VANECK VECTORS BDC INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Diversified Financials: 99.8% | ||||||||
Apollo Investment Corp. † | 968,123 | $ | 13,311,691 | |||||
Ares Capital Corp. † | 3,671,609 | 73,322,032 | ||||||
Bain Capital Specialty Finance, Inc. | 772,413 | 11,671,160 | ||||||
Barings BDC, Inc. | 823,092 | 8,823,546 | ||||||
BlackRock TCP Capital Corp. | 921,481 | 13,149,534 | ||||||
Capital Southwest Corp. † | 335,368 | 8,340,602 | ||||||
Fidus Investment Corp. | 366,434 | 6,156,091 | ||||||
FS KKR Capital Corp. | 2,307,010 | 48,424,140 | ||||||
Gladstone Capital Corp. † | 536,755 | 6,124,375 | ||||||
Gladstone Investment Corp. † | 529,668 | 7,616,626 | ||||||
Goldman Sachs BDC, Inc. † | 1,059,186 | 20,209,269 | ||||||
Golub Capital BDC, Inc. † | 1,340,556 | 21,153,974 | ||||||
Hercules Capital, Inc. † | 1,367,029 | 23,608,591 | ||||||
Main Street Capital Corp. † | 568,723 | 23,385,890 | ||||||
New Mountain Finance Corp. † | 1,405,535 | 18,777,948 | ||||||
Newtek Business Services Corp. † | 341,114 | 11,901,467 | ||||||
Oaktree Specialty Lending Corp. | 2,503,025 | 16,995,540 | ||||||
Owl Rock Capital Corp. † | 2,672,424 | 38,456,181 | ||||||
PennantPark Floating Rate Capital Ltd. † | 581,368 | 7,540,344 | ||||||
PennantPark Investment Corp. † | 1,069,470 | 6,833,913 | ||||||
Prospect Capital Corp. † | 2,586,795 | 20,953,039 | ||||||
Sixth Street Specialty Lending, Inc. † | 943,772 | 21,980,450 | ||||||
SLR Investment Corp. | 559,516 | 10,563,662 | ||||||
TCG BDC, Inc. † | 871,737 | 11,550,515 | ||||||
TriplePoint Venture Growth BDC Corp. † | 463,585 | 7,320,007 | ||||||
Total Common Stocks (Cost: $413,649,843) | 458,170,587 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.7% (Cost: $21,494,820) | ||||||||
Money Market Fund: 4.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 21,494,820 | 21,494,820 | ||||||
Total Investments: 104.5% (Cost: $435,144,663) | 479,665,407 | |||||||
Liabilities in excess of other assets: (4.5)% | (20,775,050 | ) | ||||||
NET ASSETS: 100.0% | $ | 458,890,357 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $62,862,028. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 458,170,587 |
VANECK VECTORS CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 77.1% | ||||||||
Basic Materials: 5.1% | ||||||||
Aluminum Corp. of China Ltd. 3.50%, 09/05/22 | CNY | 6,000 | $ | 934,133 | ||||
Anshan Iron And Steel Group Co. Ltd. 4.28% (ChinaBond Government Security Yield Curve 3Y YTM+4.81%), 07/30/23 (o) | CNY | 15,000 | 2,347,809 | |||||
China Chengtong Holdings Group Ltd. 3.55%, 01/20/23 | CNY | 2,000 | 312,050 | |||||
China National Building Material Co. Ltd. 4.89%, 07/17/24 | CNY | 3,000 | 473,419 | |||||
Hesteel Co. Ltd. 4.08%, 11/26/24 | CNY | 10,000 | 1,540,612 | |||||
Jihua Group Corp. Ltd. 4.10%, 09/15/22 | CNY | 1,294 | 202,985 | |||||
5,811,008 | ||||||||
Consumer Cyclicals: 0.5% | ||||||||
Hangzhou Commerce Tourism Group Co. Ltd. 4.71%, 07/11/22 | CNY | 3,501 | 550,824 | |||||
Energy: 3.1% | ||||||||
China Petroleum & Chemical Corp. 4.90%, 06/01/22 | CNY | 1,200 | 189,085 | |||||
PetroChina Co. Ltd. 3.50%, 01/19/26 | CNY | 1,500 | 234,985 | |||||
Yanzhou Coal Mining Co. Ltd. 3.43%, 03/12/25 | CNY | 20,000 | 3,088,695 | |||||
3,512,765 | ||||||||
Financials: 42.3% | ||||||||
Agricultural Development Bank of China 3.28%, 05/13/22 | CNY | 8,989 | 1,401,635 | |||||
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 | CNY | 14,600 | 2,261,098 | |||||
Beijing Haidian State-Owned Assets Operation & Management Center | ||||||||
3.70%, 10/24/24 | CNY | 10,000 | 1,532,178 | |||||
4.14%, 12/17/23 | CNY | 9,000 | 1,394,589 | |||||
Beijing State-owned Assets Management Co. Ltd. 4.68%, 08/01/22 | CNY | 500 | 78,862 | |||||
Beijing State-owned Capital Operation and Management Center 3.85%, 01/14/24 | CNY | 25,000 | 3,941,642 | |||||
China Development Bank | ||||||||
2.90%, 12/06/22 | CNY | 6,080 | 950,506 | |||||
2.92%, 11/27/22 | CNY | 8,361 | 1,308,064 | |||||
3.39%, 02/03/27 | CNY | 20,904 | 3,313,228 | |||||
3.87%, 08/01/23 | CNY | 40,645 | 6,462,935 | |||||
3.91%, 04/06/22 | CNY | 24,529 | 3,839,742 | |||||
4.59%, 08/01/38 | CNY | 20,301 | 3,589,757 | |||||
China Fortune Land Development Co. Ltd. | ||||||||
5.50%, 10/20/22 | CNY | 1,000 | 30,880 | |||||
7.00%, 03/03/21 (d) | CNY | 1,000 | 59,835 | |||||
China Merchants Securities Co. Ltd. 5.08%, 05/26/25 | CNY | 1,000 | 165,213 | |||||
Chongqing Longhu Development Co. Ltd. | ||||||||
3.75%, 03/21/23 | CNY | 1,600 | 249,675 | |||||
4.44%, 01/25/24 | CNY | 8,000 | 1,269,591 | |||||
Cinda Investment Co. Ltd. 4.30%, 12/22/23 | CNY | 3,000 | 469,492 | |||||
CITIC Securities Co. Ltd. 3.78%, 09/10/24 | CNY | 3,000 | 474,290 | |||||
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 | CNY | 15,000 | 2,347,645 | |||||
Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24 | CNY | 5,000 | 780,681 | |||||
Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23 | CNY | 1,500 | 232,305 | |||||
Nanjing Yangzi State-owned Investment Group Co. Ltd. 3.63%, 10/21/24 | CNY | 12,000 | 1,872,341 | |||||
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 | CNY | 5,000 | 779,905 | |||||
Shanxi Coking Coal Group Co. Ltd. 4.17%, 10/21/22 (o) | CNY | 10,000 | 1,564,714 | |||||
Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23 | CNY | 15,000 | 2,404,947 | |||||
Sichuan Development Holding Co. Ltd. | ||||||||
4.30%, 03/26/24 | CNY | 5,000 | 795,565 | |||||
4.55%, 08/06/25 | CNY | 5,000 | 795,994 | |||||
State Development & Investment Corp. Ltd. 3.79%, 06/03/23 | CNY | 5,000 | 786,696 | |||||
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 | CNY | 10,000 | 1,568,163 | |||||
Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23 | CNY | 800 | 127,690 | |||||
Zhejiang Province Zheshang Asset Management Co. Ltd. 4.48%, 11/08/23 | CNY | 9,900 | 1,538,675 | |||||
48,388,533 | ||||||||
Industrials: 11.8% | ||||||||
Beijing Capital Eco-Environment Protection Group Co. Ltd. 4.24%, 11/27/23 | CNY | 10,000 | 1,588,738 | |||||
Beijing Capital Land Ltd. 4.89%, 09/14/23 | CNY | 2,000 | 310,064 | |||||
Beijing Public Housing Center 3.19%, 04/16/40 | CNY | 15,000 | 2,304,235 | |||||
Beijing Urban Construction Investment & Development Co. Ltd. 4.40%, 07/20/22 | CNY | 3,000 | 470,959 | |||||
China Everbright Ltd. 3.80%, 11/23/23 | CNY | 2,000 | 314,967 | |||||
China Merchants Expressway Network & Technology Holdings Co. Ltd. 4.78%, 08/07/22 | CNY | 1,000 | 157,814 | |||||
China Railway Group Ltd. 3.99%, 07/16/24 | CNY | 5,000 | 793,929 | |||||
China State Railway Group Co. Ltd. | ||||||||
4.46%, 06/07/23 | CNY | 3,008 | 479,254 | |||||
4.63%, 08/25/21 | CNY | 1,248 | 193,387 | |||||
Guangzhou Metro Group Co. Ltd. | ||||||||
4.84%, 08/09/27 | CNY | 1,500 | 236,883 | |||||
6.05%, 06/03/24 | CNY | 1,350 | 219,375 | |||||
Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24 | CNY | 500 | 83,955 | |||||
Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 | CNY | 1,135 | 182,408 | |||||
Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 | CNY | 506 | 80,340 | |||||
Power Construction Corp. of China Ltd. 5.20%, 10/29/22 | CNY | 4,950 | 788,842 | |||||
Seazen Holdings Co. Ltd. 5.90%, 03/20/24 | CNY | 1,000 | 155,065 | |||||
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 | CNY | 17,000 | 2,701,636 | |||||
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 | CNY | 540 | 84,075 | |||||
Xiamen C&D Corp. Ltd. 4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), (o) | CNY | 13,000 | 2,026,758 | |||||
Xiamen C&D, Inc. 3.50%, 10/15/21 | CNY | 2,000 | 309,961 | |||||
13,482,645 | ||||||||
Real Estate: 4.1% | ||||||||
China Overseas Enterprise Development Group Co. Ltd. 3.47%, 01/24/25 | CNY | 1,000 | 154,775 | |||||
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 | CNY | 10,000 | 1,555,405 | |||||
Financial Street Holdings Co. Ltd. 4.74%, 08/20/21 | CNY | 1,000 | 154,868 | |||||
Gemdale Corp. 3.95%, 10/12/25 | CNY | 10,000 | 1,568,590 | |||||
Hefei Xingtai Finance Holding Group Co. Ltd. 4.10%, 06/14/22 | CNY | 5,000 | 781,001 | |||||
Shanghai Shimao Co. Ltd. 4.65%, 01/15/22 | CNY | 3,000 | 462,442 | |||||
4,677,081 | ||||||||
Technology: 0.9% | ||||||||
Anhui Provincial Investment Group Holdings Co. Ltd. 3.70%, 07/23/24 | CNY | 7,000 | 1,091,610 | |||||
Utilities: 9.3% | ||||||||
China Datang Corp. 3.81% (ChinaBond Government Security Yield Curve 3Y YTM+3.91%), 09/25/22 (o) | CNY | 10,000 | 1,563,376 | |||||
China Datang Corp. Renewable Power Co. Ltd. 3.58%, 09/26/22 | CNY | 3,000 | 468,297 | |||||
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y+3.56%), (o) | CNY | 15,000 | 2,332,864 | |||||
China Southern Power Grid Co. Ltd. | ||||||||
3.95%, 04/25/22 | CNY | 3,710 | 579,422 | |||||
5.90%, 03/19/24 | CNY | 900 | 149,510 | |||||
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 | CNY | 5,000 | 789,219 | |||||
Huaneng Power International, Inc. 5.17% (ChinaBond Government Security Yield Curve 5Y+5.02%), (o) | CNY | 6,000 | 952,160 | |||||
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 | CNY | 10,000 | 1,568,070 | |||||
Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22 | CNY | 5,000 | 782,155 | |||||
State Grid Corp. of China 5.14%, 12/08/21 | CNY | 750 | 117,122 | |||||
State Power Investment Corp. Ltd. | ||||||||
3.57% (ChinaBond Government Security Yield Curve 3Y YTM+4.08%), 07/06/23 (o) | CNY | 2,000 | 312,724 | |||||
4.20%, 11/20/23 | CNY | 4,995 | 794,536 | |||||
Yalong River Hydropower Development Co. Ltd. 2.93%, 04/08/23 | CNY | 2,000 | 309,700 | |||||
10,719,155 | ||||||||
Total Corporate Bonds (Cost: $86,464,556) | 88,233,621 | |||||||
GOVERNMENT OBLIGATIONS: 16.0% | ||||||||
China Government Bond | ||||||||
2.90%, 05/05/26 | CNY | 846 | 131,934 | |||||
3.27%, 08/22/46 | CNY | 500 | 5,041,561 | |||||
3.40%, 04/17/23 | CNY | 71,831 | 11,309,571 | |||||
3.52%, 04/25/46 | CNY | 4,000 | 623,866 | |||||
4.26%, 07/31/21 | CNY | 7,541 | 1,166,543 | |||||
Total Government Obligations (Cost: $17,742,047) | 18,273,475 | |||||||
Total Investments: 93.1% (Cost: $104,206,603) | 106,507,096 | |||||||
Other assets less liabilities: 6.9% | 7,946,012 | |||||||
NET ASSETS: 100.0% | $ | 114,453,108 |
Definitions:
CNY | Chinese Yuan |
Footnotes:
(o) | Perpetual Maturity — the date shown is the next call date |
(d) | Security in default |
Summary of Investments by Sector | % of Investments | Value | ||||||
Basic Materials | 5.4 | % | $ | 5,811,008 | ||||
Consumer Cyclicals | 0.5 | 550,824 | ||||||
Energy | 3.3 | 3,512,765 | ||||||
Financials | 45.4 | 48,388,533 | ||||||
Government Activity | 17.2 | 18,273,475 | ||||||
Industrials | 12.7 | 13,482,645 | ||||||
Real Estate | 4.4 | 4,677,081 | ||||||
Technology | 1.0 | 1,091,610 | ||||||
Utilities | 10.1 | 10,719,155 | ||||||
100.0 | % | $ | 106,507,096 |
VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 34.1% | ||||||||
Argentina: 0.1% | ||||||||
YPF SA Reg S 8.50%, 07/28/25 | USD | 25 | $ | 19,531 | ||||
Bermuda: 0.1% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 11 | 9,514 | |||||
Brazil: 3.2% | ||||||||
Banco do Brasil SA Reg S 9.00% (US Treasury Yield Curve Rate T 10 Year+6.36%), 06/18/24 (o) | USD | 50 | 55,813 | |||||
Braskem Netherlands Finance BV Reg S 4.50%, 01/31/30 | USD | 50 | 52,846 | |||||
Gerdau Trade, Inc. Reg S 4.88%, 10/24/27 | USD | 25 | 28,213 | |||||
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 | USD | 50 | 52,451 | |||||
Petrobras Global Finance BV | ||||||||
6.00%, 01/27/28 | USD | 50 | 57,064 | |||||
6.75%, 01/27/41 | USD | 60 | 70,294 | |||||
Suzano Austria GmbH 6.00%, 01/15/29 | USD | 100 | 119,260 | |||||
Vale Overseas Ltd. 6.88%, 11/21/36 | USD | 75 | 104,738 | |||||
540,679 | ||||||||
Chile: 1.7% | ||||||||
Corp. Nacional del Cobre de Chile Reg S 2.25%, 07/09/24 | EUR | 100 | 126,177 | |||||
Empresa de Transporte de Pasajeros Metro SA Reg S 4.70%, 05/07/50 | USD | 100 | 120,719 | |||||
Empresa Nacional del Petroleo Reg S 5.25%, 11/06/29 | USD | 25 | 28,302 | |||||
275,198 | ||||||||
China: 3.1% | ||||||||
Alibaba Group Holding Ltd. 144A 3.60%, 11/28/24 | USD | 100 | 108,372 | |||||
Bank of China Ltd. Reg S 5.00%, 11/13/24 | USD | 100 | 111,553 | |||||
China Cinda Finance 2015 I Ltd. Reg S 4.25%, 04/23/25 | USD | 100 | 105,486 | |||||
Huarong Finance II Co. Ltd. Reg S 5.50%, 01/16/25 | USD | 200 | 143,500 | |||||
Tencent Holdings Ltd. Reg S 3.60%, 01/19/28 | USD | 50 | 54,977 | |||||
523,888 | ||||||||
Colombia: 0.9% | ||||||||
Bancolombia SA 4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 † | USD | 100 | 101,324 | |||||
Ecopetrol SA 5.38%, 06/26/26 | USD | 40 | 43,946 | |||||
145,270 | ||||||||
Czech Republic: 0.4% | ||||||||
CEZ AS Reg S 4.88%, 04/16/25 | EUR | 50 | 70,379 | |||||
Hong Kong: 1.3% | ||||||||
AIA Group Ltd. Reg S 3.38%, 04/07/30 | USD | 200 | 223,278 | |||||
India: 2.0% | ||||||||
ICICI Bank Ltd. Reg S 4.00%, 03/18/26 | USD | 50 | 54,535 | |||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 | USD | 150 | 164,254 | |||||
State Bank of India 144A 4.88%, 04/17/24 | USD | 100 | 109,515 | |||||
328,304 | ||||||||
Indonesia: 1.8% | ||||||||
Pertamina Persero PT 144A 4.30%, 05/20/23 | USD | 70 | 74,379 | |||||
Perusahaan Gas Negara Tbk PT Reg S 5.12%, 05/16/24 | USD | 100 | 110,515 | |||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S 4.12%, 05/15/27 | USD | 100 | 108,700 | |||||
293,594 | ||||||||
Isle of Man: 0.2% | ||||||||
AngloGold Ashanti Holdings Plc 3.75%, 10/01/30 † | USD | 25 | 26,138 | |||||
Israel: 1.0% | ||||||||
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | USD | 10 | 10,075 | |||||
Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 | EUR | 100 | 112,636 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23 | USD | 20 | 19,795 | |||||
3.15%, 10/01/26 | USD | 20 | 19,217 | |||||
161,723 | ||||||||
Kazakhstan: 0.4% | ||||||||
KazMunayGas National Co. JSC 144A 5.75%, 04/19/47 | USD | 50 | 62,402 | |||||
Malaysia: 0.8% | ||||||||
Petronas Capital Ltd. Reg S 4.55%, 04/21/50 | USD | 100 | 123,961 | |||||
Mexico: 3.9% | ||||||||
America Movil SAB de CV 6.12%, 03/30/40 | USD | 125 | 180,668 | |||||
Comision Federal de Electricidad Reg S 4.88%, 01/15/24 | USD | 50 | 54,292 | |||||
Petróleos Mexicanos | ||||||||
6.50%, 03/13/27 | USD | 75 | 79,519 | |||||
6.50%, 06/02/41 † | USD | 50 | 45,353 | |||||
6.62%, 06/15/38 | USD | 64 | 59,305 | |||||
6.75%, 09/21/47 | USD | 50 | 44,767 | |||||
Petroleos Mexicanos Reg S 5.50%, 02/24/25 | EUR | 110 | 141,633 | |||||
Southern Copper Corp. 7.50%, 07/27/35 | USD | 35 | 50,183 | |||||
655,720 | ||||||||
Netherlands: 0.3% | ||||||||
Lukoil Securities BV 144A 3.88%, 05/06/30 | USD | 50 | 53,328 | |||||
Peru: 0.8% | ||||||||
Banco de Credito del Peru Reg S 4.25%, 04/01/23 | USD | 125 | 130,078 | |||||
Philippines: 0.7% | ||||||||
Power Sector Assets & Liabilities Management Corp. Reg S 7.39%, 12/02/24 | USD | 100 | 120,741 | |||||
Qatar: 0.6% | ||||||||
Ooredoo International Finance Ltd. Reg S 3.25%, 02/21/23 | USD | 100 | 104,098 | |||||
Russia: 2.1% | ||||||||
Gazprom PJSC Via Gaz Capital SA Reg S | ||||||||
7.29%, 08/16/37 | USD | 100 | 139,861 | |||||
8.62%, 04/28/34 | USD | 60 | 89,747 | |||||
Vnesheconombank Via VEB Finance Plc Reg S 4.03%, 02/21/23 | EUR | 100 | 124,638 | |||||
354,246 | ||||||||
Saudi Arabia: 1.1% | ||||||||
Saudi Arabian Oil Co. 144A 4.25%, 04/16/39 | USD | 75 | 85,420 | |||||
Saudi Electricity Global Sukuk Co. 2 144A 3.47%, 04/08/23 | USD | 100 | 104,617 | |||||
190,037 | ||||||||
South Africa: 0.7% | ||||||||
Anglo American Capital Plc Reg S | ||||||||
3.62%, 09/11/24 | USD | 50 | 54,123 | |||||
4.75%, 04/10/27 | USD | 50 | 58,058 | |||||
112,181 | ||||||||
Turkey: 0.9% | ||||||||
Turkiye Garanti Bankasi AS Reg S 5.25%, 09/13/22 | USD | 50 | 51,658 | |||||
Yapi ve Kredi Bankasi AS 144A 6.10%, 03/16/23 | USD | 100 | 104,102 | |||||
155,760 | ||||||||
Ukraine: 0.3% | ||||||||
Metinvest BV 144A 7.75%, 04/23/23 | USD | 50 | 53,483 | |||||
United Arab Emirates: 3.2% | ||||||||
DAE Funding LLC Reg S 5.00%, 08/01/24 | USD | 100 | 102,500 | |||||
DP World Plc Reg S 6.85%, 07/02/37 | USD | 100 | 135,766 | |||||
Emirates 2.75%, 06/18/26 | EUR | 100 | 134,446 | |||||
MDGH - GMTN BV 144A 3.70%, 11/07/49 | USD | 150 | 165,492 | |||||
538,204 | ||||||||
United Kingdom: 2.2% | ||||||||
CK Hutchison Capital Securities 17 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+2.07%), 05/12/22 (o) | USD | 150 | 153,000 | |||||
Swire Pacific MTN Financing Ltd. Reg S 4.50%, 10/09/23 | USD | 200 | 215,654 | |||||
368,654 | ||||||||
Zambia: 0.3% | ||||||||
First Quantum Minerals Ltd. 144A 7.50%, 04/01/25 | USD | 50 | 51,904 | |||||
Total Corporate Bonds (Cost: $5,389,774) | 5,692,293 | |||||||
GOVERNMENT OBLIGATIONS: 64.2% | ||||||||
Angola: 0.3% | ||||||||
Angolan Government International Bond 144A 8.25%, 05/09/28 | USD | 50 | 52,719 | |||||
Argentina: 0.3% | ||||||||
Provincia de Buenos Aires Reg S 4.00%, 05/15/35 | EUR | 120 | 54,072 | |||||
Bahrain: 0.7% | ||||||||
Bahrain Government International Bond 144A | ||||||||
6.12%, 08/01/23 | USD | 64 | 68,611 | |||||
6.75%, 09/20/29 | USD | 50 | 54,365 | |||||
122,976 | ||||||||
Brazil: 4.4% | ||||||||
Brazil Government International Bond | ||||||||
4.25%, 01/07/25 | USD | 25 | 27,131 | |||||
5.00%, 01/27/45 | USD | 25 | 25,030 | |||||
7.12%, 01/20/37 | USD | 50 | 63,087 | |||||
Brazil Letras do Tesouro Nacional | ||||||||
0.00%, 01/01/24 ^ | BRL | 800 | 127,514 | |||||
0.00%, 07/01/24 ^ | BRL | 590 | 89,912 | |||||
0.00%, 07/01/23 ^ | BRL | 440 | 73,404 | |||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
10.00%, 01/01/23 | BRL | 495 | 99,527 | |||||
10.00%, 01/01/25 | BRL | 420 | 85,214 | |||||
10.00%, 01/01/27 | BRL | 370 | 75,121 | |||||
10.00%, 01/01/29 | BRL | 235 | 47,713 | |||||
10.00%, 01/01/31 | BRL | 120 | 24,161 | |||||
737,814 | ||||||||
Chile: 1.4% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
4.50%, 03/01/26 | CLP | 40,000 | 55,514 | |||||
5.00%, 03/01/35 | CLP | 25,000 | 34,063 | |||||
6.00%, 01/01/43 | CLP | 20,000 | 29,451 | |||||
Chile Government International Bond 3.12%, 03/27/25 | USD | 100 | 107,055 | |||||
226,083 | ||||||||
China: 1.9% | ||||||||
China Government Bond 2.94%, 10/17/24 | CNY | 100 | 15,644 | |||||
China Government International Bond Reg S 1.20%, 10/21/30 | USD | 200 | 197,427 | |||||
Export-Import Bank of China Reg S 3.62%, 07/31/24 | USD | 100 | 109,010 | |||||
322,081 | ||||||||
Colombia: 2.0% | ||||||||
Colombia Government International Bond | ||||||||
4.00%, 02/26/24 | USD | 25 | 26,249 | |||||
5.00%, 06/15/45 | USD | 50 | 52,462 | |||||
6.12%, 01/18/41 | USD | 25 | 29,418 | |||||
Colombian TES | ||||||||
5.75%, 11/03/27 | COP | 70,000 | 17,477 | |||||
6.00%, 04/28/28 | COP | 132,200 | 33,110 | |||||
6.25%, 11/26/25 | COP | 88,000 | 23,270 | |||||
7.00%, 06/30/32 | COP | 103,000 | 26,084 | |||||
7.25%, 10/18/34 | COP | 67,000 | 17,010 | |||||
7.50%, 08/26/26 | COP | 158,100 | 43,517 | |||||
7.75%, 09/18/30 | COP | 100,500 | 27,400 | |||||
10.00%, 07/24/24 | COP | 139,400 | 41,089 | |||||
337,086 | ||||||||
Croatia: 0.5% | ||||||||
Croatia Government International Bond 144A 6.00%, 01/26/24 | USD | 75 | 84,894 | |||||
Czech Republic: 1.5% | ||||||||
Czech Republic Government Bond | ||||||||
0.05%, 11/29/29 | CZK | 200 | 8,170 | |||||
0.25%, 02/10/27 | CZK | 510 | 22,072 | |||||
1.20%, 03/13/31 | CZK | 300 | 13,372 | |||||
1.25%, 02/14/25 | CZK | 470 | 21,681 | |||||
2.00%, 10/13/33 | CZK | 560 | 26,834 | |||||
2.75%, 07/23/29 | CZK | 530 | 26,732 | |||||
Czech Republic Government Bond Reg S | ||||||||
0.45%, 10/25/23 | CZK | 500 | 22,828 | |||||
0.95%, 05/15/30 | CZK | 630 | 27,637 | |||||
1.00%, 06/26/26 | CZK | 580 | 26,273 | |||||
2.40%, 09/17/25 | CZK | 440 | 21,189 | |||||
2.50%, 08/25/28 | CZK | 540 | 26,619 | |||||
243,407 | ||||||||
Dominican Republic: 0.3% | ||||||||
Dominican Republic International Bond Reg S | ||||||||
5.95%, 01/25/27 | USD | 25 | 28,150 | |||||
6.85%, 01/27/45 | USD | 25 | 28,501 | |||||
56,651 | ||||||||
Ecuador: 0.4% | ||||||||
Ecuador Government International Bond 144A | ||||||||
0.00%, 07/31/30 ^ | USD | 4 | 2,448 | |||||
0.50%, 07/31/40 (s) | USD | 17 | 10,633 | |||||
1.00%, 07/31/35 (s) | USD | 50 | 34,548 | |||||
5.00%, 07/31/30 (s) | USD | 24 | 21,455 | |||||
69,084 | ||||||||
Egypt: 0.3% | ||||||||
Egypt Government International Bond 144A 7.50%, 01/31/27 | USD | 50 | 55,567 | |||||
El Salvador: 0.2% | ||||||||
El Salvador Government International Bond Reg S 7.65%, 06/15/35 | USD | 30 | 26,400 | |||||
Hungary: 1.9% | ||||||||
Hungary Government Bond | ||||||||
1.00%, 11/26/25 | HUF | 3,000 | 9,550 | |||||
1.75%, 10/26/22 | HUF | 7,400 | 24,841 | |||||
2.50%, 10/24/24 | HUF | 8,650 | 29,272 | |||||
3.00%, 06/26/24 | HUF | 11,950 | 41,088 | |||||
3.00%, 10/27/27 | HUF | 7,450 | 25,955 | |||||
3.25%, 10/22/31 | HUF | 6,300 | 22,336 | |||||
5.50%, 06/24/25 | HUF | 6,520 | 24,475 | |||||
6.00%, 11/24/23 | HUF | 6,600 | 24,137 | |||||
Hungary Government International Bond 5.38%, 03/25/24 | USD | 100 | 112,563 | |||||
314,217 | ||||||||
Indonesia: 5.6% | ||||||||
Indonesia Government International Bond Reg S | ||||||||
7.75%, 01/17/38 | USD | 75 | 114,370 | |||||
8.50%, 10/12/35 | USD | 100 | 160,966 | |||||
Indonesia Treasury Bond | ||||||||
5.62%, 05/15/23 | IDR | 399,000 | 28,349 | |||||
6.12%, 05/15/28 | IDR | 487,000 | 34,179 | |||||
6.50%, 06/15/25 | IDR | 540,000 | 39,485 | |||||
6.62%, 05/15/33 | IDR | 598,000 | 41,486 | |||||
7.00%, 05/15/27 | IDR | 526,000 | 39,061 | |||||
7.00%, 09/15/30 | IDR | 560,000 | 40,754 | |||||
7.50%, 06/15/35 | IDR | 210,000 | 15,283 | |||||
8.12%, 05/15/24 | IDR | 499,000 | 37,848 | |||||
8.25%, 05/15/29 | IDR | 1,190,000 | 93,159 | |||||
8.25%, 06/15/32 | IDR | 345,000 | 26,832 | |||||
8.25%, 05/15/36 | IDR | 425,000 | 32,838 | |||||
8.38%, 03/15/24 | IDR | 610,000 | 46,350 | |||||
8.38%, 09/15/26 | IDR | 559,000 | 43,966 | |||||
8.38%, 03/15/34 | IDR | 628,000 | 49,061 | |||||
8.75%, 05/15/31 | IDR | 393,000 | 31,866 | |||||
9.00%, 03/15/29 | IDR | 480,000 | 38,982 | |||||
10.50%, 08/15/30 | IDR | 214,000 | 18,997 | |||||
933,832 | ||||||||
Israel: 2.9% | ||||||||
Israel Government Bond | ||||||||
0.50%, 04/30/25 | ILS | 70 | 21,925 | |||||
1.00%, 03/31/30 | ILS | 70 | 21,744 | |||||
1.75%, 08/31/25 | ILS | 225 | 75,096 | |||||
2.00%, 03/31/27 | ILS | 110 | 37,143 | |||||
3.75%, 03/31/24 | ILS | 100 | 34,377 | |||||
3.75%, 03/31/47 | ILS | 90 | 37,073 | |||||
4.25%, 03/31/23 | ILS | 125 | 41,982 | |||||
5.50%, 01/31/42 | ILS | 90 | 45,778 | |||||
6.25%, 10/30/26 | ILS | 100 | 41,837 | |||||
Israel Government International Bond | ||||||||
3.88%, 07/03/50 | USD | 50 | 59,344 | |||||
4.50%, 01/30/43 | USD | 50 | 63,779 | |||||
480,078 | ||||||||
Jamaica: 0.3% | ||||||||
Jamaica Government International Bond 6.75%, 04/28/28 | USD | 50 | 58,490 | |||||
Kazakhstan: 0.3% | ||||||||
Kazakhstan Government International Bond Reg S 5.12%, 07/21/25 | USD | 50 | 58,125 | |||||
Kuwait: 0.3% | ||||||||
Kuwait International Government Bond 144A 3.50%, 03/20/27 | USD | 40 | 44,793 | |||||
Malaysia: 4.0% | ||||||||
Malaysia Government Bond | ||||||||
3.42%, 08/15/22 | MYR | 45 | 10,836 | |||||
3.48%, 03/15/23 | MYR | 125 | 30,377 | |||||
3.50%, 05/31/27 | MYR | 70 | 17,193 | |||||
3.73%, 06/15/28 | MYR | 130 | 32,197 | |||||
3.76%, 05/22/40 | MYR | 109 | 25,071 | |||||
3.79%, 09/30/22 | MYR | 70 | 16,958 | |||||
3.80%, 08/17/23 | MYR | 48 | 11,795 | |||||
3.83%, 07/05/34 | MYR | 90 | 21,430 | |||||
3.84%, 04/15/33 | MYR | 180 | 43,536 | |||||
3.88%, 08/15/29 | MYR | 64 | 15,940 | |||||
3.89%, 03/15/27 | MYR | 353 | 88,434 | |||||
3.90%, 11/16/27 | MYR | 92 | 23,056 | |||||
3.91%, 07/15/26 | MYR | 60 | 15,021 | |||||
3.96%, 09/15/25 | MYR | 147 | 36,763 | |||||
4.06%, 09/30/24 | MYR | 125 | 31,189 | |||||
4.18%, 07/15/24 | MYR | 123 | 30,752 | |||||
4.23%, 06/30/31 | MYR | 130 | 32,952 | |||||
4.39%, 04/15/26 | MYR | 125 | 31,894 | |||||
4.50%, 04/15/30 | MYR | 125 | 32,415 | |||||
4.64%, 11/07/33 | MYR | 60 | 15,533 | |||||
4.74%, 03/15/46 | MYR | 133 | 33,441 | |||||
4.76%, 04/07/37 | MYR | 130 | 34,091 | |||||
4.89%, 06/08/38 | MYR | 35 | 9,173 | |||||
Malaysia Government Investment Issue 4.47%, 09/15/39 | MYR | 88 | 21,422 | |||||
661,469 | ||||||||
Mexico: 5.8% | ||||||||
Mexican Bonos | ||||||||
5.75%, 03/05/26 | MXN | 1,247 | 61,062 | |||||
6.75%, 03/09/23 | MXN | 670 | 34,327 | |||||
7.50%, 06/03/27 | MXN | 1,190 | 62,407 | |||||
7.75%, 05/29/31 | MXN | 876 | 46,829 | |||||
7.75%, 11/23/34 | MXN | 477 | 25,330 | |||||
7.75%, 11/13/42 | MXN | 762 | 39,075 | |||||
8.00%, 12/07/23 | MXN | 906 | 47,728 | |||||
8.00%, 09/05/24 | MXN | 968 | 51,246 | |||||
8.00%, 11/07/47 | MXN | 756 | 39,583 | |||||
8.50%, 05/31/29 | MXN | 1,170 | 64,923 | |||||
8.50%, 11/18/38 | MXN | 735 | 40,515 | |||||
10.00%, 12/05/24 | MXN | 1,095 | 61,421 | |||||
10.00%, 11/20/36 | MXN | 430 | 27,067 | |||||
Mexico Government International Bond | ||||||||
2.66%, 05/24/31 | USD | 200 | 197,204 | |||||
4.00%, 10/02/23 | USD | 15 | 16,247 | |||||
4.75%, 03/08/44 | USD | 75 | 83,556 | |||||
6.05%, 01/11/40 | USD | 60 | 75,922 | |||||
974,442 | ||||||||
Nigeria: 0.9% | ||||||||
Nigeria Government Bond 16.39%, 01/27/22 | NGN | 18,470 | 47,425 | |||||
Nigeria Government International Bond 144A 6.50%, 11/28/27 | USD | 100 | 106,489 | |||||
153,914 | ||||||||
Oman: 0.8% | ||||||||
Oman Government International Bond 144A | ||||||||
5.62%, 01/17/28 | USD | 75 | 79,108 | |||||
6.75%, 01/17/48 | USD | 50 | 50,696 | |||||
129,804 | ||||||||
Panama: 0.6% | ||||||||
Panama Government International Bond | ||||||||
3.88%, 03/17/28 | USD | 20 | 22,068 | |||||
6.70%, 01/26/36 | USD | 35 | 47,926 | |||||
7.12%, 01/29/26 | USD | 19 | 24,038 | |||||
94,032 | ||||||||
Peru: 1.8% | ||||||||
Peru Government Bond | ||||||||
5.35%, 08/12/40 | PEN | 52 | 10,282 | |||||
5.40%, 08/12/34 | PEN | 114 | 24,223 | |||||
5.70%, 08/12/24 | PEN | 45 | 12,002 | |||||
5.94%, 02/12/29 | PEN | 74 | 18,783 | |||||
6.15%, 08/12/32 | PEN | 125 | 30,309 | |||||
6.35%, 08/12/28 | PEN | 90 | 23,501 | |||||
6.85%, 02/12/42 | PEN | 60 | 14,031 | |||||
6.90%, 08/12/37 | PEN | 80 | 19,097 | |||||
6.95%, 08/12/31 | PEN | 65 | 16,932 | |||||
8.20%, 08/12/26 | PEN | 55 | 16,319 | |||||
Peruvian Government International Bond | ||||||||
7.35%, 07/21/25 | USD | 62 | 75,620 | |||||
8.75%, 11/21/33 | USD | 25 | 38,780 | |||||
299,879 | ||||||||
Philippines: 1.0% | ||||||||
Philippine Government International Bond | ||||||||
5.00%, 01/13/37 | USD | 50 | 63,104 | |||||
6.38%, 10/23/34 | USD | 25 | 35,340 | |||||
9.50%, 02/02/30 | USD | 25 | 39,321 | |||||
10.62%, 03/16/25 | USD | 25 | 33,918 | |||||
171,683 | ||||||||
Poland: 3.0% | ||||||||
Republic of Poland Government Bond | ||||||||
0.25%, 10/25/26 | PLN | 40 | 9,914 | |||||
0.75%, 04/25/25 | PLN | 73 | 19,008 | |||||
1.25%, 10/25/30 | PLN | 74 | 18,704 | |||||
2.25%, 10/25/24 | PLN | 118 | 32,227 | |||||
2.50%, 01/25/23 | PLN | 154 | 41,360 | |||||
2.50%, 04/25/24 | PLN | 108 | 29,563 | |||||
2.50%, 07/25/26 | PLN | 338 | 94,099 | |||||
2.50%, 07/25/27 | PLN | 175 | 48,947 | |||||
2.75%, 04/25/28 | PLN | 130 | 37,091 | |||||
2.75%, 10/25/29 | PLN | 144 | 41,256 | |||||
3.25%, 07/25/25 | PLN | 130 | 36,947 | |||||
4.00%, 10/25/23 | PLN | 135 | 37,900 | |||||
5.75%, 09/23/22 | PLN | 120 | 33,205 | |||||
5.75%, 04/25/29 | PLN | 50 | 17,158 | |||||
497,379 | ||||||||
Qatar: 1.2% | ||||||||
Qatar Government International Bond Reg S | ||||||||
6.40%, 01/20/40 | USD | 100 | 148,000 | |||||
9.75%, 06/15/30 | USD | 30 | 48,075 | |||||
196,075 | ||||||||
Romania: 2.2% | ||||||||
Romania Government Bond | ||||||||
3.25%, 04/29/24 | RON | 120 | 29,413 | |||||
3.65%, 07/28/25 | RON | 75 | 18,677 | |||||
4.00%, 10/25/23 | RON | 30 | 7,483 | |||||
4.40%, 09/25/23 | RON | 70 | 17,588 | |||||
4.50%, 06/17/24 | RON | 70 | 17,738 | |||||
4.75%, 02/24/25 | RON | 80 | 20,594 | |||||
4.85%, 04/22/26 | RON | 55 | 14,341 | |||||
5.00%, 02/12/29 | RON | 55 | 14,677 | |||||
5.80%, 07/26/27 | RON | 60 | 16,619 | |||||
5.85%, 04/26/23 | RON | 70 | 17,867 | |||||
Romanian Government International Bond Reg S | ||||||||
2.75%, 10/29/25 | EUR | 25 | 32,832 | |||||
3.62%, 04/24/24 | EUR | 50 | 65,222 | |||||
3.88%, 10/29/35 | EUR | 45 | 62,271 | |||||
4.88%, 01/22/24 | USD | 25 | 27,514 | |||||
362,836 | ||||||||
Russia: 3.4% | ||||||||
Russian Federal Bond | ||||||||
5.70%, 05/17/28 | RUB | 2,050 | 26,555 | |||||
6.50%, 02/28/24 | RUB | 1,800 | 24,525 | |||||
6.90%, 05/23/29 | RUB | 2,190 | 30,278 | |||||
7.00%, 08/16/23 | RUB | 1,200 | 16,511 | |||||
7.05%, 01/19/28 | RUB | 2,000 | 27,848 | |||||
7.10%, 10/16/24 | RUB | 2,300 | 31,874 | |||||
7.15%, 11/12/25 | RUB | 1,800 | 25,104 | |||||
7.25%, 05/10/34 | RUB | 2,200 | 31,024 | |||||
7.40%, 12/07/22 | RUB | 1,300 | 17,954 | |||||
7.40%, 07/17/24 | RUB | 2,110 | 29,434 | |||||
7.65%, 04/10/30 | RUB | 1,000 | 14,512 | |||||
7.70%, 03/23/33 | RUB | 1,900 | 27,780 | |||||
7.75%, 09/16/26 | RUB | 2,100 | 30,106 | |||||
7.95%, 10/07/26 | RUB | 1,800 | 25,975 | |||||
8.15%, 02/03/27 | RUB | 5,080 | 74,182 | |||||
8.50%, 09/17/31 | RUB | 1,700 | 26,146 | |||||
Russian Foreign Bond - Eurobond Reg S | ||||||||
7.50%, 03/31/30 (s) | USD | 23 | 25,885 | |||||
12.75%, 06/24/28 | USD | 45 | 75,628 | |||||
561,321 | ||||||||
Saudi Arabia: 1.7% | ||||||||
Saudi Government International Bond 144A 4.50%, 10/26/46 | USD | 50 | 58,846 | |||||
Saudi Government International Bond Reg S 3.25%, 10/26/26 | USD | 200 | 218,163 | |||||
277,009 | ||||||||
Serbia: 0.2% | ||||||||
Serbia Treasury Bonds | ||||||||
4.50%, 01/11/26 | RSD | 890 | 9,853 | |||||
4.50%, 08/20/32 | RSD | 880 | 9,814 | |||||
5.75%, 07/21/23 | RSD | 870 | 9,583 | |||||
29,250 | ||||||||
South Africa: 4.2% | ||||||||
Republic of South Africa Government Bond | ||||||||
6.25%, 03/31/36 | ZAR | 493 | 23,831 | |||||
7.00%, 02/28/31 | ZAR | 700 | 41,250 | |||||
7.75%, 02/28/23 | ZAR | 480 | 34,193 | |||||
8.00%, 01/31/30 | ZAR | 930 | 60,539 | |||||
8.25%, 03/31/32 | ZAR | 600 | 37,478 | |||||
8.50%, 01/31/37 | ZAR | 700 | 40,948 | |||||
8.75%, 01/31/44 | ZAR | 720 | 41,562 | |||||
8.75%, 02/28/48 | ZAR | 1,175 | 67,643 | |||||
8.88%, 02/28/35 | ZAR | 550 | 34,142 | |||||
9.00%, 01/31/40 | ZAR | 547 | 32,799 | |||||
10.50%, 12/21/26 | ZAR | 1,955 | 152,404 | |||||
Republic of South Africa Government International Bond | ||||||||
4.30%, 10/12/28 | USD | 50 | 51,705 | |||||
5.88%, 09/16/25 | USD | 75 | 85,047 | |||||
703,541 | ||||||||
Sri Lanka: 0.4% | ||||||||
Sri Lanka Government International Bond 144A | ||||||||
5.75%, 04/18/23 | USD | 50 | 36,608 | |||||
6.85%, 11/03/25 | USD | 40 | 25,756 | |||||
62,364 | ||||||||
Thailand: 3.9% | ||||||||
Thailand Government Bond | ||||||||
0.95%, 06/17/25 | THB | 285 | 8,768 | |||||
1.45%, 12/17/24 | THB | 605 | 18,928 | |||||
2.00%, 12/17/22 | THB | 1,300 | 40,386 | |||||
2.12%, 12/17/26 | THB | 1,400 | 45,454 | |||||
2.40%, 12/17/23 | THB | 730 | 23,191 | |||||
2.88%, 12/17/28 | THB | 894 | 30,452 | |||||
3.30%, 06/17/38 | THB | 1,015 | 36,037 | |||||
3.40%, 06/17/36 | THB | 1,350 | 48,473 | |||||
3.62%, 06/16/23 | THB | 1,033 | 33,260 | |||||
3.65%, 06/20/31 | THB | 1,300 | 47,274 | |||||
3.77%, 06/25/32 | THB | 1,089 | 40,040 | |||||
3.85%, 12/12/25 | THB | 1,250 | 43,107 | |||||
4.00%, 06/17/66 | THB | 700 | 27,147 | |||||
4.67%, 06/29/44 | THB | 1,000 | 43,025 | |||||
4.85%, 06/17/61 | THB | 655 | 29,067 | |||||
4.88%, 06/22/29 | THB | 2,830 | 108,478 | |||||
Thailand Government Bond Reg S 4.26%, 12/12/37 | THB | 900 | 34,696 | |||||
657,783 | ||||||||
Turkey: 2.3% | ||||||||
Turkey Government Bond | ||||||||
7.10%, 03/08/23 | TRY | 197 | 19,999 | |||||
8.00%, 03/12/25 | TRY | 100 | 8,959 | |||||
9.00%, 07/24/24 | TRY | 145 | 13,885 | |||||
10.50%, 08/11/27 | TRY | 130 | 11,685 | |||||
10.60%, 02/11/26 | TRY | 118 | 11,181 | |||||
10.70%, 08/17/22 | TRY | 100 | 11,096 | |||||
12.20%, 01/18/23 | TRY | 62 | 6,876 | |||||
12.40%, 03/08/28 | TRY | 110 | 10,801 | |||||
Turkey Government International Bond | ||||||||
5.75%, 05/11/47 | USD | 75 | 65,002 | |||||
6.00%, 03/25/27 | USD | 50 | 51,566 | |||||
6.88%, 03/17/36 | USD | 90 | 92,048 | |||||
7.38%, 02/05/25 | USD | 80 | 86,996 | |||||
390,094 | ||||||||
United Arab Emirates: 0.7% | ||||||||
Abu Dhabi Government International Bond 144A | ||||||||
2.50%, 10/11/22 | USD | 50 | 51,335 | |||||
3.12%, 10/11/27 | USD | 65 | 71,714 | |||||
123,049 | ||||||||
Uruguay: 0.6% | ||||||||
Uruguay Government International Bond | ||||||||
4.50%, 08/14/24 | USD | 77 | 83,545 | |||||
8.25%, 05/21/31 | UYU | 300 | 6,984 | |||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 370 | 8,800 | |||||
99,329 | ||||||||
Total Government Obligations (Cost: $10,845,462) | 10,723,622 | |||||||
Total Investments: 98.3% (Cost: $16,235,236) | 16,415,915 | |||||||
Other assets less liabilities: 1.7% | 277,181 | |||||||
NET ASSETS: 100.0% | $ | 16,693,096 |
Definitions: | |
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
EUR | Euro |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NGN | Nigerian Naira |
PEN | Peruvian Nuevo Sol |
PLN | Polish Zloty |
RON | Romanian Leu |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
USD | United States Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes: | |
(o) | Perpetual Maturity — the date shown is the next call date |
† | Security fully or partially on loan. Total market value of securities on loan is $162,936. |
^ | Zero Coupon Bond |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
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 $2,057,367, or 12.3% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Basic Materials | 4.1 | % | $ | 671,639 | ||||
Consumer Non-Cyclicals | 1.3 | 215,654 | ||||||
Energy | 7.3 | 1,201,573 | ||||||
Financials | 13.9 | 2,275,371 | ||||||
Government Activity | 64.6 | 10,614,612 | ||||||
Healthcare | 1.0 | 161,723 | ||||||
Industrials | 2.2 | 358,986 | ||||||
Technology | 2.8 | 457,629 | ||||||
Utilities | 2.8 | 458,728 | ||||||
100.0 | % | $ | 16,415,915 |
VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 95.8% | ||||||||
Argentina: 2.9% | ||||||||
Aeropuertos Argentina 2000 SA 144A 6.88%, 02/01/27 | USD | 997 | $ | 856,323 | ||||
Agua y Saneamientos Argentinos SA Reg S 6.62%, 02/01/23 | USD | 1,575 | 872,566 | |||||
Arcor SAIC 144A 6.00%, 07/06/23 | USD | 1,650 | 1,632,873 | |||||
Capex SA 144A 6.88%, 05/15/24 | USD | 1,000 | 926,750 | |||||
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 144A 9.62%, 07/27/23 | USD | 875 | 705,600 | |||||
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA Reg S 9.62%, 07/27/23 | USD | 250 | 201,600 | |||||
IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23 | USD | 1,050 | 995,621 | |||||
IRSA Propiedades Comerciales SA Reg S 8.75%, 03/23/23 | USD | 100 | 94,821 | |||||
MercadoLibre, Inc. | ||||||||
2.38%, 01/14/26 † | USD | 1,325 | 1,329,982 | |||||
3.12%, 01/14/31 † | USD | 2,325 | 2,279,325 | |||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 | USD | 1,725 | 1,352,305 | |||||
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 | USD | 300 | 235,183 | |||||
Pampa Energia SA 144A | ||||||||
7.38%, 07/21/23 | USD | 1,375 | 1,325,039 | |||||
7.50%, 01/24/27 | USD | 2,075 | 1,856,907 | |||||
9.12%, 04/15/29 | USD | 950 | 868,196 | |||||
Pampa Energia SA Reg S 7.50%, 01/24/27 | USD | 150 | 134,234 | |||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 1,000 | 1,099,880 | |||||
Telecom Argentina SA 144A | ||||||||
8.00%, 07/18/26 | USD | 1,025 | 986,516 | |||||
8.50%, 08/06/25 | USD | 1,275 | 1,267,057 | |||||
Telecom Argentina SA Reg S 8.00%, 07/18/26 | USD | 300 | 288,736 | |||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | USD | 1,335 | 1,259,933 | |||||
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 | USD | 300 | 283,131 | |||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 1,400 | 1,238,923 | |||||
YPF SA 144A | ||||||||
1.50%, 09/30/33 (s) | USD | 1,950 | 1,029,074 | |||||
2.50%, 06/30/29 (s) | USD | 2,400 | 1,582,440 | |||||
4.00%, 02/12/26 (s) | USD | 2,575 | 2,181,798 | |||||
6.95%, 07/21/27 | USD | 2,175 | 1,525,545 | |||||
7.00%, 12/15/47 | USD | 1,800 | 1,176,957 | |||||
8.50%, 03/23/25 | USD | 1,200 | 1,093,506 | |||||
8.50%, 07/28/25 | USD | 3,525 | 2,753,942 | |||||
8.50%, 06/27/29 | USD | 1,337 | 961,036 | |||||
8.75%, 04/04/24 | USD | 2,900 | 2,584,683 | |||||
YPF SA Reg S | ||||||||
2.50%, 06/30/29 (s) | USD | 200 | 131,870 | |||||
6.95%, 07/21/27 | USD | 500 | 350,700 | |||||
37,463,052 | ||||||||
Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | USD | 1,000 | 996,275 | |||||
Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | USD | 600 | 612,429 | |||||
JBS USA Food Co. Reg S | ||||||||
5.75%, 01/15/28 | USD | 200 | 211,100 | |||||
7.00%, 01/15/26 | USD | 100 | 106,077 | |||||
Klabin Austria GmbH Reg S | ||||||||
3.20%, 01/12/31 | USD | 300 | 296,934 | |||||
7.00%, 04/03/49 | USD | 200 | 254,764 | |||||
1,481,304 | ||||||||
Azerbaijan: 1.3% | ||||||||
Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23 | USD | 1,800 | 1,847,736 | |||||
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † | USD | 5,875 | 6,982,437 | |||||
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 | USD | 800 | 950,800 | |||||
State Oil Co. of the Azerbaijan Republic Reg S | ||||||||
4.75%, 03/13/23 | USD | 3,425 | 3,622,794 | |||||
6.95%, 03/18/30 | USD | 2,450 | 3,051,732 | |||||
16,455,499 | ||||||||
Bahrain: 1.2% | ||||||||
BBK BSC Reg S 5.50%, 07/09/24 | USD | 1,800 | 1,913,274 | |||||
