			330,800
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26		700			123,812
NPC Ukrenergo 144A 6.88%, 11/09/28		1,100			172,988
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24		1,300			247,000
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25		600			322,050
					1,634,786
United Arab Emirates: 2.4%
Acwa Power Management and Investments One Ltd. 144A 5.95%, 12/15/39		1,248			1,093,434
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (CMTUSD6Y+3.66%), 1/22/2025 (o)		1,050			1,043,162
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o)		2,350			2,282,898
Emirates NBD Bank PJSC Reg S 6.12% (CMTUSD6Y+3.66%), 3/20/2025 (o)		1,450			1,379,707
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26		1,350			1,279,084
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o)		550			506,990
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25		1,425			1,203,726
8.88%, 11/15/24		375			369,889
					9,158,890
United Kingdom: 1.6%
Bidvest Group UK Plc 144A 3.62%, 09/23/26		1,125			954,596
Endeavour Mining Plc 144A 5.00%, 10/14/26		775			606,437
IHS Holding Ltd. 144A 5.62%, 11/29/26		775			591,209

	Par (000’s		)	Value
United Kingdom (continued)
6.25%, 11/29/28	$	800		$	583,040
Tullow Oil Plc 144A 10.25%, 05/15/26		2,545			2,171,878
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25		1,650			1,043,930
					5,951,090
United States: 4.3%
AES Andes SA 144A
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79		700			569,687
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79		800			657,777
AES Argentina Generacion SA 144A 7.75%, 02/02/24		450			350,424
Azul Investments LLP 144A 7.25%, 06/15/26 †		550			349,093
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27		421			365,462
Energuate Trust 144A 5.88%, 05/03/27		400			349,800
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,050			538,067
Guacolda Energia SA 144A 4.56%, 04/30/25		850			269,822
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		650			510,432
7.75%, 05/01/27		725			586,568
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27		500			413,275
MGM China Holdings Ltd. 144A
5.25%, 06/18/25 †		750			597,622
5.38%, 05/15/24 †		1,125			970,538
5.88%, 05/15/26 †		1,075			827,196
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		1,100			766,260
Sasol Financing USA LLC
4.38%, 09/18/26		975			856,113
5.50%, 03/18/31 †		1,300			976,860
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		900			604,683
Stillwater Mining Co. 144A
4.00%, 11/16/26		925			763,606
4.50%, 11/16/29		850			625,940
Wynn Macau Ltd. 144A
4.88%, 10/01/24 †		850			663,604
5.12%, 12/15/29		1,450			880,715
5.50%, 01/15/26 †		1,400			973,000
5.50%, 10/01/27		1,225			792,679

	Par (000’s		)	Value
United States (continued)
5.62%, 08/26/28	$	1,925		$	1,179,544
					16,438,767
Uruguay: 0.1%
Arcos Dorados BV 144A 6.12%, 05/27/29		550			506,787
Uzbekistan: 0.5%
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25		400			344,880
Uzauto Motors AJ 144A 4.85%, 05/04/26		350			259,000
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24		450			400,282
Uzbekneftegaz JSC 144A 4.75%, 11/16/28		1,000			757,675
					1,761,837
Zambia: 1.7%
First Quantum Minerals Ltd. 144A
6.50%, 03/01/24		1,225			1,203,952
6.88%, 03/01/26		1,425			1,340,811
6.88%, 10/15/27		2,200			2,049,712
7.50%, 04/01/25		2,000			1,942,420
					6,536,895
Total Corporate Bonds (Cost: $470,121,292)					358,249,729

GOVERNMENT OBLIGATIONS: 2.0%
Argentina: 0.9%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		1,275			1,104,686
Provincia de Cordoba 144A
6.88%, 02/01/29		682			390,812
6.99%, 06/01/27 (s)		757			469,616
Provincia de Mendoza 144A 4.25%, 03/19/29 (s)		850			586,500
Provincia de Neuquen 144A 6.62%, 04/27/30 (s)		525			304,500
Provincia del Chubut 144A 7.75%, 07/26/30 (s)		702			528,652
Provincia del Chubut Reg S 7.75%, 07/26/30 (s)		175			132,163
					3,516,929
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			203,398
Turkey: 0.9%
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25		900			742,849
10.75%, 04/12/27		350			313,845
Turkiye Ihracat Kredi Bankasi AS 144A

The summary of inputs used to value the Fund’s investments as of October 31, 2022 is as follows:

	Par (000’s		)	Value
CORPORATE BONDS: 98.0%
Australia: 1.6%
Buckeye Partners LP
3.95%, 12/01/26	$	16,686		$	14,680,593
4.12%, 12/01/27		11,128			9,682,084
4.35%, 10/15/24		8,345			7,957,371
5.60%, 10/15/44		8,358			6,196,830
5.85%, 11/15/43		11,102			8,345,948
					46,862,826
Canada: 1.8%
Bombardier, Inc. 144A 7.45%, 05/01/34		14,241			13,383,692
Methanex Corp.
4.25%, 12/01/24		8,339			8,081,033
5.25%, 12/15/29 †		19,489			16,715,640
5.65%, 12/01/44		8,359			5,788,607
TransAlta Corp. 6.50%, 03/15/40		8,954			7,716,977
					51,685,949
Finland: 0.4%
Nokia Oyj 6.62%, 05/15/39		14,080			12,863,488
France: 1.2%
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)		41,712			36,742,849
Germany: 1.0%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		27,828			28,558,485
Ireland: 2.1%
Perrigo Finance Unlimited Co.
3.90%, 12/15/24		19,490			18,609,734
4.38%, 03/15/26		19,489			18,307,869
4.40%, 06/15/30		20,848			17,469,999
4.90%, 12/15/44		8,454			5,565,848
					59,953,450
Italy: 4.8%
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24		55,605			52,512,321
Telecom Italia Capital SA
6.00%, 09/30/34		27,805			20,358,265
6.38%, 11/15/33		27,760			21,370,342
7.20%, 07/18/36		27,823			21,736,301
7.72%, 06/04/38		27,778			22,151,150
					138,128,379
United Kingdom: 3.6%
Marks & Spencer Plc 144A 7.12%, 12/01/37		8,342			7,316,376
Rolls-Royce Plc 144A 3.62%, 10/14/25		27,803			24,597,311
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o)		20,895			19,877,943
Vodafone Group Plc

	Par (000’s		)	Value
United Kingdom (continued)
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79	$	55,445		$	52,796,393
					104,588,023
United States: 81.5%
Apache Corp.
4.25%, 01/15/30 †		16,118			14,375,879
4.38%, 10/15/28		9,046			8,095,908
4.75%, 04/15/43 †		11,888			8,931,217
5.10%, 09/01/40		37,040			30,076,110
5.25%, 02/01/42		11,137			8,978,705
5.35%, 07/01/49		10,777			8,331,532
6.00%, 01/15/37		12,354			11,134,413
Bath & Body Works, Inc. 6.95%, 03/01/33 †		9,692			7,993,962
Bed Bath & Beyond, Inc.
3.75%, 08/01/24		7,633			1,590,565
5.17%, 08/01/44		18,050			1,900,575
Brightsphere Investment Group, Inc. 4.80%, 07/27/26		8,316			7,469,348
Brinker International, Inc. 144A 5.00%, 10/01/24		10,369			10,072,538
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		9,823			9,942,841
Delta Air Lines, Inc.
2.90%, 10/28/24		25,028			23,693,257
3.75%, 10/28/29 †		13,172			10,865,059
4.38%, 04/19/28 †		11,407			10,191,527
Diversified Healthcare Trust
4.75%, 05/01/24		7,084			6,079,666
4.75%, 02/15/28		14,046			9,633,800
DPL, Inc. 4.35%, 04/15/29		11,809			10,113,405

BDC Income ETF	BIZD
China Bond ETF	CBON
Emerging Markets High Yield Bond ETF	HYEM
Fallen Angel High Yield Bond ETF	ANGL
Green Bond ETF	GRNB
IG Floating Rate ETF	FLTR
International High Yield Bond ETF	IHY
J.P. Morgan EM Local Currency Bond ETF	EMLC
Moody’s Analytics^®BBB Corporate Bond ETF	MBBB
Moody’s Analytics^®IG Corporate Bond ETF	MIG
Mortgage REIT Income ETF	MORT
Preferred Securities ex Financials ETF	PFXF

President’s Letter	1
Explanation of Expenses	3
Schedule of Investments
BDC Income ETF	5
China Bond ETF	6
Emerging Markets High Yield Bond ETF	9
Fallen Angel High Yield Bond ETF	24
Green Bond ETF	28
IG Floating Rate ETF	37
International High Yield Bond ETF	45
J.P. Morgan EM Local Currency Bond ETF	63
Moody’s Analytics BBB Corporate Bond ETF	69
Moody’s Analytics IG Corporate Bond ETF	73
Mortgage REIT Income ETF	78
Preferred Securities ex Financials ETF	79
Statements of Assets and Liabilities	83
Statements of Operations	86
Statements of Changes in Net Assets	89
Financial Highlights
BDC Income ETF	95
China Bond ETF	96
Emerging Markets High Yield Bond ETF	97
Fallen Angel High Yield Bond ETF	98
Green Bond ETF	99
IG Floating Rate ETF	100
International High Yield ETF	101
J.P. Morgan EM Local Currency Bond ETF	102
Moody’s Analytics BBB Corporate Bond ETF	103
Moody’s Analytics IG Corporate Bond ETF	104
Mortgage REIT Income ETF	105
Preferred Securities ex Financials ETF	106
Notes to Financial Statements	107
Approval of Investment Management Agreements	117