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | USD | 1,800 | 1,836,000 | |||||
Mumtalakat Sukuk Holding Co. Reg S | ||||||||
4.10%, 01/21/27 | USD | 1,600 | 1,623,368 | |||||
5.62%, 02/27/24 | USD | 2,000 | 2,125,180 | |||||
Oil and Gas Holding Co. BSCC 144A | ||||||||
7.50%, 10/25/27 | USD | 3,075 | 3,418,785 | |||||
7.62%, 11/07/24 | USD | 2,500 | 2,784,310 | |||||
8.38%, 11/07/28 | USD | 1,450 | 1,686,067 | |||||
Oil and Gas Holding Co. BSCC Reg S | ||||||||
7.50%, 10/25/27 | USD | 200 | 222,360 | |||||
8.38%, 11/07/28 | USD | 200 | 232,561 | |||||
15,841,905 | ||||||||
Barbados: 0.1% | ||||||||
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 | USD | 1,300 | 1,368,393 | |||||
Bermuda: 1.1% | ||||||||
Digicel Group Holdings Ltd. 10.00%, 04/01/24 | USD | 49 | 47,718 | |||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 1,314 | 1,148,586 | |||||
Digicel International Finance Ltd./ Digicel international Holdings Ltd 144A | ||||||||
8.75%, 05/25/24 | USD | 2,000 | 4,275,152 | |||||
13.00%, 12/31/25 | USD | 1,071 | 1,072,339 | |||||
Digicel Ltd. 144A 6.75%, 03/01/23 | USD | 2,650 | 2,507,602 | |||||
Digicel Ltd. Reg S 6.75%, 03/01/23 | USD | 300 | 283,879 | |||||
Eurochem Finance DAC 144A 5.50%, 03/13/24 | USD | 2,200 | 2,392,265 | |||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 2,200 | 2,404,490 | |||||
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29 | USD | 200 | 218,590 | |||||
14,350,621 | ||||||||
Brazil: 9.0% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | USD | 1,250 | 1,321,450 | |||||
Adecoagro SA Reg S 6.00%, 09/21/27 | USD | 450 | 475,722 | |||||
Aegea Finance Sarl 144A 5.75%, 10/10/24 | USD | 500 | 516,628 | |||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 1,000 | 1,046,215 | |||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 1,749 | 1,840,691 | |||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 | USD | 775 | 857,599 | |||||
Azul Investments LLP 144A 5.88%, 10/26/24 | USD | 300 | 282,736 | |||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | USD | 800 | 802,884 | |||||
Banco Bradesco SA 144A | ||||||||
2.85%, 01/27/23 † | USD | 950 | 971,147 | |||||
3.20%, 01/27/25 | USD | 1,200 | 1,230,132 | |||||
Banco Bradesco SA Reg S 2.85%, 01/27/23 | USD | 100 | 102,226 | |||||
Banco BTG Pactual SA 144A | ||||||||
2.75%, 01/11/26 | USD | 600 | 584,616 | |||||
4.50%, 01/10/25 | USD | 1,100 | 1,139,875 | |||||
5.50%, 01/31/23 | USD | 400 | 420,832 | |||||
5.75%, 09/28/22 | USD | 575 | 599,587 | |||||
Banco BTG Pactual SA Reg S | ||||||||
5.50%, 01/31/23 | USD | 400 | 420,832 | |||||
5.75%, 09/28/22 | USD | 100 | 104,276 | |||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 | USD | 750 | 775,976 | |||||
Banco do Brasil SA 3.88%, 10/10/22 | USD | 2,600 | 2,677,779 | |||||
Banco do Brasil SA 144A | ||||||||
4.62%, 01/15/25 | USD | 1,450 | 1,539,030 | |||||
4.75%, 03/20/24 | USD | 1,050 | 1,116,938 | |||||
4.88%, 04/19/23 | USD | 1,050 | 1,106,516 | |||||
5.88%, 01/19/23 | USD | 750 | 794,138 | |||||
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24 | USD | 600 | 647,943 | |||||
Banco Safra SA 144A 4.12%, 02/08/23 | USD | 800 | 830,828 | |||||
Banco Votorantim SA 144A | ||||||||
4.00%, 09/24/22 | USD | 200 | 206,404 | |||||
4.38%, 07/29/25 | USD | 850 | 882,045 | |||||
4.50%, 09/24/24 | USD | 650 | 682,425 | |||||
8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/07/22 (o) | USD | 500 | 522,230 | |||||
Banco Votorantim SA Reg S 4.00%, 09/24/22 | USD | 200 | 206,404 | |||||
Braskem America Finance Co. 144A 7.12%, 07/22/41 | USD | 850 | 1,090,002 | |||||
Braskem Finance Ltd. 6.45%, 02/03/24 | USD | 925 | 1,021,889 | |||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | USD | 2,700 | 2,798,334 | |||||
Braskem Netherlands Finance BV 144A | ||||||||
4.50%, 01/10/28 | USD | 1,800 | 1,908,090 | |||||
4.50%, 01/31/30 | USD | 2,100 | 2,219,511 | |||||
5.88%, 01/31/50 † | USD | 800 | 897,500 | |||||
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 600 | 693,090 | |||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | USD | 1,260 | 1,364,719 | |||||
BRF GmbH 144A 4.35%, 09/29/26 | USD | 600 | �� | 630,642 | ||||
BRF SA 144A | ||||||||
4.88%, 01/24/30 | USD | 1,000 | 1,037,615 | |||||
5.75%, 09/21/50 | USD | 1,000 | 1,016,300 | |||||
BRF SA Reg S | ||||||||
4.88%, 01/24/30 | USD | 100 | 103,761 | |||||
5.75%, 09/21/50 | USD | 200 | 203,260 | |||||
Caixa Economica Federal 144A 3.50%, 11/07/22 | USD | 800 | 823,348 | |||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 1,935 | 2,231,142 | |||||
Cemig Geracao e Transmissao SA Reg S 9.25%, 12/05/24 | USD | 200 | 230,609 | |||||
Centrais Eletricas Brasileiras SA 144A | ||||||||
3.62%, 02/04/25 | USD | 800 | 827,452 | |||||
4.62%, 02/04/30 | USD | 800 | 820,404 | |||||
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30 | USD | 200 | 205,101 | |||||
Cielo USA, Inc. 144A 3.75%, 11/16/22 | USD | 600 | 614,619 | |||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 875 | 925,492 | |||||
Cosan SA 144A 5.50%, 09/20/29 | USD | 1,025 | 1,107,820 | |||||
CSN Inova Ventures 144A 6.75%, 01/28/28 | USD | 1,550 | 1,713,672 | |||||
CSN Inova Ventures Reg S 6.75%, 01/28/28 | USD | 200 | 221,119 | |||||
CSN Resources SA 144A 7.62%, 04/17/26 † | USD | 800 | 855,000 | |||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | USD | 1,375 | 1,444,156 | |||||
5.40%, 02/01/27 | USD | 1,100 | 1,166,275 | |||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | USD | 1,100 | 1,242,989 | |||||
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 | USD | 575 | 616,440 | |||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 900 | 1,006,916 | |||||
Globo Comunicacao e Participacoes SA 144A | ||||||||
4.84%, 06/08/25 | USD | 550 | 579,494 | |||||
4.88%, 01/22/30 | USD | 500 | 516,793 | |||||
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 | USD | 200 | 206,717 | |||||
Gol Finance SA 144A 7.00%, 01/31/25 | USD | 1,000 | 930,000 | |||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 1,179 | 1,215,289 | |||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | USD | 1,000 | 959,740 | |||||
Itau Unibanco Holding SA 144A | ||||||||
2.90%, 01/24/23 | USD | 1,500 | 1,532,265 | |||||
3.25%, 01/24/25 | USD | 650 | 663,812 | |||||
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 800 | 794,756 | |||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 1,000 | 1,023,425 | |||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o) | USD | 1,025 | 981,504 | |||||
5.12%, 05/13/23 | USD | 2,400 | 2,517,624 | |||||
5.50%, 08/06/22 | USD | 1,650 | 1,707,767 | |||||
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 | USD | 300 | 314,703 | |||||
JSM Global Sarl 144A 4.75%, 10/20/30 | USD | 800 | 831,824 | |||||
Klabin Austria GmbH 144A | ||||||||
3.20%, 01/12/31 | USD | 400 | 395,912 | |||||
5.75%, 04/03/29 | USD | 1,000 | 1,142,270 | |||||
7.00%, 04/03/49 | USD | 775 | 987,210 | |||||
Klabin Finance SA 144A 4.88%, 09/19/27 | USD | 700 | 780,941 | |||||
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 † | USD | 900 | 915,120 | |||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 2,200 | 2,141,150 | |||||
Minerva Luxembourg SA 144A 5.88%, 01/19/28 | USD | 600 | 636,006 | |||||
MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 1,214 | 1,318,066 | |||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 1,200 | 1,235,352 | |||||
Natura Cosmeticos SA Reg S 4.12%, 05/03/28 † | USD | 200 | 205,892 | |||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 † | USD | 550 | 616,261 | |||||
7.00%, 05/14/26 | USD | 1,400 | 1,491,329 | |||||
Nexa Resources SA 144A | ||||||||
5.38%, 05/04/27 | USD | 1,100 | 1,159,653 | |||||
6.50%, 01/18/28 | USD | 700 | 773,157 | |||||
Petrobras Global Finance BV | ||||||||
4.38%, 05/20/23 † | USD | 800 | 844,304 | |||||
5.09%, 01/15/30 | USD | 1,875 | 2,034,694 | |||||
5.30%, 01/27/25 | USD | 850 | 953,772 | |||||
5.60%, 01/03/31 | USD | 2,025 | 2,256,356 | |||||
5.62%, 05/20/43 | USD | 275 | 298,899 | |||||
5.75%, 02/01/29 | USD | 715 | 807,421 | |||||
6.00%, 01/27/28 | USD | 1,400 | 1,597,799 | |||||
6.25%, 03/17/24 | USD | 625 | 701,028 | |||||
6.75%, 01/27/41 | USD | 885 | 1,036,844 | |||||
6.75%, 06/03/50 | USD | 975 | 1,114,605 | |||||
6.85%, 06/05/15 † | USD | 1,875 | 2,095,134 | |||||
6.88%, 01/20/40 | USD | 772 | 914,689 | |||||
6.90%, 03/19/49 † | USD | 1,300 | 1,525,745 | |||||
7.25%, 03/17/44 | USD | 1,065 | 1,281,994 | |||||
7.38%, 01/17/27 | USD | 1,450 | 1,764,904 | |||||
8.75%, 05/23/26 | USD | 680 | 869,887 | |||||
Rede D’or Finance Sarl 144A | ||||||||
4.50%, 01/22/30 | USD | 1,750 | 1,787,861 | |||||
4.95%, 01/17/28 | USD | 500 | 531,427 | |||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 718 | 799,679 | |||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | USD | 778 | 920,130 | |||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | USD | 708 | 819,225 | |||||
Rumo Luxembourg Sarl 144A | ||||||||
5.25%, 01/10/28 | USD | 800 | 855,840 | |||||
5.88%, 01/18/25 | USD | 700 | 732,207 | |||||
Simpar Europe SA 144A 5.20%, 01/26/31 | USD | 900 | 920,223 | |||||
Tupy Overseas SA 144A 4.50%, 02/16/31 | USD | 300 | 299,910 | |||||
Ultrapar International SA 144A | ||||||||
5.25%, 10/06/26 | USD | 500 | 552,582 | |||||
5.25%, 06/06/29 | USD | 1,200 | 1,300,248 | |||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | USD | 500 | 540,340 | |||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 1,000 | 1,078,840 | |||||
XP, Inc. 144A 3.25%, 07/01/26 | USD | 2,250 | 2,202,863 | |||||
117,756,853 | ||||||||
British Virgin Islands: 0.9% | ||||||||
Bright Scholar Education Holdings Ltd. Reg S 7.45%, 07/31/22 | USD | 400 | 394,000 | |||||
Central China Real Estate Ltd. Reg S | ||||||||
6.88%, 08/08/22 | USD | 400 | 381,500 | |||||
7.25%, 04/24/23 | USD | 400 | 359,991 | |||||
7.25%, 08/13/24 | USD | 400 | 313,001 | |||||
7.65%, 08/27/23 | USD | 600 | 533,622 | |||||
7.75%, 05/24/24 | USD | 500 | 403,122 | |||||
China Aoyuan Group Ltd. Reg S | ||||||||
6.20%, 03/24/26 | USD | 400 | 334,272 | |||||
6.35%, 02/08/24 | USD | 600 | 548,544 | |||||
China SCE Group Holdings Ltd. Reg S | ||||||||
7.00%, 05/02/25 | USD | 700 | 668,548 | |||||
7.25%, 04/19/23 | USD | 600 | 605,236 | |||||
7.38%, 04/09/24 | USD | 650 | 651,616 | |||||
Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
9.25%, 07/28/23 | USD | 400 | 279,000 | |||||
9.88%, 10/19/23 | USD | 400 | 282,000 | |||||
10.88%, 01/09/23 | USD | 600 | 484,495 | |||||
11.88%, 06/01/23 | USD | 800 | 620,985 | |||||
12.25%, 10/18/22 | USD | 400 | 321,442 | |||||
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 | USD | 400 | 411,028 | |||||
Metalloinvest Finance DAC 144A 4.85%, 05/02/24 | USD | 2,200 | 2,366,665 | |||||
Metalloinvest Finance DAC Reg S 4.85%, 05/02/24 | USD | 400 | 430,303 | |||||
New Metro Global Ltd. Reg S 4.50%, 05/02/26 | USD | 800 | 748,000 | |||||
Studio City Finance Ltd. Reg S | ||||||||
6.00%, 07/15/25 | USD | 200 | 209,200 | |||||
6.50%, 01/15/28 | USD | 200 | 210,241 | |||||
Tianqi Finco Co. Ltd. Reg S 3.75%, 11/28/22 | USD | 200 | 179,648 | |||||
Yingde Gases Investment Ltd. 144A 6.25%, 01/19/23 | USD | 600 | 615,087 | |||||
12,351,546 | ||||||||
Cambodia: 0.2% | ||||||||
NagaCorp Ltd. Reg S 7.95%, 07/06/24 | USD | 1,950 | 1,972,055 | |||||
Canada: 0.4% | ||||||||
Azure Power Energy Ltd. 144A 5.50%, 11/03/22 | USD | 1,475 | 1,495,917 | |||||
Azure Power Solar Energy Pvt Ltd. 144A 5.65%, 12/24/24 | USD | 865 | 911,041 | |||||
First Quantum Minerals Ltd. Reg S | ||||||||
6.50%, 03/01/24 | USD | 300 | 306,293 | |||||
7.25%, 04/01/23 | USD | 300 | 306,000 | |||||
7.50%, 04/01/25 | USD | 250 | 259,521 | |||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | USD | 1,300 | 1,301,664 | |||||
4,580,436 | ||||||||
Cayman Islands: 1.0% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | USD | 2,450 | 2,547,192 | |||||
Arabian Centres Sukuk II Ltd. Reg S 5.62%, 10/07/26 | USD | 200 | 207,934 | |||||
Banco BTG Pactual SA Reg S 4.50%, 01/10/25 | USD | 200 | 207,250 | |||||
Banco do Brasil SA Reg S 5.88%, 01/19/23 | USD | 250 | 264,713 | |||||
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC Reg S 7.12%, 07/31/26 | USD | 200 | 206,810 | |||||
Grupo Aval Ltd. Reg S 4.38%, 02/04/30 † | USD | 300 | 296,910 | |||||
Itau Unibanco Holding SA Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 100 | 102,343 | |||||
Melco Resorts Finance Ltd. Reg S | ||||||||
4.88%, 06/06/25 | USD | 250 | 254,844 | |||||
5.75%, 07/21/28 | USD | 200 | 207,644 | |||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | USD | 2,050 | 2,149,564 | |||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | USD | 1,750 | 1,847,837 | |||||
Oryx Funding Ltd. Reg S 5.80%, 02/03/31 | USD | 200 | 211,181 | |||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 | USD | 1,600 | 1,561,224 | |||||
Ronshine China Holdings Ltd. Reg S | ||||||||
7.35%, 12/15/23 | USD | 600 | 537,761 | |||||
8.10%, 06/09/23 | USD | 400 | 366,989 | |||||
8.75%, 10/25/22 | USD | 1,000 | 962,491 | |||||
8.95%, 01/22/23 | USD | 500 | 475,619 | |||||
StoneCo Ltd. 144A 3.95%, 06/16/28 | USD | 700 | 695,874 | |||||
13,104,180 | ||||||||
Chile: 0.7% | ||||||||
AES Andes SA Reg S | ||||||||
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | USD | 75 | 79,366 | |||||
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 † | USD | 200 | 211,549 | |||||
CAP SA 144A 3.90%, 04/27/31 | USD | 1,100 | 1,107,948 | |||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 | USD | 1,400 | 1,391,145 | |||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 1,650 | 1,752,151 | |||||
VTR Comunicaciones SpA 144A | ||||||||
4.38%, 04/15/29 | USD | 1,400 | 1,403,353 | |||||
5.12%, 01/15/28 † | USD | 1,442 | 1,508,058 | |||||
VTR Comunicaciones SpA Reg S 5.12%, 01/15/28 | USD | 100 | 104,581 | |||||
VTR Finance NV 144A 6.38%, 07/15/28 | USD | 1,925 | 2,040,529 | |||||
9,598,680 | ||||||||
China: 7.0% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 05/17/26 | USD | 750 | 690,986 | |||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o) | USD | 3,750 | 3,904,848 | |||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 03/03/25 (o) | USD | 750 | 772,031 | |||||
Boxinyuan International Co. Ltd. Reg S 5.65%, 10/28/22 | USD | 200 | 205,999 | |||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/24 (o) | USD | 600 | 546,035 | |||||
CFLD Cayman Investment Ltd. Reg S | ||||||||
6.90%, 01/13/23 | USD | 200 | 72,999 | |||||
7.12%, 04/08/22 | USD | 200 | 73,000 | |||||
8.05%, 01/13/25 | USD | 200 | 72,729 | |||||
8.60%, 04/08/24 | USD | 500 | 182,300 | |||||
Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 05/21/23 (o) | USD | 600 | 605,983 | |||||
Changde Economic Construction Investment Group Co. Ltd. Reg S 6.60%, 08/15/22 | USD | 400 | 402,716 | |||||
China Aoyuan Group Ltd. Reg S 5.88%, 03/01/27 | USD | 400 | 316,006 | |||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | USD | 700 | 772,625 | |||||
China Evergrande Group Reg S | ||||||||
7.50%, 06/28/23 | USD | 1,450 | 600,359 | |||||
8.75%, 06/28/25 | USD | 5,600 | 2,352,044 | |||||
9.50%, 03/29/24 | USD | 1,100 | 453,475 | |||||
10.00%, 04/11/23 | USD | 800 | 345,676 | |||||
10.50%, 04/11/24 | USD | 450 | 184,500 | |||||
11.50%, 01/22/23 | USD | 1,150 | 498,169 | |||||
12.00%, 01/22/24 | USD | 1,200 | 502,860 | |||||
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 | USD | 500 | 499,397 | |||||
China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23 | USD | 1,000 | 1,026,247 | |||||
China SCE Group Holdings Ltd. Reg S | ||||||||
5.95%, 09/29/24 | USD | 400 | 387,001 | |||||
6.00%, 02/04/26 | USD | 600 | 542,266 | |||||
China South City Holdings Ltd. Reg S 10.75%, 04/11/23 | USD | 400 | 317,889 | |||||
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 07/15/24 (o) | USD | 1,400 | 1,466,499 | |||||
CIFI Holdings Group Co. Ltd. 5.50%, 01/23/23 | USD | 400 | 406,499 | |||||
CIFI Holdings Group Co. Ltd. Reg S | ||||||||
4.38%, 04/12/27 | USD | 500 | 465,047 | |||||
4.45%, 08/17/26 | USD | 500 | 476,940 | |||||
5.25%, 05/13/26 | USD | 400 | 396,505 | |||||
5.95%, 10/20/25 | USD | 800 | 814,038 | |||||
6.00%, 07/16/25 | USD | 700 | 714,928 | |||||
6.45%, 11/07/24 | USD | 600 | 622,191 | |||||
6.55%, 03/28/24 | USD | 800 | 825,583 | |||||
CMB Wing Lung Bank Ltd. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (o) | USD | 1,500 | 1,627,501 | |||||
Dexin China Holdings Co. Ltd. Reg S 9.95%, 12/03/22 | USD | 500 | 449,374 | |||||
Easy Tactic Ltd. Reg S | ||||||||
5.88%, 02/13/23 | USD | 800 | 582,000 | |||||
8.12%, 02/27/23 | USD | 1,000 | 749,989 | |||||
8.12%, 07/11/24 | USD | 400 | 269,499 | |||||
8.62%, 02/27/24 | USD | 300 | 206,997 | |||||
8.62%, 03/05/24 | USD | 400 | 275,000 | |||||
12.38%, 11/18/22 | USD | 500 | 428,122 | |||||
eHi Car Services Ltd. Reg S 7.75%, 11/14/24 | USD | 500 | 512,813 | |||||
E-House China Enterprise Holdings Ltd. Reg S 7.60%, 06/10/23 | USD | 300 | 253,500 | |||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | USD | 1,000 | 1,021,267 | |||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.95%, 10/19/25 | USD | 900 | 921,442 | |||||
6.75%, 07/02/23 | USD | 850 | 881,846 | |||||
6.85%, 07/02/24 | USD | 800 | 842,000 | |||||
Gemstones International Ltd. Reg S 12.00%, 03/10/23 | USD | 600 | 608,999 | |||||
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23 | USD | 600 | 615,150 | |||||
Greenland Global Investment Ltd. 5.90%, 02/12/23 | USD | 400 | 338,995 | |||||
Greenland Global Investment Ltd. Reg S | ||||||||
5.60%, 11/13/22 | USD | 500 | 431,246 | |||||
5.88%, 07/03/24 | USD | 750 | 564,375 | |||||
6.12%, 04/22/23 | USD | 400 | 339,493 | |||||
6.25%, 12/16/22 | USD | 600 | 569,250 | |||||
6.75%, 09/26/23 | USD | 650 | 526,484 | |||||
6.75%, 03/03/24 | USD | 300 | 234,746 | |||||
Greentown China Holdings Ltd. Reg S | ||||||||
4.70%, 04/29/25 | USD | 400 | 402,022 | |||||
5.65%, 07/13/25 | USD | 500 | 515,025 | |||||
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22 | USD | 400 | 379,999 | |||||
Guorui Properties Ltd. Reg S 14.25%, 01/25/24 | USD | 200 | 182,005 | |||||
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. Reg S 3.38%, 09/21/22 | USD | 400 | 360,997 | |||||
Huai An Traffic Holding Co. Ltd. Reg S 6.00%, 09/19/22 | USD | 400 | 403,000 | |||||
Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23 | USD | 500 | 470,254 | |||||
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24 | USD | 200 | 175,501 | |||||
Kaisa Group Holdings Ltd. 144A 11.95%, 10/22/22 | USD | 800 | 730,000 | |||||
Kaisa Group Holdings Ltd. Reg S | ||||||||
9.38%, 06/30/24 | USD | 3,150 | 2,453,062 | |||||
9.75%, 09/28/23 | USD | 1,300 | 1,059,500 | |||||
9.95%, 07/23/25 | USD | 750 | 565,313 | |||||
10.50%, 01/15/25 | USD | 600 | 460,495 | |||||
10.88%, 07/23/23 | USD | 950 | 802,750 | |||||
11.25%, 04/16/25 | USD | 1,000 | 777,500 | |||||
11.50%, 01/30/23 | USD | 1,000 | 857,500 | |||||
11.65%, 06/01/26 | USD | 200 | 151,757 | |||||
11.70%, 11/11/25 | USD | 600 | 461,265 | |||||
11.95%, 11/12/23 | USD | 750 | 642,188 | |||||
Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22 | USD | 600 | 563,997 | |||||
KWG Group Holdings Ltd. Reg S | ||||||||
5.88%, 11/10/24 | USD | 700 | 673,410 | |||||
6.00%, 09/15/22 | USD | 800 | 810,994 | |||||
6.00%, 08/14/26 | USD | 550 | 511,535 | |||||
6.30%, 02/13/26 | USD | 600 | 552,038 | |||||
7.40%, 03/05/24 | USD | 400 | 403,007 | |||||
7.40%, 01/13/27 | USD | 400 | 380,351 | |||||
7.88%, 09/01/23 | USD | 800 | 807,000 | |||||
Logan Group Co. Ltd. Reg S | ||||||||
4.25%, 07/12/25 | USD | 400 | 379,029 | |||||
4.50%, 01/13/28 | USD | 450 | 413,962 | |||||
4.85%, 12/14/26 | USD | 500 | 472,491 | |||||
5.25%, 02/23/23 | USD | 600 | 601,180 | |||||
5.25%, 10/19/25 | USD | 400 | 391,029 | |||||
5.75%, 01/14/25 | USD | 450 | 451,097 | |||||
6.50%, 07/16/23 | USD | 600 | 608,325 | |||||
7.50%, 08/25/22 | USD | 400 | 408,798 | |||||
Mianyang Investment Holding Group Co. Ltd. Reg S 5.95%, 10/30/22 | USD | 400 | 407,498 | |||||
Modern Land China Co. Ltd. Reg S 9.80%, 04/11/23 | USD | 400 | 350,132 | |||||
New Metro Global Ltd. Reg S | ||||||||
4.80%, 12/15/24 | USD | 600 | 578,287 | |||||
6.80%, 08/05/23 | USD | 500 | 516,213 | |||||
Oriental Capital Co. Ltd. Reg S 7.00%, 10/17/22 | USD | 500 | 489,998 | |||||
Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
5.95%, 04/30/25 | USD | 400 | 390,979 | |||||
6.25%, 08/10/24 | USD | 400 | 397,999 | |||||
6.95%, 07/23/23 | USD | 600 | 602,979 | |||||
7.12%, 11/08/22 | USD | 500 | 507,498 | |||||
Prime Bloom Holdings Ltd. Reg S 6.95%, 07/05/22 | USD | 220 | 42,900 | |||||
Redsun Properties Group Ltd. Reg S | ||||||||
7.30%, 01/13/25 | USD | 400 | 345,611 | |||||
9.70%, 04/16/23 | USD | 600 | 596,929 | |||||
RKPF Overseas 2019 A Ltd. Reg S | ||||||||
6.00%, 09/04/25 | USD | 600 | 609,406 | |||||
6.70%, 09/30/24 | USD | 600 | 628,371 | |||||
7.88%, 02/01/23 | USD | 500 | 520,943 | |||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/24 (o) | USD | 500 | 481,902 | |||||
Scenery Journey Ltd. Reg S | ||||||||
11.50%, 10/24/22 | USD | 2,550 | 1,010,434 | |||||
12.00%, 10/24/23 | USD | 2,350 | 839,538 | |||||
13.00%, 11/06/22 | USD | 600 | 238,499 | |||||
13.75%, 11/06/23 | USD | 700 | 270,375 | |||||
Seazen Group Ltd. Reg S 4.45%, 07/13/25 | USD | 400 | 380,018 | |||||
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 | USD | 400 | 406,987 | |||||
Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o) | USD | 750 | 656,245 | |||||
Sunac China Holdings Ltd. Reg S | ||||||||
5.95%, 04/26/24 | USD | 1,200 | 1,090,488 | |||||
6.50%, 07/09/23 | USD | 600 | 578,981 | |||||
6.50%, 01/10/25 | USD | 900 | 817,894 | |||||
6.50%, 01/26/26 | USD | 600 | 531,037 | |||||
6.65%, 08/03/24 | USD | 800 | 733,999 | |||||
7.00%, 07/09/25 | USD | 600 | 543,778 | |||||
7.50%, 02/01/24 | USD | 800 | 771,984 | |||||
7.95%, 08/08/22 | USD | 600 | 600,450 | |||||
7.95%, 10/11/23 | USD | 1,000 | 982,470 | |||||
8.35%, 04/19/23 | USD | 800 | 809,110 | |||||
Times China Holdings Ltd. Reg S | ||||||||
5.75%, 01/14/27 | USD | 600 | 539,987 | |||||
6.20%, 03/22/26 | USD | 600 | 549,750 | |||||
6.60%, 03/02/23 | USD | 400 | 402,058 | |||||
6.75%, 07/16/23 | USD | 800 | 798,748 | |||||
6.75%, 07/08/25 | USD | 800 | 774,544 | |||||
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 | USD | 400 | 393,988 | |||||
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | USD | 700 | 679,350 | |||||
Wanda Properties Overseas Ltd. Reg S | ||||||||
6.88%, 07/23/23 | USD | 600 | 569,980 | |||||
6.95%, 12/05/22 | USD | 600 | 578,248 | |||||
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 | USD | 600 | 600,302 | |||||
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 | USD | 700 | 707,853 | |||||
Yango Justice International Ltd. Reg S | ||||||||
7.50%, 04/15/24 | USD | 400 | 381,297 | |||||
8.25%, 11/25/23 | USD | 400 | 371,506 | |||||
9.25%, 04/15/23 | USD | 400 | 385,500 | |||||
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 | USD | 600 | 607,478 | |||||
Yuzhou Group Holdings Co. Ltd. 5.38%, 0 | USD | 300 | 225,000 | |||||
Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
6.00%, 10/25/23 | USD | 800 | 633,982 | |||||
6.35%, 01/13/27 | USD | 800 | 531,054 | |||||
7.38%, 01/13/26 | USD | 800 | 555,044 | |||||
7.70%, 02/20/25 | USD | 600 | 449,256 | |||||
8.30%, 05/27/25 | USD | 600 | 449,241 | |||||
8.38%, 10/30/24 | USD | 600 | 474,003 | |||||
8.50%, 02/04/23 | USD | 700 | 608,125 | |||||
8.50%, 02/26/24 | USD | 600 | 490,500 | |||||
Zhenro Properties Group Ltd. Reg S | ||||||||
6.63%, 01/07/26 | USD | 600 | 508,535 | |||||
6.70%, 08/04/26 | USD | 600 | 498,813 | |||||
7.35%, 02/05/25 | USD | 600 | 532,530 | |||||
8.70%, 08/03/22 | USD | 400 | 401,498 | |||||
9.15%, 05/06/23 | USD | 400 | 402,990 | |||||
Zhongyuan Asset Management Co. Ltd. Reg S 4.20%, 11/29/22 | USD | 650 | 516,744 | |||||
Zoomlion HK SPV Co. Ltd. 144A 6.12%, 12/20/22 | USD | 400 | 421,406 | |||||
90,814,076 | ||||||||
Colombia: 5.5% | ||||||||
Banco de Bogota SA 144A | ||||||||
5.38%, 02/19/23 | USD | 1,525 | 1,592,855 | |||||
6.25%, 05/12/26 † | USD | 3,258 | 3,568,406 | |||||
Banco de Bogota SA Reg S | ||||||||
5.38%, 02/19/23 | USD | 100 | 104,450 | |||||
6.25%, 05/12/26 | USD | 400 | 438,110 | |||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 | USD | 1,450 | 1,485,670 | |||||
Bancolombia SA | ||||||||
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | USD | 1,900 | 1,920,644 | |||||
5.12%, 09/11/22 | USD | 2,375 | 2,452,686 | |||||
Cable Onda SA 144A 4.50%, 01/30/30 | USD | 1,900 | 2,006,428 | |||||
Canacol Energy Ltd. 144A 7.25%, 05/03/25 | USD | 1,100 | 1,159,197 | |||||
Colombia Telecomunicaciones SA ESP Reg S 4.95%, 07/17/30 | USD | 100 | 104,889 | |||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | USD | 3,750 | 3,931,987 | |||||
5.38%, 06/26/26 | USD | 4,550 | 4,998,857 | |||||
5.88%, 09/18/23 | USD | 5,800 | 6,267,799 | |||||
5.88%, 05/28/45 | USD | 6,250 | 6,671,750 | |||||
6.88%, 04/29/30 | USD | 6,300 | 7,614,495 | |||||
7.38%, 09/18/43 | USD | 2,500 | 3,055,675 | |||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | USD | 3,200 | 3,148,800 | |||||
4.38%, 02/15/31 | USD | 1,750 | 1,720,259 | |||||
Geopark Ltd. 144A 5.50%, 01/17/27 † | USD | 1,700 | 1,716,566 | |||||
Gilex Holding Sarl 144A 8.50%, 05/02/23 | USD | 1,300 | 1,341,191 | |||||
Grupo Aval Ltd. 144A | ||||||||
4.38%, 02/04/30 | USD | 3,200 | 3,167,040 | |||||
4.75%, 09/26/22 † | USD | 3,225 | 3,303,674 | |||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 1,900 | 2,061,709 | |||||
Multibank, Inc. 144A 4.38%, 11/09/22 | USD | 700 | 715,309 | |||||
Multibank, Inc. Reg S 4.38%, 11/09/22 † | USD | 400 | 408,748 | |||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | USD | 1,450 | 1,499,416 | |||||
Oleoducto Central SA Reg S 4.00%, 07/14/27 | USD | 200 | 206,816 | |||||
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 | USD | 1,600 | 1,625,008 | |||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 1,900 | 1,999,892 | |||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 1,758 | 1,860,648 | |||||
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29 | USD | 185 | 195,858 | |||||
72,344,832 | ||||||||
Costa Rica: 0.2% | ||||||||
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 | USD | 1,200 | 1,295,478 | |||||
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | USD | 1,700 | 1,496,017 | |||||
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43 | USD | 100 | 88,001 | |||||
2,879,496 | ||||||||
Croatia: 0.2% | ||||||||
Hrvatska Elektroprivreda 144A 5.88%, 10/23/22 | USD | 1,800 | 1,922,994 | |||||
Hrvatska Elektroprivreda Reg S 5.88%, 10/23/22 | USD | 200 | 213,666 | |||||
2,136,660 | ||||||||
Cyprus: 0.7% | ||||||||
Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 | USD | 1,900 | 1,973,332 | |||||
Eurotorg LLC Via Bonitron DAC 144A 9.00%, 10/22/25 | USD | 1,200 | 1,278,096 | |||||
MHP Lux SA 144A | ||||||||
6.25%, 09/19/29 | USD | 1,150 | 1,150,667 | |||||
6.95%, 04/03/26 | USD | 1,625 | 1,714,611 | |||||
MHP SE 144A 7.75%, 05/10/24 † | USD | 1,625 | 1,758,191 | |||||
TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27 | USD | 1,600 | 1,613,570 | |||||
9,488,467 | ||||||||
Dominican Republic: 0.1% | ||||||||
Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23 | USD | 1,000 | �� | 1,054,625 | ||||
El Salvador: 0.1% | ||||||||
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 | USD | 850 | 888,203 | |||||
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 | USD | 200 | 208,989 | |||||
1,097,192 | ||||||||
France: 0.1% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | USD | 1,100 | 1,144,286 | |||||
Georgia: 0.2% | ||||||||
Georgia Capital JSC 144A 6.12%, 03/09/24 | USD | 200 | 203,500 | |||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | USD | 1,800 | 1,823,526 | |||||
TBC Bank JSC 144A 5.75%, 06/19/24 | USD | 1,100 | 1,187,312 | |||||
3,214,338 | ||||||||
Ghana: 0.3% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | USD | 2,100 | 2,054,671 | |||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 2,700 | 2,345,760 | |||||
4,400,431 | ||||||||
Greece: 0.1% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 | USD | 1,675 | 1,822,970 | |||||
Guatamala: 0.3% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | USD | 1,100 | 1,142,850 | |||||
Central American Bottling Corp. 144A 5.75%, 01/31/27 | USD | 2,191 | 2,286,309 | |||||
Central American Bottling Corp. Reg S 5.75%, 01/31/27 | USD | 200 | 208,700 | |||||
Energuate Trust Reg S 5.88%, 05/03/27 | USD | 200 | 209,337 | |||||
3,847,196 | ||||||||
Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 | USD | 1,000 | 1,042,635 | |||||
Hong Kong: 3.5% | ||||||||
Agile Group Holdings Ltd. Reg S | ||||||||
5.75%, 01/02/25 | USD | 700 | 679,824 | |||||
6.05%, 10/13/25 | USD | 650 | 619,169 | |||||
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) | USD | 650 | 616,163 | |||||
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 07/31/24 (o) | USD | 700 | 661,601 | |||||
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o) | USD | 1,050 | 1,020,710 | |||||
Bank of East Asia Ltd. Reg S | ||||||||
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o) | USD | 2,300 | 2,486,185 | |||||
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 09/19/24 (o) | USD | 2,100 | 2,255,400 | |||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 07/12/26 (o) | USD | 2,600 | 2,636,387 | |||||
Champion Path Holdings Ltd. Reg S | ||||||||
4.50%, 01/27/26 | USD | 1,600 | 1,653,734 | |||||
4.85%, 01/27/28 | USD | 1,750 | 1,813,277 | |||||
Easy Tactic Ltd. Reg S | ||||||||
11.62%, 09/03/24 | USD | 400 | 284,000 | |||||
11.75%, 08/02/23 | USD | 600 | 450,736 | |||||
Fortune Star BVI Ltd. 5.95%, 01/29/23 | USD | 700 | 713,998 | |||||
Fortune Star BVI Ltd. Reg S | ||||||||
5.00%, 05/18/26 | USD | 500 | 497,506 | |||||
5.05%, 01/27/27 | USD | 700 | 695,256 | |||||
Franshion Brilliant Ltf. 4.88%, 0 | USD | 200 | 172,603 | |||||
Jiayuan International Group Ltd. Reg S | ||||||||
12.50%, 04/08/23 | USD | 400 | 393,484 | |||||
12.50%, 07/21/23 | USD | 400 | 392,453 | |||||
13.75%, 02/18/23 | USD | 400 | 407,000 | |||||
Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23 | USD | 1,300 | 1,280,496 | |||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | USD | 3,050 | 3,109,094 | |||||
5.25%, 04/26/26 | USD | 1,650 | 1,690,219 | |||||
5.38%, 12/04/29 | USD | 3,650 | 3,780,031 | |||||
5.62%, 07/17/27 | USD | 2,000 | 2,078,880 | |||||
5.75%, 07/21/28 | USD | 2,700 | 2,803,194 | |||||
Melco Resorts Finance Ltd. Reg S 5.38%, 12/04/29 | USD | 200 | 207,125 | |||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 | USD | 400 | 406,420 | |||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 800 | 790,058 | |||||
Seaspan Corp. 144A 5.50%, 08/01/29 | USD | 2,500 | 2,496,150 | |||||
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 | USD | 800 | 859,982 | |||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | USD | 3,650 | 3,601,309 | |||||
6.00%, 07/15/25 | USD | 1,425 | 1,490,550 | |||||
6.50%, 01/15/28 | USD | 1,515 | 1,592,576 | |||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | USD | 400 | 400,004 | |||||
Zoomlion HK SPV Co. Ltd. Reg S 6.12%, 12/20/22 | USD | 200 | 210,703 | |||||
45,246,277 | ||||||||
India: 5.6% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S | ||||||||
4.45%, 07/24/23 | USD | 1,100 | 1,124,709 | |||||
5.45%, 01/24/28 | USD | 3,250 | 3,461,412 | |||||
5.95%, 07/31/24 | USD | 3,300 | 3,525,208 | |||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ 144A 6.25%, 12/10/24 | USD | 1,500 | 1,636,845 | |||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ Reg S 6.25%, 12/10/24 | USD | 200 | 218,246 | |||||
Axis Bank Ltd. 144A 3.00%, 08/08/22 | USD | 1,600 | 1,631,383 | |||||
Bank of Baroda Reg S 3.88%, 04/04/24 | USD | 1,050 | 1,108,044 | |||||
Canara Bank Reg S | ||||||||
3.25%, 08/10/22 | USD | 2,100 | 2,142,093 | |||||
3.88%, 03/28/24 | USD | 1,300 | 1,368,265 | |||||
Delhi International Airport Ltd. 144A | ||||||||
6.12%, 10/31/26 | USD | 1,500 | 1,482,525 | |||||
6.45%, 06/04/29 † | USD | 1,400 | 1,363,740 | |||||
Delhi International Airport Ltd. Reg S | ||||||||
6.12%, 10/31/26 | USD | 200 | 197,670 | |||||
6.45%, 06/04/29 | USD | 300 | 292,230 | |||||
Future Retail Ltd. 144A 5.60%, 01/22/25 | USD | 1,200 | 863,100 | |||||
Future Retail Ltd. Reg S 5.60%, 01/22/25 | USD | 200 | 143,850 | |||||
GMR Hyderabad International Airport Ltd. 144A | ||||||||
4.25%, 10/27/27 | USD | 900 | 871,975 | |||||
4.75%, 02/02/26 | USD | 900 | 914,978 | |||||
5.38%, 04/10/24 | USD | 1,200 | 1,227,149 | |||||
GMR Hyderabad International Airport Ltd. Reg S 4.25%, 10/27/27 | USD | 200 | 193,772 | |||||
HPCL-Mittal Energy Ltd. Reg S | ||||||||
5.25%, 04/28/27 | USD | 1,400 | 1,438,439 | |||||
5.45%, 10/22/26 | USD | 1,000 | 1,036,710 | |||||
IIFL Finance Ltd. Reg S 5.88%, 04/20/23 | USD | 1,300 | 1,261,134 | |||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | USD | 1,150 | 1,191,837 | |||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | USD | 2,400 | 2,385,180 | |||||
JSW Steel Ltd. Reg S | ||||||||
5.38%, 04/04/25 | USD | 1,400 | 1,474,760 | |||||
5.95%, 04/18/24 | USD | 1,700 | 1,791,771 | |||||
Manappuram Finance Ltd. Reg S 5.90%, 01/13/23 | USD | 1,000 | 1,028,984 | |||||
Muthoot Finance Ltd. 144A | ||||||||
4.40%, 09/02/23 | USD | 1,650 | 1,687,331 | |||||
6.12%, 10/31/22 | USD | 1,300 | 1,343,160 | |||||
Muthoot Finance Ltd. Reg S | ||||||||
4.40%, 09/02/23 | USD | 200 | 204,525 | |||||
6.12%, 10/31/22 | USD | 200 | 206,640 | |||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) | USD | 3,000 | 3,153,675 | |||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | USD | 2,400 | 2,542,920 | |||||
ReNew Power Pvt Ltd. 144A | ||||||||
5.88%, 03/05/27 | USD | 1,150 | 1,207,531 | |||||
6.45%, 09/27/22 | USD | 1,000 | 1,027,800 | |||||
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27 | USD | 250 | 262,507 | |||||
ReNew Power Synthetic 144A 6.67%, 03/12/24 | USD | 1,750 | 1,832,124 | |||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | USD | 2,050 | 2,071,699 | |||||
Shriram Transport Finance Co. Ltd. 144A | ||||||||
4.40%, 03/13/24 † | USD | 2,300 | 2,295,975 | |||||
5.10%, 07/16/23 | USD | 1,500 | 1,508,970 | |||||
5.95%, 10/24/22 | USD | 2,300 | 2,336,834 | |||||
Shriram Transport Finance Co. Ltd. Reg S | ||||||||
5.10%, 07/16/23 | USD | 200 | 201,196 | |||||
5.95%, 10/24/22 | USD | 200 | 203,203 | |||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 | USD | 1,300 | 1,381,406 | |||||
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | USD | 1,300 | 1,339,650 | |||||
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 02/27/25 (o) | USD | 1,400 | 1,425,585 | |||||
Vedanta Resources Finance II Plc 144A | ||||||||
8.00%, 04/23/23 | USD | 1,300 | 1,211,197 | |||||
9.25%, 04/23/26 | USD | 2,000 | 1,642,330 | |||||
13.88%, 01/21/24 | USD | 3,150 | 3,322,762 | |||||
Vedanta Resources Ltd. 144A | ||||||||
6.12%, 08/09/24 | USD | 3,050 | 2,443,965 | |||||
7.12%, 05/31/23 | USD | 1,425 | 1,299,443 | |||||
Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23 | USD | 1,300 | 1,291,852 | |||||
72,820,289 | ||||||||
Indonesia: 2.2% | ||||||||
ABM Investama Tbk PT 144A 7.12%, 08/01/22 | USD | 1,300 | 1,212,900 | |||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | USD | 2,200 | 2,239,424 | |||||
Adaro Indonesia PT Reg S 4.25%, 10/31/24 | USD | 300 | 305,376 | |||||
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | USD | 1,000 | 499,994 | |||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) | USD | 111 | 1,457 | |||||
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 | USD | 1,000 | 1,026,283 | |||||
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | USD | 1,100 | 1,108,409 | |||||
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26 | USD | 200 | 201,529 | |||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | USD | 1,600 | 1,645,184 | |||||
Cikarang Listrindo Tbk PT Reg S 4.95%, 09/14/26 | USD | 200 | 205,648 | |||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | USD | 1,000 | 1,037,964 | |||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | USD | 1,623 | 1,622,562 | |||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | USD | 2,200 | 2,312,948 | |||||
Jababeka International BV 144A 6.50%, 10/05/23 | USD | 990 | 937,996 | |||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 | USD | 1,150 | 1,209,823 | |||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | USD | 2,025 | 2,036,502 | |||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 | USD | 1,900 | 2,020,564 | |||||
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 | USD | 300 | 319,036 | |||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | USD | 1,600 | 1,658,904 | |||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | USD | 1,350 | 1,371,779 | |||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | USD | 2,100 | 1,933,984 | |||||
SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23 | USD | 1,100 | 871,796 | |||||
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33 | USD | 177 | 201,496 | |||||
Theta Capital Pte Ltd. Reg S | ||||||||
6.75%, 10/31/26 | USD | 1,400 | 1,314,407 | |||||
8.12%, 01/22/25 † | USD | 1,450 | 1,455,473 | |||||
28,751,438 | ||||||||
Ireland: 0.3% | ||||||||
Eurochem Finance DAC Reg S 5.50%, 03/13/24 | USD | 200 | 217,479 | |||||
Hacienda Investments Ltd. Via DME Airport DAC 144A 5.35%, 02/08/28 | USD | 1,600 | 1,680,856 | |||||
SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28 | USD | 1,500 | 1,552,717 | |||||
3,451,052 | ||||||||
Isle of Man: 0.0% | ||||||||
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24 | USD | 300 | 325,973 | |||||
Israel: 3.6% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
5.75%, 06/30/23 | USD | 1,700 | 1,774,773 | |||||
6.12%, 06/30/25 | USD | 2,050 | 2,236,931 | |||||
6.50%, 06/30/27 | USD | 2,000 | 2,211,350 | |||||
6.75%, 06/30/30 | USD | 1,825 | 2,054,704 | |||||
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | USD | 2,400 | 2,418,000 | |||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | USD | 2,275 | 2,511,213 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23 | USD | 8,575 | 8,487,106 | |||||
3.15%, 10/01/26 | USD | 9,975 | 9,584,479 | |||||
4.10%, 10/01/46 | USD | 5,700 | 5,040,310 | |||||
6.00%, 04/15/24 | USD | 3,592 | 3,778,335 | |||||
6.75%, 03/01/28 † | USD | 3,565 | 3,952,694 | |||||
7.12%, 01/31/25 | USD | 2,875 | 3,160,919 | |||||
47,210,814 | ||||||||
Jamaica: 0.0% | ||||||||
Digicel Group Two Ltd. 144A 8.25%, 09/30/22 | USD | 437 | 10,925 | |||||
Kazakhstan: 1.0% | ||||||||
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | USD | 2,825 | 3,940,875 | |||||
KazMunayGas National Co. JSC 144A | ||||||||
4.75%, 04/19/27 | USD | 3,300 | 3,764,310 | |||||
5.75%, 04/19/47 | USD | 3,850 | 4,804,954 | |||||
KazMunayGas National Co. JSC Reg S 5.75%, 04/19/47 | USD | 300 | 374,412 | |||||
12,884,551 | ||||||||
Kuwait: 0.4% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
4.23%, 10/29/26 | USD | 1,700 | 1,671,814 | |||||
4.50%, 02/23/27 | USD | 1,700 | 1,663,681 | |||||
5.00%, 03/15/23 | USD | 1,700 | 1,740,613 | |||||
5,076,108 | ||||||||
Luxembourg: 1.7% | ||||||||
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 | USD | 1,100 | 1,227,732 | |||||
Consolidated Energy Finance SA Reg S 6.88%, 06/15/25 | USD | 200 | 203,718 | |||||
CSN Resources SA 144A 4.62%, 06/10/31 | USD | 1,350 | 1,398,398 | |||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.50%, 03/30/24 | USD | 2,075 | 2,116,432 | |||||
4.88%, 03/30/26 | USD | 2,075 | 2,125,962 | |||||
5.38%, 03/30/28 | USD | 2,075 | 2,125,995 | |||||
5.88%, 03/30/31 | USD | 2,075 | 2,131,938 | |||||
Gol Finance SA 144A 8.00%, 06/30/26 | USD | 700 | 698,264 | |||||
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | USD | 800 | 813,912 | |||||
JBS Finance Luxembourg Sarl 144A 3.62%, 01/15/32 | USD | 1,200 | 1,209,600 | |||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 1,450 | 1,460,556 | |||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | USD | 2,250 | 2,339,325 | |||||
MHP Lux SA Reg S 6.95%, 04/03/26 | USD | 250 | 263,786 | |||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 † | USD | 1,200 | 1,180,500 | |||||
Minerva Luxembourg SA Reg S 4.38%, 03/18/31 | USD | 200 | 196,750 | |||||
Movida Europe SA 144A 5.25%, 02/08/31 | USD | 700 | 711,046 | |||||
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 | USD | 900 | 927,090 | |||||
Puma International Financing SA Reg S | ||||||||
5.00%, 01/24/26 | USD | 200 | 200,740 | |||||
5.12%, 10/06/24 | USD | 200 | 201,232 | |||||
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28 | USD | 200 | 212,571 | |||||
Tupy Overseas SA Reg S 4.50%, 02/16/31 | USD | 200 | 199,940 | |||||
Ultrapar International SA Reg S 5.25%, 10/06/26 | USD | 200 | 221,033 | |||||
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 | USD | 200 | 216,136 | |||||
VTB Bank OJSC Via VTB Capital SA Reg S 6.95%, 10/17/22 | USD | 300 | 316,731 | |||||
22,699,387 | ||||||||
Macao: 0.1% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 | USD | 900 | 908,577 | |||||
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24 | USD | 200 | 203,879 | |||||
Wynn Macau Ltd. Reg S | ||||||||
4.88%, 10/01/24 | USD | 200 | 201,629 | |||||
5.50%, 10/01/27 | USD | 200 | 205,898 | |||||
1,519,983 | ||||||||
Malta: 0.0% | ||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. Reg S 10.50%, 06/01/24 | USD | 200 | 217,651 | |||||
Mauritius: 1.2% | ||||||||
Azure Power Energy Ltd. Reg S 5.50%, 11/03/22 | USD | 200 | 202,836 | |||||
Azure Power Solar Energy Pvt Ltd. Reg S 5.65%, 12/24/24 | USD | 200 | 210,645 | |||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | USD | 1,100 | 1,094,748 | |||||
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 | USD | 200 | 199,045 | |||||
Cliffton Ltd. 144A 6.25%, 10/25/25 | USD | 1,500 | 1,436,032 | |||||
Greenko Mauritius Ltd. Reg S 6.25%, 02/21/23 | USD | 200 | 205,509 | |||||
IHS Netherlands Holdco BV 144A | ||||||||
7.12%, 03/18/25 | USD | 1,700 | 1,763,750 | |||||
8.00%, 09/18/27 | USD | 2,875 | 3,090,625 | |||||
IHS Netherlands Holdco BV Reg S 8.00%, 09/18/27 | USD | 200 | 215,000 | |||||
India Green Power Holdings 144A 4.00%, 02/22/27 | USD | 1,350 | 1,351,026 | |||||
India Green Power Holdings Reg S 4.00%, 02/22/27 | USD | 200 | 200,152 | |||||
India Toll Roads 144A 5.50%, 08/19/24 | USD | 1,100 | 1,059,823 | |||||
Liquid 5.50%, 09/04/26 | USD | 2,100 | 2,174,445 | |||||
MTN Mauritius Investments Ltd. Reg S 4.75%, 11/11/24 | USD | 200 | 212,076 | |||||
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 06/03/26 (o) | USD | 1,700 | 1,688,704 | |||||
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 01/15/25 (o) | USD | 300 | 315,367 | |||||
15,419,783 | ||||||||
Mexico: 6.3% | ||||||||
Alpha Holding SA de CV 144A 9.00%, 02/10/25 | USD | 850 | 99,875 | |||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 1,418 | 1,474,039 | |||||
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 | USD | 300 | 310,926 | |||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | USD | 5,500 | 5,705,233 | |||||
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 06/08/26 (o) | USD | 3,350 | 3,521,051 | |||||
5.20%, 09/17/30 | USD | 3,110 | 3,412,354 | |||||
5.45%, 11/19/29 | USD | 3,100 | 3,402,994 | |||||
7.38%, 06/05/27 | USD | 3,055 | 3,461,468 | |||||
Cemex SAB de CV Reg S | ||||||||
3.88%, 07/11/31 † | USD | 350 | 363,060 | |||||
5.20%, 09/17/30 | USD | 250 | 274,305 | |||||
5.45%, 11/19/29 | USD | 200 | 219,548 | |||||
7.38%, 06/05/27 † | USD | 300 | 339,915 | |||||
Credito Real SAB de CV SOFOM ER 144A | ||||||||
8.00%, 01/21/28 † | USD | 1,100 | 948,728 | |||||
9.50%, 02/07/26 † | USD | 900 | 833,224 | |||||
Cydsa SAB de CV 144A 6.25%, 10/04/27 | USD | 1,600 | 1,669,872 | |||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 † | USD | 1,050 | 1,060,642 | |||||
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | USD | 1,500 | 1,578,352 | |||||
Grupo Bimbo SAB de CV Reg S 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | USD | 200 | 210,447 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 1,585 | 1,664,084 | |||||
Metalsa SA de CV 144A 3.75%, 05/04/31 | USD | 950 | 936,852 | |||||
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 | USD | 950 | 912,428 | |||||
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 | USD | 1,700 | 1,713,736 | |||||
Petróleos Mexicanos | ||||||||
3.50%, 01/30/23 | USD | 800 | 815,480 | |||||
4.25%, 01/15/25 † | USD | 500 | 515,602 | |||||
4.50%, 01/23/26 † | USD | 950 | 963,728 | |||||
4.62%, 09/21/23 | USD | 625 | 651,966 | |||||
4.88%, 01/18/24 † | USD | 700 | 734,944 | |||||
5.35%, 02/12/28 | USD | 1,675 | 1,652,806 | |||||
5.50%, 06/27/44 | USD | 525 | 431,959 | |||||
5.62%, 01/23/46 | USD | 650 | 534,765 | |||||
5.95%, 01/28/31 | USD | 2,500 | 2,460,625 | |||||
6.35%, 02/12/48 | USD | 1,925 | 1,648,021 | |||||
6.38%, 01/23/45 | USD | 1,050 | 905,153 | |||||
6.49%, 01/23/27 | USD | 1,575 | 1,674,934 | |||||
6.50%, 03/13/27 | USD | 3,625 | 3,843,406 | |||||
6.50%, 01/23/29 | USD | 1,300 | 1,351,857 | |||||
6.50%, 06/02/41 | USD | 1,050 | 952,418 | |||||
6.62%, 06/15/35 | USD | 1,900 | 1,839,001 | |||||
6.62%, 06/15/38 | USD | 350 | 324,326 | |||||
6.75%, 09/21/47 | USD | 4,100 | 3,670,894 | |||||
6.84%, 01/23/30 | USD | 3,000 | 3,133,350 | |||||
6.88%, 08/04/26 | USD | 2,000 | 2,203,660 | |||||
6.95%, 01/28/60 | USD | 2,525 | 2,269,217 | |||||
7.69%, 01/23/50 | USD | 5,475 | 5,328,544 | |||||
Petróleos Mexicanos 144A 6.88%, 10/16/25 | USD | 1,000 | 1,102,440 | |||||
Petróleos Mexicanos Reg S 6.88%, 10/16/25 | USD | 100 | 110,244 | |||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 | USD | 700 | 660,656 | |||||
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25 | USD | 200 | 188,759 | |||||
Total Play Telecomunicaciones SA de CV 144A 7.50%, 11/12/25 | USD | 1,700 | 1,819,731 | |||||
Total Play Telecomunicaciones SA de CV Reg S 7.50%, 11/12/25 | USD | 200 | 214,086 | |||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | USD | 1,250 | 1,207,375 | |||||
7.25%, 09/27/23 | USD | 1,200 | 1,196,694 | |||||
8.38%, 01/27/28 | USD | 1,500 | 1,410,900 | |||||
9.88%, 01/28/29 † | USD | 1,850 | 1,831,324 | |||||
81,761,998 | ||||||||
Mongolia: 0.1% | ||||||||
Mongolian Mining Corp./ Energy Resources LLC 144A 9.25%, 04/15/24 | USD | 1,400 | 1,203,272 | |||||
Morocco: 0.9% | ||||||||
OCP SA 144A | ||||||||
3.75%, 06/23/31 | USD | 2,550 | 2,591,496 | |||||
4.50%, 10/22/25 | USD | 2,250 | 2,446,137 | |||||
5.12%, 06/23/51 | USD | 2,500 | 2,556,455 | |||||
5.62%, 04/25/24 | USD | 1,650 | 1,820,156 | |||||
6.88%, 04/25/44 | USD | 1,900 | 2,343,874 | |||||
OCP SA Reg S 4.50%, 10/22/25 | USD | 200 | 217,435 | |||||
11,975,553 | ||||||||
Netherlands: 0.6% | ||||||||
Braskem Netherlands Finance BV Reg S | ||||||||
5.88%, 01/31/50 | USD | 200 | 224,375 | |||||
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 250 | 288,788 | |||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 3,200 | 3,231,312 | |||||
Kazakhstan Temir Zholy Finance BV Reg S 6.95%, 07/10/42 | USD | 200 | 279,000 | |||||
Metinvest BV Reg S 7.75%, 10/17/29 | USD | 200 | 220,988 | |||||
MV24 Capital BV Reg S 6.75%, 06/01/34 | USD | 187 | 202,779 | |||||
Petrobras Global Finance BV 5.50%, 06/10/51 | USD | 1,275 | 1,255,697 | |||||
Tecpetrol SA 144A 4.88%, 12/12/22 | USD | 1,665 | 1,667,522 | |||||
VEON Holdings BV Reg S | ||||||||
3.38%, 11/25/27 | USD | 200 | 202,069 | |||||
4.00%, 04/09/25 | USD | 200 | 210,981 | |||||
5.95%, 02/13/23 | USD | 200 | 213,547 | |||||
7.25%, 04/26/23 | USD | 250 | 269,950 | |||||
8,267,008 | ||||||||
Nigeria: 0.5% | ||||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 | USD | 1,100 | 1,099,065 | |||||
Fidelity Bank Plc 144A 10.50%, 10/16/22 | USD | 1,400 | 1,506,071 | |||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 | USD | 1,200 | 1,305,283 | |||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 1,900 | 1,980,142 | |||||
SEPLAT Energy Plc Reg S 7.75%, 04/01/26 | USD | 200 | 208,436 | |||||
6,098,997 | ||||||||
Oman: 1.5% | ||||||||
Bank Muscat SAOG Reg S | ||||||||
4.75%, 03/17/26 | USD | 1,300 | 1,343,542 | |||||
4.88%, 03/14/23 | USD | 1,950 | 2,024,059 | |||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 | USD | 2,800 | 2,805,241 | |||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 550 | 551,030 | |||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | USD | 1,750 | 1,860,696 | |||||
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 | USD | 1,650 | 1,739,034 | |||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | USD | 1,650 | 1,703,165 | |||||
OQ SAOC 144A 5.12%, 05/06/28 | USD | 2,300 | 2,311,022 | |||||
OQ SAOC Reg S 5.12%, 05/06/28 | USD | 200 | 200,958 | |||||
Oztel Holdings SPC Ltd. 144A | ||||||||
5.62%, 10/24/23 | USD | 2,000 | 2,124,650 | |||||
6.62%, 04/24/28 † | USD | 2,750 | 3,036,228 | |||||
Oztel Holdings SPC Ltd. Reg S 6.62%, 04/24/28 | USD | 200 | 220,817 | |||||
19,920,442 | ||||||||
Panama: 1.0% | ||||||||
Aeropuerto Internacional de Tocumen SA 144A | ||||||||
5.62%, 05/18/36 | USD | 600 | 685,947 | |||||
6.00%, 11/18/48 | USD | 2,614 | 3,056,541 | |||||
Aeropuerto Internacional de Tocumen SA Reg S | ||||||||
5.62%, 05/18/36 | USD | 1,300 | 1,486,219 | |||||
6.00%, 11/18/48 | USD | 296 | 346,023 | |||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 05/07/31 (o) † | USD | 1,400 | 1,453,921 | |||||
Banistmo SA 144A | ||||||||
3.65%, 09/19/22 | USD | 1,400 | 1,420,384 | |||||
4.25%, 07/31/27 | USD | 1,400 | 1,441,440 | |||||
Cable Onda SA Reg S 4.50%, 01/30/30 | USD | 200 | 211,203 | |||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | USD | 1,450 | 1,538,791 | |||||
Industrial Senior Trust 144A 5.50%, 11/01/22 | USD | 1,700 | 1,762,611 | |||||
13,403,080 | ||||||||
Paraguay: 0.1% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 | USD | 1,000 | 989,515 | |||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | USD | 800 | 833,620 | |||||
1,823,135 | ||||||||
Peru: 1.4% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 | USD | 1,000 | 1,029,930 | |||||
Banco Internacional del Peru SAA Interbank 144A | ||||||||
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | USD | 950 | 933,346 | |||||
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 1,000 | 1,054,590 | |||||
Camposol SA 144A 6.00%, 02/03/27 | USD | 1,200 | 1,236,738 | |||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | USD | 2,200 | 2,120,294 | |||||
Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A 6.38%, 06/01/28 | USD | 2,050 | 2,032,062 | |||||
InRetail Consumer 144A 3.25%, 03/22/28 | USD | 1,700 | 1,666,706 | |||||
InRetail Consumer Reg S 3.25%, 03/22/28 | USD | 200 | 196,083 | |||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 | USD | 1,175 | 1,205,785 | |||||
Orazul Energy Egenor SCA Reg S 5.62%, 04/28/27 | USD | 200 | 203,126 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 2,400 | 1,853,556 | |||||
Peru LNG Srl Reg S 5.38%, 03/22/30 | USD | 800 | 617,852 | |||||
SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 | USD | 1,000 | 981,620 | |||||
SAN Miguel Industrias Pet SA 144A 4.50%, 09/18/22 | USD | 1,000 | 1,011,170 | |||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | USD | 1,500 | 1,452,705 | |||||
17,595,563 | ||||||||
Philippines: 0.1% | ||||||||
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 08/27/25 (o) | USD | 1,000 | 1,058,795 | |||||
Poland: 0.1% | ||||||||
CANPACK SA / Eastern PA Land Investment Holding LLC 144A 3.12%, 11/01/25 | USD | 1,500 | 1,530,075 | |||||
Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 † | USD | 2,200 | 2,403,830 | |||||
Russia: 4.2% | ||||||||
Borets Finance DAC 144A 6.00%, 09/17/26 | USD | 1,100 | 1,158,080 | |||||
Celtic Resources Holdings DAC 144A 4.12%, 10/09/24 | USD | 1,350 | 1,426,698 | |||||
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24 | USD | 1,000 | 1,039,050 | |||||
Evraz Plc 144A | ||||||||
5.25%, 04/02/24 | USD | 2,225 | 2,396,325 | |||||
5.38%, 03/20/23 | USD | 2,550 | 2,700,425 | |||||
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o) | USD | 3,600 | 3,762,266 | |||||
Gtlk Europe Capital DAC Reg S | ||||||||
4.65%, 03/10/27 | USD | 2,100 | 2,210,926 | |||||
4.80%, 02/26/28 | USD | 1,750 | 1,842,181 | |||||
4.95%, 02/18/26 | USD | 1,750 | 1,874,537 | |||||
5.95%, 04/17/25 | USD | 1,700 | 1,877,762 | |||||
GTLK Europe DAC Reg S 5.12%, 05/31/24 | USD | 1,600 | 1,709,616 | |||||
Petropavlovsk 2016 Ltd. 144A 8.12%, 11/14/22 | USD | 1,050 | 1,100,425 | |||||
PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25 | USD | 1,200 | 1,287,338 | |||||
Polyus Finance Plc 144A | ||||||||
4.70%, 01/29/24 | USD | 1,500 | 1,607,232 | |||||
5.25%, 02/07/23 | USD | 2,300 | 2,438,000 | |||||
Polyus Finance Plc Reg S 4.70%, 01/29/24 | USD | 200 | 214,298 | |||||
Sberbank of Russia Via SB Capital SA 144A 5.12%, 10/29/22 | USD | 6,675 | 6,975,408 | |||||
Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25 | USD | 1,000 | 1,006,920 | |||||
VEON Holdings BV 144A | ||||||||
3.38%, 11/25/27 | USD | 3,900 | 3,940,346 | |||||
4.00%, 04/09/25 | USD | 3,245 | 3,423,167 | |||||
4.95%, 06/16/24 | USD | 1,750 | 1,889,186 | |||||
5.95%, 02/13/23 | USD | 1,500 | 1,601,603 | |||||
7.25%, 04/26/23 | USD | 2,075 | 2,240,585 | |||||
VTB Bank OJSC Via VTB Capital SA 144A 6.95%, 10/17/22 | USD | 4,350 | 4,592,599 | |||||
54,314,973 | ||||||||
Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | USD | 1,700 | 1,767,490 | |||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
6.75%, 02/15/25 | USD | 1,950 | 2,028,449 | |||||
6.88%, 03/21/23 | USD | 1,750 | 1,822,931 | |||||
6.88%, 02/26/27 | USD | 1,400 | 1,415,659 | |||||
7,034,529 | ||||||||
Singapore: 1.9% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | USD | 2,000 | 2,024,470 | |||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 05/17/26 (o) | USD | 3,600 | 3,582,652 | |||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | USD | 1,600 | 1,618,924 | |||||
Greenko Mauritius Ltd. 144A 6.25%, 02/21/23 | USD | 1,400 | 1,438,561 | |||||
Greenko Solar Mauritius Ltd. 144A | ||||||||
5.55%, 01/29/25 | USD | 1,500 | 1,533,791 | |||||
5.95%, 07/29/26 | USD | 1,700 | 1,808,624 | |||||
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24 | USD | 300 | 299,919 | |||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | USD | 2,066 | 2,114,758 | |||||
Medco Platinum Road Pte Ltd. Reg S 6.75%, 01/30/25 | USD | 200 | 207,363 | |||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | USD | 1,800 | 1,911,276 | |||||
Puma International Financing SA 144A | ||||||||
5.00%, 01/24/26 | USD | 2,300 | 2,308,510 | |||||
5.12%, 10/06/24 | USD | 1,900 | 1,911,708 | |||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 1,552 | 1,763,093 | |||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 | USD | 700 | 688,980 | |||||
Yanlord Land HK Co. Ltd. Reg S | ||||||||
6.75%, 04/23/23 | USD | 600 | 619,459 | |||||
6.80%, 02/27/24 | USD | 600 | 622,500 | |||||
24,454,588 | ||||||||
South Africa: 3.2% | ||||||||
Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/28 | USD | 1,400 | 1,473,055 | |||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.35%, 08/10/28 | USD | 3,550 | 3,946,357 | |||||
6.75%, 08/06/23 | USD | 3,500 | 3,655,820 | |||||
7.12%, 02/11/25 | USD | 4,175 | 4,398,780 | |||||
8.45%, 08/10/28 | USD | 1,800 | 2,031,732 | |||||
Eskom Holdings SOC Ltd. Reg S | ||||||||
6.35%, 08/10/28 | USD | 200 | 222,330 | |||||
6.75%, 08/06/23 | USD | 400 | 417,808 | |||||
7.12%, 02/11/25 | USD | 200 | 210,720 | |||||
FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28 | USD | 1,650 | 1,740,539 | |||||
Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
5.12%, 05/15/24 | USD | 1,450 | 1,575,534 | |||||
6.12%, 05/15/29 | USD | 1,600 | 1,900,000 | |||||
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 | USD | 1,400 | 1,494,598 | |||||
MTN Mauritius Investments Ltd. 144A | ||||||||
4.75%, 11/11/24 | USD | 2,400 | 2,544,917 | |||||
6.50%, 10/13/26 | USD | 1,600 | 1,845,293 | |||||
Sasol Financing International Ltd. 4.50%, 11/14/22 | USD | 3,300 | 3,383,325 | |||||
Sasol Financing USA LLC | ||||||||
5.88%, 03/27/24 | USD | 5,000 | 5,303,300 | |||||
6.50%, 09/27/28 | USD | 2,575 | 2,873,648 | |||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 | USD | 1,400 | 1,490,748 | |||||
Stillwater Mining Co. 144A 7.12%, 06/27/25 | USD | 1,300 | 1,348,165 | |||||
41,856,669 | ||||||||
South Korea: 0.3% | ||||||||
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23 | USD | 1,800 | 1,893,705 | |||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | USD | 1,650 | 1,716,000 | |||||
Woori Bank Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | USD | 200 | 208,000 | |||||
3,817,705 | ||||||||
Spain: 1.0% | ||||||||
AES Andres BV 144A 5.70%, 05/04/28 | USD | 1,000 | 1,034,795 | |||||
AI Candelaria Spain SLU 144A 5.75%, 06/15/33 | USD | 1,650 | 1,687,315 | |||||
AI Candelaria Spain SLU Reg S | ||||||||
5.75%, 06/15/33 | USD | 300 | 306,784 | |||||
7.50%, 12/15/28 | USD | 200 | 223,224 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | USD | 1,350 | 1,411,128 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA Reg S 4.88%, 04/21/25 | USD | 100 | 104,528 | |||||
BBVA Bancomer SA 144A 6.75%, 09/30/22 | USD | 4,700 | 4,986,794 | |||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 † | USD | 1,700 | 1,783,113 | |||||
International Airport Finance SA 144A 12.00%, 03/15/33 | USD | 1,231 | 1,337,850 | |||||
International Airport Finance SA Reg S 12.00%, 03/15/33 | USD | 200 | 216,832 | |||||
13,092,363 | ||||||||
Switzerland: 0.2% | ||||||||
Consolidated Energy Finance SA 144A | ||||||||
6.50%, 05/15/26 | USD | 1,350 | 1,370,122 | |||||
6.88%, 06/15/25 | USD | 1,450 | 1,476,955 | |||||
2,847,077 | ||||||||
Tanzania: 0.3% | ||||||||
AngloGold Ashanti Holdings Plc | ||||||||
5.12%, 08/01/22 | USD | 2,350 | 2,441,180 | |||||
6.50%, 04/15/40 | USD | 1,100 | 1,375,000 | |||||
3,816,180 | ||||||||
Thailand: 0.6% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 3,700 | 3,857,324 | |||||
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 400 | 416,688 | |||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | USD | 2,800 | 2,871,204 | |||||
7,145,216 | ||||||||
Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 | USD | 1,600 | 1,723,120 | |||||
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 | USD | 200 | 215,390 | |||||
1,938,510 | ||||||||
Trinidad and Tobago: 0.5% | ||||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | USD | 1,000 | 1,050,445 | |||||
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 | USD | 500 | 525,222 | |||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | USD | 950 | 1,019,208 | |||||
Trinidad Generation UnLtd Reg S 5.25%, 11/04/27 | USD | 200 | 205,717 | |||||
Trinidad Generation UnLtd. 144A 5.25%, 11/04/27 | USD | 1,800 | 1,851,453 | |||||
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | USD | 1,950 | 2,190,796 | |||||
6,842,841 | ||||||||
Turkey: 6.7% | ||||||||
Akbank TAS 144A | ||||||||
5.00%, 10/24/22 | USD | 1,150 | 1,183,062 | |||||
5.12%, 03/31/25 † | USD | 1,750 | 1,769,775 | |||||
6.80%, 02/06/26 | USD | 1,450 | 1,539,574 | |||||
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28 | USD | 1,050 | 1,064,185 | |||||
6.80% (USD Swap Semi 30/360 5 Year+6.01%), 06/22/31 | USD | 1,700 | 1,708,508 | |||||
Akbank TAS Reg S | ||||||||
5.00%, 10/24/22 | USD | 500 | 514,375 | |||||
6.80%, 02/06/26 | USD | 200 | 212,355 | |||||
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28 | USD | 200 | 202,702 | |||||
Anadolu Efes Biracilik Ve Malt Sanayii AS Reg S 3.38%, 11/01/22 | USD | 200 | 205,190 | |||||
Arcelik AS 144A 5.00%, 04/03/23 | USD | 1,800 | 1,870,812 | |||||
Coca-Cola Icecek AS 144A 4.21%, 09/19/24 | USD | 1,400 | 1,474,500 | |||||
Coca-Cola Icecek AS Reg S 4.21%, 09/19/24 | USD | 200 | 210,643 | |||||
Fibabanka AS Reg S 6.00%, 01/25/23 | USD | 950 | 968,098 | |||||
7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 | USD | 1,000 | 1,014,000 | |||||
KOC Holding AS 144A | ||||||||
5.25%, 03/15/23 | USD | 1,925 | 1,996,918 | |||||
6.50%, 03/11/25 | USD | 2,300 | 2,495,799 | |||||
KOC Holding AS Reg S | ||||||||
5.25%, 03/15/23 | USD | 500 | 518,680 | |||||
6.50%, 03/11/25 | USD | 200 | 217,026 | |||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | USD | 1,200 | 1,263,304 | |||||
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24 | USD | 200 | 212,364 | |||||
ODEA BANK AS 7.63%, 08/01/27 | USD | 400 | 330,200 | |||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 | USD | 1,200 | 1,271,615 | |||||
Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23 | USD | 950 | 926,664 | |||||
TC Ziraat Bankasi AS 144A | ||||||||
5.12%, 09/29/23 | USD | 1,350 | 1,388,651 | |||||
5.38%, 03/02/26 | USD | 2,050 | 2,032,227 | |||||
TC Ziraat Bankasi AS Reg S 5.12%, 09/29/23 | USD | 200 | 205,726 | |||||
Turk Telekomunikasyon AS 144A | ||||||||
4.88%, 06/19/24 | USD | 1,700 | 1,782,263 | |||||
6.88%, 02/28/25 | USD | 1,460 | 1,616,512 | |||||
Turk Telekomunikasyon AS Reg S 6.88%, 02/28/25 | USD | 200 | 221,440 | |||||
Turkcell Iletisim Hizmetleri AS 144A | ||||||||
5.75%, 10/15/25 | USD | 1,500 | 1,622,124 | |||||
5.80%, 04/11/28 | USD | 1,600 | 1,724,160 | |||||
Turkcell Iletisim Hizmetleri AS Reg S 5.75%, 10/15/25 | USD | 200 | 216,283 | |||||
Turkiye Garanti Bankasi AS 144A | ||||||||
5.25%, 09/13/22 | USD | 2,425 | 2,505,437 | |||||
5.88%, 03/16/23 | USD | 1,500 | 1,575,064 | |||||
Turkiye Garanti Bankasi AS Reg S 5.88%, 03/16/23 | USD | 200 | 210,009 | |||||
Turkiye Ihracat Kredi Bankasi AS 144A 5.38%, 10/24/23 | USD | 1,350 | 1,395,846 | |||||
Turkiye Is Bankasi AS 144A | ||||||||
6.00%, 10/24/22 | USD | 3,150 | 3,241,744 | |||||
6.12%, 04/25/24 | USD | 4,050 | 4,224,105 | |||||
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | USD | 1,600 | 1,634,640 | |||||
7.85%, 12/10/23 | USD | 1,055 | 1,133,812 | |||||
Turkiye Is Bankasi AS Reg S | ||||||||
6.00%, 10/24/22 | USD | 200 | 205,825 | |||||
6.12%, 04/25/24 | USD | 200 | 208,598 | |||||
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | USD | 200 | 204,330 | |||||
7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | USD | 2,450 | 2,554,003 | |||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | USD | 2,100 | 2,113,524 | |||||
Turkiye Petrol Rafinerileri AS Reg S 4.50%, 10/18/24 | USD | 200 | 201,288 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
5.88%, 01/14/26 | USD | 1,000 | 1,010,750 | |||||
6.00%, 01/23/25 † | USD | 1,400 | 1,432,438 | |||||
Turkiye Sinai Kalkinma Bankasi AS Reg S | ||||||||
5.50%, 01/16/23 | USD | 1,150 | 1,181,535 | |||||
5.88%, 01/14/26 | USD | 200 | 202,150 | |||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 † | USD | 2,250 | 2,512,687 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 † | USD | 2,400 | 2,401,236 | |||||
5.75%, 01/30/23 † | USD | 1,850 | 1,912,438 | |||||
6.00%, 11/01/22 | USD | 2,300 | 2,361,748 | |||||
6.50%, 01/08/26 | USD | 2,350 | 2,418,045 | |||||
8.12%, 03/28/24 | USD | 1,850 | 2,020,737 | |||||
Turkiye Vakiflar Bankasi TAO Reg S | ||||||||
5.75%, 01/30/23 | USD | 200 | 206,750 | |||||
6.50%, 01/08/26 | USD | 200 | 205,791 | |||||
8.12%, 03/28/24 | USD | 200 | 218,458 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 1,900 | 2,060,723 | |||||
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25 | USD | 200 | 216,918 | |||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
5.50%, 12/06/22 | USD | 3,300 | 3,386,625 | |||||
5.85%, 06/21/24 | USD | 1,650 | 1,704,268 | |||||
6.10%, 03/16/23 | USD | 1,450 | 1,509,473 | |||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 † | USD | 1,500 | 1,571,587 | |||||
8.25%, 10/15/24 | USD | 1,625 | 1,783,438 | |||||
Yapi ve Kredi Bankasi AS Reg S 6.10%, 03/16/23 | USD | 200 | 208,203 | |||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 200 | 209,545 | |||||
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 | USD | 950 | 943,526 | |||||
87,067,029 | ||||||||
Ukraine: 1.3% | ||||||||
Kernel Holding SA 144A | ||||||||
6.50%, 10/17/24 | USD | 700 | 749,665 | |||||
6.75%, 10/27/27 † | USD | 1,050 | 1,130,062 | |||||
Kernel Holding SA Reg S 6.50%, 10/17/24 | USD | 200 | 214,190 | |||||
Metinvest BV 144A | ||||||||
7.65%, 10/01/27 | USD | 1,100 | 1,216,253 | |||||
7.75%, 04/23/23 | USD | 1,075 | 1,149,889 | |||||
7.75%, 10/17/29 | USD | 1,500 | 1,657,410 | |||||
8.50%, 04/23/26 | USD | 1,850 | 2,101,493 | |||||
Metinvest BV Reg S 8.50%, 04/23/26 | USD | 200 | 227,188 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 | USD | 1,700 | 1,741,590 | |||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 | USD | 2,400 | 2,383,008 | |||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 | USD | 2,800 | 2,933,000 | |||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | USD | 1,400 | 1,452,948 | |||||
16,956,696 | ||||||||
United Arab Emirates: 2.2% | ||||||||
Alpha Star Holding V Ltd. Reg S 6.62%, 04/18/23 | USD | 1,400 | 1,399,978 | |||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 01/22/25 (o) | USD | 2,550 | 2,764,748 | |||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o) | USD | 5,000 | 5,469,735 | |||||
Emaar Sukuk Ltd. Reg S | ||||||||
3.63%, 09/15/26 | USD | 2,600 | 2,696,130 | |||||
3.88%, 09/17/29 | USD | 2,900 | 2,965,612 | |||||
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | USD | 3,300 | 3,545,718 | |||||
Emirates Reit Sukuk Ltd. Reg S 5.12%, 12/12/22 | USD | 1,100 | 852,500 | |||||
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | USD | 2,800 | 2,895,340 | |||||
MAF Global Securities Ltd. Reg S | ||||||||
5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) | USD | 1,600 | 1,644,170 | |||||
6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/25 (o) | USD | 1,400 | 1,529,500 | |||||
Shelf Drilling Holdings Ltd. 144A | ||||||||
8.25%, 02/15/25 | USD | 3,175 | 2,396,379 | |||||
8.88%, 11/15/24 | USD | 1,000 | 1,028,710 | |||||
29,188,520 | ||||||||
United Kingdom: 1.0% | ||||||||
Gazprom PJSC via Gaz Finance Plc Reg S 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o) | USD | 1,000 | 1,045,074 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.62%, 11/08/26 | USD | 200 | 204,893 | |||||
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 | USD | 929 | 941,647 | |||||
Polyus Finance Plc Reg S 5.25%, 02/07/23 | USD | 300 | 318,000 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 5,750 | 6,005,703 | |||||
Tullow Oil Plc Reg S 10.25%, 05/15/26 | USD | 200 | 208,894 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | USD | 3,700 | 3,492,189 | |||||
Vedanta Resources Finance II Plc Reg S | ||||||||
8.95%, 03/11/25 | USD | 350 | 330,342 | |||||
13.88%, 01/21/24 | USD | 200 | 210,969 | |||||
Vedanta Resources Ltd. Reg S 6.12%, 08/09/24 | USD | 300 | 240,390 | |||||
7.12%, 05/31/23 | USD | 200 | 182,378 | |||||
13,180,479 | ||||||||
United States: 3.5% | ||||||||
AES Andes SA 144A | ||||||||
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | USD | 1,375 | 1,455,046 | |||||
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 1,650 | 1,745,279 | |||||
AES Argentina Generacion SA 144A 7.75%, 02/02/24 | USD | 1,000 | 858,965 | |||||
AES El Salvador Trust II 144A 6.75%, 03/28/23 | USD | 1,050 | 1,009,375 | |||||
Azul Investments LLP 144A 7.25%, 06/15/26 † | USD | 1,000 | 938,465 | |||||
Azul Investments LLP Reg S 5.88%, 10/26/24 | USD | 200 | 188,491 | |||||
BBVA Bancomer SA Reg S 6.75%, 09/30/22 | USD | 300 | 318,306 | |||||
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 | USD | 1,193 | 1,187,402 | |||||
Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25 | USD | 1,750 | 987,996 | |||||
Energuate Trust 144A 5.88%, 05/03/27 | USD | 1,000 | 1,046,685 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 2,400 | 2,399,880 | |||||
JBS USA Food Co. 144A | ||||||||
5.75%, 01/15/28 | USD | 900 | 949,950 | |||||
7.00%, 01/15/26 | USD | 1,350 | 1,432,033 | |||||
Kosmos Energy Ltd. 144A 7.50%, 03/01/28 † | USD | 1,500 | 1,454,535 | |||||
Kosmos Energy Ltd. Reg S 7.12%, 04/04/26 | USD | 200 | 195,683 | |||||
MGM China Holdings Ltd. 144A | ||||||||
5.25%, 06/18/25 | USD | 600 | 617,037 | |||||
5.38%, 05/15/24 | USD | 800 | 815,516 | |||||
5.88%, 05/15/26 | USD | 1,100 | 1,142,735 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 2,050 | 2,035,773 | |||||
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29 | USD | 200 | 198,612 | |||||
NBM US Holdings, Inc. Reg S 6.62%, 08/06/29 | USD | 100 | 112,047 | |||||
Sasol Financing USA LLC | ||||||||
4.38%, 09/18/26 † | USD | 2,175 | 2,233,823 | |||||
5.50%, 03/18/31 | USD | 2,825 | 2,949,300 | |||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | USD | 2,000 | 2,005,000 | |||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24 | USD | 2,175 | 2,366,955 | |||||
Wynn Macau Ltd. 144A | ||||||||
4.88%, 10/01/24 † | USD | 1,925 | 1,940,679 | |||||
5.12%, 12/15/29 | USD | 3,300 | 3,337,702 | |||||
5.50%, 01/15/26 | USD | 3,300 | 3,419,823 | |||||
5.50%, 10/01/27 | USD | 2,250 | 2,316,353 | |||||
5.62%, 08/26/28 | USD | 4,450 | 4,567,480 | |||||
46,226,926 | ||||||||
Uruguay: 0.0% | ||||||||
Arcos Dorados Holdings, Inc. Reg S 5.88%, 04/04/27 | USD | 150 | 157,864 | |||||
Uzbekistan: 0.3% | ||||||||
Ipoteka-Bank ATIB Reg S 5.50%, 11/19/25 | USD | 1,000 | 1,044,870 | |||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 | USD | 900 | 907,256 | |||||
Uzauto Motors AJ Reg S 4.85%, 05/04/26 | USD | 200 | 201,216 | |||||
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 | USD | 1,050 | 1,116,413 | |||||
3,269,755 | ||||||||
Zambia: 1.6% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.50%, 03/01/24 | USD | 2,500 | 2,552,437 | |||||
6.88%, 03/01/26 | USD | 3,300 | 3,454,440 | |||||
6.88%, 10/15/27 | USD | 4,950 | 5,371,072 | |||||
7.25%, 04/01/23 | USD | 5,000 | 5,100,000 | |||||
7.50%, 04/01/25 | USD | 4,225 | 4,385,909 | |||||
20,863,858 | ||||||||
Total Corporate Bonds (Cost: $1,253,749,088) | 1,249,355,760 | |||||||
GOVERNMENT OBLIGATIONS: 2.0% | ||||||||
Argentina: 0.6% | ||||||||
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 | USD | 2,700 | 2,405,795 | |||||
Ciudad Autonoma De Buenos Aires Reg S 7.50%, 06/01/27 | USD | 200 | 178,207 | |||||
Provincia de Cordoba 144A | ||||||||
3.00%, 02/01/29 | USD | 1,457 | 932,448 | |||||
5.00%, 06/01/27 (s) | USD | 1,632 | 1,126,235 | |||||
Provincia de Cordoba Reg S 3.00%, 02/01/29 (s) | USD | 152 | 97,331 | |||||
Provincia de Mendoza Argentina 144A 2.75%, 03/19/29 (s) | USD | 1,825 | 1,243,281 | |||||
Provincia de Neuquen Argentina 144A 2.50%, 04/27/30 (s) | USD | 1,200 | 759,012 | |||||
Provincia de Neuquen Argentina Reg S 2.50%, 04/27/30 (s) | USD | 75 | 47,438 | |||||
Provincia del Chubut Argentina 144A 7.24%, 07/26/30 (s) | USD | 1,604 | 1,286,942 | |||||
Provincia del Chubut Argentina Reg S 7.24%, 07/26/30 (s) | USD | 141 | 113,554 | |||||
8,190,243 | ||||||||
Belarus: 0.1% | ||||||||
Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24 | USD | 1,600 | 1,496,000 | |||||
Development Bank of the Republic of Belarus JSC Reg S 6.75%, 05/02/24 | USD | 200 | 187,000 | |||||
1,683,000 | ||||||||
Brazil: 0.1% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social 144A 5.75%, 09/26/23 | USD | 1,300 | 1,439,204 | |||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 | USD | 250 | 276,770 | |||||
1,715,974 | ||||||||
Mongolia: 0.2% | ||||||||
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 | USD | 1,500 | 1,606,825 | |||||
Development Bank of Mongolia LLC Reg S 7.25%, 10/23/23 | USD | 200 | 214,243 | |||||
1,821,068 | ||||||||
Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | USD | 1,600 | 1,588,000 | |||||
Turkey: 0.8% | ||||||||
Istanbul Metropolitan Municipality 144A 6.38%, 12/09/25 | USD | 1,800 | 1,793,529 | |||||
Istanbul Metropolitan Municipality Reg S 6.38%, 12/09/25 | USD | 200 | 199,281 | |||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
4.25%, 09/18/22 | USD | 1,500 | 1,526,115 | |||||
5.75%, 07/06/26 | USD | 2,400 | 2,403,000 | |||||
6.12%, 05/03/24 | USD | 1,550 | 1,616,158 | |||||
8.25%, 01/24/24 | USD | 1,665 | 1,816,765 | |||||
Turkiye Ihracat Kredi Bankasi AS Reg S | ||||||||
4.25%, 09/18/22 | USD | 200 | 203,482 | |||||
5.38%, 10/24/23 | USD | 300 | 310,188 | |||||
9,868,518 | ||||||||
Uzbekistan: 0.1% | ||||||||
National Bank of Uzbekistan Reg S 4.85%, 10/21/25 | USD | 1,000 | 1,043,750 | |||||
Total Government Obligations (Cost: $25,885,047) | 25,910,553 | |||||||
Total Investments Before Collateral for Securities Loaned: 97.8% (Cost: $1,279,634,135) | 1,275,266,313 | |||||||
Number | ||||||||
of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1% (Cost: $27,732,873) | ||||||||
Money Market Fund: 2.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 27,732,873 | 27,732,873 | ||||||
Total Investments: 99.9% (Cost: $1,307,367,008) | 1,302,999,186 | |||||||
Other assets less liabilities: 0.1% | 1,374,405 | |||||||
NET ASSETS: 100.0% | $ | 1,304,373,591 |
Definitions:
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $34,369,103. |
(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 |
(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 $805,176,950, or 61.7% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Academic & Educational Services | 0.0 | % | $ | 394,000 | ||||
Basic Materials | 11.6 | 148,387,932 | ||||||
Consumer Cyclicals | 3.4 | 42,674,904 | ||||||
Consumer Non-Cyclicals | 3.9 | 49,620,928 | ||||||
Energy | 15.6 | 198,547,019 | ||||||
Financials | 38.1 | 485,933,462 | ||||||
Government Activity | 0.8 | 10,183,053 | ||||||
Healthcare | 3.4 | 42,905,874 | ||||||
Industrials | 8.3 | 105,997,146 | ||||||
Real Estate | 4.9 | 62,046,079 | ||||||
Technology | 3.7 | 47,732,096 | ||||||
Utilities | 6.3 | 80,843,820 | ||||||
100.0 | % | $ | 1,275,266,313 |
VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 98.7% | ||||||||
Australia: 1.2% | ||||||||
Buckeye Partners LP | ||||||||
3.95%, 12/01/26 | $ | 14,332 | $ | 14,539,097 | ||||
4.12%, 12/01/27 | 9,567 | 9,791,107 | ||||||
4.15%, 07/01/23 | 11,957 | 12,390,441 | ||||||
4.35%, 10/15/24 † | 7,170 | 7,532,981 | ||||||
5.60%, 10/15/44 | 7,198 | 7,135,054 | ||||||
5.85%, 11/15/43 | 9,589 | 9,688,774 | ||||||
61,077,454 | ||||||||
Brazil: 0.2% | ||||||||
Avon Products, Inc. 6.50%, 03/15/23 | 11,131 | 11,868,429 | ||||||
Canada: 1.3% | ||||||||
Bombardier, Inc. 144A 7.45%, 05/01/34 † | 12,636 | 14,376,356 | ||||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 † | 7,177 | 7,632,058 | ||||||
5.25%, 12/15/29 | 16,733 | 18,528,451 | ||||||
5.65%, 12/01/44 † | 7,188 | 7,691,160 | ||||||
TransAlta Corp. | ||||||||
4.50%, 11/15/22 | 9,578 | 9,873,194 | ||||||
6.50%, 03/15/40 | 7,179 | 8,273,797 | ||||||
66,375,016 | ||||||||
Cayman Islands: 0.2% | ||||||||
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 | 12,504 | 11,965,133 | ||||||
China: 0.2% | ||||||||