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
BDC Income ETF
Actual	$1,000.00	$929.10	0.42%	$2.04
Hypothetical (b)	$1,000.00	$1,023.09	0.42%	$2.14
China Bond ETF
Actual	$1,000.00	$923.90	0.67%	$3.25
Hypothetical (b)	$1,000.00	$1,021.83	0.67%	$3.41
Emerging Markets High Yield Bond ETF
Actual	$1,000.00	$878.20	0.40%	$1.89
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04
Fallen Angel High Yield Bond ETF
Actual	$1,000.00	$942.40	0.35%	$1.71
Hypothetical (b)	$1,000.00	$1,023.44	0.35%	$1.79
Green Bond ETF
Actual	$1,000.00	$936.10	0.20%	$0.98
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02
IG Floating Rate ETF
Actual	$1,000.00	$1,000.60	0.14%	$0.71
Hypothetical (b)	$1,000.00	$1,024.50	0.14%	$0.71
International High Yield Bond ETF
Actual	$1,000.00	$889.60	0.40%	$1.91
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04

	Beginning Account Value May 1, 2022	Ending Account Value October 31, 2022	Annualized Expense Ratio During Period	Expenses Paid During the Period May 1, 2022 - October 31, 2022(a)
J.P. Morgan EM Local Currency Bond ETF
Actual	$1,000.00	$916.10	0.30%	$1.45
Hypothetical (b)	$1,000.00	$1,023.69	0.30%	$1.53
Moody’s Analytics BBB Corporate Bond ETF
Actual	$1,000.00	$925.70	0.25%	$1.21
Hypothetical (b)	$1,000.00	$1,023.95	0.25%	$1.28
Moody’s Analytics IG Corporate Bond ETF
Actual	$1,000.00	$925.80	0.20%	$0.97
Hypothetical (b)	$1,000.00	$1,024.20	0.20%	$1.02
Mortgage REIT Income ETF
Actual	$1,000.00	$842.70	0.42%	$1.95
Hypothetical (b)	$1,000.00	$1,023.09	0.42%	$2.14
Preferred Securities ex Financials ETF
Actual	$1,000.00	$903.10	0.40%	$1.92
Hypothetical (b)	$1,000.00	$1,023.19	0.40%	$2.04

^(a)	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
^(b)	Assumes annual return of 5% before expenses

Summary of Investments by Sector Excluding Collateral for Securities Loaned		% of Investments				Value
Financials			100.0%			$	511,640,585

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks *	$	511,640,585	$	—	$	—	$	511,640,585
Money Market Fund		100,626,266		—		—		100,626,266
Total Investments	$	612,266,851	$	—	$	—	$	612,266,851

(d)	Security in default
(o)	Perpetual Maturity — the date shown is the next call date
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing

Summary of Investments by Sector	% of Investments			Value
Basic Materials		7.4	%	$	5,564,924
Consumer Cyclicals		2.0			1,514,722
Energy		4.3			3,267,261
Financials		40.7			30,694,874
Government Activity		21.2			16,042,419
Industrials		13.5			10,220,229
Real Estate		4.7			3,521,263
Technology		0.4			296,284
Utilities		5.8			4,389,059
		100.0	%	$	75,511,035

	Par (000’s		)	Value
Turkey (continued)
5.75%, 07/06/26	$	1,025		$	862,794
6.12%, 05/03/24		650			610,897
8.25%, 01/24/24		825			813,841
					3,344,226
Ukraine: 0.0%
State Agency of Roads of Ukraine 144A 6.25%, 06/24/30		1,000			150,716
Uzbekistan: 0.1%
National Bank of Uzbekistan Reg S 4.85%, 10/21/25		600			527,250

Total Government Obligations (Cost: $10,174,907)					7,742,519
Total Investments Before Collateral for Securities Loaned: 96.0% (Cost: $480,296,199)					365,992,248

^†	Security fully or partially on loan. Total market value of securities on loan is $14,635,653.
(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(o)	Perpetual Maturity — the date shown is the next call date
*	Non-income producing
(d)	Security in default
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $249,075,819, or 65.3% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Basic Materials		10.2	%	$	37,250,897
Consumer Cyclicals		3.9			14,185,941
Consumer Non-Cyclicals		4.0			14,676,061
Energy		19.3			70,588,944
Financials		35.1			128,353,063
Government Activity		1.3			4,724,339
Healthcare		3.5			12,750,124
Industrials		8.9			32,810,834
Institutions, Associations & Organizations		0.1			402,471
Real Estate		1.9			7,016,371
Technology		3.5			12,825,756
Utilities		8.3			30,407,447
		100.0	%	$	365,992,248

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	358,249,729	$	—	$	358,249,729
Government Obligations *		—		7,742,519		—		7,742,519
Money Market Fund		14,202,551		—		—		14,202,551
Total Investments	$	14,202,551	$	365,992,248	$	—	$	380,194,799


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