Ingram Micro, Inc. 5.45%, 12/15/24 | 8,504 | 9,720,137 | ||||||
Finland: 0.3% | ||||||||
Nokia Oyj 6.62%, 05/15/39 | 12,356 | 16,970,163 | ||||||
France: 1.7% | ||||||||
Electricite de France SA 144A | ||||||||
5.25% (USD Swap Semi 30/360 10 Year+3.71%), 01/29/23 (o) | 50,101 | 52,706,252 | ||||||
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | 35,840 | 38,599,680 | ||||||
91,305,932 | ||||||||
Germany: 2.1% | ||||||||
Deutsche Bank AG | ||||||||
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 32,491 | 33,654,426 | ||||||
4.50%, 04/01/25 | 35,802 | 38,639,122 | ||||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 23,948 | 34,626,485 | ||||||
106,920,033 | ||||||||
Italy: 3.3% | ||||||||
Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 | 47,744 | 51,822,201 | ||||||
Telecom Italia Capital SA | ||||||||
6.00%, 09/30/34 | 23,893 | 27,467,393 | ||||||
6.38%, 11/15/33 | 23,881 | 28,274,149 | ||||||
7.20%, 07/18/36 | 23,897 | 30,623,527 | ||||||
7.72%, 06/04/38 | 23,925 | 32,172,665 | ||||||
170,359,935 | ||||||||
Luxembourg: 1.4% | ||||||||
ArcelorMittal SA | ||||||||
3.60%, 07/16/24 | 6,945 | 7,434,910 | ||||||
4.25%, 07/16/29 | 11,951 | 13,510,294 | ||||||
4.55%, 03/11/26 | 9,602 | 10,825,347 | ||||||
7.00%, 03/01/41 | 10,398 | 14,940,039 | ||||||
7.25%, 10/15/39 | 16,401 | 23,986,801 | ||||||
70,697,391 | ||||||||
United Kingdom: 2.8% | ||||||||
Lloyds Banking Group Plc 144A | ||||||||
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | 9,049 | 12,544,176 | ||||||
6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) | 10,451 | 14,851,394 | ||||||
Marks & Spencer Plc 144A 7.12%, 12/01/37 † | 7,164 | 8,608,721 | ||||||
Rolls-Royce Plc 144A 3.62%, 10/14/25 † | 24,448 | 24,665,098 | ||||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) † | 17,950 | 24,726,125 | ||||||
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | 48,209 | 59,931,191 | ||||||
145,326,705 | ||||||||
United States: 84.0% | ||||||||
ADT Security Corp. 4.12%, 06/15/23 | 16,696 | 17,661,196 | ||||||
Allegheny Technologies, Inc. 7.88%, 08/15/23 | 11,994 | 13,153,460 | ||||||
Apache Corp. | ||||||||
4.25%, 01/15/30 † | 13,855 | 14,492,261 | ||||||
4.25%, 01/15/44 | 13,080 | 12,849,792 | ||||||
4.38%, 10/15/28 | 23,709 | 25,160,702 | ||||||
4.75%, 04/15/43 † | 26,910 | 27,723,624 | ||||||
5.10%, 09/01/40 | 31,849 | 34,203,597 | ||||||
5.25%, 02/01/42 | 9,538 | 10,293,410 | ||||||
5.35%, 07/01/49 | 9,269 | 9,793,162 | ||||||
6.00%, 01/15/37 | 10,620 | 12,252,825 | ||||||
Bed Bath & Beyond, Inc. | ||||||||
3.75%, 08/01/24 † | 6,948 | 7,181,904 | ||||||
5.17%, 08/01/44 † | 16,294 | 15,511,888 | ||||||
Carnival Corp. 144A 11.50%, 04/01/23 | 47,717 | 53,860,564 | ||||||
Carpenter Technology Corp. 4.45%, 03/01/23 | 7,684 | 8,029,042 | ||||||
CDK Global, Inc. 5.00%, 10/15/24 | 12,458 | 13,778,610 | ||||||
CF Industries, Inc. | ||||||||
3.45%, 06/01/23 | 17,937 | 18,618,247 | ||||||
4.95%, 06/01/43 | 17,935 | 22,117,263 | ||||||
5.15%, 03/15/34 | 17,956 | 22,321,373 | ||||||
5.38%, 03/15/44 | 17,962 | 23,124,907 | ||||||
Cleveland-Cliffs, Inc. 6.25%, 10/01/40 | 6,245 | 6,775,794 | ||||||
Continental Resources, Inc./OK | ||||||||
3.80%, 06/01/24 | 21,782 | 22,867,506 | ||||||
4.90%, 06/01/44 | 16,784 | 19,390,555 | ||||||
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 8,815 | 10,872,597 | ||||||
DCP Midstream Operating LP | ||||||||
3.88%, 03/15/23 | 11,950 | 12,297,446 | ||||||
5.60%, 04/01/44 | 9,630 | 11,074,500 | ||||||
8.12%, 08/16/30 | 7,204 | 9,624,976 | ||||||
DCP Midstream Operating LP 144A | ||||||||
6.45%, 11/03/36 | 7,217 | 8,702,114 | ||||||
6.75%, 09/15/37 | 10,826 | 13,397,175 | ||||||
Dell, Inc. | ||||||||
5.40%, 09/10/40 † | 6,333 | 7,542,223 | ||||||
6.50%, 04/15/38 | 9,296 | 12,282,340 | ||||||
7.10%, 04/15/28 | 7,177 | 9,255,208 | ||||||
Delta Air Lines, Inc. | ||||||||
2.90%, 10/28/24 | 21,478 | 21,786,949 | ||||||
3.75%, 10/28/29 | 14,333 | 14,241,012 | ||||||
3.80%, 04/19/23 | 11,926 | 12,312,611 | ||||||
4.38%, 04/19/28 | 11,936 | 12,531,415 | ||||||
Diversified Healthcare Trust | ||||||||
4.75%, 05/01/24 | 6,115 | 6,334,712 | ||||||
4.75%, 02/15/28 | 12,091 | 12,237,906 | ||||||
DPL, Inc. 4.35%, 04/15/29 | 10,050 | 11,035,654 | ||||||
Embarq Corp. 8.00%, 06/01/36 | 34,361 | 38,538,439 | ||||||
EMC Corp. 3.38%, 06/01/23 | 23,882 | 24,734,110 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 06/01/25 | 17,202 | 17,786,438 | ||||||
4.40%, 04/01/24 | 12,453 | 13,105,413 | ||||||
5.05%, 04/01/45 | 10,760 | 9,982,805 | ||||||
5.60%, 04/01/44 | 8,363 | 8,196,576 | ||||||
EPR Properties | ||||||||
3.75%, 08/15/29 | 11,964 | 12,157,123 | ||||||
4.50%, 04/01/25 | 7,186 | 7,662,138 | ||||||
4.50%, 06/01/27 | 10,750 | 11,455,733 | ||||||
4.75%, 12/15/26 | 10,759 | 11,620,834 | ||||||
4.95%, 04/15/28 | 9,558 | 10,350,027 | ||||||
5.25%, 07/15/23 | 6,577 | 6,949,627 | ||||||
EQM Midstream Partners LP | ||||||||
4.00%, 08/01/24 | 11,963 | 12,265,664 | ||||||
4.12%, 12/01/26 | 11,947 | 12,103,565 | ||||||
4.75%, 07/15/23 | 14,355 | 14,990,568 | ||||||
5.50%, 07/15/28 | 20,323 | 22,028,709 | ||||||
6.50%, 07/15/48 | 13,160 | 14,494,990 | ||||||
EQT Corp. | ||||||||
3.00%, 10/01/22 † | 13,589 | 13,798,746 | ||||||
3.90%, 10/01/27 | 29,857 | 32,433,211 | ||||||
6.62%, 02/01/25 | 23,896 | 27,646,716 | ||||||
7.50%, 02/01/30 | 17,915 | 23,557,240 | ||||||
FirstEnergy Corp. | ||||||||
1.60%, 01/15/26 | 7,194 | 7,160,607 | ||||||
2.05%, 03/01/25 | 7,181 | 7,314,049 | ||||||
2.25%, 09/01/30 | 10,761 | 10,626,568 | ||||||
2.65%, 03/01/30 | 14,346 | 14,637,492 | ||||||
3.40%, 03/01/50 | 20,319 | 20,512,286 | ||||||
4.65%, 07/15/27 | 35,850 | 39,987,016 | ||||||
4.75%, 03/15/23 | 20,330 | 21,404,462 | ||||||
5.60%, 07/15/47 | 23,893 | 30,083,842 | ||||||
7.38%, 11/15/31 | 35,829 | 50,125,143 | ||||||
FirstEnergy Transmission LLC 144A 4.55%, 04/01/49 | 11,954 | 14,458,280 | ||||||
Fluor Corp. | ||||||||
3.50%, 12/15/24 † | 11,812 | 12,373,070 | ||||||
4.25%, 09/15/28 † | 14,468 | 14,947,253 | ||||||
Ford Holdings LLC 9.30%, 03/01/30 | 4,964 | 6,825,500 | ||||||
Ford Motor Co. | ||||||||
4.35%, 12/08/26 | 25,168 | 27,228,630 | ||||||
4.75%, 01/15/43 | 33,556 | 36,881,903 | ||||||
5.29%, 12/08/46 | 21,834 | 25,045,454 | ||||||
6.38%, 02/01/29 | 4,336 | 5,045,630 | ||||||
6.62%, 10/01/28 | 10,703 | 12,865,006 | ||||||
7.40%, 11/01/46 † | 6,641 | 8,861,717 | ||||||
7.45%, 07/16/31 | 30,092 | 39,888,601 | ||||||
Ford Motor Credit Co. LLC | ||||||||
2.98%, 08/03/22 | 14,677 | 14,897,595 | ||||||
3.09%, 01/09/23 | 25,185 | 25,692,604 | ||||||
3.10%, 05/04/23 | 16,801 | 17,160,289 | ||||||
3.35%, 11/01/22 | 20,989 | 21,514,774 | ||||||
3.55%, 10/07/22 | 10,078 | 10,316,093 | ||||||
3.66%, 09/08/24 | 12,612 | 13,196,188 | ||||||
3.81%, 01/09/24 | 12,616 | 13,183,875 | ||||||
3.81%, 11/02/27 | 12,523 | 13,180,457 | ||||||
4.06%, 11/01/24 | 25,176 | 26,744,465 | ||||||
4.13%, 08/04/25 | 23,508 | 25,179,419 | ||||||
4.14%, 02/15/23 | 15,111 | 15,678,418 | ||||||
4.25%, 09/20/22 | 16,801 | 17,303,686 | ||||||
4.27%, 01/09/27 | 15,104 | 16,307,789 | ||||||
4.38%, 08/06/23 | 16,800 | 17,648,400 | ||||||
4.39%, 01/08/26 | 20,154 | 21,892,283 | ||||||
4.54%, 08/01/26 | 12,589 | 13,691,922 | ||||||
4.69%, 06/09/25 | 10,085 | 10,967,438 | ||||||
5.11%, 05/03/29 | 24,957 | 28,292,378 | ||||||
5.58%, 03/18/24 | 25,176 | 27,468,275 | ||||||
Freeport-McMoRan, Inc. | ||||||||
3.88%, 03/15/23 | 23,803 | 24,702,158 | ||||||
4.55%, 11/14/24 | 17,464 | 19,035,498 | ||||||
5.40%, 11/14/34 | 17,924 | 22,811,875 | ||||||
5.45%, 03/15/43 | 44,591 | 57,380,591 | ||||||
Frontier Florida LLC 6.86%, 02/01/28 | 7,700 | 8,448,979 | ||||||
Genworth Holdings, Inc. | ||||||||
4.80%, 02/15/24 | 9,168 | 9,145,584 | ||||||
4.90%, 08/15/23 | 9,056 | 9,112,962 | ||||||
6.50%, 06/15/34 † | 7,162 | 7,410,414 | ||||||
Global Marine, Inc. 7.00%, 06/01/28 | 6,224 | 4,241,220 | ||||||
Goldman Sachs Capital I 6.34%, 02/15/34 | 28,305 | 40,318,740 | ||||||
HB Fuller Co. 4.00%, 02/15/27 | 7,685 | 7,964,503 | ||||||
HCA, Inc. 7.69%, 06/15/25 | 7,439 | 9,068,922 | ||||||
Hexcel Corp. | ||||||||
4.20%, 02/15/27 | 9,660 | 10,485,936 | ||||||
4.95%, 08/15/25 | 7,269 | 8,049,235 | ||||||
Hillenbrand, Inc. 5.00%, 09/15/26 | 9,474 | 10,564,931 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.90%, 02/01/27 | 14,931 | 17,697,714 | ||||||
5.95%, 02/01/37 | 14,955 | 18,987,167 | ||||||
6.75%, 01/15/28 | 7,177 | 8,854,014 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.00%, 06/01/26 | 44,793 | 47,706,418 | ||||||
3.75%, 04/01/30 | 17,710 | 19,616,001 | ||||||
4.38%, 06/01/46 | 71,293 | 82,296,269 | ||||||
4.62%, 01/30/29 | 17,952 | 20,837,424 | ||||||
4.62%, 10/01/39 | 9,511 | 11,311,746 | ||||||
4.88%, 10/01/49 | 35,820 | 44,759,714 | ||||||
5.00%, 07/15/35 | 19,256 | 23,872,577 | ||||||
5.00%, 06/04/42 | 39,613 | 49,717,915 | ||||||
5.20%, 07/15/45 | 45,257 | 57,484,348 | ||||||
6.50%, 02/09/40 | 17,550 | 25,147,531 | ||||||
6.75%, 03/15/32 | 8,890 | 12,197,902 | ||||||
6.88%, 01/26/39 | 20,049 | 29,522,078 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 20,939 | 31,306,883 | ||||||
L Brands, Inc. 6.95%, 03/01/33 | 8,345 | 10,213,445 | ||||||
Lumen Technologies, Inc. | ||||||||
6.88%, 01/15/28 | 10,175 | 11,558,902 | ||||||
7.60%, 09/15/39 | 12,407 | 14,157,255 | ||||||
Macy’s Retail Holdings LLC | ||||||||
2.88%, 02/15/23 | 12,035 | 12,154,387 | ||||||
3.62%, 06/01/24 † | 8,347 | 8,586,809 | ||||||
4.30%, 02/15/43 | 5,976 | 4,931,007 | ||||||
4.50%, 12/15/34 † | 8,769 | 8,152,013 | ||||||
5.12%, 01/15/42 | 5,976 | 5,468,638 | ||||||
Magellan Health, Inc. 4.90%, 09/22/24 | 9,109 | 10,155,988 | ||||||
Mattel, Inc. | ||||||||
3.15%, 03/15/23 † | 5,990 | 6,132,742 | ||||||
5.45%, 11/01/41 | 7,197 | 8,505,307 | ||||||
6.20%, 10/01/40 | 5,993 | 7,602,930 | ||||||
Michael Kors USA, Inc. 144A 4.50%, 11/01/24 | 10,819 | 11,523,696 | ||||||
Murphy Oil Corp. | ||||||||
6.38%, 12/01/42 | 8,345 | 8,367,323 | ||||||
7.05%, 05/01/29 | 5,977 | 6,666,118 | ||||||
Navient Corp. 5.62%, 08/01/33 | 14,467 | 14,070,677 | ||||||
Newell Brands, Inc. | ||||||||
4.35%, 04/01/23 | 25,992 | 27,233,118 | ||||||
4.70%, 04/01/26 | 47,410 | 52,862,150 | ||||||
5.88%, 04/01/36 | 10,051 | 12,797,134 | ||||||
6.00%, 04/01/46 | 15,938 | 20,740,677 | ||||||
Occidental Petroleum Corp. | ||||||||
0.00%, 10/10/36 ^ | 53,115 | 27,938,756 | ||||||
2.70%, 08/15/22 | 50 | 50,615 | ||||||
2.70%, 02/15/23 | 10,414 | 10,538,083 | ||||||
2.90%, 08/15/24 | 51,436 | 51,878,864 | ||||||
3.00%, 02/15/27 | 15,501 | 15,423,495 | ||||||
3.20%, 08/15/26 | 19,210 | 19,092,819 | ||||||
3.40%, 04/15/26 | 23,176 | 23,438,468 | ||||||
3.50%, 06/15/25 | 14,385 | 14,672,700 | ||||||
3.50%, 08/15/29 | 30,975 | 30,977,633 | ||||||
4.10%, 02/15/47 | 17,455 | 16,543,849 | ||||||
4.20%, 03/15/48 | 23,259 | 22,302,008 | ||||||
4.30%, 08/15/39 | 17,467 | 17,341,238 | ||||||
4.40%, 04/15/46 | 27,931 | 27,474,607 | ||||||
4.40%, 08/15/49 | 17,452 | 16,959,592 | ||||||
4.50%, 07/15/44 | 14,530 | 14,351,281 | ||||||
4.62%, 06/15/45 | 17,463 | 17,576,510 | ||||||
5.55%, 03/15/26 | 22,186 | 24,321,513 | ||||||
6.20%, 03/15/40 | 17,172 | 19,943,303 | ||||||
6.45%, 09/15/36 | 40,326 | 48,748,085 | ||||||
6.60%, 03/15/46 | 25,563 | 31,484,158 | ||||||
6.95%, 07/01/24 | 11,954 | 13,359,372 | ||||||
7.50%, 05/01/31 | 18,345 | 23,363,458 | ||||||
7.88%, 09/15/31 | 10,449 | 13,609,718 | ||||||
7.95%, 06/15/39 | 7,503 | 9,785,563 | ||||||
Oceaneering International, Inc. | ||||||||
4.65%, 11/15/24 | 11,938 | 11,893,233 | ||||||
6.00%, 02/01/28 | 7,153 | 7,209,354 | ||||||
Ovintiv, Inc. | ||||||||
6.50%, 08/15/34 | 17,947 | 23,993,145 | ||||||
6.50%, 02/01/38 | 11,664 | 15,902,167 | ||||||
6.62%, 08/15/37 | 11,068 | 15,092,214 | ||||||
7.20%, 11/01/31 | 8,382 | 11,215,999 | ||||||
7.38%, 11/01/31 | 11,962 | 16,198,021 | ||||||
8.12%, 09/15/30 | 7,180 | 9,896,992 | ||||||
Pactiv LLC 7.95%, 12/15/25 | 6,709 | 7,556,011 | ||||||
Patterson-UTI Energy, Inc. | ||||||||
3.95%, 02/01/28 † | 12,314 | 12,401,723 | ||||||
5.15%, 11/15/29 † | 8,472 | 8,776,349 | ||||||
Pitney Bowes, Inc. 4.62%, 03/15/24 | 6,744 | 7,089,630 | ||||||
ProAssurance Corp. 5.30%, 11/15/23 | 6,470 | 6,957,499 | ||||||
Qwest Corp. 7.25%, 09/15/25 | 5,965 | 7,068,525 | ||||||
Rockies Express Pipeline LLC 144A | ||||||||
3.60%, 05/15/25 | 9,575 | 9,793,789 | ||||||
4.80%, 05/15/30 | 8,367 | 8,543,167 | ||||||
4.95%, 07/15/29 | 13,170 | 13,591,769 | ||||||
6.88%, 04/15/40 | 11,959 | 12,637,434 | ||||||
7.50%, 07/15/38 | 5,994 | 6,684,029 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
3.70%, 03/15/28 † | 11,966 | 11,315,684 | ||||||
7.50%, 10/15/27 † | 7,164 | 8,211,878 | ||||||
Royal Caribbean Cruises Ltd. 144A | ||||||||
10.88%, 06/01/23 | 23,878 | 27,179,372 | ||||||
11.50%, 06/01/25 | 55,419 | 63,524,029 | ||||||
Safeway, Inc. 7.25%, 02/01/31 † | 6,705 | 7,946,028 | ||||||
Seagate HDD Cayman | ||||||||
4.75%, 01/01/25 | 11,452 | 12,654,460 | ||||||
4.88%, 03/01/24 | 11,943 | 12,986,639 | ||||||
4.88%, 06/01/27 | 12,088 | 13,508,340 | ||||||
5.75%, 12/01/34 | 11,719 | 13,902,250 | ||||||
Seagate HDD Cayman 144A | ||||||||
4.09%, 06/01/29 | 11,960 | 12,578,810 | ||||||
4.12%, 01/15/31 | 11,959 | 12,527,053 | ||||||
Sealed Air Corp. 144A 6.88%, 07/15/33 | 11,203 | 14,398,824 | ||||||
Service Properties Trust | ||||||||
3.95%, 01/15/28 | 9,586 | 8,998,858 | ||||||
4.35%, 10/01/24 | 19,724 | 19,889,386 | ||||||
4.38%, 02/15/30 | 9,572 | 8,973,606 | ||||||
4.50%, 06/15/23 | 1,899 | 1,944,101 | ||||||
4.50%, 03/15/25 | 8,378 | 8,362,752 | ||||||
4.65%, 03/15/24 | 18,319 | 18,698,386 | ||||||
4.75%, 10/01/26 | 10,759 | 10,589,277 | ||||||
4.95%, 02/15/27 | 9,570 | 9,414,535 | ||||||
4.95%, 10/01/29 † | 10,154 | 9,865,119 | ||||||
5.00%, 08/15/22 | 11,510 | 11,697,843 | ||||||
5.25%, 02/15/26 | 8,366 | 8,455,265 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 | 10,059 | 9,966,608 | ||||||
Southwestern Energy Co. 6.45%, 01/23/25 | 20,901 | 22,911,885 | ||||||
Spirit AeroSystems, Inc. | ||||||||
3.85%, 06/15/26 | 7,183 | 7,627,017 | ||||||
3.95%, 06/15/23 † | 7,180 | 7,310,317 | ||||||
4.60%, 06/15/28 | 16,738 | 16,230,839 | ||||||
Sprint Capital Corp. | ||||||||
6.88%, 11/15/28 | 59,102 | 76,321,959 | ||||||
8.75%, 03/15/32 | 47,708 | 73,595,544 | ||||||
Tenet Healthcare Corp. 6.88%, 11/15/31 | 9,130 | 10,479,825 | ||||||
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 | 15,494 | 18,096,633 | ||||||
Transocean, Inc. | ||||||||
6.80%, 03/15/38 | 14,482 | 7,912,820 | ||||||
7.50%, 04/15/31 | 9,388 | 5,881,066 | ||||||
Travel + Leisure Co. | ||||||||
3.90%, 03/01/23 | 9,576 | 9,750,618 | ||||||
5.65%, 04/01/24 | 7,172 | 7,691,970 | ||||||
6.00%, 04/01/27 | 9,555 | 10,373,051 | ||||||
6.60%, 10/01/25 | 8,376 | 9,410,604 | ||||||
Trinity Industries, Inc. 4.55%, 10/01/24 | 10,080 | 10,744,524 | ||||||
Under Armour, Inc. 3.25%, 06/15/26 | 14,541 | 15,110,644 | ||||||
United States Cellular Corp. 6.70%, 12/15/33 | 13,256 | 16,498,418 | ||||||
United States Steel Corp. 6.65%, 06/01/37 † | 8,604 | 9,335,082 | ||||||
Western Midstream Operating LP | ||||||||
3.95%, 06/01/25 | 11,955 | 12,343,538 | ||||||
4.35%, 02/01/25 | 23,900 | 25,067,276 | ||||||
4.50%, 03/01/28 † | 9,576 | 10,316,656 | ||||||
4.65%, 07/01/26 | 11,966 | 12,841,911 | ||||||
4.75%, 08/15/28 | 9,576 | 10,413,517 | ||||||
5.30%, 02/01/30 | 28,683 | 32,241,126 | ||||||
5.30%, 03/01/48 | 16,741 | 18,499,391 | ||||||
5.45%, 04/01/44 | 14,358 | 16,172,851 | ||||||
5.50%, 08/15/48 | 8,391 | 9,386,928 | ||||||
6.50%, 02/01/50 | 23,914 | 28,184,562 | ||||||
Xerox Corp. 3.80%, 05/15/24 † | 7,189 | 7,535,402 | ||||||
4.38%, 03/15/23 | 23,903 | 25,041,022 | ||||||
4.80%, 03/01/35 | 6,000 | 6,148,800 | ||||||
6.75%, 12/15/39 | 8,384 | 9,475,555 | ||||||
XPO CNW, Inc. 6.70%, 05/01/34 | 7,590 | 9,133,351 | ||||||
Yum! Brands, Inc. | ||||||||
3.88%, 11/01/23 | 7,795 | 8,265,896 | ||||||
5.35%, 11/01/43 | 6,611 | 7,222,220 | ||||||
6.88%, 11/15/37 | 7,801 | 10,055,489 | ||||||
4,365,969,762 | ||||||||
Total Corporate Bonds (Cost: $4,784,596,621) | 5,128,556,090 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $61,228,919) | ||||||||
Money Market Fund: 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 61,228,919 | 61,228,919 | ||||||
Total Investments: 99.9% (Cost: $4,845,825,540) | 5,189,785,009 | |||||||
Other assets less liabilities: 0.1% | 5,172,545 | |||||||
NET ASSETS: 100.0% | $ | 5,194,957,554 |
Definitions: | ||
USD | United States Dollar |
Footnotes: | ||
† | Security fully or partially on loan. Total market value of securities on loan is $82,716,113. | |
(o) | Perpetual Maturity — the date shown is the next call date | |
^ | Zero Coupon Bond | |
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 $632,261,850, or 12.2% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 7.4 | % | $ | 379,592,826 | ||||
Communications | 0.2 | 8,448,979 | ||||||
Consumer Cyclicals | 18.9 | 971,613,678 | ||||||
Consumer Non-Cyclicals | 9.3 | 475,591,264 | ||||||
Energy | 28.5 | 1,464,011,608 | ||||||
Financials | 5.9 | 304,948,330 | ||||||
Healthcare | 0.6 | 29,704,735 | ||||||
Industrials | 6.0 | 307,657,731 | ||||||
Real Estate | 3.8 | 195,657,229 | ||||||
Technology | 12.8 | 654,531,388 | ||||||
Utilities | 6.6 | 336,798,322 | ||||||
100.0 | % | $ | 5,128,556,090 |
VANECK VECTORS GREEN BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 79.4% | ||||||||
Australia: 0.4% | ||||||||
National Australia Bank Ltd. 3.62%, 06/20/23 | $ | 375 | $ | 398,818 | ||||
Bermuda: 0.4% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 † | 350 | 382,532 | ||||||
Brazil: 2.4% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 | 250 | 243,590 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 375 | 433,866 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 300 | 335,638 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 | 150 | 191,073 | ||||||
Klabin Finance SA 144A 4.88%, 09/19/27 | 465 | 518,768 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 250 | 267,450 | ||||||
Suzano Austria GmbH 144A 5.75%, 07/14/26 | 250 | 291,848 | ||||||
2,282,233 | ||||||||
British Virgin Islands: 0.2% | ||||||||
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 | 200 | 200,749 | ||||||
Canada: 1.4% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.62%, 05/13/51 | 150 | 162,731 | ||||||
Bank of Nova Scotia 2.38%, 01/18/23 | 225 | 231,959 | ||||||
Brookfield Finance, Inc. 2.72%, 04/15/31 | 250 | 263,042 | ||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | 250 | 250,764 | ||||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 300 | 296,229 | ||||||
Tucson Electric Power Co. 1.50%, 08/01/30 | 150 | 145,647 | ||||||
1,350,372 | ||||||||
Cayman Islands: 0.4% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 | 400 | 405,505 | ||||||
Chile: 0.3% | ||||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 | 250 | 278,939 | ||||||
China: 9.3% | ||||||||
Bank of China Ltd. Reg S | ||||||||
0.95%, 09/21/23 | 450 | 452,982 | ||||||
0.96% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 | 200 | 201,048 | ||||||
1.00% (United States Secured Overnight Financing Rate+0.95%), 10/17/22 | 200 | 200,976 | ||||||
1.03% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 | 300 | 302,002 | ||||||
Capital Environment Holdings Ltd. Reg S 5.62%, 09/11/21 | 200 | 200,587 | ||||||
Central China Real Estate Ltd. Reg S 7.50%, 07/14/25 | 200 | 155,007 | ||||||
China Construction Bank Corp. Reg S | ||||||||
0.80% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 | 400 | 401,448 | ||||||
1.00%, 08/04/23 | 200 | 201,306 | ||||||
1.25%, 08/04/25 | 400 | 402,481 | ||||||
China Everbright Bank Co. Ltd. Reg S 0.98% (ICE LIBOR USD 3 Month+0.85%), 09/19/21 | 200 | 200,040 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 400 | 398,632 | ||||||
CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25 | 400 | 407,019 | ||||||
ICBCIL Finance Co. Ltd. Reg S 1.21% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 400 | 398,579 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
0.79% (ICE LIBOR USD 3 Month+0.67%), 09/16/22 | 200 | 200,446 | ||||||
0.85% (ICE LIBOR USD 3 Month+0.72%), 04/25/22 | 275 | 275,652 | ||||||
0.90% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 | 800 | 807,036 | ||||||
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 | 400 | 403,398 | ||||||
0.96% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 | 200 | 201,700 | ||||||
2.25%, 09/16/22 | 200 | 203,575 | ||||||
2.88%, 10/12/22 | 300 | 307,785 | ||||||
Industrial Bank Co. Ltd. Reg S 1.01% (ICE LIBOR USD 3 Month+0.85%), 11/20/21 | 200 | 200,103 | ||||||
Industrial Bank Co. Ltd./Hong Kong Reg S 1.12%, 11/06/23 | 400 | 401,433 | ||||||
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 | 200 | 203,998 | ||||||
KWG Group Holdings Ltd. Reg S 6.00%, 08/14/26 | 200 | 186,013 | ||||||
Modern Land China Co. Ltd. Reg S 9.80%, 04/11/23 | 200 | 175,066 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 200 | 211,789 | ||||||
Shanghai Pudong Development Bank Co. Ltd. Reg S 0.83% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 | 200 | 199,976 | ||||||
Shuifa International Holdings BVI Co. Ltd. Reg S 4.00%, 03/24/24 | 200 | 194,997 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 200 | 206,885 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
6.35%, 01/13/27 | 200 | 132,763 | ||||||
7.85%, 08/12/26 | 200 | 138,016 | ||||||
Zhenro Properties Group Ltd. Reg S | ||||||||
6.63%, 01/07/26 | 200 | 169,512 | ||||||
7.35%, 02/05/25 | 200 | 177,510 | ||||||
8,919,760 | ||||||||
Colombia: 0.4% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 300 | 337,801 | ||||||
Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 99 | 102,085 | ||||||
France: 0.7% | ||||||||
Electricite de France SA 144A 3.62%, 10/13/25 | 600 | 662,926 | ||||||
Georgia: 0.3% | ||||||||
Georgia Global Utilities JSC 144A 7.75%, 07/30/25 | 100 | 106,964 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 200 | 202,614 | ||||||
309,578 | ||||||||
Germany: 3.4% | ||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||
0.75%, 09/30/30 | 950 | 910,928 | ||||||
1.75%, 09/14/29 | 1,650 | 1,730,879 | ||||||
2.00%, 09/29/22 | 300 | 306,674 | ||||||
Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22 | 350 | 356,311 | ||||||
3,304,792 | ||||||||
Hong Kong: 2.2% | ||||||||
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 | 200 | 208,899 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 200 | 210,467 | ||||||
Modern Land China Co. Ltd. Reg S | ||||||||
11.50%, 11/13/22 | 300 | 270,236 | ||||||
12.85%, 10/25/21 | 200 | 196,000 | ||||||
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 400 | 427,465 | ||||||
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 400 | 395,450 | ||||||
Yango Justice International Ltd. Reg S 7.50%, 02/17/25 | 200 | 172,998 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 200 | 200,002 | ||||||
2,081,517 | ||||||||
India: 2.8% | ||||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ 144A 6.25%, 12/10/24 | 50 | 54,562 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ Reg S 6.25%, 12/10/24 | 200 | 218,246 | ||||||
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 | 189 | 191,032 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 † | 150 | 155,457 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 217,414 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 250 | 248,456 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 208,827 | ||||||
REC Ltd. Reg S 3.88%, 07/07/27 | 200 | 211,432 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 200 | 210,005 | ||||||
ReNew Power Synthetic 144A 6.67%, 03/12/24 | 500 | 523,464 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 | 200 | 202,117 | ||||||
State Bank of India/ London Reg S 4.50%, 09/28/23 | 200 | 214,066 | ||||||
2,655,078 | ||||||||
Indonesia: 0.6% | ||||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 550 | 604,247 | ||||||
Japan: 1.4% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 | 200 | 198,248 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 | 250 | 261,237 | ||||||
Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24 | 250 | 249,907 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 225 | 229,405 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 400 | 417,648 | ||||||
1,356,445 | ||||||||
Luxembourg: 1.0% | ||||||||
Bank of China Ltd. Reg S 1.40%, 04/28/26 | 200 | 202,091 | ||||||
European Investment Bank 1.62%, 05/13/31 | 700 | 722,676 | ||||||
924,767 | ||||||||
Mauritius: 0.6% | ||||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 150 | 149,284 | ||||||
Cliffton Ltd. 144A 6.25%, 10/25/25 | 200 | 191,471 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 200 | 200,152 | ||||||
540,907 | ||||||||
Mexico: 0.4% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 400 | 389,076 | ||||||
Netherlands: 3.4% | ||||||||
Cooperatieve Rabobank UA 144A | ||||||||
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 | 450 | 448,968 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 550 | 546,967 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 550 | 555,382 | ||||||
ING Groep NV 144A | ||||||||
1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 450 | 455,109 | ||||||
4.62%, 01/06/26 | 650 | 745,148 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31 | 550 | 571,051 | ||||||
3,322,625 | ||||||||
Philippines: 0.2% | ||||||||
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 | 200 | 208,295 | ||||||
Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 | 400 | 399,138 | ||||||
Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | 200 | 202,225 | ||||||
Saudi Arabia: 0.3% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 | 300 | 304,353 | ||||||
Singapore: 1.5% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 300 | 303,671 | ||||||
DBS Group Holdings Ltd. 144A 0.75% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 | 250 | 251,214 | ||||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 200 | 202,365 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 400 | 425,559 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 222 | 251,870 | ||||||
1,434,679 | ||||||||
South Korea: 3.0% | ||||||||
Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22 † | 150 | 152,647 | ||||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 300 | 296,960 | ||||||
Kia Corp. 144A 1.75%, 10/16/26 | 400 | 405,633 | ||||||
Korea Electric Power Corp. 144A 2.50%, 06/24/24 | 250 | 263,267 | ||||||
Korea Midland Power Co. Ltd. Reg S 3.38%, 01/22/22 | 200 | 202,741 | ||||||
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 | 200 | 212,235 | ||||||
LG Chem Ltd. 144A | ||||||||
1.38%, 07/07/26 | 200 | 199,432 | ||||||
2.38%, 07/07/31 | 225 | 227,436 | ||||||
3.25%, 10/15/24 | 250 | 268,684 | ||||||
3.62%, 04/15/29 | 250 | 280,469 | ||||||
LG Display Co. Ltd. Reg S 3.88%, 11/15/21 | 200 | 201,920 | ||||||
NAVER Corp. Reg S 1.50%, 03/29/26 | 200 | 201,015 | ||||||
2,912,439 | ||||||||
Spain: 1.2% | ||||||||
Avangrid, Inc. | ||||||||
3.20%, 04/15/25 | 631 | 680,094 | ||||||
3.80%, 06/01/29 † | 450 | 514,559 | ||||||
1,194,653 | ||||||||
Supranational: 9.1% | ||||||||
African Development Bank 3.00%, 12/06/21 † | 150 | 151,485 | ||||||
Asian Development Bank | ||||||||
1.75%, 08/14/26 | 275 | 288,691 | ||||||
2.12%, 03/19/25 | 400 | 423,386 | ||||||
2.38%, 08/10/27 | 300 | 325,360 | ||||||
3.12%, 09/26/28 | 400 | 457,978 | ||||||
Central American Bank for Economic Integration Reg S 1.01% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 | 200 | 201,499 | ||||||
European Bank for Reconstruction & Development | ||||||||
1.50%, 02/13/25 | 500 | 516,961 | ||||||
1.62%, 09/27/24 | 400 | 414,742 | ||||||
European Investment Bank | ||||||||
0.75%, 09/23/30 | 600 | 574,344 | ||||||
1.62%, 10/09/29 | 500 | 519,636 | ||||||
2.12%, 04/13/26 | 800 | 855,268 | ||||||
2.38%, 05/24/27 | 700 | 759,818 | ||||||
2.50%, 10/15/24 † | 450 | 479,674 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 | 750 | 816,600 | ||||||
International Bank for Reconstruction & Development | ||||||||
2.12%, 03/03/25 | 430 | 454,391 | ||||||
3.12%, 11/20/25 | 375 | 414,783 | ||||||
International Finance Corp. | ||||||||
2.00%, 10/24/22 | 270 | 276,218 | ||||||
2.12%, 04/07/26 | 794 | 847,775 | ||||||
8,778,609 | ||||||||
United Arab Emirates: 1.1% | ||||||||
First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22 | 400 | 407,176 | ||||||
MAF Sukuk Ltd. Reg S | ||||||||
3.93%, 02/28/30 | 200 | 217,708 | ||||||
4.64%, 05/14/29 | 400 | 451,908 | ||||||
1,076,792 | ||||||||
United Kingdom: 1.1% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 | 200 | 207,910 | ||||||
Natwest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 | 300 | 308,842 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 | 300 | 301,512 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 | 200 | 221,267 | ||||||
1,039,531 | ||||||||
United States: 29.2% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 200 | 211,643 | ||||||
AES Corp. 144A | ||||||||
1.38%, 01/15/26 | 450 | 449,711 | ||||||
2.45%, 01/15/31 † | 455 | 460,770 | ||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 | 200 | 200,044 | ||||||
Alexandria Real Estate Equities, Inc. | ||||||||
2.00%, 05/18/32 | 350 | 349,034 | ||||||
3.80%, 04/15/26 | 300 | 337,114 | ||||||
Apple, Inc. | ||||||||
2.85%, 02/23/23 | 125 | 129,567 | ||||||
3.00%, 06/20/27 | 1,100 | 1,215,392 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
3.25%, 09/01/28 † | 400 | 401,062 | ||||||
4.00%, 09/01/29 | 475 | 476,781 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 | 200 | 196,383 | ||||||
Boston Properties LP | ||||||||
2.55%, 04/01/32 † | 450 | 464,103 | ||||||
3.40%, 06/21/29 | 375 | 413,555 | ||||||
4.50%, 12/01/28 | 400 | 472,949 | ||||||
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 | 750 | 765,695 | ||||||
Clearway Energy Operating LLC 144A | ||||||||
3.75%, 02/15/31 | 500 | 500,698 | ||||||
4.75%, 03/15/28 | 425 | 451,367 | ||||||
Consolidated Edison Co. of New York, Inc. 3.60%, 06/15/61 | 275 | 304,222 | ||||||
Dana, Inc. 4.25%, 09/01/30 | 200 | 208,127 | ||||||
Deutsche Bank AG 1.69%, 03/19/26 | 400 | 406,292 | ||||||
DTE Electric Co. | ||||||||
1.90%, 04/01/28 | 400 | 414,201 | ||||||
3.25%, 04/01/51 | 200 | 222,297 | ||||||
3.95%, 03/01/49 | 290 | 358,742 | ||||||
Duke Energy Carolinas LLC | ||||||||
3.35%, 05/15/22 | 50 | 51,249 | ||||||
3.95%, 11/15/28 | 300 | 347,760 | ||||||
Duke Energy Florida LLC 2.50%, 12/01/29 | 350 | 374,184 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 | 350 | 394,686 | ||||||
Duke Realty LP | ||||||||
1.75%, 02/01/31 | 200 | 195,579 | ||||||
2.88%, 11/15/29 † | 225 | 241,357 | ||||||
Equinix, Inc. | ||||||||
1.00%, 09/15/25 † | 325 | 325,038 | ||||||
1.55%, 03/15/28 | 200 | 199,448 | ||||||
2.50%, 05/15/31 | 550 | 571,109 | ||||||
ERP Operating LP 4.15%, 12/01/28 | 200 | 233,512 | ||||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 200 | 213,343 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 | 200 | 200,915 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 | 300 | 316,152 | ||||||
Host Hotels & Resorts LP 3.38%, 12/15/29 | 350 | 369,804 | ||||||
Interstate Power & Light Co. | ||||||||
3.50%, 09/30/49 | 150 | 166,522 | ||||||
4.10%, 09/26/28 | 250 | 290,977 | ||||||
Interstate Power and Light Co. 3.60%, 04/01/29 | 150 | 168,856 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 | 300 | 296,344 | ||||||
JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+0.60%), 09/16/24 | 525 | 526,747 | ||||||
Kaiser Foundation Hospitals | ||||||||
2.81%, 06/01/41 | 500 | 525,019 | ||||||
3.15%, 05/01/27 | 280 | 309,441 | ||||||
Kilroy Realty LP | ||||||||
2.50%, 11/15/32 | 50 | 50,491 | ||||||
4.75%, 12/15/28 | 350 | 412,393 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 150 | 182,995 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 | 350 | 352,290 | ||||||
MidAmerican Energy Co. | ||||||||
3.10%, 05/01/27 | 325 | 359,531 | ||||||
3.15%, 04/15/50 | 200 | 217,121 | ||||||
3.65%, 04/15/29 | 400 | 458,616 | ||||||
3.65%, 08/01/48 | 350 | 410,160 | ||||||
3.95%, 08/01/47 | 300 | 367,634 | ||||||
4.25%, 07/15/49 † | 425 | 545,366 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 600 | 613,187 | ||||||
Norfolk Southern Corp. 2.30%, 05/15/31 † | 250 | 258,351 | ||||||
Northern States Power Co. | ||||||||
2.60%, 06/01/51 | 250 | 250,218 | ||||||
2.90%, 03/01/50 | 250 | 263,765 | ||||||
3.20%, 04/01/52 | 200 | 223,164 | ||||||
NSTAR Electric Co. 3.25%, 05/15/29 | 200 | 222,996 | ||||||
Owens Corning 3.95%, 08/15/29 | 225 | 256,815 | ||||||
PacifiCorp 2.90%, 06/15/52 | 200 | 204,505 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 350 | 361,972 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 150 | 155,806 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 310 | 325,569 | ||||||
Prologis LP 1.25%, 10/15/30 | 375 | 360,010 | ||||||
Public Service Co. of Colorado | ||||||||
3.20%, 03/01/50 | 250 | 279,703 | ||||||
3.70%, 06/15/28 | 550 | 628,492 | ||||||
4.10%, 06/15/48 | 460 | 571,771 | ||||||
Regency Centers LP 3.75%, 06/15/24 | 125 | 133,979 | ||||||
Renewable Energy Group, Inc. 144A 5.88%, 06/01/28 | 300 | 313,265 | ||||||
Seattle Children’s Hospital 2.72%, 10/01/50 | 150 | 152,538 | ||||||
SK Battery America, Inc. Reg S | ||||||||
1.62%, 01/26/24 | 250 | 250,656 | ||||||
2.12%, 01/26/26 | 200 | 199,407 | ||||||
Southern Power Co. 4.15%, 12/01/25 | 700 | 788,551 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 † | 100 | 108,678 | ||||||
UDR, Inc. 1.90%, 03/15/33 | 175 | 167,936 | ||||||
Union Electric Co. 2.62%, 03/15/51 | 275 | 271,139 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | 200 | 206,192 | ||||||
Verizon Communications, Inc. | ||||||||
1.50%, 09/18/30 | 200 | 194,359 | ||||||
3.88%, 02/08/29 | 725 | 832,751 | ||||||
Vornado Realty LP 2.15%, 06/01/26 † | 200 | 204,986 | ||||||
Welltower, Inc. 2.70%, 02/15/27 | 250 | 267,668 | ||||||
28,152,817 | ||||||||
Total Corporate Bonds (Cost: $75,433,858) | 76,514,283 | |||||||
GOVERNMENT OBLIGATIONS: 19.2% | ||||||||
Brazil: 0.3% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 250 | 269,976 | ||||||
Canada: 0.3% | ||||||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 | 300 | 301,748 | ||||||
Chile: 2.1% | ||||||||
Chile Government International Bond | ||||||||
2.55%, 01/27/32 | 750 | 770,325 | ||||||
3.50%, 01/25/50 | 1,150 | 1,216,487 | ||||||
1,986,812 | ||||||||
China: 0.2% | ||||||||
China Development Bank Reg S 2.75%, 11/16/22 | 200 | 205,709 | ||||||
Egypt: 0.4% | ||||||||
Egypt Government International Bond 144A 5.25%, 10/06/25 | 200 | 210,263 | ||||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 | 200 | 210,263 | ||||||
420,526 | ||||||||
Finland: 0.2% | ||||||||
Kuntarahoitus Oyj 144A 1.38%, 09/21/21 | 150 | 150,259 | ||||||
Hong Kong: 1.8% | ||||||||
Hong Kong Government International Bond 144A | ||||||||
0.62%, 02/02/26 | 600 | 594,849 | ||||||
1.38%, 02/02/31 | 500 | 495,389 | ||||||
2.38%, 02/02/51 | 200 | 198,409 | ||||||
2.50%, 05/28/24 | 450 | 474,812 | ||||||
1,763,459 | ||||||||
Indonesia: 1.7% | ||||||||
Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
2.30%, 06/23/25 | 300 | 311,964 | ||||||
3.55%, 06/09/51 | 150 | 152,543 | ||||||
3.75%, 03/01/23 | 650 | 682,458 | ||||||
3.90%, 08/20/24 | 450 | 490,286 | ||||||
1,637,251 | ||||||||
Netherlands: 1.5% | ||||||||
Nederlandse Financierings-Maatschappij voor 2.75%, 02/20/24 | 200 | 212,103 | ||||||
Nederlandse Waterschapsbank NV 144A | ||||||||
1.00%, 05/28/30 | 300 | 292,185 | ||||||
2.38%, 03/24/26 | 750 | 807,263 | ||||||
3.12%, 12/05/22 | 150 | 155,954 | ||||||
1,467,505 | ||||||||
Norway: 0.8% | ||||||||
Kommunalbanken AS 144A | ||||||||
0.50%, 10/21/24 | 300 | 300,696 | ||||||
2.12%, 02/11/25 | 475 | 500,767 | ||||||
801,463 | ||||||||
South Korea: 1.6% | ||||||||
Export-Import Bank of Korea Reg S 0.87% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 | 200 | 201,734 | ||||||
Incheon International Airport Corp. Reg S 1.25%, 05/04/26 | 200 | 200,830 | ||||||
Korea Development Bank | ||||||||
0.40%, 06/19/24 | 350 | 349,075 | ||||||
0.86% (ICE LIBOR USD 3 Month+0.72%), 07/06/22 | 300 | 301,574 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 300 | 318,974 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | 200 | 207,959 | ||||||
1,580,146 | ||||||||
Sweden: 1.1% | ||||||||
Kommuninvest I Sverige AB 144A | ||||||||
0.38%, 06/19/24 | 500 | 499,820 | ||||||
1.62%, 04/24/23 | 500 | 512,304 | ||||||
1,012,124 | ||||||||
United States: 7.2% | ||||||||
City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
2.83%, 11/01/41 | 100 | 103,251 | ||||||
3.30%, 11/01/39 | 100 | 108,743 | ||||||
3.47%, 11/01/43 | 250 | 272,475 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 | 150 | 171,048 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 170 | 253,846 | ||||||
Fannie Mae-Aces | ||||||||
2.44%, 10/25/29 | 37 | 40,183 | ||||||
2.52%, 08/25/29 | 614 | 667,392 | ||||||
2.55%, 07/25/24 | 188 | 197,717 | ||||||
2.80%, 02/25/27 | 335 | 365,853 | ||||||
2.90%, 01/25/28 | 415 | 460,893 | ||||||
2.94%, 04/25/29 | 10 | 11,148 | ||||||
2.96%, 09/25/27 | 275 | 303,872 | ||||||
3.05%, 03/25/28 | 925 | 1,032,602 | ||||||
3.09%, 02/25/30 | 388 | 442,442 | ||||||
3.14%, 11/25/27 | 15 | 16,252 | ||||||
3.32%, 06/25/28 | 350 | 397,035 | ||||||
3.55%, 09/25/28 | 1,165 | 1,342,945 | ||||||
3.70%, 09/25/30 | 15 | 17,871 | ||||||
Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
1.30%, 06/25/30 | 20 | 19,941 | ||||||
2.88%, 04/25/26 | 285 | 309,939 | ||||||
Metropolitan Transportation Authority | ||||||||
5.17%, 11/15/49 | 300 | 407,390 | ||||||
6,942,838 | ||||||||
Total Government Obligations (Cost: $18,283,677) | 18,539,816 | |||||||
Number of Shares | ||||||||
PREFERRED SECURITIES: 0.2% (Cost: $173,320) | ||||||||
Canada: 0.2% | ||||||||
Brookfield Finance, Inc. (USD), 4.62%, 10/16/80 * † | 7,000 | 179,760 | ||||||
Total Investments Before Collateral for Securities Loaned: 98.8% (Cost: $93,890,855) | 95,233,859 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $1,108,464) | ||||||||
Money Market Fund: 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,108,464 | 1,108,464 | ||||||
Total Investments: 100.0% (Cost: $94,999,319) | 96,342,323 | |||||||
Other assets less liabilities: 0.0% | 30,147 | |||||||
NET ASSETS: 100.0% | $ | 96,372,470 |
Definitions: | |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $3,244,499. |
* | Non-income producing |
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 $27,362,738, or 28.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Academic & Educational Services | 0.2 | % | $ | 182,995 | ||||
Basic Materials | 3.7 | 3,568,357 | ||||||
Consumer Cyclicals | 1.2 | 1,167,535 | ||||||
Consumer Non-Cyclicals | 0.7 | 658,771 | ||||||
Energy | 1.6 | 1,500,120 | ||||||
Financials | 38.9 | 37,019,286 | ||||||
Government Activity | 9.1 | 8,620,217 | ||||||
Healthcare | 1.0 | 986,998 | ||||||
Industrials | 4.5 | 4,252,692 | ||||||
Mortgage Securities | 5.9 | 5,626,084 | ||||||
Real Estate | 8.5 | 8,109,917 | ||||||
Technology | 3.7 | 3,498,702 | ||||||
Utilities | 21.0 | 20,042,185 | ||||||
100.0 | % | $ | 95,233,859 |
VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 97.8% | ||||||||
Argentina: 0.8% | ||||||||
Arcor SAIC 144A 6.00%, 07/06/23 | USD | 50 | $ | 49,481 | ||||
MercadoLibre, Inc. 3.12%, 01/14/31 † | USD | 100 | 98,036 | |||||
Pampa Energia SA 144A | ||||||||
7.38%, 07/21/23 | USD | 50 | 48,183 | |||||
7.50%, 01/24/27 | USD | 50 | 44,745 | |||||
9.12%, 04/15/29 | USD | 50 | 45,694 | |||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 35 | 38,496 | |||||
Telecom Argentina SA 144A 8.00%, 07/18/26 | USD | 75 | 72,184 | |||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 35 | 30,973 | |||||
YPF SA 144A | ||||||||
2.50%, 06/30/29 (s) | USD | 75 | 49,451 | |||||
4.00%, 02/12/26 (s) | USD | 75 | 63,548 | |||||
6.95%, 07/21/27 | USD | 100 | 70,140 | |||||
7.00%, 12/15/47 | USD | 75 | 49,040 | |||||
8.50%, 03/23/25 | USD | 25 | 22,781 | |||||
8.50%, 07/28/25 | USD | 150 | 117,189 | |||||
8.75%, 04/04/24 | USD | 75 | 66,845 | |||||
866,786 | ||||||||
Australia: 0.4% | ||||||||
FMG Resources August 2006 Pty Ltd. 144A | ||||||||
4.38%, 04/01/31 | USD | 150 | 163,318 | |||||
4.50%, 09/15/27 | USD | 25 | 27,361 | |||||
5.12%, 05/15/24 † | USD | 75 | 81,225 | |||||
Mineral Resources Ltd. 144A 8.12%, 05/01/27 | USD | 100 | 109,645 | |||||
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26 | USD | 50 | 51,603 | |||||
433,152 | ||||||||
Austria: 0.3% | ||||||||
ams AG 144A 7.00%, 07/31/25 † | USD | 100 | 107,312 | |||||
Novomatic AG 1.62%, 09/20/23 | EUR | 50 | 58,624 | |||||
Wienerberger AG Reg S 2.75%, 06/04/25 | EUR | 100 | 127,861 | |||||
293,797 | ||||||||
Azerbaijan: 0.2% | ||||||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | USD | 200 | 249,121 | |||||
Bahamas: 0.2% | ||||||||
Akelius Residential Property AB Reg S 3.88% (EUR Swap Annual 5 Year+3.49%), 10/05/78 | EUR | 175 | 220,227 | |||||
Bahrain: 0.1% | ||||||||
Mclaren Finance Plc Reg S 5.00%, 08/01/22 | GBP | 100 | 139,035 | |||||
Belgium: 0.3% | ||||||||
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | EUR | 150 | 175,125 | |||||
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (o) | EUR | 150 | 196,797 | |||||
371,922 | ||||||||
Bermuda: 0.4% | ||||||||
Digicel Group Holdings Ltd. 10.00%, 04/01/24 | USD | 53 | 51,796 | |||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 60 | 52,630 | |||||
Digicel International Finance Ltd./ Digicel international Holdings Ltd 144A 8.75%, 05/25/24 | USD | 100 | 104,272 | |||||
Digicel Ltd. 144A 6.75%, 03/01/23 | USD | 50 | 47,313 | |||||
Eurochem Finance DAC 144A 5.50%, 03/13/24 | USD | 100 | 108,739 | |||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 100 | 109,295 | |||||
474,045 | ||||||||
Brazil: 7.5% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | USD | 150 | 158,574 | |||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 100 | 104,621 | |||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 105 | 110,505 | |||||
Banco Bradesco SA 144A | ||||||||
2.85%, 01/27/23 † | USD | 100 | 102,226 | |||||
3.20%, 01/27/25 | USD | 100 | 102,511 | |||||
Banco BTG Pactual SA 144A 5.50%, 01/31/23 | USD | 200 | 210,416 | |||||
Banco do Brasil SA 3.88%, 10/10/22 | USD | 200 | 205,983 | |||||
Banco do Brasil SA 144A | ||||||||
4.62%, 01/15/25 | USD | 100 | 106,140 | |||||
5.88%, 01/19/23 | USD | 150 | 158,827 | |||||
Banco Votorantim SA 144A | ||||||||
4.38%, 07/29/25 | USD | 100 | 103,770 | |||||
4.50%, 09/24/24 | USD | 100 | 104,989 | |||||
Braskem America Finance Co. 144A 7.12%, 07/22/41 | USD | 50 | 64,118 | |||||
Braskem Finance Ltd. 6.45%, 02/03/24 | USD | 75 | 82,856 | |||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | USD | 200 | 207,284 | |||||
Braskem Netherlands Finance BV 144A | ||||||||
4.50%, 01/10/28 | USD | 100 | 106,005 | |||||
4.50%, 01/31/30 | USD | 125 | 132,114 | |||||
5.88%, 01/31/50 † | USD | 100 | 112,187 | |||||
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 57,757 | |||||
BRF SA 144A 4.75%, 05/22/24 | USD | 200 | 213,307 | |||||
Caixa Economica Federal 144A 3.50%, 11/07/22 | USD | 50 | 51,459 | |||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 200 | 230,609 | |||||
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | USD | 100 | 102,551 | |||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 100 | 105,771 | |||||
Cosan SA 144A 5.50%, 09/20/29 | USD | 100 | 108,080 | |||||
CSN Inova Ventures 144A 6.75%, 01/28/28 | USD | 200 | 221,119 | |||||
Embraer Netherlands Finance BV | ||||||||
5.05%, 06/15/25 | USD | 100 | 105,030 | |||||
5.40%, 02/01/27 | USD | 125 | 132,531 | |||||
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 | USD | 100 | 107,207 | |||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 100 | 111,879 | |||||
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | USD | 100 | 103,358 | |||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 98 | 101,274 | |||||
Itau Unibanco Holding SA 144A | ||||||||
2.90%, 01/24/23 | USD | 125 | 127,689 | |||||
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 100 | 102,342 | |||||
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o) | USD | 100 | 95,757 | |||||
5.12%, 05/13/23 | USD | 200 | 209,802 | |||||
5.50%, 08/06/22 | USD | 100 | 103,501 | |||||
Klabin Austria GmbH 144A 5.75%, 04/03/29 | USD | 200 | 228,454 | |||||
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 † | USD | 100 | 101,680 | |||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 100 | 97,325 | |||||
Minerva Luxembourg SA 144A 5.88%, 01/19/28 † | USD | 75 | 79,501 | |||||
MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 93 | 101,390 | |||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 100 | 102,946 | |||||
NBM US Holdings, Inc. 144A | ||||||||
6.62%, 08/06/29 † | USD | 100 | 112,048 | |||||
7.00%, 05/14/26 | USD | 100 | 106,524 | |||||
Nexa Resources SA 144A 6.50%, 01/18/28 | USD | 100 | 110,451 | |||||
Petrobras Global Finance BV | ||||||||
4.25%, 10/02/23 | EUR | 100 | 128,671 | |||||
4.38%, 05/20/23 | USD | 75 | 79,153 | |||||
4.75%, 01/14/25 | EUR | 100 | 133,328 | |||||
5.09%, 01/15/30 | USD | 200 | 217,034 | |||||
5.30%, 01/27/25 | USD | 100 | 112,208 | |||||
5.60%, 01/03/31 | USD | 125 | 139,281 | |||||
5.75%, 02/01/29 | USD | 75 | 84,694 | |||||
6.00%, 01/27/28 | USD | 150 | 171,193 | |||||
6.25%, 03/17/24 | USD | 100 | 112,165 | |||||
6.75%, 01/27/41 | USD | 100 | 117,157 | |||||
6.75%, 06/03/50 | USD | 75 | 85,739 | |||||
6.85%, 06/05/15 † | USD | 175 | 195,546 | |||||
6.88%, 01/20/40 | USD | 100 | 118,483 | |||||
6.90%, 03/19/49 † | USD | 125 | 146,706 | |||||
7.25%, 03/17/44 | USD | 125 | 150,469 | |||||
7.38%, 01/17/27 | USD | 150 | 182,576 | |||||
8.75%, 05/23/26 | USD | 50 | 63,962 | |||||
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 | USD | 200 | 204,327 | |||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 174 | 194,208 | |||||
Rumo Luxembourg Sarl 144A 5.88%, 01/18/25 | USD | 100 | 104,601 | |||||
Ultrapar International SA 144A 5.25%, 10/06/26 | USD | 100 | 110,517 | |||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 100 | 107,884 | |||||
8,564,370 | ||||||||
British Virgin Islands: 0.7% | ||||||||
Central China Real Estate Ltd. Reg S 7.25%, 04/24/23 | USD | 200 | 179,996 | |||||
China Aoyuan Group Ltd. Reg S 5.38%, 09/13/22 | USD | 200 | 189,499 | |||||
China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24 | USD | 200 | 200,497 | |||||
Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23 | USD | 200 | 161,498 | |||||
Metalloinvest Finance DAC 144A 4.85%, 05/02/24 | USD | 100 | 107,576 | |||||
839,066 | ||||||||
Bulgaria: 0.1% | ||||||||
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | EUR | 100 | 126,457 | |||||
Burkina Faso: 0.0% | ||||||||
IAMGOLD Corp. 144A 5.75%, 10/15/28 | USD | 25 | 25,770 | |||||
Canada: 5.1% | ||||||||
1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||
3.50%, 02/15/29 | USD | 65 | 64,740 | |||||
3.88%, 01/15/28 | USD | 50 | 50,495 | |||||
4.00%, 10/15/30 | USD | 250 | 249,648 | |||||
4.38%, 01/15/28 | USD | 100 | 101,630 | |||||
5.75%, 04/15/25 | USD | 25 | 26,417 | |||||
Altera Infrastructure LP/Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23 | USD | 100 | 92,010 | |||||
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | USD | 50 | 51,000 | |||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | USD | 50 | 53,355 | |||||
Baytex Energy Corp. 144A 5.62%, 06/01/24 | USD | 75 | 75,063 | |||||
Bombardier, Inc. 144A | ||||||||
6.00%, 10/15/22 | USD | 65 | 65,332 | |||||
6.12%, 01/15/23 | USD | 150 | 157,987 | |||||
7.12%, 06/15/26 | USD | 100 | 104,124 | |||||
7.50%, 12/01/24 | USD | 100 | 104,125 | |||||
7.50%, 03/15/25 | USD | 125 | 127,588 | |||||
7.88%, 04/15/27 | USD | 150 | 155,479 | |||||
Brookfield Property Finance ULC | ||||||||
3.93%, 08/24/25 | CAD | 50 | 41,421 | |||||
3.93%, 01/15/27 | CAD | 50 | 41,201 | |||||
4.30%, 03/01/24 | CAD | 75 | 62,543 | |||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | USD | 150 | 158,606 | |||||
Cascades, Inc./Cascades USA, Inc. 144A 5.38%, 01/15/28 † | USD | 100 | 105,383 | |||||
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 100 | 117,299 | |||||
Empire Communities Corp. 144A 7.00%, 12/15/25 | USD | 25 | 26,438 | |||||
Ensign Drilling, Inc. 144A 9.25%, 04/15/24 | USD | 50 | 45,949 | |||||
Garda World Security Corp. 144A 9.50%, 11/01/27 | USD | 50 | 54,569 | |||||
GFL Environmental, Inc. 144A | ||||||||
3.50%, 09/01/28 | USD | 150 | 150,684 | |||||
3.75%, 08/01/25 | USD | 50 | 51,437 | |||||
4.75%, 06/15/29 | USD | 50 | 51,745 | |||||
5.12%, 12/15/26 | USD | 75 | 78,973 | |||||
Gibson Energy, Inc. | ||||||||
2.85%, 07/14/27 | CAD | 25 | 20,811 | |||||
3.60%, 09/17/29 | CAD | 75 | 64,729 | |||||
goeasy Ltd. 144A | ||||||||
4.38%, 05/01/26 | USD | 25 | 25,856 | |||||
5.38%, 12/01/24 | USD | 50 | 52,048 | |||||
Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | USD | 100 | 101,875 | |||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 | USD | 40 | 41,738 | |||||
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 57,887 | |||||
Intertape Polymer Group, Inc. 144A 4.38%, 06/15/29 | USD | 50 | 51,263 | |||||
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 66,977 | |||||
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 (d) | USD | 256 | 0 | |||||
Mattamy Group Corp. 144A | ||||||||
4.62%, 03/01/30 | USD | 50 | 51,983 | |||||
5.25%, 12/15/27 | USD | 50 | 52,164 | |||||
MEG Energy Corp. 144A | ||||||||
5.88%, 02/01/29 | USD | 50 | 51,756 | |||||
7.12%, 02/01/27 | USD | 150 | 157,820 | |||||
Mercer International, Inc. 5.12%, 02/01/29 | USD | 50 | 51,063 | |||||
Methanex Corp. | ||||||||
4.25%, 12/01/24 | USD | 50 | 53,170 | |||||
5.12%, 10/15/27 | USD | 50 | 54,281 | |||||
5.25%, 12/15/29 | USD | 75 | 83,048 | |||||
New Gold, Inc. 144A 7.50%, 07/15/27 | USD | 50 | 53,979 | |||||
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 | USD | 50 | 51,647 | |||||
NOVA Chemicals Corp. 144A | ||||||||
4.25%, 05/15/29 | USD | 50 | 50,665 | |||||
4.88%, 06/01/24 | USD | 100 | 105,865 | |||||
5.00%, 05/01/25 | USD | 50 | 53,620 | |||||
5.25%, 06/01/27 | USD | 100 | 107,875 | |||||
Open Text Corp. 144A | ||||||||
3.88%, 02/15/28 | USD | 100 | 103,466 | |||||
5.88%, 06/01/26 | USD | 100 | 103,385 | |||||
Parkland Corp. 6.00%, 06/23/28 | CAD | 50 | 43,190 | |||||
Parkland Corp. 144A | ||||||||
4.50%, 10/01/29 | USD | 100 | 103,000 | |||||
5.88%, 07/15/27 | USD | 125 | 133,524 | |||||
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 40,048 | |||||
Precision Drilling Corp. 144A 7.12%, 01/15/26 † | USD | 100 | 103,376 | |||||
Quebecor Media, Inc. 5.75%, 01/15/23 | USD | 50 | 53,670 | |||||
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 | USD | 50 | 51,276 | |||||
Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23 | USD | 50 | 51,031 | |||||
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 | EUR | 100 | 125,747 | |||||
SNC-Lavalin Group, Inc. 3.23%, 03/02/23 | CAD | 50 | 40,636 | |||||
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | USD | 100 | 103,015 | |||||
Taseko Mines Ltd. 144A 7.00%, 02/15/26 | USD | 25 | 25,758 | |||||
Teine Energy Ltd. 144A 6.88%, 04/15/29 | USD | 50 | 50,875 | |||||
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | USD | 50 | 46,438 | |||||
Terraform Global Operating LLC 144A 6.12%, 03/01/26 | USD | 50 | 51,541 | |||||
Tervita Corp. 144A 11.00%, 12/01/25 | USD | 40 | 45,850 | |||||
TransAlta Corp. | ||||||||
4.50%, 11/15/22 | USD | 25 | 25,770 | |||||
6.50%, 03/15/40 | USD | 75 | 86,437 | |||||
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | EUR | 200 | 240,394 | |||||
Vermilion Energy, Inc. 144A 5.62%, 03/15/25 | USD | 25 | 25,210 | |||||
Videotron Ltd. | ||||||||
3.12%, 01/15/31 | CAD | 100 | 75,851 | |||||
4.50%, 01/15/30 | CAD | 75 | 63,069 | |||||
5.62%, 06/15/25 | CAD | 150 | 133,286 | |||||
Videotron Ltd. Reg S 5.75%, 01/15/26 | CAD | 50 | 41,254 | |||||
5,894,458 | ||||||||
Cayman Islands: 0.4% | ||||||||
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 | USD | 100 | 95,691 | |||||
Ronshine China Holdings Ltd. Reg S 8.75%, 10/25/22 | USD | 200 | 192,498 | |||||
UPCB Finance VII Ltd. Reg S 3.62%, 06/15/29 | EUR | 100 | 122,061 | |||||
410,250 | ||||||||
Chile: 0.1% | ||||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 50 | 53,095 | |||||
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 | USD | 100 | 104,581 | |||||
157,676 | ||||||||
China: 6.1% | ||||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o) | USD | 400 | 416,517 | |||||
CFLD Cayman Investment Ltd. Reg S 8.60%, 04/08/24 | USD | 200 | 72,920 | |||||
China Evergrande Group Reg S | ||||||||
7.50%, 06/28/23 | USD | 200 | 82,808 | |||||
8.75%, 06/28/25 | USD | 400 | 168,003 | |||||
9.50%, 03/29/24 | USD | 300 | 123,675 | |||||
CIFI Holdings Group Co. Ltd. Reg S | ||||||||
6.00%, 07/16/25 | USD | 200 | 204,265 | |||||
6.55%, 03/28/24 | USD | 200 | 206,396 | |||||
Easy Tactic Ltd. Reg S 5.88%, 02/13/23 | USD | 200 | 145,500 | |||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | USD | 200 | 204,254 | |||||
Fortune Star BVI Ltd. Reg S 6.75%, 07/02/23 | USD | 200 | 207,493 | |||||
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 | USD | 215 | 216,104 | |||||
Greenland Global Investment Ltd. Reg S | ||||||||
5.88%, 07/03/24 | USD | 200 | 150,500 | |||||
6.75%, 09/26/23 | USD | 200 | 161,995 | |||||
Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25 | USD | 200 | 206,010 | |||||
Kaisa Group Holdings Ltd. Reg S | ||||||||
9.38%, 06/30/24 | USD | 250 | 194,688 | |||||
9.75%, 09/28/23 | USD | 200 | 163,000 | |||||
10.50%, 01/15/25 | USD | 200 | 153,498 | |||||
10.88%, 07/23/23 | USD | 200 | 169,000 | |||||
KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24 | USD | 350 | 336,705 | |||||
Logan Group Co. Ltd. Reg S 5.25%, 02/23/23 | USD | 200 | 200,393 | |||||
New Metro Global Ltd. Reg S 6.80%, 08/05/23 | USD | 200 | 206,485 | |||||
Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24 | USD | 200 | 199,000 | |||||
Redsun Properties Group Ltd. Reg S 9.70%, 04/16/23 | USD | 200 | 198,976 | |||||
Scenery Journey Ltd. Reg S | ||||||||
13.00%, 11/06/22 | USD | 200 | 79,500 | |||||
13.75%, 11/06/23 | USD | 200 | 77,250 | |||||
Seazen Group Ltd. Reg S 6.00%, 08/12/24 | USD | 200 | 201,014 | |||||
Sino-Ocean Land Treasure III Ltd. Reg S 4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o) | USD | 200 | 174,999 | |||||
Sunac China Holdings Ltd. Reg S | ||||||||
7.00%, 07/09/25 | USD | 200 | 181,259 | |||||
7.95%, 08/08/22 | USD | 400 | 400,300 | |||||
Times China Holdings Ltd. Reg S 6.75%, 07/16/23 | USD | 200 | 199,687 | |||||
Volvo Car AB Reg S 2.12%, 04/02/24 | EUR | 100 | 124,060 | |||||
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | USD | 200 | 194,100 | |||||
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 | USD | 200 | 200,101 | |||||
Yango Justice International Ltd. Reg S 9.25%, 04/15/23 | USD | 200 | 192,750 | |||||
Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
6.00%, 10/25/23 | USD | 300 | 237,743 | |||||
7.38%, 01/13/26 | USD | 200 | 138,761 | |||||
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 | USD | 200 | 169,512 | |||||
6,959,221 | ||||||||
Colombia: 2.1% | ||||||||
Banco de Bogota SA 144A | ||||||||
5.38%, 02/19/23 | USD | 100 | 104,450 | |||||
6.25%, 05/12/26 | USD | 100 | 109,527 | |||||
Bancolombia SA 5.12%, 09/11/22 | USD | 100 | 103,271 | |||||
Cable Onda SA 144A 4.50%, 01/30/30 | USD | 100 | 105,602 | |||||
Ecopetrol SA | ||||||||
4.12%, 01/16/25 | USD | 100 | 104,853 | |||||
5.38%, 06/26/26 | USD | 125 | 137,331 | |||||
5.88%, 09/18/23 | USD | 150 | 162,098 | |||||
5.88%, 05/28/45 | USD | 175 | 186,809 | |||||
6.88%, 04/29/30 | USD | 175 | 211,514 | |||||
7.38%, 09/18/43 | USD | 75 | 91,670 | |||||
Empresas Publicas de Medellin ESP 144A | ||||||||
4.25%, 07/18/29 | USD | 125 | 123,000 | |||||
4.38%, 02/15/31 | USD | 75 | 73,725 | |||||
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 | USD | 50 | 44,312 | |||||
Grupo Aval Ltd. 144A | ||||||||
4.38%, 02/04/30 | USD | 100 | 98,970 | |||||
4.75%, 09/26/22 | USD | 100 | 102,439 | |||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 100 | 108,511 | |||||
Millicom International Cellular SA 144A | ||||||||
5.12%, 01/15/28 | USD | 54 | 56,348 | |||||
6.25%, 03/25/29 | USD | 90 | 98,219 | |||||
Oleoducto Central SA 144A 4.00%, 07/14/27 † | USD | 100 | 103,408 | |||||
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 | USD | 100 | 101,563 | |||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 100 | 105,258 | |||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 93 | 97,929 | |||||
2,430,807 | ||||||||
Curacao: 0.1% | ||||||||
Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^ | USD | 31 | 20,597 | |||||
Trafigura Funding SA 144A 5.25%, 03/19/23 | USD | 11 | 11,353 | |||||
Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o) | EUR | 34 | 43,736 | |||||
75,686 | ||||||||
Cyprus: 0.5% | ||||||||
Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 | USD | 200 | 207,719 | |||||
MHP Lux SA 144A 6.95%, 04/03/26 | USD | 200 | 211,029 | |||||
Vivion Investments Sarl Reg S 3.00%, 08/08/24 † | EUR | 100 | 118,418 | |||||
537,166 | ||||||||
Czech Republic: 0.3% | ||||||||
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/25 (o) | EUR | 100 | 126,149 | |||||
Energo-Pro AS Reg S 4.50%, 05/04/24 | EUR | 100 | 117,180 | |||||
Sazka Group AS Reg S 3.88%, 02/15/27 | EUR | 100 | 120,015 | |||||
363,344 | ||||||||
Denmark: 0.2% | ||||||||
DKT Finance ApS Reg S 7.00%, 06/17/23 | EUR | 175 | 211,123 | |||||
Finland: 0.7% | ||||||||
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/24 (o) | EUR | 100 | 124,035 | |||||
Nokia Oyj | ||||||||
4.38%, 06/12/27 | USD | 100 | 110,565 | |||||
6.62%, 05/15/39 | USD | 100 | 137,344 | |||||
Nokia Oyj Reg S 2.00%, 03/15/24 | EUR | 100 | 123,963 | |||||
SpA Holdings 3 Oy Reg S 3.62%, 02/04/28 | EUR | 100 | 120,276 | |||||
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 | EUR | 175 | 217,682 | |||||
833,865 | ||||||||
France: 6.9% | ||||||||
Accor SA Reg S | ||||||||
2.50%, 01/25/24 | EUR | 100 | 124,393 | |||||
2.62% (EUR Swap Annual 5 Year+3.25%), 04/30/25 (o) | EUR | 100 | 114,767 | |||||
3.00%, 02/04/26 | EUR | 100 | 126,295 | |||||
Altice France SA 144A 5.12%, 07/15/29 | USD | 200 | 201,732 | |||||
Altice France SA Reg S | ||||||||
2.50%, 01/15/25 | EUR | 100 | 117,240 | |||||
4.12%, 01/15/29 | EUR | 100 | 120,430 | |||||
5.88%, 02/01/27 | EUR | 100 | 125,496 | |||||
Banijay Entertainment SASU 144A 5.38%, 03/01/25 | USD | 100 | 103,678 | |||||
CAB SELAS Reg S 3.38%, 02/01/28 | EUR | 100 | 119,881 | |||||
CASINO GUICHARD PERRACHO 4.05%, 08/05/26 | EUR | 100 | 113,368 | |||||
Casino Guichard Perrachon SA Reg S 4.50%, 03/07/24 | EUR | 100 | 119,019 | |||||
CGG SA 144A 8.75%, 04/01/27 | USD | 100 | 99,883 | |||||
CMA CGM SA Reg S 5.25%, 01/15/25 | EUR | 100 | 121,153 | |||||
Constellium SE 144A 3.75%, 04/15/29 | USD | 100 | 99,888 | |||||
eircom Finance DAC Reg S 3.50%, 05/15/26 | EUR | 100 | 121,724 | |||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | USD | 250 | 269,250 | |||||
Electricite de France SA Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.20%), 12/03/28 (o) | EUR | 200 | 248,277 | |||||
3.38% (EUR Swap Annual 5 Year+4.00%), 06/15/30 (o) | EUR | 200 | 252,912 | |||||
4.00% (EUR Swap Annual 6 Year+3.44%), 07/04/24 (o) | EUR | 200 | 255,017 | |||||
5.00% (EUR Swap Annual 12 Year+3.04%), 01/22/26 (o) | EUR | 200 | 268,911 | |||||
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/25 (o) | EUR | 200 | 267,681 | |||||
Elis SA Reg S | ||||||||
1.62%, 04/03/28 | EUR | 100 | 118,946 | |||||
1.88%, 02/15/23 | EUR | 100 | 120,981 | |||||
Faurecia SE Reg S | ||||||||
2.62%, 06/15/25 | EUR | 100 | 120,359 | |||||
3.12%, 06/15/26 | EUR | 100 | 122,762 | |||||
3.75%, 06/15/28 | EUR | 100 | 125,153 | |||||
Fnac Darty SA Reg S 1.88%, 05/30/24 | EUR | 125 | 149,801 | |||||
Getlink SE Reg S 3.50%, 10/30/25 | EUR | 100 | 122,804 | |||||
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 01/29/26 (o) | EUR | 100 | 126,314 | |||||
Loxam SAS Reg S | ||||||||
2.88%, 04/15/26 | EUR | 100 | 118,660 | |||||
3.25%, 01/14/25 | EUR | 100 | 119,593 | |||||
Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | EUR | 100 | 120,181 | |||||
Orano SA 4.88%, 09/23/24 | EUR | 150 | 201,677 | |||||
Orano SA Reg S 3.12%, 03/20/23 | EUR | 100 | 123,648 | |||||
Paprec Holding SA Reg S 4.00%, 03/31/25 | EUR | 100 | 120,966 | |||||
Parts Europe SA Reg S 6.50%, 07/16/25 | EUR | 100 | 124,830 | |||||
Quatrim SASU Reg S 5.88%, 01/15/24 | EUR | 100 | 122,678 | |||||
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 120,833 | |||||
Renault SA Reg S | ||||||||
1.00%, 03/08/23 | EUR | 50 | 59,929 | |||||
1.00%, 04/18/24 | EUR | 100 | 119,073 | |||||
1.00%, 11/28/25 | EUR | 100 | 118,507 | |||||
1.25%, 06/24/25 | EUR | 100 | 117,887 | |||||
2.00%, 09/28/26 | EUR | 100 | 118,734 | |||||
2.38%, 05/25/26 | EUR | 100 | 120,667 | |||||
Rexel SA Reg S 2.75%, 06/15/26 | EUR | 100 | 121,810 | |||||
Rubis Terminal Infra SAS Reg S 5.62%, 05/15/25 | EUR | 100 | 125,251 | |||||
Societe Generale SA 144A 4.75% (US Treasury Yield Curve Rate T 5 Year+3.93%), 05/26/26 (o) | USD | 100 | 103,500 | |||||
SPCM SA 144A 4.88%, 09/15/25 | USD | 100 | 102,510 | |||||
SPIE SA Reg S 2.62%, 06/18/26 | EUR | 100 | 124,087 | |||||
Tereos Finance Groupe I SA Reg S 4.12%, 06/16/23 | EUR | 100 | 120,639 | |||||
Unibail-Rodamco-Westfield SE Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+1.68%), 07/25/23 (o) | EUR | 100 | 117,818 | |||||
2.88% (EUR Swap Annual 5 Year+2.11%), 01/25/26 (o) | EUR | 100 | 120,260 | |||||
Valeo SA Reg S | ||||||||
0.38%, 09/12/22 | EUR | 100 | 119,213 | |||||
1.62%, 03/18/26 | EUR | 100 | 124,110 | |||||
3.25%, 01/22/24 | EUR | 100 | 127,998 | |||||
Veolia Environnement SA Reg S | ||||||||
2.25% (EUR Swap Annual 5 Year+2.71%), 01/20/26 (o) | EUR | 100 | 122,463 | |||||
2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o) | EUR | 100 | 121,376 | |||||
Verallia SA Reg S 1.62%, 05/14/28 | EUR | 100 | 120,893 | |||||
7,897,906 | ||||||||
Germany: 6.0% | ||||||||
ADLER Group SA Reg S | ||||||||
2.75%, 11/13/26 | EUR | 100 | 117,886 | |||||
3.25%, 08/05/25 | EUR | 100 | 120,550 | |||||
ADLER Real Estate AG Reg S 1.88%, 04/27/23 | EUR | 100 | 118,104 | |||||
Bayer AG Reg S | ||||||||
2.38% (EUR Swap Annual 5 Year+2.01%), 04/02/75 | EUR | 100 | 120,567 | |||||
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 100 | 120,507 | |||||
3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 | EUR | 100 | 124,431 | |||||
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 125,556 | |||||
Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75 | EUR | 100 | 123,330 | |||||
Cheplapharm Arzneimittel GmbH Reg S | ||||||||
3.50%, 02/11/27 | EUR | 100 | 120,062 | |||||
4.38%, 01/15/28 | EUR | 100 | 123,559 | |||||
Commerzbank AG 144A 8.12%, 09/19/23 | USD | 50 | 56,789 | |||||
Commerzbank AG Reg S | ||||||||
4.00%, 03/23/26 | EUR | 75 | 101,181 | |||||
4.00%, 03/30/27 | EUR | 100 | 137,499 | |||||
CT Investment GmbH Reg S 5.50%, 04/15/26 | EUR | 100 | 121,974 | |||||
Deutsche Bank AG | ||||||||
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | USD | 150 | 155,371 | |||||
4.50%, 04/01/25 | USD | 150 | 161,887 | |||||
Deutsche Bank AG Reg S | ||||||||
2.75%, 02/17/25 | EUR | 125 | 157,070 | |||||
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 | EUR | 100 | 140,209 | |||||
Deutsche Bank AG/New York NY | ||||||||
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 | USD | 140 | 144,303 | |||||
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 | USD | 125 | 135,812 | |||||
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 | USD | 25 | 29,582 | |||||
Deutsche Lufthansa AG 0.25%, 09/06/24 | EUR | 200 | 230,519 | |||||
Deutsche Lufthansa AG Reg S | ||||||||
3.00%, 05/29/26 | EUR | 100 | 120,158 | |||||
3.75%, 02/11/28 | EUR | 100 | 123,057 | |||||
Douglas GmbH Reg S 6.00%, 04/08/26 | EUR | 100 | 118,253 | |||||
Dresdner Funding Trust I 144A 8.15%, 06/30/31 | USD | 150 | 216,885 | |||||
Evonik Industries AG Reg S 2.12% (EUR Swap Annual 5 Year+1.95%), 07/07/77 | EUR | 100 | 120,744 | |||||
Gruenenthal GmbH Reg S 3.62%, 11/15/26 | EUR | 100 | 121,967 | |||||
IHO Verwaltungs GmbH 144A 4.75%, 09/15/26 | USD | 200 | 206,140 | |||||
IHO Verwaltungs GmbH Reg S 3.62%, 05/15/25 | EUR | 100 | 120,758 | |||||
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 01/01/28 (o) | EUR | 100 | 132,199 | |||||
K+S AG Reg S 3.25%, 07/18/24 | EUR | 100 | 124,268 | |||||
KION Group AG Reg S 1.62%, 09/24/25 | EUR | 100 | 124,211 | |||||
Kirk Beauty SUN GmbH Reg S 8.25%, 10/01/26 | EUR | 100 | 116,964 | |||||
LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 | EUR | 100 | 126,716 | |||||
Mahle GmbH Reg S 2.38%, 05/14/28 | EUR | 100 | 118,323 | |||||
Mercer International, Inc. 5.50%, 01/15/26 | USD | 41 | 41,988 | |||||
Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 | EUR | 100 | 123,095 | |||||
ProGroup AG Reg S 3.00%, 03/31/26 | EUR | 130 | 156,120 | |||||
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | 116,539 | |||||
Schaeffler AG Reg S | ||||||||
1.88%, 03/26/24 | EUR | 100 | 122,848 | |||||
2.88%, 03/26/27 | EUR | 50 | 63,953 | |||||
3.38%, 10/12/28 | EUR | 100 | 131,345 | |||||
Tele Columbus AG Reg S 3.88%, 05/02/25 | EUR | 100 | 119,501 | |||||
thyssenkrupp AG Reg S | ||||||||
1.88%, 03/06/23 | EUR | 100 | 119,602 | |||||
2.50%, 02/25/25 | EUR | 100 | 121,004 | |||||
2.88%, 02/22/24 | EUR | 100 | 121,204 | |||||
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | EUR | 100 | 117,089 | |||||
ZF Europe Finance BV Reg S | ||||||||
2.00%, 02/23/26 | EUR | 100 | 121,115 | |||||
3.00%, 10/23/29 | EUR | 100 | 125,405 | |||||
ZF Finance GmbH Reg S | ||||||||
3.00%, 09/21/25 | EUR | 100 | 126,376 | |||||
3.75%, 09/21/28 | EUR | 100 | 131,304 | |||||
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | USD | 175 | 190,221 | |||||
ZF North America Capital, Inc. Reg S 2.75%, 04/27/23 | EUR | 100 | 123,730 | |||||
6,849,830 | ||||||||
Ghana: 0.2% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 | USD | 100 | 97,841 | |||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 100 | 86,880 | |||||
184,721 | ||||||||
Greece: 0.8% | ||||||||
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 119,462 | |||||
Crystal Almond SARL Reg S 4.25%, 10/15/24 | EUR | 100 | 121,354 | |||||
Ellaktor Value Plc Reg S 6.38%, 12/15/24 | EUR | 100 | 113,901 | |||||
Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24 | EUR | 200 | 146,976 | |||||
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | EUR | 100 | 122,517 | |||||
National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | 122,815 | |||||
Public Power Corp. SA Reg S 3.88%, 03/30/26 | EUR | 100 | 123,840 | |||||
870,865 | ||||||||
Guatamala: 0.2% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | USD | 100 | 103,895 | |||||
Central American Bottling Corp. 144A 5.75%, 01/31/27 | USD | 100 | 104,350 | |||||
208,245 | ||||||||
Hong Kong: 1.5% | ||||||||
Agile Group Holdings Ltd. Reg S | ||||||||
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o) | USD | 200 | 189,589 | |||||
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o) | USD | 200 | 194,421 | |||||
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o) | USD | 250 | 270,238 | |||||
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28 | USD | 200 | 207,232 | |||||
Melco Resorts Finance Ltd. 144A | ||||||||
4.88%, 06/06/25 | USD | 100 | 101,937 | |||||
5.38%, 12/04/29 † | USD | 100 | 103,562 | |||||
5.62%, 07/17/27 | USD | 100 | 103,944 | |||||
5.75%, 07/21/28 | USD | 100 | 103,822 | |||||
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 200 | 197,515 | |||||
Studio City Finance Ltd. 144A | ||||||||
5.00%, 01/15/29 | USD | 100 | 98,666 | |||||
6.50%, 01/15/28 | USD | 100 | 105,120 | |||||
1,676,046 | ||||||||
Hungary: 0.1% | ||||||||
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 122,309 | |||||
India: 2.1% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | USD | 250 | 267,061 | |||||
Canara Bank Reg S 3.88%, 03/28/24 | USD | 200 | 210,502 | |||||
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 † | USD | 100 | 97,410 | |||||
GMR Hyderabad International Airport Ltd. 144A 4.75%, 02/02/26 | USD | 200 | 203,328 | |||||
Jaguar Land Rover Automotive Plc Reg S | ||||||||
2.20%, 01/15/24 | EUR | 100 | 117,210 | |||||
3.88%, 03/01/23 | GBP | 125 | 176,296 | |||||
6.88%, 11/15/26 | EUR | 100 | 135,973 | |||||
JSW Steel Ltd. Reg S 5.95%, 04/18/24 | USD | 200 | 210,797 | |||||
Muthoot Finance Ltd. 144A 4.40%, 09/02/23 | USD | 100 | 102,262 | |||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o) | USD | 100 | 105,123 | |||||
ReNew Power Synthetic 144A 6.67%, 03/12/24 | USD | 100 | 104,693 | |||||
Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 | USD | 200 | 199,650 | |||||
Tata Motors Ltd. Reg S 5.75%, 10/30/24 | USD | 200 | 210,060 | |||||
Vedanta Resources Finance II Plc 144A | ||||||||
9.25%, 04/23/26 | USD | 100 | 82,117 | |||||
13.88%, 01/21/24 | USD | 100 | 105,485 | |||||
Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | USD | 150 | 120,195 | |||||
2,448,162 | ||||||||
Indonesia: 0.8% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 | USD | 100 | 101,792 | |||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) | USD | 150 | 1,969 | |||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | USD | 200 | 205,648 | |||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | USD | 100 | 99,973 | |||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | USD | 200 | 207,363 | |||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | USD | 100 | 92,095 | |||||
Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26 | USD | 200 | 187,772 | |||||
896,612 | ||||||||
Ireland: 1.1% | ||||||||
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 150 | 161,345 | |||||
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 122,140 | |||||
Bank of Ireland Group Plc Reg S | ||||||||
3.12% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/27 | GBP | 100 | 141,484 | |||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.50%), 09/19/27 | USD | 200 | 204,700 | |||||
C&W Senior Financing DAC 144A 6.88%, 09/15/27 † | USD | 200 | 212,450 | |||||
Cimpress Plc 144A 7.00%, 06/15/26 | USD | 100 | 105,325 | |||||
Permanent TSB Group Holdings Plc Reg S 2.12% (EUR Swap Annual 1 Year+2.55%), 09/26/24 | EUR | 100 | 121,546 | |||||
Uralkali OJSC Via Uralkali Finance DAC 144A 4.00%, 10/22/24 | USD | 100 | 104,662 | |||||
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | GBP | 100 | 141,788 | |||||
1,315,440 | ||||||||
Israel: 1.8% | ||||||||
Leviathan Bond Ltd. 144A Reg S | ||||||||
5.75%, 06/30/23 | USD | 50 | 52,199 | |||||
6.12%, 06/30/25 | USD | 50 | 54,559 | |||||
6.50%, 06/30/27 | USD | 50 | 55,284 | |||||
6.75%, 06/30/30 | USD | 50 | 56,293 | |||||
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 | USD | 100 | 100,750 | |||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | USD | 100 | 110,383 | |||||
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | EUR | 100 | 129,614 | |||||
Teva Pharmaceutical Finance Netherlands II BV Reg S | ||||||||
1.12%, 10/15/24 | EUR | 100 | 112,636 | |||||
1.25%, 03/31/23 | EUR | 100 | 116,862 | |||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
2.80%, 07/21/23 | USD | 300 | 296,925 | |||||
3.15%, 10/01/26 | USD | 350 | 336,298 | |||||
4.10%, 10/01/46 | USD | 225 | 198,960 | |||||
6.00%, 04/15/24 | USD | 150 | 157,781 | |||||
6.75%, 03/01/28 † | USD | 150 | 166,312 | |||||
7.12%, 01/31/25 | USD | 150 | 164,918 | |||||
2,109,774 | ||||||||
Italy: 8.0% | ||||||||
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/25 (o) | EUR | 200 | 246,966 | |||||
Assicurazioni Generali SpA Reg S | ||||||||
4.60% (Euribor 3 Month ACT/360+4.50%), 11/21/25 (o) | EUR | 125 | 167,662 | |||||
6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/16/26 (o) | GBP | 50 | 80,905 | |||||
Atlantia SpA Reg S | ||||||||
1.62%, 02/03/25 | EUR | 100 | 121,983 | |||||
1.88%, 07/13/27 | EUR | 100 | 123,480 | |||||
1.88%, 02/12/28 | EUR | 100 | 122,814 | |||||
Autostrade per l’Italia SpA | ||||||||
1.62%, 06/12/23 | EUR | 100 | 121,006 | |||||
5.88%, 06/09/24 | EUR | 100 | 136,916 | |||||
Autostrade per l’Italia SpA Reg S | ||||||||
1.75%, 06/26/26 | EUR | 100 | 123,389 | |||||
1.75%, 02/01/27 | EUR | 125 | 153,859 | |||||
1.88%, 09/26/29 | EUR | 100 | 123,501 | |||||
2.00%, 12/04/28 | EUR | 100 | 124,613 | |||||
4.38%, 09/16/25 | EUR | 50 | 68,357 | |||||
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 | EUR | 100 | 121,888 | |||||
Banca IFIS SpA Reg S 4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27 | EUR | 100 | 120,382 | |||||
Banca Monte dei Paschi di Siena SpA Reg S | ||||||||
3.62%, 09/24/24 | EUR | 150 | 187,909 | |||||
5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28 † | EUR | 100 | 97,708 | |||||
Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24 | EUR | 100 | 124,513 | |||||
Banco BPM SpA Reg S | ||||||||
1.75%, 04/24/23 | EUR | 100 | 122,055 | |||||
1.75%, 01/28/25 | EUR | 100 | 123,595 | |||||
2.50%, 06/21/24 | EUR | 100 | 125,931 | |||||
4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27 | EUR | 100 | 123,151 | |||||
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 120,277 | |||||
Esselunga SpA Reg S 0.88%, 10/25/23 | EUR | 100 | 120,724 | |||||
Iccrea Banca SpA Reg S 1.50%, 10/11/22 | EUR | 100 | 120,536 | |||||
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 | EUR | 100 | 119,469 | |||||
Infrastrutture Wireless Italiane SpA Reg S | ||||||||
1.62%, 10/21/28 | EUR | 100 | 122,153 | |||||
1.88%, 07/08/26 | EUR | 100 | 124,329 | |||||
International Design Group SPA Reg S 6.50%, 11/15/25 | EUR | 100 | 123,910 | |||||
Intesa Sanpaolo SpA 144A | ||||||||
4.95%, 06/01/42 | USD | 50 | 52,109 | |||||
5.02%, 06/26/24 | USD | 125 | 135,677 | |||||
5.71%, 01/15/26 | USD | 75 | 84,759 | |||||
Intesa Sanpaolo SpA Reg S | ||||||||
2.85%, 04/23/25 | EUR | 100 | 127,793 | |||||
3.93%, 09/15/26 | EUR | 100 | 134,305 | |||||
4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27 | EUR | 150 | 186,299 | |||||
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 133,084 | |||||
6.62%, 09/13/23 | EUR | 200 | 267,919 | |||||
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o) | EUR | 100 | 130,911 | |||||
Leonardo SpA 4.88%, 03/24/25 | EUR | 50 | 68,086 | |||||
Leonardo SpA Reg S 1.50%, 06/07/24 | EUR | 100 | 122,208 | |||||
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/25 (o) | EUR | 100 | 123,130 | |||||
Saipem Finance International BV Reg S 3.75%, 09/08/23 | EUR | 150 | 186,960 | |||||
Societa Cattolica Di Assicurazione SPA Reg S | ||||||||
4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 | EUR | 100 | 134,662 | |||||
Telecom Italia Finance SA 7.75%, 01/24/33 | EUR | 100 | 175,477 | |||||
Telecom Italia SpA 5.25%, 03/17/55 | EUR | 100 | 147,462 | |||||
Telecom Italia SpA/ Milano 5.88%, 05/19/23 | GBP | 100 | 150,360 | |||||
Telecom Italia SpA/ Milano 144A 5.30%, 05/30/24 | USD | 100 | 108,566 | |||||
Telecom Italia SpA/ Milano Reg S | ||||||||
1.62%, 01/18/29 | EUR | 100 | 117,075 | |||||
2.38%, 10/12/27 | EUR | 100 | 123,914 | |||||
2.50%, 07/19/23 | EUR | 100 | 123,591 | |||||
2.75%, 04/15/25 | EUR | 100 | 125,319 | |||||
2.88%, 01/28/26 | EUR | 200 | 252,722 | |||||
3.00%, 09/30/25 | EUR | 100 | 127,100 | |||||
3.25%, 01/16/23 | EUR | 100 | 124,050 | |||||
3.62%, 05/25/26 | EUR | 150 | 198,209 | |||||
4.00%, 04/11/24 | EUR | 200 | 255,973 | |||||
UniCredit SpA 144A 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 100 | 110,596 | |||||
UniCredit SpA Reg S | ||||||||
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 239,978 | |||||
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 244,317 | |||||
6.95%, 10/31/22 | EUR | 300 | 386,057 | |||||
Unipol Gruppo SpA Reg S 3.00%, 03/18/25 | EUR | 200 | 257,165 | |||||
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o) | EUR | 100 | 131,035 | |||||
Webuild SpA Reg S 1.75%, 10/26/24 | EUR | 100 | 118,837 | |||||
9,119,686 | ||||||||
Japan: 1.9% | ||||||||
Rakuten Group, Inc. 144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 04/22/26 (o) | USD | 150 | 151,031 | |||||
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/31 (o) | USD | 150 | 155,332 | |||||
SoftBank Group Corp. Reg S | ||||||||
3.12%, 09/19/25 | EUR | 100 | 120,461 | |||||
4.00%, 04/20/23 | EUR | 100 | 122,425 | |||||
4.00%, 09/19/29 | EUR | 100 | 121,197 | |||||
4.75%, 09/19/24 | USD | 200 | 208,264 | |||||
4.75%, 07/30/25 | EUR | 100 | 127,979 | |||||
5.00%, 04/15/28 | EUR | 100 | 129,555 | |||||
5.12%, 09/19/27 | USD | 200 | 206,986 | |||||
6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (o) | USD | 250 | 251,425 | |||||
6.25%, 04/15/28 | USD | 350 | 382,483 | |||||
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (o) | USD | 200 | 206,040 | |||||
2,183,178 | ||||||||
Jersey, Channel Islands: 0.4% | ||||||||
eG Global Finance Plc 144A 6.75%, 02/07/25 | USD | 200 | 205,252 | |||||
eG Global Finance Plc Reg S 4.38%, 02/07/25 | EUR | 100 | 116,935 | |||||
Very Group Funding Plc Reg S 7.75%, 11/15/22 | GBP | 100 | 141,871 | |||||
464,058 | ||||||||
Kazakhstan: 0.4% | ||||||||
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | USD | 100 | 139,500 | |||||
KazMunayGas National Co. JSC 144A | ||||||||
4.75%, 04/19/27 | USD | 100 | 114,070 | |||||
5.75%, 04/19/47 | USD | 125 | 156,005 | |||||
409,575 | ||||||||
Kuwait: 0.2% | ||||||||
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 | USD | 200 | 196,684 | |||||
Liechtenstein: 0.1% | ||||||||
Louis Dreyfus Co. BV Reg S 2.38%, 11/27/25 | EUR | 100 | 126,241 | |||||
Luxembourg: 5.2% | ||||||||
ADLER Group SA Reg S 2.25%, 01/14/29 | EUR | 100 | 112,580 | |||||
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 | USD | 75 | 83,709 | |||||
Altice Financing SA 144A | ||||||||
5.00%, 01/15/28 | USD | 250 | 245,941 | |||||
7.50%, 05/15/26 | USD | 200 | 208,304 | |||||
Altice Finco SA Reg S 4.75%, 01/15/28 | EUR | 100 | 116,651 | |||||
Altice France Holding SA 144A 10.50%, 05/15/27 | USD | 50 | 55,066 | |||||
Altice France Holding SA Reg S | ||||||||
4.00%, 02/15/28 | EUR | 100 | 114,695 | |||||
8.00%, 05/15/27 | EUR | 100 | 127,550 | |||||
Altice France SA 144A | ||||||||
5.50%, 01/15/28 | USD | 100 | 102,636 | |||||
7.38%, 05/01/26 | USD | 250 | 260,313 | |||||
8.12%, 02/01/27 | USD | 300 | 325,214 | |||||
Altice France SA Reg S 3.38%, 01/15/28 | EUR | 100 | 116,888 | |||||
ArcelorMittal SA | ||||||||
7.00%, 03/01/41 | USD | 25 | 35,920 | |||||
7.25%, 10/15/39 | USD | 50 | 73,126 | |||||
ArcelorMittal SA Reg S | ||||||||
0.95%, 01/17/23 | EUR | 100 | 120,112 | |||||
1.00%, 05/19/23 | EUR | 100 | 120,613 | |||||
1.75%, 11/19/25 | EUR | 200 | 251,328 | |||||
ARD Finance SA Reg S 5.00%, 06/30/27 | EUR | 200 | 244,298 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
4.12%, 08/15/26 | USD | 150 | 155,068 | |||||
5.25%, 08/15/27 | USD | 125 | 127,798 | |||||
6.00%, 02/15/25 | USD | 100 | 103,350 | |||||
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 | EUR | 175 | 208,180 | |||||
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 | EUR | 100 | 110,445 | |||||
Centurion Bidco SpA Reg S 5.88%, 09/30/26 | EUR | 100 | 124,036 | |||||
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | EUR | 100 | 119,706 | |||||
CSN Resources SA 144A 4.62%, 06/10/31 | USD | 100 | 103,585 | |||||
Energean Israel Finance Ltd. 144A Reg S | ||||||||
4.50%, 03/30/24 | USD | 60 | 61,198 | |||||
4.88%, 03/30/26 | USD | 60 | 61,474 | |||||
5.38%, 03/30/28 | USD | 60 | 61,475 | |||||
5.88%, 03/30/31 | USD | 60 | 61,646 | |||||
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/25 (o) | EUR | 100 | 126,212 | |||||
Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26 | GBP | 100 | 146,608 | |||||
Herens Midco Sarl Reg S 5.25%, 05/15/29 | EUR | 100 | 115,011 | |||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 50 | 50,364 | |||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | USD | 200 | 207,940 | |||||
Millicom International Cellular SA 144A 4.50%, 04/27/31 † | USD | 100 | 104,137 | |||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 | USD | 125 | 122,969 | |||||
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 | EUR | 200 | 237,605 | |||||
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 | USD | 100 | 103,010 | |||||
Rossini Sarl Reg S 6.75%, 10/30/25 | EUR | 100 | 124,059 | |||||
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 01/29/24 (o) | EUR | 100 | 129,859 | |||||
Sisal Group SpA Reg S 7.00%, 07/31/23 | EUR | 69 | 81,891 | |||||
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 | EUR | 100 | 124,357 | |||||
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | EUR | 100 | 124,266 | |||||
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | USD | 200 | 211,460 | |||||
6,022,653 | ||||||||
Mauritius: 0.3% | ||||||||
HTA Group Ltd./ Mauritius 144A 7.00%, 12/18/25 | USD | 100 | 106,139 | |||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | USD | 200 | 215,000 | |||||
321,139 | ||||||||
Mexico: 4.0% | ||||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 82 | 85,241 | |||||
Cemex SAB de CV 144A | ||||||||
3.88%, 07/11/31 | USD | 200 | 207,463 | |||||
5.20%, 09/17/30 | USD | 100 | 109,722 | |||||
5.45%, 11/19/29 | USD | 100 | 109,774 | |||||
7.38%, 06/05/27 | USD | 100 | 113,305 | |||||
Cemex SAB de CV Reg S 3.12%, 03/19/26 | EUR | 100 | 121,890 | |||||
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 † | USD | 100 | 92,581 | |||||
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o) | USD | 50 | 52,612 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 100 | 104,989 | |||||
Petróleos Mexicanos | ||||||||
3.50%, 01/30/23 | USD | 75 | 76,451 | |||||
4.25%, 01/15/25 | USD | 50 | 51,560 | |||||
4.50%, 01/23/26 † | USD | 75 | 76,084 | |||||
4.62%, 09/21/23 | USD | 50 | 52,157 | |||||
4.88%, 01/18/24 | USD | 50 | 52,496 | |||||
5.35%, 02/12/28 | USD | 125 | 123,344 | |||||
5.50%, 06/27/44 | USD | 50 | 41,139 | |||||
5.62%, 01/23/46 † | USD | 50 | 41,136 | |||||
5.95%, 01/28/31 | USD | 200 | 196,850 | |||||
6.35%, 02/12/48 | USD | 150 | 128,417 | |||||
6.38%, 01/23/45 | USD | 75 | 64,654 | |||||
6.49%, 01/23/27 | USD | 100 | 106,345 | |||||
6.50%, 03/13/27 | USD | 275 | 291,569 | |||||
6.50%, 01/23/29 | USD | 100 | 103,989 | |||||
6.50%, 06/02/41 † | USD | 75 | 68,030 | |||||
6.62%, 06/15/35 | USD | 150 | 145,184 | |||||
6.62%, 06/15/38 | USD | 25 | 23,166 | |||||
6.75%, 09/21/47 | USD | 300 | 268,602 | |||||
6.84%, 01/23/30 | USD | 200 | 208,890 | |||||
6.88%, 08/04/26 | USD | 150 | 165,274 | |||||
6.95%, 01/28/60 | USD | 200 | 179,740 | |||||
7.69%, 01/23/50 † | USD | 375 | 364,969 | |||||
Petróleos Mexicanos 144A 6.88%, 10/16/25 | USD | 75 | 82,683 | |||||
Petroleos Mexicanos Reg S | ||||||||
2.75%, 04/21/27 | EUR | 100 | 109,925 | |||||
3.75%, 02/21/24 | EUR | 100 | 121,335 | |||||
4.75%, 02/26/29 | EUR | 100 | 116,185 | |||||
4.88%, 02/21/28 | EUR | 100 | 118,731 | |||||
5.50%, 02/24/25 | EUR | 50 | 64,379 | |||||
Unifin Financiera SAB de CV 144A | ||||||||
7.00%, 01/15/25 | USD | 100 | 96,590 | |||||
7.25%, 09/27/23 | USD | 100 | 99,724 | |||||
4,637,175 | ||||||||
Morocco: 0.2% | ||||||||
OCP SA 144A | ||||||||
5.62%, 04/25/24 | USD | 150 | 165,469 | |||||
6.88%, 04/25/44 | USD | 100 | 123,362 | |||||
288,831 | ||||||||
Netherlands: 2.5% | ||||||||
Athora Netherlands NV Reg S 2.25% (EUR Swap Annual 5 Year+2.60%), 07/15/31 | EUR | 100 | 120,320 | |||||
ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 06/03/25 (o) | EUR | 100 | 129,135 | |||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 100 | 100,979 | |||||
Intertrust Group BV Reg S 3.38%, 11/15/25 | EUR | 100 | 121,384 | |||||
Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73 | USD | 125 | 135,312 | |||||
Lincoln Financing SARL Reg S 3.62%, 04/01/24 | EUR | 150 | 179,817 | |||||
OCI NV Reg S 3.12%, 11/01/24 | EUR | 200 | 242,021 | |||||
Petrobras Global Finance BV 5.50%, 06/10/51 | USD | 150 | 147,729 | |||||
PPF Telecom Group BV Reg S | ||||||||
3.12%, 03/27/26 | EUR | 100 | 127,390 | |||||
3.50%, 05/20/24 | EUR | 100 | 126,777 | |||||
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 09/11/28 (o) | EUR | 100 | 132,078 | |||||
Selecta Group BV Reg S 8.00%, 04/01/26 | EUR | 50 | 59,628 | |||||
Tecpetrol SA 144A 4.88%, 12/12/22 | USD | 55 | 55,083 | |||||
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o) | EUR | 100 | 117,121 | |||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o) | EUR | 175 | 219,503 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 | USD | 100 | 102,140 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o) | EUR | 100 | 117,679 | |||||
Ziggo Bond Co. BV 144A | ||||||||
5.12%, 02/28/30 | USD | 50 | 51,551 | |||||
6.00%, 01/15/27 | USD | 50 | 52,187 | |||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | EUR | 125 | 147,784 | |||||
Ziggo BV 144A | ||||||||
4.88%, 01/15/30 | USD | 100 | 103,470 | |||||
5.50%, 01/15/27 | USD | 200 | 207,619 | |||||
Ziggo BV Reg S 4.25%, 01/15/27 | EUR | 80 | 98,117 | |||||
2,894,824 | ||||||||
Nigeria: 0.1% | ||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 100 | 104,218 | |||||
Norway: 0.2% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 | EUR | 100 | 121,503 | |||||
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/24 (o) | EUR | 100 | 123,372 | |||||
244,875 | ||||||||
Oman: 0.6% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | USD | 200 | 206,699 | |||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 225 | 225,421 | |||||
OQ SAOC 144A 5.12%, 05/06/28 | USD | 100 | 100,479 | |||||
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23 | USD | 200 | 212,465 | |||||
745,064 | ||||||||
Panama: 0.3% | ||||||||
Aeropuerto Internacional de Tocumen SA 144A 6.00%, 11/18/48 | USD | 99 | 115,341 | |||||
Banistmo SA 144A 4.25%, 07/31/27 | USD | 100 | 102,960 | |||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | USD | 100 | 106,124 | |||||
324,425 | ||||||||
Peru: 0.2% | ||||||||
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 75 | 79,094 | |||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 † | USD | 25 | 27,000 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 100 | 77,232 | |||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | USD | 100 | 96,847 | |||||
280,173 | ||||||||
Poland: 0.1% | ||||||||
CANPACK SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27 | EUR | 100 | 122,130 | |||||
Portugal: 0.4% | ||||||||
Banco Comercial Portugues SA Reg S 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 | EUR | 100 | 120,308 | |||||
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 | EUR | 100 | 130,056 | |||||
EDP - Energias de Portugal SA Reg S 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | 259,415 | |||||
509,779 | ||||||||
Romania: 0.1% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 | EUR | 100 | 118,534 | |||||
Russia: 1.6% | ||||||||
Evraz Plc 144A 5.38%, 03/20/23 | USD | 200 | 211,798 | |||||
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o) | USD | 200 | 209,015 | |||||
Gtlk Europe Capital DAC Reg S 4.65%, 03/10/27 | USD | 200 | 210,564 | |||||
GTLK Europe DAC Reg S 5.12%, 05/31/24 | USD | 200 | 213,702 | |||||
Polyus Finance Plc 144A 5.25%, 02/07/23 | USD | 100 | 106,000 | |||||
Sberbank of Russia Via SB Capital SA 144A 5.12%, 10/29/22 | USD | 250 | 261,251 | |||||
VEON Holdings BV 144A | ||||||||
3.38%, 11/25/27 | USD | 100 | 101,034 | |||||
4.00%, 04/09/25 | USD | 100 | 105,491 | |||||
4.95%, 06/16/24 | USD | 100 | 107,954 | |||||
7.25%, 04/26/23 | USD | 100 | 107,980 | |||||
VTB Bank OJSC Via VTB Capital SA 144A 6.95%, 10/17/22 | USD | 200 | 211,154 | |||||
1,845,943 | ||||||||
Saudi Arabia: 0.4% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | USD | 200 | 207,940 | |||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23 | USD | 200 | 208,335 | |||||
416,275 | ||||||||
Singapore: 1.0% | ||||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 05/17/26 (o) | USD | 200 | 199,036 | |||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | USD | 200 | 202,366 | |||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | USD | 100 | 102,360 | |||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | USD | 100 | 106,182 | |||||
Puma International Financing SA 144A 5.00%, 01/24/26 | USD | 250 | 250,925 | |||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 89 | 100,748 | |||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | USD | 200 | 207,500 | |||||
1,169,117 | ||||||||
South Africa: 1.0% | ||||||||
Eskom Holdings SOC Ltd. 144A | ||||||||
6.75%, 08/06/23 | USD | 100 | 104,452 | |||||
7.12%, 02/11/25 | USD | 100 | 105,360 | |||||
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24 | USD | 100 | 108,658 | |||||
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 | USD | 138 | 443 | |||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 | USD | 150 | 159,057 | |||||
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26 | EUR | 100 | 119,000 | |||||
Sasol Financing International Ltd. 4.50%, 11/14/22 † | USD | 100 | 102,525 | |||||
Sasol Financing USA LLC 5.88%, 03/27/24 | USD | 300 | 318,198 | |||||
Stillwater Mining Co. 144A 7.12%, 06/27/25 | USD | 100 | 103,705 | |||||
1,121,398 | ||||||||
South Korea: 0.1% | ||||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o) | USD | 100 | 104,000 | |||||
Spain: 3.1% | ||||||||
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | EUR | 100 | 129,678 | |||||
Abengoa SA 0.00%, 03/31/27(s) ^ | EUR | 100 | 594 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | EUR | 100 | 120,914 | |||||
Banco de Sabadell SA Reg S | ||||||||
1.75%, 05/10/24 | EUR | 100 | 123,316 | |||||
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | EUR | 100 | 129,914 | |||||
5.62%, 05/06/26 | EUR | 100 | 138,683 | |||||
BBVA Bancomer SA 144A 6.75%, 09/30/22 | USD | 150 | 159,153 | |||||
Cellnex Finance Co. SA Reg S | ||||||||
1.25%, 01/15/29 | EUR | 100 | 117,727 | |||||
1.50%, 06/08/28 | EUR | 100 | 120,655 | |||||
2.00%, 02/15/33 | EUR | 200 | 239,579 | |||||
Cellnex Telecom SA 1.88%, 06/26/29 | EUR | 100 | 122,670 | |||||
Cellnex Telecom SA Reg S | ||||||||
1.75%, 10/23/30 | EUR | 100 | 119,965 | |||||
2.38%, 01/16/24 | EUR | 100 | 124,611 | |||||
El Corte Ingles SA Reg S 3.00%, 03/15/24 | EUR | 100 | 120,205 | |||||
Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 02/14/23 (o) | EUR | 100 | 119,403 | |||||
Grifols SA Reg S | ||||||||
2.25%, 11/15/27 | EUR | 100 | 120,976 | |||||
3.20%, 05/01/25 | EUR | 100 | 119,724 | |||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | 118,674 | |||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | EUR | 100 | 122,163 | |||||
Naturgy Finance BV Reg S 4.12% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o) | EUR | 100 | 124,559 | |||||
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 | EUR | 225 | 292,908 | |||||
Telefonica Europe BV Reg S | ||||||||
2.62% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o) | EUR | 100 | 121,678 | |||||
3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o) | EUR | 100 | 123,005 | |||||
3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o) | EUR | 100 | 129,256 | |||||
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/24 (o) | EUR | 200 | 259,667 | |||||
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (o) | EUR | 100 | 132,839 | |||||
3,552,516 | ||||||||
Sweden: 0.9% | ||||||||
Dometic Group AB Reg S 3.00%, 05/08/26 | EUR | 100 | 126,397 | |||||
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 | EUR | 100 | 118,407 | |||||
Heimstaden Bostad AB Reg S 3.38% (EUR Swap Annual 5 Year+3.91%), 01/15/26 (o) | EUR | 100 | 123,468 | |||||
Intrum AB Reg S | ||||||||
3.00%, 09/15/27 | EUR | 100 | 117,246 | |||||
3.12%, 07/15/24 | EUR | 200 | 238,929 | |||||
Norican A/S Reg S | ||||||||
4.50%, 05/15/23 | EUR | 100 | 116,291 | |||||
2.62% (EUR Swap Annual 5 Year+2.81%), 01/30/25 (o) | EUR | 100 | 120,325 | |||||
Stena AB 144A 7.00%, 02/01/24 † | USD | 100 | 105,143 | |||||
1,066,206 | ||||||||
Switzerland: 0.6% | ||||||||
Consolidated Energy Finance SA 144A 6.88%, 06/15/25 | USD | 75 | 76,394 | |||||
Dufry One BV Reg S 2.50%, 10/15/24 | EUR | 225 | 264,652 | |||||
Holcim Finance Luxembourg SA Reg S 3.00% (EUR Swap Annual 5 Year+3.07%), 04/05/24 (o) | EUR | 100 | 124,502 | |||||
Peach Property Finance GmbH Reg S 4.38%, 11/15/25 | EUR | 100 | 124,262 | |||||
Techem 2.00%, 07/15/25 | EUR | 100 | 118,207 | |||||
708,017 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc | ||||||||
5.12%, 08/01/22 | USD | 50 | 51,940 | |||||
6.50%, 04/15/40 | USD | 80 | 100,000 | |||||
151,940 | ||||||||
Thailand: 0.2% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 200 | 208,504 | |||||
Trinidad and Tobago: 0.2% | ||||||||
Trinidad Generation UnLtd. 144A 5.25%, 11/04/27 | USD | 100 | 102,859 | |||||
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | USD | 75 | 84,261 | |||||
187,120 | ||||||||
Turkey: 2.1% | ||||||||
Akbank TAS 144A | ||||||||
5.12%, 03/31/25 † | USD | 150 | 151,695 | |||||
6.80%, 02/06/26 | USD | 100 | 106,178 | |||||
Arcelik AS 144A 5.00%, 04/03/23 | USD | 100 | 103,934 | |||||
KOC Holding AS 144A 5.25%, 03/15/23 | USD | 200 | 207,472 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | USD | 100 | 99,133 | |||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | USD | 100 | 104,839 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | USD | 100 | 107,760 | |||||
Turkiye Garanti Bankasi AS 144A 5.25%, 09/13/22 | USD | 200 | 206,634 | |||||
Turkiye Is Bankasi AS 144A | ||||||||
6.00%, 10/24/22 | USD | 100 | 102,913 | |||||
6.12%, 04/25/24 | USD | 150 | 156,448 | |||||
7.85%, 12/10/23 | USD | 100 | 107,470 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 | USD | 100 | 102,317 | |||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 † | USD | 100 | 111,675 | |||||
Turkiye Vakiflar Bankasi TAO 144A | ||||||||
5.25%, 02/05/25 † | USD | 100 | 100,051 | |||||
5.75%, 01/30/23 | USD | 100 | 103,375 | |||||
6.00%, 11/01/22 | USD | 100 | 102,685 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 100 | 108,459 | |||||
Yapi ve Kredi Bankasi AS 144A | ||||||||
5.50%, 12/06/22 | USD | 100 | 102,625 | |||||
5.85%, 06/21/24 | USD | 50 | 51,645 | |||||
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 † | USD | 50 | 52,386 | |||||
8.25%, 10/15/24 | USD | 100 | 109,750 | |||||
2,399,444 | ||||||||
Ukraine: 0.4% | ||||||||
Metinvest BV 144A | ||||||||
7.75%, 04/23/23 | USD | 150 | 160,450 | |||||
8.50%, 04/23/26 | USD | 100 | 113,594 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 | EUR | 100 | 122,790 | |||||
Ukraine Railways Via Shortline Plc Reg S 9.88%, 09/15/21 | USD | 9 | 9,100 | |||||
405,934 | ||||||||
United Arab Emirates: 0.8% | ||||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o) | USD | 200 | 218,789 | |||||
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26 | USD | 200 | 207,395 | |||||
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o) | USD | 200 | 214,892 | |||||
MAF Global Securities Ltd. Reg S 5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o) | USD | 200 | 205,521 | |||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 | USD | 100 | 75,477 | |||||
922,074 | ||||||||
United Kingdom: 8.5% | ||||||||
Amigo Luxembourg SA Reg S 7.62%, 01/15/24 | GBP | 100 | 128,225 | |||||
Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26 | GBP | 100 | 151,761 | |||||
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 | GBP | 100 | 142,656 | |||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 | USD | 50 | 55,563 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | GBP | 200 | 277,896 | |||||
Bellis Finco Plc Reg S 4.00%, 02/16/27 | GBP | 100 | 138,861 | |||||
Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75 | GBP | 100 | 149,966 | |||||
Co.-Operative Group Ltd. Reg S 5.12%, 05/17/24 | GBP | 100 | 148,814 | |||||
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 | USD | 200 | 210,500 | |||||
Drax Finco Plc 144A 6.62%, 11/01/25 | USD | 100 | 103,125 | |||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | EUR | 100 | 123,320 | |||||
GKN Holdings Ltd. Reg S 4.62%, 05/12/32 | GBP | 100 | 154,508 | |||||
Heathrow Finance Plc Reg S 6.25%, 03/03/25 | GBP | 150 | 227,922 | |||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 | GBP | 100 | 136,081 | |||||
INEOS Group Holdings SA Reg S 5.38%, 08/01/24 | EUR | 200 | 237,716 | |||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | EUR | 200 | 234,788 | |||||
International Consolidated Airlines Group SA Reg S | ||||||||
0.50%, 07/04/23 | EUR | 100 | 115,280 | |||||
1.50%, 07/04/27 | EUR | 100 | 107,180 | |||||
Iqera Group SAS Reg S 4.25%, 09/30/24 | EUR | 100 | 118,962 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 | GBP | 100 | 143,957 | |||||
Ladbrokes Group Finance Plc Reg S 5.12%, 09/16/22 | GBP | 100 | 145,304 | |||||
Lloyds Banking Group Plc 144A | ||||||||
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o) | USD | 50 | 69,313 | |||||
6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o) | USD | 50 | 71,053 | |||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 | GBP | 150 | 234,626 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 † | USD | 200 | 203,773 | |||||
National Express Group Plc Reg S 4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/25 (o) | GBP | 100 | 144,770 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 | USD | 100 | 101,973 | |||||
Nexi SpA Reg S 1.75%, 10/31/24 | EUR | 300 | 365,078 | |||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 121,444 | |||||
5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 155,743 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | GBP | 100 | 141,541 | |||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 | EUR | 100 | 121,742 | |||||
Playtech Plc Reg S 3.75%, 10/12/23 | EUR | 100 | 120,359 | |||||
Rolls-Royce Plc Reg S | ||||||||
0.88%, 05/09/24 | EUR | 100 | 116,872 | |||||
1.62%, 05/09/28 | EUR | 200 | 220,783 | |||||
5.75%, 10/15/27 | GBP | 100 | 152,143 | |||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) † | USD | 100 | 137,750 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 | GBP | 100 | 144,346 | |||||
Summer BidCo BV Reg S 9.00%, 11/15/25 | EUR | 105 | 127,152 | |||||
TalkTalk Telecom Group Plc Reg S 3.88%, 02/20/25 | GBP | 100 | 136,807 | |||||
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28 | USD | 200 | 211,040 | |||||
Travis Perkins Plc Reg S 4.50%, 09/07/23 | GBP | 100 | 148,658 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 100 | 104,447 | |||||
United Group BV Reg S 4.88%, 07/01/24 | EUR | 100 | 120,062 | |||||
UPC Holding BV 144A 5.50%, 01/15/28 † | USD | 100 | 105,609 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 | USD | 200 | 188,767 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 | EUR | 100 | 121,308 | |||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 | USD | 150 | 152,813 | |||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 | USD | 100 | 106,963 | |||||
Virgin Media Secured Finance Plc Reg S | ||||||||
4.12%, 08/15/30 | GBP | 100 | 138,486 | |||||
4.25%, 01/15/30 | GBP | 100 | 139,470 | |||||
5.00%, 04/15/27 | GBP | 100 | 144,695 | |||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | USD | 200 | 198,516 | |||||
Vmed O2 UK Financing I Plc Reg S | ||||||||
3.25%, 01/31/31 | EUR | 100 | 120,142 | |||||
4.00%, 01/31/29 | GBP | 100 | 138,124 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 151,500 | |||||
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 250 | 310,788 | |||||
Vodafone Group Plc Reg S | ||||||||
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | EUR | 300 | 372,018 | |||||
4.88% (GBP Swap 5 Year+3.27%), 10/03/78 | GBP | 100 | 151,336 | |||||
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 222,014 | |||||
Weir Group Plc 144A 2.20%, 05/13/26 | USD | 100 | 101,184 | |||||
William Hill Plc Reg S 4.88%, 09/07/23 | GBP | 100 | 145,657 | |||||
9,733,250 | ||||||||
United States: 3.0% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 105,775 | |||||
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 | USD | 100 | 105,581 | |||||
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 | EUR | 150 | 180,321 | |||||
Constellium SE Reg S 4.25%, 02/15/26 | EUR | 100 | 120,688 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 | EUR | 100 | 115,048 | |||||
Empresa Electrica Guacolda SA 144A 4.56%, 04/30/25 | USD | 100 | 56,457 | |||||
Energia Group NI FinanceCo Plc/ Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 | EUR | 100 | 119,652 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 100 | 99,995 | |||||
Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40 | USD | 25 | 26,693 | |||||
Gamma Bidco SpA Reg S 6.25%, 07/15/25 | EUR | 100 | 124,840 | |||||
Garda World Security Corp. 144A 4.62%, 02/15/27 | USD | 100 | 100,500 | |||||
IPD 3 BV Reg S 5.50%, 12/01/25 | EUR | 100 | 123,554 | |||||
James Hardie International Finance DAC 144A 5.00%, 01/15/28 | USD | 50 | 53,170 | |||||
JBS USA Food Co. 144A | ||||||||
5.75%, 01/15/28 | USD | 100 | 105,550 | |||||
7.00%, 01/15/26 | USD | 100 | �� | 106,076 | ||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † | USD | 75 | 73,492 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | USD | 200 | 213,958 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 | USD | 200 | 207,770 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 100 | 99,306 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | USD | 50 | 51,697 | |||||
Q-Park Holding I BV Reg S 2.00%, 03/01/27 | EUR | 100 | 112,198 | |||||
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 | USD | 25 | 25,897 | |||||
Schenck Process Holding GmbH/Darmstadt Reg S 5.38%, 06/15/23 | EUR | 100 | 119,604 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 | EUR | 100 | 114,874 | |||||
Telesat Canada / Telesat LLC 144A | ||||||||
4.88%, 06/01/27 | USD | 50 | 45,787 | |||||
6.50%, 10/15/27 | USD | 50 | 42,500 | |||||
Verisure Holding AB Reg S | ||||||||
3.50%, 05/15/23 | EUR | 150 | 179,696 | |||||
3.88%, 07/15/26 | EUR | 150 | 183,018 | |||||
Wynn Macau Ltd. 144A | ||||||||
5.12%, 12/15/29 † | USD | 100 | 101,142 | |||||
5.50%, 01/15/26 | USD | 100 | 103,631 | |||||
5.50%, 10/01/27 | USD | 200 | 205,898 | |||||
3,424,368 | ||||||||
Zambia: 0.5% | ||||||||
First Quantum Minerals Ltd. 144A | ||||||||
6.88%, 03/01/26 | USD | 100 | 104,680 | |||||
6.88%, 10/15/27 | USD | 50 | 54,253 | |||||
7.25%, 04/01/23 | USD | 200 | 204,000 | |||||
7.50%, 04/01/25 | USD | 200 | 207,617 | |||||
570,550 | ||||||||
Total Corporate Bonds (Cost: $109,957,184) | 112,157,152 | |||||||
GOVERNMENT OBLIGATIONS: 0.2% | ||||||||
Turkey: 0.2% | ||||||||
Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
6.12%, 05/03/24 | USD | 100 | 104,268 | |||||
8.25%, 01/24/24 | USD | 100 | 109,115 | |||||
Total Government Obligations (Cost: $195,331) | 213,383 | |||||||
Number | ||||||||
of Shares | ||||||||
COMMON STOCK: 0.0% (Cost: $5,620) | ||||||||
Canada: 0.0% | ||||||||
Secure Energy Services, Inc. (CAD) | 1,259 | 4,256 | ||||||
Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $110,158,135) | 112,374,791 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3% (Cost: $2,659,532) | ||||||||
Money Market Fund: 2.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,659,532 | 2,659,532 | ||||||
Total Investments: 100.3% (Cost: $112,817,667) | 115,034,323 | |||||||
Liabilities in excess of other assets: (0.3)% | (374,008 | ) | ||||||
NET ASSETS: 100.0% | $ | 114,660,315 |
Definitions:
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound USD United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $3,861,654. |
(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 |
(d) | Security in default |
^ | Zero Coupon Bond |
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 $39,199,676, or 34.2% of net assets. |
Summary of Investments by Sector | % of | |||||||
Excluding Collateral for Securities Loaned | Investments | Value | ||||||
Basic Materials | 8.2 | % | $ | 9,188,391 | ||||
Consumer Cyclicals | 7.2 | 8,068,812 | ||||||
Consumer Non-Cyclicals | 3.2 | 3,619,759 | ||||||
Energy | 10.6 | 11,929,413 | ||||||
Financials | 33.1 | 37,233,293 | ||||||
Healthcare | 3.0 | 3,312,996 | ||||||
Industrials | 12.2 | 13,711,338 | ||||||
Real Estate | 5.8 | 6,563,081 | ||||||
Technology | 11.4 | 12,828,029 | ||||||
Utilities | 5.3 | 5,919,679 | ||||||
100.0 | % | $ | 112,374,791 |
VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
FLOATING RATE NOTES: 99.9% | ||||||||
Australia: 3.6% | ||||||||
ASB Bank Ltd. 144A 1.09% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 | $ | 1,175 | $ | 1,192,433 | ||||
Australia & New Zealand Banking Group Ltd. 144A | ||||||||
0.64% (ICE LIBOR USD 3 Month+0.49%), 11/21/22 | 725 | 729,760 | ||||||
0.86% (ICE LIBOR USD 3 Month+0.71%), 05/19/22 | 700 | 703,710 | ||||||
Commonwealth Bank of Australia 144A | ||||||||
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/16/23 | 1,225 | 1,236,888 | ||||||
0.83% (ICE LIBOR USD 3 Month+0.70%), 03/10/22 | 800 | 803,306 | ||||||
Macquarie Group Ltd. 144A | ||||||||
1.16% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 | 3,975 | 4,014,346 | ||||||
1.50% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | 3,375 | 3,432,270 | ||||||
National Australia Bank Ltd. 144A | ||||||||
0.53% (ICE LIBOR USD 3 Month+0.41%), 12/13/22 | 1,400 | 1,407,311 | ||||||
0.72% (ICE LIBOR USD 3 Month+0.60%), 04/12/23 | 1,125 | 1,134,933 | ||||||
0.87% (ICE LIBOR USD 3 Month+0.72%), 05/22/22 | 700 | 704,413 | ||||||
Westpac Banking Corp. | ||||||||
0.52% (ICE LIBOR USD 3 Month+0.39%), 01/13/23 | 1,675 | 1,684,258 | ||||||
0.69% (ICE LIBOR USD 3 Month+0.57%), 01/11/23 | 1,125 | 1,133,701 | ||||||
0.86% (ICE LIBOR USD 3 Month+0.71%), 06/28/22 † | 700 | 704,477 | ||||||
0.88% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 | 1,675 | 1,694,075 | ||||||
0.91% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 | 3,050 | 3,099,660 | ||||||
23,675,541 | ||||||||
Canada: 9.4% | ||||||||
Bank of Montreal | ||||||||
0.37% (United States Secured Overnight Financing Rate+0.32%), 07/09/24 | 3,350 | 3,354,470 | ||||||
0.39% (United States Secured Overnight Financing Rate+0.35%), 12/08/23 † | 3,675 | 3,690,795 | ||||||
0.72% (ICE LIBOR USD 3 Month+0.57%), 03/26/22 | 650 | 652,547 | ||||||
0.73% (United States Secured Overnight Financing Rate+0.68%), 03/10/23 | 3,350 | 3,379,664 | ||||||
Bank of Nova Scotia 0.77% (ICE LIBOR USD 3 Month+0.64%), 03/07/22 | 660 | 662,371 | ||||||
Bank of Nova Scotia/The | ||||||||
0.33% (United States Secured Overnight Financing Rate+0.28%), 06/23/23 | 1,625 | 1,626,389 | ||||||
0.50% (United States Secured Overnight Financing Rate+0.45%), 04/15/24 † | 3,975 | 3,995,686 | ||||||
0.60% (United States Secured Overnight Financing Rate+0.55%), 09/15/23 | 3,575 | 3,604,453 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
0.39% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 | 1,125 | 1,126,177 | ||||||
0.45% (United States Secured Overnight Financing Rate+0.40%), 12/14/23 | 3,650 | 3,656,261 | ||||||
0.78% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,100 | 1,113,691 | ||||||
0.84% (ICE LIBOR USD 3 Month+0.72%), 06/16/22 | 700 | 704,290 | ||||||
0.85% (United States Secured Overnight Financing Rate+0.80%), 03/17/23 | 2,800 | 2,829,141 | ||||||
Enbridge, Inc. | ||||||||
0.43% (United States Secured Overnight Financing Rate+0.40%), 02/17/23 | 1,125 | 1,127,573 | ||||||
0.66% (ICE LIBOR USD 3 Month+0.50%), 02/18/22 | 925 | 927,372 | ||||||
Federation des Caisses Desjardins du Quebec 144A 0.47% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 | 3,100 | 3,105,684 | ||||||
Rogers Communications, Inc. 0.73% (ICE LIBOR USD 3 Month+0.60%), 03/22/22 | 1,000 | 1,002,782 | ||||||
Royal Bank of Canada | ||||||||
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/19/24 | 4,267 | 4,273,683 | ||||||
0.49% (ICE LIBOR USD 3 Month+0.36%), 01/17/23 | 1,900 | 1,908,961 | ||||||
0.50% (United States Secured Overnight Financing Rate+0.45%), 10/26/23 | 6,075 | 6,126,247 | ||||||
0.60% (ICE LIBOR USD 3 Month+0.47%), 04/29/22 | 675 | 677,181 | ||||||
0.85% (ICE LIBOR USD 3 Month+0.73%), 02/01/22 | 600 | 602,293 | ||||||
Toronto-Dominion Bank 0.53% (United States Secured Overnight Financing Rate+0.48%), 01/27/23 | 2,225 | 2,236,638 | ||||||
Toronto-Dominion Bank/The | ||||||||
0.26% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 | 1,800 | 1,802,525 | ||||||
0.29% (United States Secured Overnight Financing Rate+0.24%), 01/06/23 | 1,350 | 1,351,677 | ||||||
0.40% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 4,575 | 4,583,629 | ||||||
0.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,125 | 1,132,413 | ||||||
61,254,593 | ||||||||
Cayman Islands: 0.6% | ||||||||
MassMutual Global Funding II 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 | 3,675 | 3,686,959 | ||||||
China: 0.9% | ||||||||
Tencent Holdings Ltd. 144A | ||||||||
0.74% (ICE LIBOR USD 3 Month+0.60%), 01/19/23 | 1,125 | 1,128,920 | ||||||
1.03% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 4,575 | 4,611,646 | ||||||
5,740,566 | ||||||||
France: 0.7% | ||||||||
BPCE SA 1.01% (ICE LIBOR USD 3 Month+0.88%), 05/31/22 | 925 | 931,580 | ||||||
BPCE SA 144A | ||||||||
0.48% (United States Secured Overnight Financing Rate+0.44%), 02/17/22 | 600 | 600,914 | ||||||
1.36% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,125 | 1,148,752 | ||||||
1.37% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 | 700 | 706,117 | ||||||
Credit Agricole SA 144A 1.15% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 | 1,140 | 1,156,372 | ||||||
4,543,735 | ||||||||
Germany: 2.0% | ||||||||
Bayer US Finance II LLC 144A 1.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 7,650 | 7,754,996 | ||||||
BMW Finance NV 144A 0.96% (ICE LIBOR USD 3 Month+0.79%), 08/12/22 | 675 | 680,389 | ||||||
Daimler Finance North America LLC 144A | ||||||||
1.03% (ICE LIBOR USD 3 Month+0.88%), 02/22/22 | 850 | 853,539 | ||||||
1.06% (ICE LIBOR USD 3 Month+0.90%), 02/15/22 | 1,950 | 1,959,094 | ||||||
Deutsche Bank AG 1.35% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 | 675 | 680,052 | ||||||
Siemens 0.73% (ICE LIBOR USD 3 Month+0.61%), 03/16/22 | 1,125 | 1,129,728 | ||||||
13,057,798 | ||||||||
Japan: 6.0% | ||||||||
American Honda Finance Corp. | ||||||||
0.61% (ICE LIBOR USD 3 Month+0.45%), 02/15/22 | 600 | 601,544 | ||||||
0.69% (ICE LIBOR USD 3 Month+0.54%), 06/27/22 | 700 | 703,167 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
0.83% (ICE LIBOR USD 3 Month+0.70%), 03/07/22 | 640 | 642,431 | ||||||
0.87% (ICE LIBOR USD 3 Month+0.74%), 03/02/23 | 1,675 | 1,690,326 | ||||||
0.92% (ICE LIBOR USD 3 Month+0.79%), 07/25/22 | 1,400 | 1,409,875 | ||||||
0.99% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 3,675 | 3,723,150 | ||||||
1.07% (ICE LIBOR USD 3 Month+0.92%), 02/22/22 | 575 | 577,851 | ||||||
Mizuho Financial Group, Inc. | ||||||||
0.78% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 6,700 | 6,736,789 | ||||||
0.92% (ICE LIBOR USD 3 Month+0.79%), 03/05/23 | 1,900 | 1,920,753 | ||||||
0.97% (ICE LIBOR USD 3 Month+0.84%), 07/16/23 | 1,100 | 1,106,933 | ||||||
0.97% (ICE LIBOR USD 3 Month+0.85%), 09/13/23 | 1,125 | 1,132,740 | ||||||
1.00% (ICE LIBOR USD 3 Month+0.88%), 09/11/22 | 1,600 | 1,614,117 | ||||||
1.07% (ICE LIBOR USD 3 Month+0.94%), 02/28/22 | 1,650 | 1,658,588 | ||||||
1.12% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 3,975 | 4,027,661 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
0.87% (ICE LIBOR USD 3 Month+0.74%), 10/18/22 | 675 | 680,292 | ||||||
0.87% (ICE LIBOR USD 3 Month+0.74%), 01/17/23 | 1,125 | 1,134,751 | ||||||
0.90% (ICE LIBOR USD 3 Month+0.78%), 07/12/22 | 700 | 704,190 | ||||||
0.93% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 5,193 | 5,263,460 | ||||||
0.99% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 † | 1,100 | 1,115,240 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.30% (ICE LIBOR USD 3 Month+0.15%), 02/14/22 | 925 | 925,715 | ||||||
0.35% (United States Secured Overnight Financing Rate+0.30%), 06/13/22 † | 1,050 | 1,051,165 | ||||||
0.61% (ICE LIBOR USD 3 Month+0.48%), 09/08/22 | 850 | 854,270 | ||||||
39,275,008 | ||||||||
Netherlands: 2.5% | ||||||||
Cooperatieve Rabobank UA/NY 0.35% (United States Secured Overnight Financing Rate+0.30%), 01/12/24 | 4,575 | 4,585,916 | ||||||
ING Groep NV | ||||||||
1.15% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 † | 1,125 | 1,144,402 | ||||||
1.30% (ICE LIBOR USD 3 Month+1.15%), 03/29/22 | 1,290 | 1,299,835 | ||||||
Shell International Finance BV 0.56% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 | 3,100 | 3,121,917 | ||||||
Siemens 0.48% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 | 6,100 | 6,148,686 | ||||||
16,300,756 | ||||||||
Norway: 0.1% | ||||||||
DNB Bank ASA 144A 0.75% (ICE LIBOR USD 3 Month+0.62%), 12/02/22 | 925 | 931,402 | ||||||
Singapore: 0.1% | ||||||||
DBS Group Holdings Ltd. 144A 0.75% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 | 725 | 728,520 | ||||||
Spain: 0.5% | ||||||||
Banco Santander SA | ||||||||
1.24% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | 1,100 | 1,114,224 | ||||||
1.24% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,125 | 1,140,905 | ||||||
1.68% (ICE LIBOR USD 3 Month+1.56%), 04/11/22 | 675 | 681,527 | ||||||
2,936,656 | ||||||||
Sweden: 0.2% | ||||||||
Skandinaviska Enskilda Banken AB 144A 0.76% (ICE LIBOR USD 3 Month+0.65%), 12/12/22 | 725 | 730,616 | ||||||
Swedbank AB 144A 0.82% (ICE LIBOR USD 3 Month+0.70%), 03/14/22 | 650 | 652,375 | ||||||
1,382,991 | ||||||||
Switzerland: 3.4% | ||||||||
Credit Suisse AG 0.48% (United States Secured Overnight Financing Rate+0.45%), 02/04/22 | 2,625 | 2,629,090 | ||||||
Credit Suisse Group AG 144A | ||||||||
1.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | 3,050 | 3,086,832 | ||||||
1.36% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 4,575 | 4,647,673 | ||||||
UBS AG/London 144A 0.39% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 | 6,075 | 6,098,866 | ||||||
UBS Group AG 144A | ||||||||
1.11% (ICE LIBOR USD 3 Month+0.95%), 08/15/23 | 2,735 | 2,758,932 | ||||||
1.37% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | 2,225 | 2,245,372 | ||||||
1.66% (ICE LIBOR USD 3 Month+1.53%), 02/01/22 | 525 | 529,080 | ||||||
21,995,845 | ||||||||
United Kingdom: 6.9% | ||||||||
Barclays Plc | ||||||||
1.54% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 9,125 | 9,287,383 | ||||||
1.59% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | 1,700 | 1,711,304 | ||||||
1.74% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | 1,700 | 1,710,702 | ||||||
BAT Capital Corp. 1.04% (ICE LIBOR USD 3 Month+0.88%), 08/15/22 | 1,050 | 1,056,551 | ||||||
HSBC Holdings Plc | ||||||||
1.16% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 12,150 | 12,312,538 | ||||||
1.35% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 3,050 | 3,116,453 | ||||||
1.50% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 † | 4,575 | 4,723,631 | ||||||
Jackson National Life Global Funding 144A 0.65% (United States Secured Overnight Financing Rate+0.60%), 01/06/23 | 1,725 | 1,734,413 | ||||||
Reckitt Benckiser Treasury Services Plc 144A 0.69% (ICE LIBOR USD 3 Month+0.56%), 06/24/22 | 1,050 | 1,054,233 | ||||||
Standard Chartered Plc 144A | ||||||||
1.28% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | 1,300 | 1,305,933 | ||||||
1.30% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 3,075 | 3,104,691 | ||||||
1.33% (ICE LIBOR USD 3 Month+1.20%), 09/10/22 | 2,100 | 2,102,260 | ||||||
UBS AG/London 144A 0.36% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 † | 2,225 | 2,232,167 | ||||||
45,452,259 | ||||||||
United States: 63.0% | ||||||||
7-Eleven, Inc. 144A 0.61% (ICE LIBOR USD 3 Month+0.45%), 08/10/22 | 2,150 | 2,150,549 | ||||||
AbbVie, Inc. 0.80% (ICE LIBOR USD 3 Month+0.65%), 11/21/22 | 1,125 | 1,132,466 | ||||||
Air Lease Corp. 0.48% (ICE LIBOR USD 3 Month+0.35%), 12/15/22 | 1,375 | 1,376,680 | ||||||
American Electric Power Co., Inc. 0.61% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 | 3,700 | 3,702,730 | ||||||
American Express Co. | ||||||||
0.78% (ICE LIBOR USD 3 Month+0.62%), 05/20/22 | 1,250 | 1,255,404 | ||||||
0.87% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 | 1,125 | 1,138,337 | ||||||
American Honda Finance Corp. 0.30% (ICE LIBOR USD 3 Month+0.15%), 02/22/23 | 1,125 | 1,125,512 | ||||||
Apple, Inc. | ||||||||
0.51% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 | 1,050 | 1,053,416 | ||||||
0.66% (ICE LIBOR USD 3 Month+0.50%), 02/09/22 | 1,265 | 1,268,223 | ||||||
AT&T, Inc. | ||||||||
0.69% (United States Secured Overnight Financing Rate+0.64%), 03/25/24 | 4,575 | 4,586,030 | ||||||
1.30% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 9,825 | 10,075,507 | ||||||
Athene Global Funding 144A | ||||||||
0.74% (United States Secured Overnight Financing Rate+0.70%), 05/24/24 | 9,125 | 9,172,648 | ||||||
1.37% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 | 775 | 782,500 | ||||||
Atmos Energy Corp. 0.50% (ICE LIBOR USD 3 Month+0.38%), 03/09/23 | 2,450 | 2,450,692 | ||||||
Bank of America Corp. | ||||||||
0.54% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 7,600 | 7,611,400 | ||||||
0.74% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 3,675 | 3,708,161 | ||||||
0.78% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 3,050 | 3,072,617 | ||||||
0.92% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 9,125 | 9,206,473 | ||||||
0.95% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 9,125 | 9,254,534 | ||||||
1.10% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 † | 3,075 | 3,121,161 | ||||||
1.13% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | 3,350 | 3,371,737 | ||||||
1.29% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | 1,675 | 1,683,638 | ||||||
1.31% (ICE LIBOR USD 3 Month+1.18%), 10/21/22 | 675 | 676,768 | ||||||
Bank of New York Mellon Corp./The 1.18% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 | 4,650 | 4,707,609 | ||||||
Becton Dickinson and Co. 1.16% (ICE LIBOR USD 3 Month+1.03%), 06/06/22 | 725 | 730,666 | ||||||
BMW US Capital LLC 144A 0.58% (United States Secured Overnight Financing Rate+0.53%), 04/01/24 | 4,575 | 4,617,381 | ||||||
Caterpillar Financial Services Corp. | ||||||||
0.18% (United States Secured Overnight Financing Rate+0.15%), 11/17/22 | 1,400 | 1,400,601 | ||||||
0.28% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 3,075 | 3,079,088 | ||||||
CenterPoint Energy Resources Corp. 0.63% (ICE LIBOR USD 3 Month+0.50%), 03/02/23 | 2,250 | 2,250,567 | ||||||
CenterPoint Energy, Inc. 0.68% (United States Secured Overnight Financing Rate+0.65%), 05/13/24 | 4,275 | 4,280,714 | ||||||
Charles Schwab Corp./ The | ||||||||
0.55% (United States Secured Overnight Financing Rate+0.50%), 03/18/24 | 7,600 | 7,661,964 | ||||||
0.55% (United States Secured Overnight Financing Rate+0.52%), 05/13/26 | 3,050 | 3,076,983 | ||||||
Chevron USA, Inc. 0.36% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 | 1,125 | 1,128,457 | ||||||
Cigna Corp. 1.02% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 | 1,627 | 1,648,390 | ||||||
Citigroup, Inc. | ||||||||
0.70% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 3,200 | 2,820,612 | ||||||
0.72% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 | 3,075 | 3,090,322 | ||||||
0.90% (United States Secured Overnight Financing Rate+0.87%), 11/04/22 | 700 | 701,498 | ||||||
1.08% (ICE LIBOR USD 3 Month+0.95%), 07/24/23 | 1,700 | 1,712,728 | ||||||
1.09% (ICE LIBOR USD 3 Month+0.96%), 04/25/22 | 1,750 | 1,760,323 | ||||||
1.16% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 6,100 | 6,191,446 | ||||||
1.26% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 9,175 | 9,309,119 | ||||||
1.39% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 † | 3,975 | 4,094,044 | ||||||
1.56% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 4,475 | 4,533,469 | ||||||
Comcast Corp. 0.76% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 | 3,125 | 3,163,550 | ||||||
ConocoPhillips Co. 1.06% (ICE LIBOR USD 3 Month+0.90%), 05/15/22 | 725 | 729,573 | ||||||
Credit Suisse AG/New York NY 0.44% (United States Secured Overnight Financing Rate+0.39%), 02/02/24 | 6,075 | 6,079,910 | ||||||
Dominion Energy, Inc. 0.65% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 | 2,300 | 2,302,508 | ||||||
Duke Energy Corp. 0.30% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | 1,125 | 1,125,494 | ||||||
Duke Energy Progress LLC 0.34% (ICE LIBOR USD 3 Month+0.18%), 02/18/22 | 875 | 875,020 | ||||||
Equitable Financial Life Global Funding 144A 0.44% (United States Secured Overnight Financing Rate+0.39%), 04/06/23 | 1,475 | 1,480,142 | ||||||
Exxon Mobil Corp. | ||||||||
0.49% (ICE LIBOR USD 3 Month+0.33%), 08/16/22 | 1,050 | 1,053,454 | ||||||
0.50% (ICE LIBOR USD 3 Month+0.37%), 03/06/22 † | 650 | 651,612 | ||||||
Florida Power & Light Co. | ||||||||
0.28% (United States Secured Overnight Financing Rate+0.25%), 05/10/23 | 2,250 | 2,250,538 | ||||||
0.51% (ICE LIBOR USD 3 Month+0.38%), 07/28/23 | 2,850 | 2,850,140 | ||||||
General Electric Co. 0.56% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 | 5,725 | 5,653,466 | ||||||
General Motors Financial Co., Inc. | ||||||||
1.23% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 4,575 | 4,656,778 | ||||||
1.46% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | 675 | 681,265 | ||||||
Gilead Sciences, Inc. 0.67% (ICE LIBOR USD 3 Month+0.52%), 09/29/23 | 1,175 | 1,175,730 | ||||||
Goldman Sachs Group, Inc. | ||||||||
0.90% (ICE LIBOR USD 3 Month+0.75%), 02/23/23 | 5,850 | 5,902,320 | ||||||
0.91% (ICE LIBOR USD 3 Month+0.78%), 10/31/22 | 1,750 | 1,752,840 | ||||||
1.13% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 † | 1,675 | 1,687,320 | ||||||
1.18% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,675 | 1,686,886 | ||||||
1.33% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 9,150 | 9,398,362 | ||||||
1.74% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 10,950 | 11,285,062 | ||||||
1.88% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 6,125 | 6,470,679 | ||||||
Goldman Sachs Group, Inc./The | ||||||||
0.46% (United States Secured Overnight Financing Rate+0.41%), 01/27/23 | 1,700 | 1,701,132 | ||||||
0.57% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 † | 3,050 | 3,058,162 | ||||||
0.62% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 4,269 | 4,282,471 | ||||||
Hartford Financial Services Group, Inc. 144A 2.28% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | 2,975 | 2,881,915 | ||||||
Honeywell International, Inc. | ||||||||
0.38% (ICE LIBOR USD 3 Month+0.23%), 08/19/22 | 700 | 700,113 | ||||||
0.53% (ICE LIBOR USD 3 Month+0.37%), 08/08/22 | 850 | 853,672 | ||||||
Hyatt Hotels Corp. 3.13% (ICE LIBOR USD 3 Month+3.00%), 09/01/22 | 1,075 | 1,077,303 | ||||||
Intel Corp. 0.51% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 | 1,200 | 1,203,232 | ||||||
JPMorgan Chase & Co. | ||||||||
0.58% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 | 3,050 | 3,057,298 | ||||||
0.63% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 † | 7,625 | 7,673,888 | ||||||
0.63% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 3,050 | 3,058,554 | ||||||
0.87% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 3,050 | 3,078,724 | ||||||
0.94% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 | 3,050 | 3,093,675 | ||||||
0.97% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 3,050 | 3,090,100 | ||||||
1.03% (ICE LIBOR USD 3 Month+0.90%), 04/25/23 | 2,825 | 2,847,204 | ||||||
1.03% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 6,100 | 6,189,587 | ||||||
1.13% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | 1,125 | 1,130,207 | ||||||
1.36% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 12,150 | 12,318,155 | ||||||
LYB International Finance III LLC 1.14% (ICE LIBOR USD 3 Month+1.00%), 10/01/23 | 1,550 | 1,552,201 | ||||||
Met Tower Global Funding 144A 0.60% (United States Secured Overnight Financing Rate+0.55%), 01/17/23 | 1,125 | 1,132,445 | ||||||
Metropolitan Life Global Funding I 144A | ||||||||
0.37% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | 3,825 | 3,836,748 | ||||||
0.62% (United States Secured Overnight Financing Rate+0.57%), 01/13/23 | 2,225 | 2,240,251 | ||||||
Morgan Stanley | ||||||||
0.75% (United States Secured Overnight Financing Rate+0.70%), 01/20/23 | 5,550 | 5,565,674 | ||||||
1.38% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 10,650 | 10,840,150 | ||||||
1.53% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 12,900 | 13,092,749 | ||||||
MPLX LP 1.22% (ICE LIBOR USD 3 Month+1.10%), 09/09/22 | 1,475 | 1,475,984 | ||||||
New York Life Global Funding 144A | ||||||||
0.27% (United States Secured Overnight Financing Rate+0.22%), 02/02/23 | 1,800 | 1,803,069 | ||||||
0.40% (ICE LIBOR USD 3 Month+0.28%), 01/10/23 | 1,125 | 1,128,375 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
0.42% (ICE LIBOR USD 3 Month+0.27%), 02/22/23 | 3,675 | 3,675,517 | ||||||
0.58% (United States Secured Overnight Financing Rate+0.54%), 03/01/23 | 1,125 | 1,130,655 | ||||||
ONE Gas, Inc. 0.73% (ICE LIBOR USD 3 Month+0.61%), 03/11/23 | 1,850 | 1,850,718 | ||||||
Otis Worldwide Corp. 0.59% (ICE LIBOR USD 3 Month+0.45%), 04/05/23 | 1,125 | 1,125,084 | ||||||
Pacific Gas and Electric Co. 1.60% (ICE LIBOR USD 3 Month+1.48%), 06/16/22 | 725 | 725,378 | ||||||
PNC Bank NA | ||||||||
0.48% (ICE LIBOR USD 3 Month+0.33%), 02/24/23 | 2,250 | 2,254,129 | ||||||
0.55% (ICE LIBOR USD 3 Month+0.43%), 12/09/22 | 1,075 | 1,076,600 | ||||||
0.63% (ICE LIBOR USD 3 Month+0.50%), 07/27/22 | 725 | 728,372 | ||||||
PPL Electric Utilities Corp. 0.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 | 4,000 | 4,001,840 | ||||||
Public Storage 0.52% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 | 4,330 | 4,337,108 | ||||||
QUALCOMM, Inc. 0.86% (ICE LIBOR USD 3 Month+0.73%), 01/30/23 | 1,175 | 1,186,380 | ||||||
Toyota Motor Credit Corp. | ||||||||
0.27% (United States Secured Overnight Financing Rate+0.22%), 03/28/22 | 1,550 | 1,550,556 | ||||||
0.37% (United States Secured Overnight Financing Rate+0.32%), 04/06/23 | 1,675 | 1,679,966 | ||||||
0.38% (United States Secured Overnight Financing Rate+0.33%), 01/11/24 † | 4,575 | 4,595,553 | ||||||
0.39% (United States Secured Overnight Financing Rate+0.34%), 10/14/22 † | 850 | 852,424 | ||||||
Truist Bank | ||||||||
0.75% (ICE LIBOR USD 3 Month+0.59%), 05/17/22 | 925 | 929,067 | ||||||
0.78% (United States Secured Overnight Financing Rate+0.73%), 03/09/23 | 1,125 | 1,133,616 | ||||||
Truist Financial Corp. 0.45% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 | 6,100 | 6,107,856 | ||||||
TWDC Enterprises 18 Corp. 0.52% (ICE LIBOR USD 3 Month+0.39%), 03/04/22 | 670 | 671,630 | ||||||
United Parcel Service, Inc. 0.59% (ICE LIBOR USD 3 Month+0.45%), 04/01/23 | 1,175 | 1,181,835 | ||||||
US Bank NA | ||||||||
0.52% (ICE LIBOR USD 3 Month+0.40%), 12/09/22 | 850 | 854,650 | ||||||
0.59% (ICE LIBOR USD 3 Month+0.44%), 05/23/22 | 1,000 | 1,003,280 | ||||||
US Bank NA/Cincinnati OH | 2,250 | 2,252,140 | ||||||
Valero Energy Corp. 1.27% (ICE LIBOR USD 3 Month+1.15%), 09/15/23 | 1,325 | 1,326,516 | ||||||
Verizon Communications, Inc. | ||||||||
0.55% (United States Secured Overnight Financing Rate+0.50%), 03/22/24 | 4,575 | 4,607,296 | ||||||
0.84% (United States Secured Overnight Financing Rate+0.79%), 03/20/26 | 4,575 | 4,657,584 | ||||||
1.12% (ICE LIBOR USD 3 Month+1.00%), 03/16/22 | 1,473 | 1,481,813 | ||||||
1.26% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 † | 10,882 | 11,206,818 | ||||||
Walt Disney Co. 0.52% (ICE LIBOR USD 3 Month+0.39%), 09/01/22 | 700 | 702,740 | ||||||
Wells Fargo & Co. | ||||||||
1.24% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | 1,275 | 1,281,418 | ||||||
1.36% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 12,175 | 12,338,629 | ||||||
Wells Fargo Bank NA 0.78% (ICE LIBOR USD 3 Month+0.66%), 09/09/22 | 1,400 | 1,401,524 | ||||||
412,557,543 | ||||||||
Total Floating Rate Notes (Cost: $650,219,609) | 653,520,172 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $745,529) | ||||||||
Money Market Fund: 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 745,529 | 745,529 | ||||||
Total Investments: 100.0% (Cost: $650,965,138) | 654,265,701 | |||||||
Other assets less liabilities: 0.0% | 178,685 | |||||||
NET ASSETS: 100.0% | $ | 654,444,386 |
Definitions: | ||
USD | United States Dollar |
Footnotes: | ||
† | Security fully or partially on loan. Total market value of securities on loan is $4,499,488. | |
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 $115,200,554, or 17.6% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Consumer Cyclicals | 2.8 | % | $ | 18,000,871 | ||||
Consumer Non-Cyclicals | 2.7 | 17,692,766 | ||||||
Energy | 1.8 | 11,542,457 | ||||||
Financials | 76.0 | 496,986,642 | ||||||
Healthcare | 1.9 | 12,442,248 | ||||||
Industrials | 1.8 | 11,978,704 | ||||||
Real Estate | 0.7 | 4,337,108 | ||||||
Technology | 7.2 | 47,066,865 | ||||||
Utilities | 5.1 | 33,472,511 | ||||||
100.0 | % | $ | 653,520,172 |
VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 4.7% | ||||||||
Colombia: 0.0% | ||||||||
Empresas Públicas de Medellín ESP Reg S 7.62%, 09/10/24 | COP | 3,596,000 | $ | 942,026 | ||||
Germany: 0.0% | ||||||||
Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23 | ZAR | 8,300 | 592,142 | |||||
Kreditanstalt fuer Wiederaufbau Reg S 1.70%, 01/17/22 | PLN | 3,000 | 784,646 | |||||
1,376,788 | ||||||||
Mexico: 0.1% | ||||||||
Petróleos Mexicanos Reg S | ||||||||
7.19%, 09/12/24 | MXN | 28,330 | 1,364,143 | |||||
7.65%, 11/24/21 | MXN | 21,555 | 1,085,182 | |||||
2,449,325 | ||||||||
Philippines: 0.0% | ||||||||
Asian Development Bank 12.00%, 05/13/22 | TRY | 9,400 | 1,054,956 | |||||
Russia: 0.0% | ||||||||
RusHyrdo Via RusHydro Capital Markets DAC Reg S 8.12%, 09/28/22 | RUB | 134,900 | 1,866,112 | |||||
South Africa: 0.4% | ||||||||
Eskom Holdings SOC Ltd. | ||||||||
0.01%, 08/18/27 | ZAR | 82,330 | 2,727,802 | |||||
7.50%, 09/15/33 | ZAR | 11,000 | 572,602 | |||||
7.85%, 04/02/26 | ZAR | 25,350 | 1,703,455 | |||||
Transnet SOC Ltd. | ||||||||
9.50%, 08/19/25 | ZAR | 21,000 | 1,491,368 | |||||
10.80%, 11/06/23 | ZAR | 85,800 | 6,367,831 | |||||
13.50%, 04/18/28 | ZAR | 5,000 | 415,039 | |||||
13,278,097 | ||||||||
Supranational: 4.1% | ||||||||
European Bank for Reconstruction & Development | ||||||||
0.20%, 12/23/22 | PLN | 7,400 | 1,914,414 | |||||
0.25%, 11/20/23 | PLN | 8,500 | 2,184,186 | |||||
6.25%, 07/25/22 | IDR | 67,170,000 | 4,723,706 | |||||
6.45%, 12/13/22 | IDR | 5,600,000 | 397,760 | |||||
7.50%, 05/15/22 | IDR | 37,220,000 | 2,623,492 | |||||
European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23 | RUB | 62,000 | 847,348 | |||||
European Investment Bank | ||||||||
4.25%, 10/25/22 | PLN | 40,070 | 10,928,282 | |||||
7.25%, 02/28/23 | ZAR | 5,200 | 367,442 | |||||
7.62%, 01/12/22 | MXN | 44,420 | 2,262,882 | |||||
7.75%, 01/30/25 | MXN | 17,210 | 903,990 | |||||
8.12%, 12/21/26 | ZAR | 214,265 | 15,661,136 | |||||
European Investment Bank 144A 5.75%, 01/24/25 | IDR | 51,750,000 | 3,684,815 | |||||
European Investment Bank Reg S | ||||||||
2.75%, 08/25/26 | PLN | 39,253 | 10,935,926 | |||||
3.00%, 05/24/24 | PLN | 47,602 | 13,171,706 | |||||
5.20%, 03/01/22 | IDR | 45,000,000 | 3,123,008 | |||||
8.00%, 05/05/27 | ZAR | 17,500 | 1,275,181 | |||||
8.50%, 09/17/24 | ZAR | 7,600 | 558,463 | |||||
Inter-American Development Bank | ||||||||
7.50%, 12/05/24 | MXN | 129,870 | 6,721,890 | |||||
7.88%, 03/14/23 | IDR | 53,740,000 | 3,913,814 | |||||
Inter-American Development Bank Reg S | ||||||||
7.70%, 02/12/24 | MXN | 52,500 | 2,713,361 | |||||
International Bank for Reconstruction & Development | ||||||||
2.00%, 07/23/25 | PHP | 34,800 | 658,997 | |||||
5.00%, 01/28/25 | RUB | 160,000 | 2,146,548 | |||||
6.00%, 07/31/24 | RUB | 467,400 | 6,429,069 | |||||
6.14%, 06/27/22 | RUB | 198,500 | 2,730,566 | |||||
6.75%, 11/14/22 | RUB | 474,000 | 6,526,656 | |||||
7.25%, 03/15/24 | IDR | 32,100,000 | 2,357,588 | |||||
International Finance Corp. | ||||||||
5.50%, 03/20/23 | RUB | 540,000 | 7,336,508 | |||||
6.38%, 04/11/22 | RUB | 37,300 | 510,071 | |||||
6.50%, 02/04/26 | RUB | 537,100 | 7,612,107 | |||||
7.00%, 02/14/24 | BRL | 1,800 | 347,095 | |||||
7.00%, 07/20/27 | MXN | 175,100 | 8,918,334 | |||||
7.25%, 02/02/24 | MXN | 2,500 | 128,717 | |||||
7.50%, 01/18/28 | MXN | 104,600 | 5,469,254 | |||||
7.75%, 01/18/30 | MXN | 122,880 | 6,490,653 | |||||
8.00%, 10/09/23 | IDR | 17,500,000 | 1,293,457 | |||||
8.00%, 07/27/27 | ZAR | 3,000 | 212,719 | |||||
International Finance Corp. Reg S 8.38%, 05/31/29 | MXN | 50,500 | 2,720,864 | |||||
150,802,005 | ||||||||
United Kingdom: 0.1% | ||||||||
European Bank for Reconstruction & Development | ||||||||
5.00%, 11/05/24 | RUB | 34,200 | 456,856 | |||||
8.00%, 10/17/22 | TRY | 810 | 86,150 | |||||
12.50%, 02/09/23 | TRY | 8,100 | 888,865 | |||||
European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22 | TRY | 5,400 | 590,525 | |||||
2,022,396 | ||||||||
United States: 0.0% | ||||||||
International Finance Corp. 8.80%, 10/11/22 | TRY | 1,000 | 109,809 | |||||
Total Corporate Bonds (Cost: $189,381,166) | 173,901,514 | |||||||
GOVERNMENT OBLIGATIONS: 92.9% | ||||||||
Brazil: 9.0% | ||||||||
Brazil Letras do Tesouro Nacional | ||||||||
0.00%, 01/01/24 ^ | BRL | 489,930 | 78,091,107 | |||||
0.00%, 07/01/24 ^ | BRL | 161,770 | 24,652,672 | |||||
0.00%, 07/01/23 ^ | BRL | 245,400 | 40,939,170 | |||||
0.01%, 07/01/22 | BRL | 184,160 | 33,532,377 | |||||
Brazil Notas do Tesouro Nacional, Series F | ||||||||
10.00%, 01/01/23 | BRL | 235,283 | 46,931,930 | |||||
10.00%, 01/01/25 | BRL | 183,715 | 36,968,013 | |||||
10.00%, 01/01/27 | BRL | 177,010 | 35,650,008 | |||||
10.00%, 01/01/29 | BRL | 107,030 | 21,556,318 | |||||
10.00%, 01/01/31 | BRL | 53,970 | 10,778,367 | |||||
Brazilian Government International Bond | ||||||||
8.50%, 01/05/24 | BRL | 6,490 | 1,286,828 | |||||
10.25%, 01/10/28 | BRL | 9,540 | 1,948,869 | |||||
332,335,659 | ||||||||
Chile: 3.0% | ||||||||
Bonos de la Tesoreria de la Republica de Chile | ||||||||
2.50%, 03/01/25 | CLP | 18,735,000 | 24,115,400 | |||||
4.50%, 03/01/26 | CLP | 12,215,000 | 16,638,345 | |||||
5.00%, 03/01/35 | CLP | 13,855,000 | 18,480,886 | |||||
6.00%, 01/01/43 | CLP | 10,925,000 | 16,011,361 | |||||
Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
2.30%, 10/01/28 | CLP | 3,550,000 | 4,085,879 | |||||
4.00%, 03/01/23 | CLP | 6,225,000 | 8,416,345 | |||||
4.70%, 09/01/30 | CLP | 11,615,000 | 15,581,490 | |||||
5.00%, 10/01/28 | CLP | 5,040,000 | 7,004,116 | |||||
110,333,822 | ||||||||
China: 9.9% | ||||||||
China Government Bond | ||||||||
1.99%, 04/09/25 | CNY | 142,000 | 21,463,196 | |||||
2.36%, 07/02/23 | CNY | 112,090 | 17,323,328 | |||||
2.68%, 05/21/30 | CNY | 164,090 | 24,871,521 | |||||
2.84%, 04/08/24 | CNY | 52,260 | 8,162,251 | |||||
2.85%, 06/04/27 | CNY | 183,460 | 28,538,900 | |||||
2.88%, 11/05/23 | CNY | 125,050 | 19,543,068 | |||||
2.94%, 10/17/24 | CNY | 95,450 | 14,950,675 | |||||
3.01%, 05/13/28 | CNY | 45,310 | 7,095,474 | |||||
3.02%, 10/22/25 | CNY | 124,190 | 19,517,852 | |||||
3.02%, 05/27/31 | CNY | 38,770 | 6,095,567 | |||||
3.03%, 03/11/26 | CNY | 74,300 | 11,688,127 | |||||
3.12%, 12/05/26 | CNY | 108,760 | 17,179,104 | |||||
3.13%, 11/21/29 | CNY | 102,280 | 16,088,129 | |||||
3.19%, 04/11/24 | CNY | 130,510 | 20,585,609 | |||||
3.22%, 12/06/25 | CNY | 78,450 | 12,395,121 | |||||
3.25%, 06/06/26 | CNY | 136,750 | 21,714,187 | |||||
3.25%, 11/22/28 | CNY | 72,310 | 11,473,695 | |||||
3.27%, 11/19/30 | CNY | 127,050 | 20,312,100 | |||||
3.28%, 12/03/27 | CNY | 88,190 | 14,083,955 | |||||
3.29%, 10/18/23 | CNY | 72,280 | 11,397,285 | |||||
3.29%, 05/23/29 | CNY | 110,760 | 17,579,484 | |||||
3.72%, 04/12/51 | CNY | 23,420 | 3,817,071 | |||||
3.81%, 09/14/50 | CNY | 133,930 | 22,013,260 | |||||
367,888,959 | ||||||||
Colombia: 3.9% | ||||||||
Colombia Government International Bond | ||||||||
4.38%, 03/21/23 | COP | 2,825,000 | 745,711 | |||||
9.85%, 06/28/27 | COP | 4,334,000 | 1,337,113 | |||||
Colombian TES | ||||||||
5.75%, 11/03/27 | COP | 45,890,000 | 11,457,435 | |||||
6.00%, 04/28/28 | COP | 70,313,100 | 17,610,271 | |||||
6.25%, 11/26/25 | COP | 45,566,000 | 12,049,251 | |||||
6.25%, 07/09/36 | COP | 18,425,000 | 4,133,145 | |||||
7.00%, 05/04/22 | COP | 49,746,900 | 13,310,407 | |||||
7.00%, 06/30/32 | COP | 57,151,700 | 14,473,465 | |||||
7.25%, 10/18/34 | COP | 62,150,000 | 15,778,278 | |||||
7.25%, 10/26/50 | COP | 26,949,000 | 6,358,478 | |||||
7.50%, 08/26/26 | COP | 64,821,700 | 17,842,308 | |||||
7.75%, 09/18/30 | COP | 47,862,100 | 13,048,984 | |||||
10.00%, 07/24/24 | COP | 45,733,800 | 13,480,308 | |||||
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 | COP | 12,300,000 | 3,262,436 | |||||
144,887,590 | ||||||||
Czech Republic: 3.9% | ||||||||
Czech Republic Government Bond | ||||||||
0.05%, 11/29/29 | CZK | 113,990 | 4,656,335 | |||||
0.25%, 02/10/27 | CZK | 271,250 | 11,739,206 | |||||
1.20%, 03/13/31 | CZK | 253,820 | 11,313,949 | |||||
1.75%, 06/23/32 | CZK | 97,500 | 4,576,661 | |||||
2.00%, 10/13/33 | CZK | 264,950 | 12,695,856 | |||||
2.75%, 07/23/29 | CZK | 239,050 | 12,056,936 | |||||
Czech Republic Government Bond Reg S | ||||||||
0.45%, 10/25/23 | CZK | 254,330 | 11,611,525 | |||||
0.95%, 05/15/30 | CZK | 277,080 | 12,155,092 | |||||
1.00%, 06/26/26 | CZK | 297,130 | 13,459,531 | |||||
2.40%, 09/17/25 | CZK | 256,550 | 12,354,842 | |||||
2.50%, 08/25/28 | CZK | 271,450 | 13,380,928 | |||||
4.20%, 12/04/36 | CZK | 144,800 | 8,835,674 | |||||
4.70%, 09/12/22 | CZK | 174,310 | 8,494,556 | |||||
5.70%, 05/25/24 | CZK | 154,710 | 8,075,871 | |||||
145,406,962 | ||||||||
Dominican Republic: 1.4% | ||||||||
Dominican Republic International Bond 144A 9.75%, 06/05/26 | DOP | 1,378,750 | 27,670,040 | |||||
Dominican Republic International Bond Reg S | ||||||||
8.90%, 02/15/23 | DOP | 1,019,450 | 18,868,826 | |||||
9.75%, 06/05/26 | DOP | 360,250 | 7,229,833 | |||||
53,768,699 | ||||||||
Hungary: 3.7% | ||||||||
Hungary Government Bond | ||||||||
1.00%, 11/26/25 | HUF | 3,119,880 | 9,931,295 | |||||
1.50%, 08/23/23 | HUF | 1,344,020 | 4,483,064 | |||||
1.50%, 04/22/26 | HUF | 3,147,780 | 10,201,547 | |||||
1.50%, 08/26/26 | HUF | 1,280,860 | 4,138,167 | |||||
1.75%, 10/26/22 | HUF | 1,531,720 | 5,141,782 | |||||
2.00%, 05/23/29 | HUF | 1,611,830 | 5,248,148 | |||||
2.25%, 04/20/33 | HUF | 2,054,900 | 6,404,189 | |||||
2.50%, 10/24/24 | HUF | 2,592,900 | 8,774,539 | |||||
2.75%, 12/22/26 | HUF | 2,384,970 | 8,187,463 | |||||
3.00%, 06/26/24 | HUF | 2,071,580 | 7,122,809 | |||||
3.00%, 10/27/27 | HUF | 2,955,320 | 10,295,879 | |||||
3.00%, 08/21/30 | HUF | 2,637,770 | 9,212,019 | |||||
3.00%, 10/27/38 | HUF | 1,539,140 | 5,023,689 | |||||
3.25%, 10/22/31 | HUF | 3,280,940 | 11,632,328 | |||||
5.50%, 06/24/25 | HUF | 2,893,090 | 10,860,017 | |||||
6.00%, 11/24/23 | HUF | 2,483,110 | 9,081,127 | |||||
6.75%, 10/22/28 | HUF | 1,493,820 | 6,465,529 | |||||
7.00%, 06/24/22 | HUF | 1,260,620 | 4,412,393 | |||||
136,615,984 | ||||||||
Indonesia: 9.2% | ||||||||
Indonesia Treasury Bond | ||||||||
5.50%, 04/15/26 | IDR | 154,070,000 | 10,812,864 | |||||
5.62%, 05/15/23 | IDR | 143,640,000 | 10,205,783 | |||||
6.12%, 05/15/28 | IDR | 187,811,000 | 13,181,253 | |||||
6.25%, 06/15/36 | IDR | 36,960,000 | 2,547,397 | |||||
6.50%, 06/15/25 | IDR | 251,770,000 | 18,409,457 | |||||
6.50%, 02/15/31 | IDR | 155,790,000 | 10,948,657 | |||||
6.62%, 05/15/33 | IDR | 149,973,000 | 10,404,226 | |||||
7.00%, 05/15/22 | IDR | 19,250,000 | 1,371,625 | |||||
7.00%, 05/15/27 | IDR | 206,028,000 | 15,299,849 | |||||
7.00%, 09/15/30 | IDR | 262,280,000 | 19,087,274 | |||||
7.50%, 08/15/32 | IDR | 94,850,000 | 7,019,783 | |||||
7.50%, 06/15/35 | IDR | 215,070,000 | 15,651,594 | |||||
7.50%, 05/15/38 | IDR | 125,480,000 | 9,100,562 | |||||
7.50%, 04/15/40 | IDR | 198,300,000 | 14,374,950 | |||||
8.12%, 05/15/24 | IDR | 151,510,000 | 11,491,537 | |||||
8.25%, 05/15/29 | IDR | 176,560,000 | 13,822,039 | |||||
8.25%, 06/15/32 | IDR | 107,014,000 | 8,322,831 | |||||
8.25%, 05/15/36 | IDR | 178,865,000 | 13,820,063 | |||||
8.38%, 03/15/24 | IDR | 198,473,000 | 15,080,839 | |||||
8.38%, 09/15/26 | IDR | 284,797,000 | 22,399,764 | |||||
8.38%, 03/15/34 | IDR | 243,014,000 | 18,984,912 | |||||
8.38%, 04/15/39 | IDR | 152,520,000 | 11,879,950 | |||||
8.75%, 05/15/31 | IDR | 121,347,000 | 9,839,343 | |||||
9.00%, 03/15/29 | IDR | 175,612,000 | 14,261,775 | |||||
9.50%, 07/15/31 | IDR | 118,131,000 | 9,948,458 | |||||
10.50%, 08/15/30 | IDR | 42,002,000 | 3,728,530 | |||||
11.00%, 09/15/25 | IDR | 51,912,000 | 4,346,466 | |||||
Perusahaan Penerbit SBSN | ||||||||
6.50%, 05/15/23 | IDR | 60,870,000 | 4,385,537 | |||||
6.62%, 10/15/24 | IDR | 59,690,000 | 4,362,113 | |||||
8.25%, 09/15/23 | IDR | 68,599,000 | 5,104,828 | |||||
8.75%, 08/15/23 | IDR | 38,720,000 | 2,905,411 | |||||
8.88%, 11/15/31 | IDR | 112,280,000 | 9,072,301 | |||||
342,171,971 | ||||||||
Malaysia: 5.5% | ||||||||
Malaysia Government Bond | ||||||||
2.63%, 04/15/31 | MYR | 23,150 | 5,240,775 | |||||
3.48%, 03/15/23 | MYR | 16,378 | 3,980,047 | |||||
3.48%, 06/14/24 | MYR | 22,425 | 5,489,561 | |||||
3.50%, 05/31/27 | MYR | 32,087 | 7,881,183 | |||||
3.73%, 06/15/28 | MYR | 36,858 | 9,128,662 | |||||
3.76%, 04/20/23 | MYR | 38,318 | 9,361,029 | |||||
3.76%, 05/22/40 | MYR | 35,217 | 8,100,156 | |||||
3.80%, 08/17/23 | MYR | 16,471 | 4,047,483 | |||||
3.83%, 07/05/34 | MYR | 36,470 | 8,684,072 | |||||
3.88%, 08/15/29 | MYR | 38,757 | 9,653,183 | |||||
3.90%, 11/30/26 | MYR | 17,444 | 4,395,027 | |||||
3.90%, 11/16/27 | MYR | 27,405 | 6,868,002 | |||||
3.91%, 07/15/26 | MYR | 25,830 | 6,466,384 | |||||
3.96%, 09/15/25 | MYR | 48,321 | 12,084,365 | |||||
4.06%, 09/30/24 | MYR | 22,414 | 5,592,564 | |||||
4.07%, 06/15/50 | MYR | 24,638 | 5,721,396 | |||||
4.18%, 07/15/24 | MYR | 20,950 | 5,237,775 | |||||
4.25%, 05/31/35 | MYR | 17,961 | 4,514,144 | |||||
4.76%, 04/07/37 | MYR | 29,780 | 7,809,342 | |||||
Malaysia Government Investment Issue | ||||||||
3.15%, 05/15/23 | MYR | 20,934 | 5,065,330 | |||||
3.42%, 09/30/27 | MYR | 30,086 | 7,321,456 | |||||
3.45%, 07/15/36 | MYR | 14,890 | 3,344,771 | |||||
3.46%, 10/15/30 | MYR | 39,607 | 9,514,692 | |||||
3.65%, 10/15/24 | MYR | 23,831 | 5,883,521 | |||||
3.73%, 03/31/22 | MYR | 4,865 | 1,167,467 | |||||
3.73%, 03/31/26 | MYR | 36,831 | 9,156,052 | |||||
3.95%, 04/14/22 | MYR | 13,875 | 3,337,216 | |||||
4.09%, 11/30/23 | MYR | 14,829 | 3,671,786 | |||||
4.13%, 08/15/25 | MYR | 28,510 | 7,184,122 | |||||
4.13%, 07/09/29 | MYR | 22,545 | 5,714,050 | |||||
4.26%, 07/26/27 | MYR | 24,654 | 6,275,051 | |||||
4.37%, 10/31/28 | MYR | 24,878 | 6,393,709 | |||||
204,284,373 | ||||||||
Mexico: 7.3% | ||||||||
Mexican Bonos | ||||||||
5.75%, 03/05/26 | MXN | 624,273 | 30,568,935 | |||||
6.50%, 06/09/22 | MXN | 462,543 | 23,494,795 | |||||
6.75%, 03/09/23 | MXN | 462,328 | 23,687,087 | |||||
7.50%, 06/03/27 | MXN | 280,840 | 14,726,903 | |||||
7.75%, 05/29/31 | MXN | 306,638 | 16,392,252 | |||||
7.75%, 11/23/34 | MXN | 149,904 | 7,960,214 | |||||
7.75%, 11/13/42 | MXN | 346,322 | 17,759,436 | |||||
8.00%, 12/07/23 | MXN | 412,430 | 21,726,911 | |||||
8.00%, 09/05/24 | MXN | 434,220 | 22,987,538 | |||||
8.00%, 11/07/47 | MXN | 355,726 | 18,625,376 | |||||
8.50%, 05/31/29 | MXN | 473,021 | 26,247,754 | |||||
8.50%, 11/18/38 | MXN | 378,551 | 20,866,567 | |||||
10.00%, 12/05/24 | MXN | 330,036 | 18,512,303 | |||||
10.00%, 11/20/36 | MXN | 128,221 | 8,070,961 | |||||
271,627,032 | ||||||||
Peru: 2.6% | ||||||||
Peru Government Bond | ||||||||
5.35%, 08/12/40 | PEN | 28,575 | 5,650,498 | |||||
5.40%, 08/12/34 | PEN | 38,990 | 8,284,744 | |||||
5.70%, 08/12/24 | PEN | 22,480 | 5,995,503 | |||||
5.94%, 02/12/29 | PEN | 57,875 | 14,690,133 | |||||
6.15%, 08/12/32 | PEN | 50,750 | 12,305,471 | |||||
6.35%, 08/12/28 | PEN | 52,435 | 13,691,841 | |||||
6.90%, 08/12/37 | PEN | 50,995 | 12,173,084 | |||||
6.95%, 08/12/31 | PEN | 49,922 | 13,004,230 | |||||
8.20%, 08/12/26 | PEN | 41,745 | 12,385,972 | |||||
98,181,476 | ||||||||
Philippines: 1.4% | ||||||||
Philippine Government International Bond | ||||||||
3.90%, 11/26/22 | PHP | 831,200 | 16,796,282 | |||||
6.25%, 01/14/36 | PHP | 1,556,500 | 36,875,512 | |||||
53,671,794 | ||||||||
Poland: 5.2% | ||||||||
Republic of Poland Government Bond | ||||||||
0.25%, 10/25/26 | PLN | 33,364 | 8,269,180 | |||||
0.75%, 04/25/25 | PLN | 54,204 | 14,114,205 | |||||
1.25%, 10/25/30 | PLN | 62,512 | 15,800,225 | |||||
2.25%, 04/25/22 | PLN | 33,704 | 8,907,426 | |||||
2.25%, 10/25/24 | PLN | 62,716 | 17,128,206 | |||||
2.50%, 01/25/23 | PLN | 55,442 | 14,890,289 | |||||
2.50%, 04/25/24 | PLN | 10,611 | 2,904,559 | |||||
2.50%, 07/25/26 | PLN | 46,491 | 12,943,084 | |||||
2.50%, 07/25/27 | PLN | 63,627 | 17,796,180 | |||||
2.75%, 04/25/28 | PLN | 66,026 | 18,838,234 | |||||
2.75%, 10/25/29 | PLN | 88,844 | 25,453,560 | |||||
3.25%, 07/25/25 | PLN | 72,491 | 20,602,550 | |||||
4.00%, 10/25/23 | PLN | 43,714 | 12,272,439 | |||||
5.75%, 09/23/22 | PLN | 11,583 | 3,205,133 | |||||
193,125,270 | ||||||||
Romania: 3.3% | ||||||||
Romania Government Bond | ||||||||
3.25%, 04/29/24 | RON | 29,695 | 7,278,653 | |||||
3.25%, 06/24/26 | RON | 12,315 | 3,008,880 | |||||
3.40%, 03/08/22 | RON | 26,100 | 6,343,277 | |||||
3.50%, 12/19/22 | RON | 28,355 | 6,945,856 | |||||
3.65%, 07/28/25 | RON | 31,975 | 7,962,872 | |||||
3.65%, 09/24/31 | RON | 28,110 | 6,754,153 | |||||
3.70%, 11/25/24 | RON | 24,720 | 6,156,432 | |||||
4.00%, 10/25/23 | RON | 27,640 | 6,894,619 | |||||
4.15%, 01/26/28 | RON | 26,200 | 6,639,089 | |||||
4.15%, 10/24/30 | RON | 15,280 | 3,852,994 | |||||
4.25%, 06/28/23 | RON | 28,170 | 7,024,181 | |||||
4.40%, 09/25/23 | RON | 27,700 | 6,959,873 | |||||
4.50%, 06/17/24 | RON | 31,230 | 7,913,640 | |||||
4.75%, 02/24/25 | RON | 26,635 | 6,856,409 | |||||
4.85%, 04/22/26 | RON | 29,650 | 7,730,943 | |||||
5.00%, 02/12/29 | RON | 27,405 | 7,313,147 | |||||
5.80%, 07/26/27 | RON | 28,800 | 7,977,033 | |||||
5.85%, 04/26/23 | RON | 27,120 | 6,922,069 | |||||
120,534,120 | ||||||||
Russia: 4.8% | ||||||||
Russian Federal Bond | ||||||||
4.50%, 07/16/25 | RUB | 692,743 | 8,784,283 | |||||
5.70%, 05/17/28 | RUB | 970,944 | 12,577,461 | |||||
6.00%, 10/06/27 | RUB | 901,282 | 11,885,308 | |||||
6.10%, 07/18/35 | RUB | 882,143 | 11,227,739 | |||||
6.50%, 02/28/24 | RUB | 580,206 | 7,905,477 | |||||
6.90%, 05/23/29 | RUB | 686,509 | 9,491,286 | |||||
7.00%, 08/16/23 | RUB | 321,313 | 4,420,988 | |||||
7.05%, 01/19/28 | RUB | 664,145 | 9,247,511 | |||||
7.10%, 10/16/24 | RUB | 545,045 | 7,553,318 | |||||
7.15%, 11/12/25 | RUB | 440,677 | 6,146,033 | |||||
7.25%, 05/10/34 | RUB | 673,038 | 9,490,950 | |||||
7.40%, 12/07/22 | RUB | 166,665 | 2,301,713 | |||||
7.40%, 07/17/24 | RUB | 479,464 | 6,688,491 | |||||
7.60%, 07/20/22 | RUB | 77,348 | 1,068,582 | |||||
7.65%, 04/10/30 | RUB | 873,939 | 12,682,651 | |||||
7.70%, 03/23/33 | RUB | 689,967 | 10,088,110 | |||||
7.70%, 03/16/39 | RUB | 577,432 | 8,514,476 | |||||
7.75%, 09/16/26 | RUB | 717,365 | 10,284,224 | |||||
7.95%, 10/07/26 | RUB | 613,808 | 8,857,524 | |||||
8.15%, 02/03/27 | RUB | 670,985 | 9,798,225 | |||||
8.50%, 09/17/31 | RUB | 491,893 | 7,565,324 | |||||
176,579,674 | ||||||||
Serbia: 1.5% | ||||||||
Serbia Treasury Bonds | ||||||||
4.50%, 01/11/26 | RSD | 1,889,550 | 20,918,462 | |||||
4.50%, 08/20/32 | RSD | 1,714,700 | 19,123,937 | |||||
5.88%, 02/08/28 | RSD | 1,406,330 | 17,154,913 | |||||
57,197,312 | ||||||||
South Africa: 6.5% | ||||||||
Republic of South Africa Government Bond | ||||||||
6.25%, 03/31/36 | ZAR | 188,514 | 9,112,618 | |||||
6.50%, 02/28/41 | ZAR | 194,078 | 8,858,955 | |||||
7.00%, 02/28/31 | ZAR | 252,428 | 14,875,198 | |||||
7.75%, 02/28/23 | ZAR | 85,190 | 6,068,610 | |||||
8.00%, 01/31/30 | ZAR | 504,395 | 32,834,169 | |||||
8.25%, 03/31/32 | ZAR | 387,629 | 24,212,732 | |||||
8.50%, 01/31/37 | ZAR | 394,732 | 23,090,500 | |||||
8.75%, 01/31/44 | ZAR | 340,673 | 19,665,143 | |||||
8.75%, 02/28/48 | ZAR | 565,437 | 32,551,171 | |||||
8.88%, 02/28/35 | ZAR | 360,265 | 22,363,775 | |||||
9.00%, 01/31/40 | ZAR | 270,094 | 16,195,423 | |||||
10.50%, 12/21/26 | ZAR | 385,259 | 30,033,265 | |||||
239,861,559 | ||||||||
Thailand: 6.5% | ||||||||
Thailand Government Bond | ||||||||
0.75%, 06/17/24 | THB | 317,434 | 9,710,722 | |||||
0.95%, 06/17/25 | THB | 449,360 | 13,824,259 | |||||
1.45%, 12/17/24 | THB | 470,278 | 14,712,719 | |||||
1.58%, 12/17/35 | THB | 203,231 | 5,951,819 | |||||
1.60%, 12/17/29 | THB | 395,506 | 12,265,039 | |||||
1.60%, 06/17/35 | THB | 185,815 | 5,367,630 | |||||
1.88%, 06/17/22 | THB | 215,798 | 6,647,301 | |||||
2.00%, 12/17/22 | THB | 340,938 | 10,591,728 | |||||
2.00%, 12/17/31 | THB | 102,025 | 3,238,309 | |||||
2.00%, 06/17/42 | THB | 99,712 | 2,905,390 | |||||
2.12%, 12/17/26 | THB | 457,266 | 14,845,949 | |||||
2.40%, 12/17/23 | THB | 417,875 | 13,275,469 | |||||
2.88%, 12/17/28 | THB | 385,794 | 13,141,261 | |||||
2.88%, 06/17/46 | THB | 338,978 | 11,218,230 | |||||
3.30%, 06/17/38 | THB | 485,493 | 17,237,118 | |||||
3.40%, 06/17/36 | THB | 362,192 | 13,004,945 | |||||
3.62%, 06/16/23 | THB | 336,471 | 10,833,410 | |||||
3.65%, 06/20/31 | THB | 375,874 | 13,668,622 | |||||
3.77%, 06/25/32 | THB | 512,227 | 18,833,434 | |||||
3.85%, 12/12/25 | THB | 382,542 | 13,192,110 | |||||
4.75%, 12/20/24 | THB | 824 | 28,543 | |||||
4.88%, 06/22/29 | THB | 405,269 | 15,534,512 | |||||
240,028,519 | ||||||||
Turkey: 2.8% | ||||||||
Turkey Government Bond | ||||||||
7.10%, 03/08/23 | TRY | 66,894 | 6,791,067 | |||||
8.00%, 03/12/25 | TRY | 50,881 | 4,558,266 | |||||
8.50%, 09/14/22 | TRY | 34,754 | 3,749,528 | |||||
9.00%, 07/24/24 | TRY | 74,423 | 7,126,829 | |||||
10.40%, 03/20/24 | TRY | 29,053 | 2,939,552 | |||||
10.50%, 08/11/27 | TRY | 59,658 | 5,362,278 | |||||
10.60%, 02/11/26 | TRY | 100,029 | 9,477,932 | |||||
10.70%, 08/17/22 | TRY | 65,744 | 7,294,914 | |||||
11.00%, 03/02/22 | TRY | 48,725 | 5,577,167 | |||||
11.00%, 02/24/27 | TRY | 61,595 | 5,719,222 | |||||
11.70%, 11/13/30 | TRY | 103,013 | 9,418,192 | |||||
12.20%, 01/18/23 | TRY | 80,240 | 8,898,618 | |||||
12.40%, 03/08/28 | TRY | 40,662 | 3,992,813 | |||||
12.60%, 10/01/25 | TRY | 157,415 | 16,130,084 | |||||
16.20%, 06/14/23 | TRY | 68,855 | 7,963,046 | |||||
104,999,508 | ||||||||
Uruguay: 1.5% | ||||||||
Uruguay Government International Bond 8.25%, 05/21/31 | UYU | 1,418,053 | 33,013,388 | |||||
Uruguay Government International Bond 144A 8.50%, 03/15/28 | UYU | 138,894 | 3,303,374 | |||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 738,236 | 17,557,772 | |||||
53,874,534 | ||||||||
Total Government Obligations (Cost: $3,541,160,577) | 3,447,374,817 | |||||||
Total Investments: 97.6% (Cost: $3,730,541,743) | 3,621,276,331 | |||||||
Other assets less liabilities: 2.4% | 87,510,857 | |||||||
NET ASSETS: 100.0% | $ | 3,708,787,188 |
Definitions:
BRL | Brazilian Real |
CLP | Chilean Peso |
CNY | Chinese Yuan |
COP | Colombian Peso |
CZK | Czech Koruna |
DOP | Dominican Peso |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
ZAR | South African Rand |
Footnotes:
^ | Zero Coupon Bond |
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 $69,746,059, or 1.9% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Energy | 0.1 | % | $ | 2,449,325 | ||||
Financials | 4.3 | 157,232,066 | ||||||
Government Activity | 95.2 | 3,447,374,817 | ||||||
Industrials | 0.2 | 8,274,238 | ||||||
Utilities | 0.2 | 5,945,885 | ||||||
100.0 | % | $ | 3,621,276,331 |
VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 98.8% | ||||||||
Brazil: 1.5% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | USD | 50 | $ | 53,563 | ||||
6.88%, 11/21/36 | USD | 75 | 104,738 | |||||
158,301 | ||||||||
Canada: 5.3% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 | USD | 50 | 55,659 | |||||
Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) | USD | 50 | 54,938 | |||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | USD | 50 | 68,174 | |||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | USD | 75 | 80,866 | |||||
5.50%, 07/15/77 | USD | 50 | 53,680 | |||||
Spectra Energy Partners LP 4.75%, 03/15/24 | USD | 50 | 54,829 | |||||
Suncor Energy, Inc. 6.50%, 06/15/38 | USD | 50 | 71,457 | |||||
TransCanada PipeLines Ltd. 7.62%, 01/15/39 | USD | 50 | 79,650 | |||||
Transcanada Trust 5.50% (United States Secured Overnight Financing Rate+4.42%), 09/15/79 | USD | 25 | 27,856 | |||||
547,109 | ||||||||
China: 0.5% | ||||||||
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) | USD | 50 | 53,969 | |||||
Denmark: 1.5% | ||||||||
Danske Bank A/S 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23 | USD | 150 | 150,731 | |||||
France: 6.3% | ||||||||
BNP Paribas SA 144A | ||||||||
4.62%, 03/13/27 | USD | 50 | 56,805 | |||||
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | USD | 125 | 132,969 | |||||
Credit Agricole SA 144A 4.38%, 03/17/25 | USD | 100 | 110,427 | |||||
Societe Generale SA 144A | ||||||||
3.00%, 01/22/30 † | USD | 50 | 52,866 | |||||
4.25%, 04/14/25 | USD | 50 | 54,672 | |||||
4.75%, 09/14/28 | USD | 100 | 117,316 | |||||
5.00%, 01/17/24 | USD | 100 | 108,725 | |||||
633,780 | ||||||||
Germany: 1.4% | ||||||||
Deutsche Bank AG 3.30%, 11/16/22 | USD | 100 | 103,434 | |||||
E.ON International Finance BV 144A 6.65%, 04/30/38 | USD | 25 | 37,641 | |||||
141,075 | ||||||||
India: 0.5% | ||||||||
Bharti Airtel Ltd. 144A 4.38%, 06/10/25 | USD | 50 | 54,750 | |||||
Italy: 3.4% | ||||||||
Enel Finance International NV 144A | ||||||||
3.62%, 05/25/27 | USD | 200 | 223,659 | |||||
6.00%, 10/07/39 | USD | 50 | 71,525 | |||||
Intesa Sanpaolo SpA 144A 3.38%, 01/12/23 | USD | 50 | 51,964 | |||||
347,148 | ||||||||
Luxembourg: 1.5% | ||||||||
DH Europe Finance II Sarl 3.25%, 11/15/39 | USD | 50 | 54,827 | |||||
Gazprom PJSC Via Gaz Capital SA 144A 7.29%, 08/16/37 | USD | 75 | 104,896 | |||||
159,723 | ||||||||
Mexico: 1.2% | ||||||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 | USD | 50 | 53,675 | |||||
Southern Copper Corp. 6.75%, 04/16/40 | USD | 50 | 69,676 | |||||
123,351 | ||||||||
Netherlands: 1.3% | ||||||||
Heineken NV 144A 2.75%, 04/01/23 | USD | 25 | 25,923 | |||||
Lukoil Securities BV 144A 3.88%, 05/06/30 | USD | 50 | 53,328 | |||||
Prosus NV 144A 3.68%, 01/21/30 | USD | 50 | 52,738 | |||||
131,989 | ||||||||
Saudi Arabia: 0.6% | ||||||||
Motiva Enterprises LLC 144A 6.85%, 01/15/40 | USD | 50 | 65,469 | |||||
Spain: 1.9% | ||||||||
Banco Santander SA 2.75%, 12/03/30 | USD | 50 | 50,499 | |||||
Santander Holdings USA, Inc. | ||||||||
4.40%, 07/13/27 | USD | 50 | 56,582 | |||||
4.50%, 07/17/25 | USD | 75 | 83,408 | |||||
190,489 | ||||||||
Switzerland: 2.4% | ||||||||
Credit Suisse Group AG 144A | ||||||||
3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | USD | 100 | 104,610 | |||||
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | USD | 125 | 142,672 | |||||
247,282 | ||||||||
United Kingdom: 5.3% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | USD | 200 | 204,576 | |||||
5.20%, 05/12/26 | USD | 100 | 115,348 | |||||
Standard Chartered Plc 144A 4.30%, 02/19/27 † | USD | 200 | 221,331 | |||||
541,255 | ||||||||
United States: 64.2% | ||||||||
7-Eleven, Inc. 144A 0.62%, 02/10/23 | USD | 25 | 25,017 | |||||
Ally Financial, Inc. 8.00%, 11/01/31 | USD | 50 | 72,821 | |||||
Altria Group, Inc. | ||||||||
4.00%, 02/04/61 | USD | 50 | 49,466 | |||||
4.25%, 08/09/42 | USD | 100 | 106,912 | |||||
4.80%, 02/14/29 | USD | 125 | 146,442 | |||||
Ares Capital Corp. | ||||||||
3.50%, 02/10/23 | USD | 50 | 51,846 | |||||
3.88%, 01/15/26 | USD | 50 | 54,018 | |||||
AT&T, Inc. | ||||||||
2.62%, 12/01/22 | USD | 25 | 25,633 | |||||
4.12%, 02/17/26 | USD | 75 | 84,439 | |||||
4.30%, 02/15/30 | USD | 100 | 116,685 | |||||
4.35%, 03/01/29 | USD | 100 | 116,468 | |||||
4.45%, 04/01/24 | USD | 50 | 54,540 | |||||
5.25%, 03/01/37 | USD | 100 | 127,345 | |||||
Bayer US Finance II LLC 144A 3.88%, 12/15/23 | USD | 50 | 53,515 | |||||
Becton Dickinson and Co. 3.36%, 06/06/24 | USD | 75 | 80,374 | |||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 | USD | 50 | 56,340 | |||||
Broadridge Financial Solutions, Inc. 2.60%, 05/01/31 | USD | 25 | 26,035 | |||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.50%, 02/01/24 | USD | 25 | 27,212 | |||||
4.91%, 07/23/25 | USD | 125 | 141,955 | |||||
5.05%, 03/30/29 | USD | 125 | 149,293 | |||||
5.38%, 05/01/47 | USD | 75 | 93,031 | |||||
6.48%, 10/23/45 | USD | 50 | 70,509 | |||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | USD | 25 | 25,866 | |||||
Discover Financial Services 4.10%, 02/09/27 | USD | 50 | 56,841 | |||||
Dow Chemical Co. 9.40%, 05/15/39 | USD | 50 | 90,507 | |||||
Enterprise Products Operating LLC 5.95%, 02/01/41 | USD | 50 | 70,575 | |||||
Exelon Corp. 4.05%, 04/15/30 | USD | 100 | 115,667 | |||||
Exelon Generation Co. LLC 3.25%, 06/01/25 | USD | 50 | 54,158 | |||||
Fifth Third Bancorp 8.25%, 03/01/38 | USD | 35 | 59,374 | |||||
FS KKR Capital Corp. 3.40%, 01/15/26 | USD | 25 | 26,134 | |||||
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 | USD | 200 | 245,695 | |||||
General Electric Co. | ||||||||
3.45%, 05/01/27 | USD | 75 | 83,213 | |||||
4.35%, 05/01/50 † | USD | 50 | 61,727 | |||||
5.88%, 01/14/38 | USD | 50 | 69,230 | |||||
6.75%, 03/15/32 | USD | 50 | 69,758 | |||||
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 | USD | 50 | 57,939 | |||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | USD | 75 | 85,666 | |||||
5.00%, 03/15/24 | USD | 100 | 110,671 | |||||
5.12%, 06/15/39 | USD | 50 | 63,888 | |||||
5.25%, 06/15/26 | USD | 50 | 58,287 | |||||
5.50%, 06/15/47 | USD | 50 | 66,689 | |||||
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | USD | 75 | 108,753 | |||||
Lowe’s Cos, Inc. 4.00%, 04/15/25 | USD | 25 | 27,719 | |||||
McDonald’s Corp. | ||||||||
2.62%, 09/01/29 | USD | 35 | 37,410 | |||||
3.60%, 07/01/30 | USD | 50 | 56,888 | |||||
4.45%, 03/01/47 | USD | 50 | 62,952 | |||||
4.88%, 12/09/45 | USD | 50 | 66,244 | |||||
6.30%, 03/01/38 | USD | 50 | 73,211 | |||||
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | USD | 50 | 52,420 | |||||
Mondelez International, Inc. | ||||||||
1.50%, 05/04/25 | USD | 25 | 25,596 | |||||
2.75%, 04/13/30 | USD | 25 | 26,714 | |||||
Oracle Corp. | ||||||||
2.50%, 04/01/25 | USD | 125 | 131,647 | |||||
2.88%, 03/25/31 | USD | 75 | 79,442 | |||||
3.60%, 04/01/40 | USD | 75 | 80,436 | |||||
3.80%, 11/15/37 | USD | 50 | 55,629 | |||||
4.00%, 07/15/46 | USD | 50 | 55,566 | |||||
6.50%, 04/15/38 | USD | 75 | 107,443 | |||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | USD | 50 | 52,593 | |||||
Phillips 66 5.88%, 05/01/42 | USD | 25 | 35,061 | |||||
Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 | USD | 50 | 59,168 | |||||
Sabine Pass Liquefaction LLC 5.00%, 03/15/27 | USD | 25 | 29,155 | |||||
Sherwin-Williams Co. 3.45%, 06/01/27 | USD | 50 | 55,633 | |||||
Stellantis NV 5.25%, 04/15/23 | USD | 50 | 53,747 | |||||
Synchrony Financial | ||||||||
3.95%, 12/01/27 | USD | 50 | 55,985 | |||||
4.25%, 08/15/24 | USD | 50 | 54,627 | |||||
Sysco Corp. | ||||||||
3.30%, 07/15/26 | USD | 25 | 27,407 | |||||
5.95%, 04/01/30 | USD | 75 | 97,369 | |||||
Thermo Fisher Scientific, Inc. | ||||||||
2.95%, 09/19/26 | USD | 50 | 54,456 | |||||
4.10%, 08/15/47 | USD | 50 | 62,215 | |||||
4.50%, 03/25/30 | USD | 50 | 60,544 | |||||
Time Warner Cable LLC 7.30%, 07/01/38 | USD | 100 | 147,099 | |||||
Time Warner Entertainment Co. LP | ||||||||
8.38%, 03/15/23 | USD | 75 | 84,362 | |||||
8.38%, 07/15/33 | USD | 50 | 76,812 | |||||
T-Mobile USA, Inc. | ||||||||
3.50%, 04/15/25 | USD | 150 | 163,304 | |||||
3.75%, 04/15/27 | USD | 155 | 173,097 | |||||
3.88%, 04/15/30 | USD | 35 | 39,638 | |||||
Valero Energy Corp. 6.62%, 06/15/37 | USD | 50 | 69,461 | |||||
Verizon Communications, Inc. | ||||||||
1.45%, 03/20/26 | USD | 100 | 101,421 | |||||
3.38%, 02/15/25 | USD | 50 | 54,427 | |||||
3.50%, 11/01/24 | USD | 50 | 54,219 | |||||
4.02%, 12/03/29 | USD | 50 | 57,925 | |||||
4.12%, 03/16/27 | USD | 100 | 114,641 | |||||
4.33%, 09/21/28 | USD | 100 | 117,439 | |||||
Volkswagen Group of America Finance LLC 144A 2.70%, 09/26/22 | USD | 50 | 51,307 | |||||
Wells Fargo & Co. | ||||||||
4.65%, 11/04/44 | USD | 50 | 62,999 | |||||
5.38%, 11/02/43 | USD | 100 | 136,799 | |||||
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 | USD | 50 | 58,707 | |||||
6,511,468 | ||||||||
Total Corporate Bonds (Cost: $9,881,678) | 10,057,889 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3% (Cost: $128,916) | ||||||||
Money Market Fund: 1.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 128,916 | 128,916 | ||||||
Total Investments: 100.1% (Cost: $10,010,594) | 10,186,805 | |||||||
Liabilities in excess of other assets: (0.1)% | (9,520 | ) | ||||||
NET ASSETS: 100.0% | $ | 10,177,285 | ||||||
Definitions:
USD | United States Dollar |
Footnotes:
(o) | Perpetual Maturity — the date shown is the next call date |
† | Security fully or partially on loan. Total market value of securities on loan is $443,505. |
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 $2,366,445, or 23.3% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 3.7 | % | $ | 374,116 | ||||
Consumer Cyclicals | 9.1 | 911,477 | ||||||
Consumer Non-Cyclicals | 8.7 | 870,434 | ||||||
Energy | 8.1 | 813,486 | ||||||
Financials | 34.1 | 3,428,240 | ||||||
Healthcare | 6.9 | 696,305 | ||||||
Industrials | 1.6 | 165,953 | ||||||
Real Estate | 0.6 | 57,939 | ||||||
Technology | 22.2 | 2,231,950 | ||||||
Utilities | 5.0 | 507,989 | ||||||
100.0 | % | $ | 10,057,889 |
VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 98.9% | ||||||||
Brazil: 1.1% | ||||||||
Vale Overseas Ltd. | ||||||||
3.75%, 07/08/30 | USD | 50 | $ | 53,563 | ||||
6.88%, 11/21/36 | USD | 75 | 104,738 | |||||
158,301 | ||||||||
Canada: 7.8% | ||||||||
Alimentation Couche- Tard, Inc. 144A 2.95%, 01/25/30 | USD | 100 | 105,900 | |||||
Bank of Nova Scotia | ||||||||
3.40%, 02/11/24 | USD | 50 | 53,565 | |||||
4.50%, 12/16/25 | USD | 50 | 56,955 | |||||
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) | USD | 100 | 109,875 | |||||
Brookfield Finance, Inc. 4.35%, 04/15/30 | USD | 100 | 117,757 | |||||
Canadian Imperial Bank of Commerce 3.10%, 04/02/24 † | USD | 100 | 106,620 | |||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | USD | 50 | 68,174 | |||||
CI Financial Corp. 3.20%, 12/17/30 | USD | 40 | 41,628 | |||||
Enbridge, Inc. | ||||||||
3.12%, 11/15/29 | USD | 100 | 107,822 | |||||
5.50%, 07/15/77 | USD | 100 | 107,360 | |||||
Suncor Energy, Inc. 6.80%, 05/15/38 | USD | 75 | 109,599 | |||||
Toronto-Dominion Bank 3.25%, 03/11/24 | USD | 50 | 53,504 | |||||
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23 | USD | 25 | 26,119 | |||||
TransCanada PipeLines Ltd. 6.20%, 10/15/37 | USD | 75 | 104,304 | |||||
1,169,182 | ||||||||
China: 1.4% | ||||||||
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) | USD | 100 | 107,938 | |||||
Tencent Holdings Ltd. 144A 3.28%, 04/11/24 | USD | 100 | 106,272 | |||||
214,210 | ||||||||
Denmark: 1.0% | ||||||||
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 | USD | 150 | 151,494 | |||||
France: 5.2% | ||||||||
BNP Paribas SA 144A | ||||||||
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | USD | 50 | 49,418 | |||||
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | USD | 50 | 52,029 | |||||
4.38%, 05/12/26 | USD | 75 | 83,766 | |||||
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | USD | 100 | 106,375 | |||||
Credit Agricole SA 144A 3.25%, 01/14/30 | USD | 100 | 106,864 | |||||
Societe Generale SA 144A | ||||||||
3.00%, 01/22/30 † | USD | 100 | 105,732 | |||||
4.25%, 04/14/25 | USD | 200 | 218,688 | |||||
TotalEnergies Capital International SA 3.70%, 01/15/24 | USD | 75 | 80,825 | |||||
803,697 | ||||||||
Germany: 1.6% | ||||||||
Deutsche Bank AG | ||||||||
3.30%, 11/16/22 | USD | 100 | 103,434 | |||||
3.70%, 05/30/24 | USD | 50 | 53,624 | |||||
E.ON International Finance BV 144A 6.65%, 04/30/38 | USD | 50 | 75,283 | |||||
232,341 | ||||||||
Italy: 2.9% | ||||||||
Enel Finance International NV 144A | ||||||||
3.50%, 04/06/28 | USD | 100 | 111,417 | |||||
3.62%, 05/25/27 | USD | 50 | 55,914 | |||||
6.80%, 09/15/37 | USD | 100 | 151,479 | |||||
Eni SpA 144A 4.75%, 09/12/28 | USD | 100 | 119,061 | |||||
437,871 | ||||||||
Japan: 0.8% | ||||||||
Nomura Holdings, Inc. 2.65%, 01/16/25 | USD | 50 | 52,726 | |||||
NTT Finance Corp. 144A 0.37%, 03/03/23 | USD | 25 | 25,020 | |||||
Sumitomo Mitsui Financial Group, Inc. 2.78%, 10/18/22 | USD | 50 | 51,517 | |||||
129,263 | ||||||||
Luxembourg: 0.7% | ||||||||
Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28 | USD | 100 | 111,750 | |||||
Mexico: 1.1% | ||||||||
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 | USD | 50 | 53,675 | |||||
Southern Copper Corp. 6.75%, 04/16/40 | USD | 75 | 104,513 | |||||
158,188 | ||||||||
Saudi Arabia: 3.3% | ||||||||
Motiva Enterprises LLC 144A 6.85%, 01/15/40 | USD | 50 | 65,469 | |||||
Saudi Arabian Oil Co. 144A | ||||||||
2.88%, 04/16/24 | USD | 100 | 105,155 | |||||
3.50%, 04/16/29 | USD | 200 | 219,055 | |||||
4.25%, 04/16/39 | USD | 100 | 113,894 | |||||
503,573 | ||||||||
Spain: 1.1% | ||||||||
Santander Holdings USA, Inc. | ||||||||
4.40%, 07/13/27 | USD | 50 | 56,582 | |||||
4.50%, 07/17/25 | USD | 100 | 111,211 | |||||
167,793 | ||||||||
Switzerland: 1.8% | ||||||||
Credit Suisse Group AG 144A 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | USD | 250 | 285,344 | |||||
United Kingdom: 8.3% | ||||||||
Barclays Plc | ||||||||
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | USD | 200 | 204,576 | |||||
5.20%, 05/12/26 | USD | 200 | 230,695 | |||||
Credit Agricole SA 144A | ||||||||
1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | USD | 50 | 51,204 | |||||
4.12%, 01/10/27 | USD | 100 | 113,391 | |||||
HSBC Holdings Plc 6.10%, 01/14/42 | USD | 50 | 73,565 | |||||
Lloyds Banking Group Plc 4.55%, 08/16/28 | USD | 200 | 235,213 | |||||
Sky Ltd. 144A 3.75%, 09/16/24 | USD | 50 | 54,718 | |||||
Standard Chartered Plc 144A | ||||||||
5.20%, 01/26/24 | USD | 200 | 219,256 | |||||
5.30%, 01/09/43 | USD | 125 | 156,297 | |||||
1,338,915 | ||||||||
United States: 60.8% | ||||||||
Ally Financial, Inc. 8.00%, 11/01/31 | USD | 50 | 72,821 | |||||
Altria Group, Inc. | ||||||||
4.25%, 08/09/42 | USD | 100 | 106,912 | |||||
4.80%, 02/14/29 | USD | 100 | 117,154 | |||||
5.38%, 01/31/44 | USD | 100 | 122,265 | |||||
Amazon.com, Inc. 5.20%, 12/03/25 | USD | 50 | 58,829 | |||||
Apple, Inc. | ||||||||
2.85%, 05/11/24 | USD | 75 | 79,718 | |||||
3.20%, 05/11/27 | USD | 100 | 111,055 | |||||
3.25%, 02/23/26 | USD | 100 | 110,126 | |||||
3.35%, 02/09/27 | USD | 75 | 83,697 | |||||
4.65%, 02/23/46 | USD | 50 | 67,290 | |||||
Ares Capital Corp. 4.20%, 06/10/24 | USD | 100 | 107,849 | |||||
AT&T, Inc. | ||||||||
3.40%, 05/15/25 | USD | 50 | 54,571 | |||||
3.80%, 02/15/27 | USD | 100 | 112,380 | |||||
4.30%, 02/15/30 | USD | 150 | 175,027 | |||||
5.25%, 03/01/37 | USD | 100 | 127,345 | |||||
Bank of America Corp. | ||||||||
4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | USD | 125 | 151,704 | |||||
4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | USD | 100 | 126,094 | |||||
BBVA Bancomer SA 144A 4.38%, 04/10/24 | USD | 50 | 54,458 | |||||
Becton Dickinson and Co. 3.36%, 06/06/24 | USD | 50 | 53,583 | |||||
Berkshire Hathaway Energy Co. | ||||||||
2.85%, 05/15/51 | USD | 25 | 25,034 | |||||
3.70%, 07/15/30 | USD | 100 | 114,877 | |||||
4.25%, 10/15/50 | USD | 50 | 62,924 | |||||
6.12%, 04/01/36 | USD | 75 | 107,605 | |||||
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 | USD | 110 | 139,034 | |||||
Berkshire Hathaway, Inc. 3.12%, 03/15/26 | USD | 125 | 137,159 | |||||
Booking Holdings, Inc. 4.62%, 04/13/30 | USD | 50 | 60,201 | |||||
Brighthouse Financial, Inc. 4.70%, 06/22/47 | USD | 50 | 56,340 | |||||
Broadridge Financial Solutions, Inc. 2.60%, 05/01/31 | USD | 50 | 52,070 | |||||
Capital One Financial Corp. 3.75%, 07/28/26 | USD | 75 | 83,124 | |||||
Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
4.91%, 07/23/25 | USD | 100 | 113,564 | |||||
5.05%, 03/30/29 | USD | 100 | 119,434 | |||||
5.38%, 04/01/38 | USD | 75 | 94,029 | |||||
6.48%, 10/23/45 | USD | 100 | 141,018 | |||||
Chevron Corp. | ||||||||
2.90%, 03/03/24 † | USD | 50 | 53,034 | |||||
3.19%, 06/24/23 | USD | 25 | 26,197 | |||||
Chevron USA, Inc. 6.00%, 03/01/41 | USD | 50 | 75,148 | |||||
DH Europe Finance II Sarl 2.60%, 11/15/29 | USD | 75 | 79,714 | |||||
Discover Financial Services 4.10%, 02/09/27 | USD | 50 | 56,841 | |||||
Dow Chemical Co. 9.40%, 05/15/39 | USD | 50 | 90,507 | |||||
DuPont de Nemours, Inc. 5.32%, 11/15/38 | USD | 50 | 66,931 | |||||
Enterprise Products Operating LLC 5.95%, 02/01/41 | USD | 40 | 56,460 | |||||
Exelon Generation Co. LLC | ||||||||
3.25%, 06/01/25 | USD | 50 | 54,158 | |||||
6.25%, 10/01/39 | USD | 50 | 63,007 | |||||
Exxon Mobil Corp. | ||||||||
1.57%, 04/15/23 | USD | 75 | 76,627 | |||||
2.99%, 03/19/25 | USD | 150 | 161,165 | |||||
3.48%, 03/19/30 † | USD | 50 | 56,906 | |||||
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 | USD | 175 | 214,982 | |||||
General Electric Co. | ||||||||
6.75%, 03/15/32 | USD | 40 | 55,807 | |||||
6.88%, 01/10/39 | USD | 125 | 190,618 | |||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 | USD | 75 | 84,904 | |||||
HCA, Inc. | ||||||||
4.12%, 06/15/29 | USD | 75 | 85,666 | |||||
5.00%, 03/15/24 | USD | 100 | 110,671 | |||||
5.25%, 04/15/25 | USD | 75 | 86,130 | |||||
5.50%, 06/15/47 | USD | 125 | 166,724 | |||||
Home Depot, Inc. 3.75%, 02/15/24 | USD | 50 | 53,877 | |||||
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | USD | 75 | 108,753 | |||||
Lockheed Martin Corp. 2.90%, 03/01/25 | USD | 50 | 53,825 | |||||
Marathon Petroleum Corp. | ||||||||
6.50%, 03/01/41 | USD | 50 | 70,341 | |||||
McDonald’s Corp. | ||||||||
4.70%, 12/09/35 | USD | 50 | 63,492 | |||||
4.88%, 12/09/45 | USD | 50 | 66,244 | |||||
6.30%, 10/15/37 | USD | 50 | 72,838 | |||||
Microsoft Corp. | ||||||||
2.70%, 02/12/25 | USD | 50 | 53,690 | |||||
2.88%, 02/06/24 | USD | 50 | 52,997 | |||||
3.12%, 11/03/25 | USD | 100 | 109,616 | |||||
3.30%, 02/06/27 | USD | 120 | 134,242 | |||||
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | USD | 50 | 52,420 | |||||
Mondelez International, Inc. 2.75%, 04/13/30 | USD | 25 | 26,714 | |||||
Nestle Holdings, Inc. 144A 3.35%, 09/24/23 | USD | 50 | 53,133 | |||||
Oracle Corp. | ||||||||
2.95%, 04/01/30 | USD | 50 | 53,542 | |||||
3.85%, 07/15/36 | USD | 75 | 84,644 | |||||
4.12%, 05/15/45 | USD | 100 | 112,977 | |||||
4.30%, 07/08/34 | USD | 50 | 59,290 | |||||
5.38%, 07/15/40 | USD | 75 | 98,761 | |||||
6.50%, 04/15/38 | USD | 50 | 71,629 | |||||
PepsiCo, Inc. 2.75%, 04/30/25 | USD | 100 | 107,442 | |||||
Phillips 66 | ||||||||
4.65%, 11/15/34 | USD | 25 | 30,048 | |||||
5.88%, 05/01/42 | USD | 50 | 70,122 | |||||
Prudential Financial, Inc. 5.38% (ICE LIBOR USD 3 Month+3.03%), 05/15/45 | USD | 100 | 110,517 | |||||
Synchrony Financial | ||||||||
4.25%, 08/15/24 | USD | 50 | 54,627 | |||||
4.50%, 07/23/25 | USD | 75 | 83,855 | |||||
Sysco Corp. | ||||||||
3.30%, 07/15/26 | USD | 50 | 54,813 | |||||
5.95%, 04/01/30 | USD | 100 | 129,825 | |||||
Thermo Fisher Scientific, Inc. | ||||||||
2.95%, 09/19/26 † | USD | 50 | 54,456 | |||||
4.10%, 08/15/47 | USD | 50 | 62,215 | |||||
4.50%, 03/25/30 | USD | 50 | 60,544 | |||||
Time Warner Cable LLC | ||||||||
6.55%, 05/01/37 | USD | 100 | 138,012 | |||||
6.75%, 06/15/39 | USD | 75 | 106,819 | |||||
Time Warner Entertainment Co. LP 8.38%, 03/15/23 | USD | 75 | 84,362 | |||||
T-Mobile USA, Inc. | ||||||||
3.50%, 04/15/25 | USD | 50 | 54,435 | |||||
3.75%, 04/15/27 | USD | 150 | 167,513 | |||||
3.88%, 04/15/30 | USD | 200 | 226,503 | |||||
Valero Energy Corp. 7.50%, 04/15/32 | USD | 75 | 106,137 | |||||
Verizon Communications, Inc. | ||||||||
3.38%, 02/15/25 | USD | 50 | 54,427 | |||||
4.02%, 12/03/29 | USD | 150 | 173,775 | |||||
4.12%, 03/16/27 | USD | 125 | 143,301 | |||||
Walmart, Inc. | ||||||||
2.85%, 07/08/24 | USD | 50 | 53,402 | |||||
3.30%, 04/22/24 | USD | 50 | 53,568 | |||||
Wells Fargo & Co. | ||||||||
4.90%, 11/17/45 | USD | 100 | 130,572 | |||||
5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51 | USD | 150 | 209,508 | |||||
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 | USD | 50 | 58,707 | |||||
9,144,018 | ||||||||
Total Corporate Bonds (Cost: $14,842,081) | 15,005,940 | |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $183,275) | ||||||||
Money Market Fund: 1.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 183,275 | 183,275 | ||||||
Total Investments: 100.1% (Cost: $15,025,356) | 15,189,215 | |||||||
Liabilities in excess of other assets: (0.1)% | (8,254 | ) | ||||||
NET ASSETS: 100.0% | $ | 15,180,961 |
Definitions:
USD | United States Dollar |
Footnotes:
(o) | Perpetual Maturity — the date shown is the next call date |
† | Security fully or partially on loan. Total market value of securities on loan is $382,229. |
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 $3,441,869, or 22.7% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 2.8 | % | $ | 420,251 | ||||
Consumer Cyclicals | 6.0 | 898,245 | ||||||
Consumer Non-Cyclicals | 11.8 | 1,764,186 | ||||||
Energy | 14.1 | 2,117,775 | ||||||
Financials | 37.0 | 5,548,221 | ||||||
Healthcare | 4.5 | 679,988 | ||||||
Industrials | 1.6 | 244,664 | ||||||
Real Estate | 0.6 | 84,904 | ||||||
Technology | 18.9 | 2,840,276 | ||||||
Utilities | 2.7 | 407,430 | ||||||
100.0 | % | $ | 15,005,940 |
VANECK VECTORS MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS: 99.7% | ||||||||
Real Estate Investment Trusts: 99.7% | ||||||||
AGNC Investment Corp. | 1,785,381 | $ | 28,333,996 | |||||
Annaly Capital Management, Inc. | 4,814,075 | 40,871,497 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 922,349 | 14,038,152 | ||||||
Arbor Realty Trust, Inc. | 829,985 | 15,172,126 | ||||||
Ares Commercial Real Estate Corp. | 406,053 | 6,123,279 | ||||||
ARMOUR Residential REIT, Inc. † | 519,581 | 5,403,642 | ||||||
Blackstone Mortgage Trust, Inc. † | 529,256 | 17,158,480 | ||||||
BrightSpire Capital, Inc. | 661,157 | 6,287,603 | ||||||
Broadmark Realty Capital, Inc. | 887,389 | 9,202,224 | ||||||
Chimera Investment Corp. | 1,134,750 | 16,703,520 | ||||||
Dynex Capital, Inc. | 259,141 | 4,522,010 | ||||||
Ellington Financial, Inc. | 328,047 | 5,963,894 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 336,592 | 19,118,426 | ||||||
Invesco Mortgage Capital, Inc. † | 2,043,243 | 7,028,756 | ||||||
KKR Real Estate Finance Trust, Inc. † | 211,220 | 4,501,098 | ||||||
Ladder Capital Corp. | 984,521 | 11,243,230 | ||||||
MFA Financial, Inc. | 2,909,666 | 13,588,140 | ||||||
New Residential Investment Corp. | 1,644,584 | 16,051,140 | ||||||
New York Mortgage Trust, Inc. | 2,879,707 | 12,584,320 | ||||||
Orchid Island Capital, Inc. † | 856,543 | 4,239,888 | ||||||
PennyMac Mortgage Investment Trust | 704,482 | 13,892,385 | ||||||
Ready Capital Corp. | 512,304 | 7,746,036 | ||||||
Redwood Trust, Inc. | 711,285 | 8,442,953 | ||||||
Starwood Property Trust, Inc. | 999,653 | 26,020,968 | ||||||
Two Harbors Investment Corp. † | 2,077,124 | 13,314,365 | ||||||
Total Common Stocks (Cost: $305,798,424) | 327,552,128 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7% (Cost: $5,537,285) | ||||||||
Money Market Fund: 1.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,537,285 | 5,537,285 | ||||||
Total Investments: 101.4% (Cost: $311,335,709) | 333,089,413 | |||||||
Liabilities in excess of other assets: (1.4)% | (4,695,926 | ) | ||||||
NET ASSETS: 100.0% | $ | 328,393,487 |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $42,289,669. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Financials | 100.0 | % | $ | 327,552,128 |
VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
July 31, 2021 (unaudited)
Number of Shares | Value | |||||||
PREFERRED SECURITIES: 99.7% | ||||||||
Basic Materials: 3.4% | ||||||||
ArcelorMittal SA (USD) 5.50%, 05/18/23 * | 414,622 | $ | 34,417,772 | |||||
Consumer Cyclicals: 6.6% | ||||||||
Aptiv Plc 5.50%, 06/15/23 | 119,204 | 22,381,743 | ||||||
Ford Motor Co. | ||||||||
6.00%, 12/01/59 * † | 331,697 | 9,154,837 | ||||||
6.20%, 06/01/59 * | 310,966 | 8,632,416 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 | 129,569 | 14,055,645 | ||||||
QVC, Inc. 6.25%, 11/26/68 * † | 207,394 | 5,442,019 | ||||||
ViacomCBS, Inc. 5.75%, 04/01/24 † | 103,655 | 7,533,646 | ||||||
67,200,306 | ||||||||
Consumer Non-Cyclicals: 2.9% | ||||||||
Brookfield Infrastructure Finance ULC (USD) 5.00%, 05/24/81 * † | 103,655 | 2,710,578 | ||||||
CHS, Inc. | ||||||||
6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 204,201 | 5,752,342 | ||||||
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 † | 174,141 | 4,936,898 | ||||||
7.50%, 01/21/25 | 214,567 | 6,273,939 | ||||||
7.88%, 09/26/23 | 222,444 | 6,386,367 | ||||||
8.00%, 07/18/23 † | 127,206 | 3,809,820 | ||||||
29,869,944 | ||||||||
Energy: 3.4% | ||||||||
Enbridge, Inc. (USD) 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 * | 248,773 | 6,779,064 | ||||||
Energy Transfer LP | ||||||||
7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 186,580 | 4,677,560 | ||||||
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 | 331,697 | 8,318,961 | ||||||
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 184,507 | 4,679,097 | ||||||
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 | 130,440 | 1,792,246 | ||||||
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 | 159,629 | 3,719,356 | ||||||
NuStar Logistics LP 6.86% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 * | 166,885 | 4,217,184 | ||||||
34,183,468 | ||||||||
Financials: 2.1% | ||||||||
Qwest Corp. | ||||||||
6.50%, 09/01/56 * | 405,293 | 10,278,230 | ||||||
6.75%, 06/15/57 * | 273,650 | 7,218,887 | ||||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 134,752 | 3,375,538 | ||||||
20,872,655 | ||||||||
Healthcare: 9.4% | ||||||||
Avantor, Inc. 6.25%, 05/15/22 | 214,567 | 24,814,674 | ||||||
Becton Dickinson and Co. 6.00%, 06/01/23 † | 310,966 | 17,482,509 | ||||||
Boston Scientific Corp. 5.50%, 06/01/23 | 104,298 | 12,814,052 | ||||||
Danaher Corp. 4.75%, 04/15/22 | 17,103 | 34,082,003 | ||||||
Elanco Animal Health, Inc. 5.00%, 02/01/23 † | 114,021 | 6,295,099 | ||||||
95,488,337 | ||||||||
Industrials: 4.8% | ||||||||
Clarivate Plc (USD) 5.25%, 06/01/24 * | 149,005 | 13,544,554 | ||||||
Crestwood Equity Partners LP 9.25%, 0 | 738,648 | 7,046,702 | ||||||
GFL Environmental, Inc. (USD) 6.00%, 03/15/23 | 150,259 | 12,205,539 | ||||||
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † | 77,742 | 9,173,556 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 | 224,020 | 6,955,821 | ||||||
48,926,172 | ||||||||
Materials: 0.9% | ||||||||
International Flavors & Fragrances, Inc. 6.00%, 09/15/21 | 171,031 | 8,712,319 | ||||||
Real Estate: 4.1% | ||||||||
DigitalBridge Group, Inc. 7.12%, 0 | 249,810 | 6,375,897 | ||||||
7.15%, 06/05/22 | 143,044 | 3,650,483 | ||||||
Diversified Healthcare Trust 6.25%, 02/01/46 * † | 103,655 | 2,625,581 | ||||||
Public Storage 4.00%, 06/16/26 * | 250,348 | 6,381,371 | ||||||
4.62%, 06/17/25 † | 234,261 | 6,521,826 | ||||||
5.15%, 06/02/22 | 116,094 | 3,067,204 | ||||||
5.60%, 03/11/24 † | 118,167 | 3,318,129 | ||||||
QTS Realty Trust, Inc. 6.50%, 0 | 32,776 | 5,633,211 | ||||||
RLJ Lodging Trust 1.95%, 0 | 133,508 | 3,786,287 | ||||||
41,359,989 | ||||||||
Real Estate Investment Trusts: 11.8% | ||||||||
AGNC Investment Corp. 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 | 238,407 | 6,055,538 | ||||||
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 166,885 | 4,297,289 | ||||||
7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 134,752 | 3,538,588 | ||||||
Annaly Capital Management, Inc. 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 | 176,214 | 4,602,710 | ||||||
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 183,470 | 4,836,269 | ||||||
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 298,527 | 7,791,555 | ||||||
Brookfield Property REIT, Inc. (USD) 6.38%, 0 | 103,655 | 2,611,069 | ||||||
Capstead Mortgage Corp. 7.50%, 0 † | 107,055 | 2,715,985 | ||||||
Chimera Investment Corp. 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 107,802 | 2,784,526 | ||||||
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 134,752 | 3,539,935 | ||||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 | 143,044 | 3,955,167 | ||||||
Diversified Healthcare Trust 5.62%, 08/01/42 † | 145,118 | 3,555,391 | ||||||
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 † | 119,204 | 3,006,325 | ||||||
Kimco Realty Corp. 5.25%, 12/20/22 | 109,667 | 2,948,946 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 | 114,021 | 2,645,287 | ||||||
Monmouth Real Estate Investment Corp. 6.12%, 09/15/21 | 227,876 | 5,778,935 | ||||||
National Retail Properties, Inc. 5.20%, 10/11/21 | 143,044 | 3,650,483 | ||||||
New Residential Investment Corp. 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 166,885 | 3,935,148 | ||||||
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 117,131 | 2,957,558 | ||||||
PS Business Parks, Inc. 4.88%, 11/04/24 † | 134,752 | 3,750,148 | ||||||
Public Storage 3.88%, 10/06/25 † | 117,131 | 3,045,406 | ||||||
4.70%, 11/15/24 † | 107,304 | 3,000,220 | ||||||
4.88%, 09/12/24 † | 131,103 | 3,655,152 | ||||||
4.90%, 10/14/21 † | 145,118 | 3,725,179 | ||||||
5.05%, 08/09/22 † | 124,386 | 3,277,571 | ||||||
Two Harbors Investment Corp. | ||||||||
7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | 122,313 | 3,059,048 | ||||||
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 † | 119,204 | 3,055,198 | ||||||
VEREIT, Inc. 6.70%, 0 | 154,156 | 3,853,900 | ||||||
Vornado Realty Trust | ||||||||
5.25%, 12/13/22 | 256,858 | 6,905,325 | ||||||
5.40%, 0 | 124,386 | 3,257,669 | ||||||
5.70%, 0 | 124,386 | 3,263,889 | ||||||
119,055,409 | ||||||||
Technology: 15.4% | ||||||||
AT&T, Inc. 4.75%, 02/18/25 † | 725,588 | 19,206,314 | ||||||
5.00%, 12/12/24 † | 497,546 | 13,354,135 | ||||||
5.35%, 11/01/66 * † | 548,337 | 14,530,930 | ||||||
5.62%, 08/01/67 * | 342,063 | 9,382,788 | ||||||
Broadcom, Inc. 8.00%, 09/30/22 * | 41,462 | 64,031,425 | ||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † | 176,214 | 4,498,743 | ||||||
Sabre Corp. 6.50%, 09/01/23 | 34,621 | 5,281,780 | ||||||
Telephone and Data Systems, Inc. 6.62%, 03/31/26 | 174,141 | 4,943,863 | ||||||
United States Cellular Corp. 5.50%, 03/01/70 * | 207,311 | 5,462,645 | ||||||
5.50%, 06/01/70 * | 207,311 | 5,394,232 | ||||||
6.25%, 09/01/69 * | 207,311 | 5,759,100 | ||||||
6.95%, 05/15/60 * † | 141,801 | 3,675,482 | ||||||
155,521,437 | ||||||||
Utilities: 34.9% | ||||||||
AES Corp. 6.88%, 02/15/24 | 108,113 | 10,960,496 | ||||||
Alabama Power Co. 5.00%, 10/01/22 † | 103,655 | 2,762,406 | ||||||
Algonquin Power & Utilities Corp. (USD) | ||||||||
6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 * | 145,118 | 4,058,951 | ||||||
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 * | 119,204 | 3,313,871 | ||||||
7.75%, 06/15/24 * | 238,407 | 12,533,056 | ||||||
American Electric Power Co., Inc. | ||||||||
6.12%, 03/15/22 | 166,885 | 8,389,309 | ||||||
6.12%, 08/15/23 | 176,214 | 9,351,677 | ||||||
Brookfield BRP Holdings Canada, Inc. (USD) 4.62%, 04/30/26 * | 145,118 | 3,636,657 | ||||||
CenterPoint Energy, Inc. 7.00%, 09/01/21 | 202,626 | 9,541,658 | ||||||
CMS Energy Corp. | ||||||||
5.88%, 10/15/78 * | 116,094 | 3,192,585 | ||||||
5.88%, 03/01/79 * † | 261,212 | 7,217,288 | ||||||
Dominion Energy, Inc. | ||||||||
5.25%, 07/30/76 * | 331,697 | 8,385,300 | ||||||
7.25%, 06/01/22 | 166,885 | 16,643,441 | ||||||
DTE Energy Co. | ||||||||
5.25%, 12/01/77 * | 165,849 | 4,388,365 | ||||||
6.00%, 12/15/76 * † | 116,094 | 2,999,869 | ||||||
6.25%, 11/01/22 | 238,407 | 12,230,279 | ||||||
Duke Energy Corp. | ||||||||
5.12%, 01/15/73 * † | 207,311 | 5,510,326 | ||||||
5.62%, 09/15/78 * † | 207,311 | 5,707,272 | ||||||
5.75%, 06/15/24 | 414,622 | 11,795,996 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 * | 169,995 | 4,334,873 | ||||||
Entergy Louisiana LLC 4.88%, 09/01/66 * | 111,948 | 2,871,466 | ||||||
Entergy Mississippi LLC 4.90%, 10/01/66 * | 107,802 | 2,779,136 | ||||||
Essential Utilities, Inc. 6.00%, 04/30/22 | 100,442 | 6,091,807 | ||||||
Georgia Power Co. 5.00%, 10/01/77 * | 111,948 | 2,946,471 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
5.25%, 06/01/76 * † | 236,334 | 6,026,517 | ||||||
5.65%, 03/01/79 * † | 285,052 | 7,961,502 | ||||||
NextEra Energy, Inc. | ||||||||
4.87%, 09/01/22 | 310,966 | 18,275,472 | ||||||
5.28%, 03/01/23 | 518,277 | 26,608,341 | ||||||
6.22%, 09/01/23 | 414,622 | 21,514,736 | ||||||
NiSource, Inc. | ||||||||
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 | 207,311 | 5,875,194 | ||||||
7.75%, 03/01/24 | 89,403 | 9,423,076 | ||||||
PG&E Corp. 5.50%, 08/16/23 | 165,849 | 14,996,067 | ||||||
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † | 114,021 | 2,890,432 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 | 124,386 | 3,171,843 | ||||||
SCE Trust VI 5.00%, 06/26/22 † | 196,945 | 4,929,533 | ||||||
Sempra Energy 5.75%, 07/01/79 * | 314,076 | 8,750,157 | ||||||
South Jersey Industries, Inc. 8.75%, 04/01/24 * † | 69,449 | 3,785,665 | ||||||
Southern Co. | ||||||||
4.20%, 10/15/60 * † | 310,966 | 8,153,529 | ||||||
4.95%, 01/30/80 * † | 414,622 | 11,120,162 | ||||||
5.25%, 10/01/76 * | 331,697 | 8,561,100 | ||||||
5.25%, 12/01/77 * | 186,580 | 5,024,599 | ||||||
6.75%, 08/01/22 | 357,611 | 18,542,130 | ||||||
Spire, Inc. 5.90%, 08/15/24 † | 103,655 | 2,917,888 | ||||||
Tennessee Valley Authority 2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28 | 113,606 | 3,049,185 | ||||||
353,219,683 | ||||||||
Total Preferred Securities (Cost: $919,149,868) | 1,008,827,491 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8% (Cost: $18,160,897) | ||||||||
Money Market Fund: 1.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 18,160,897 | 18,160,897 | ||||||
Total Investments: 101.5% (Cost: $937,310,765) | 1,026,988,388 | |||||||
Liabilities in excess of other assets: (1.5)% | (14,935,763 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,012,052,625 |
Definitions:
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $41,820,031. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 3.4 | % | $ | 34,417,772 | ||||
Consumer Cyclicals | 6.7 | 67,200,306 | ||||||
Consumer Non-Cyclicals | 3.8 | 38,582,263 | ||||||
Energy | 3.4 | 34,183,468 | ||||||
Financials | 2.1 | 20,872,655 | ||||||
Healthcare | 9.5 | 95,488,337 | ||||||
Industrials | 4.8 | 48,926,172 | ||||||
Real Estate | 15.9 | 160,415,398 | ||||||
Technology | 15.4 | 155,521,437 | ||||||
Utilities | 35.0 | 353,219,683 | ||||||
100.0 | % | $ | 1,008,827,491 |