| Canal de Panama, 4.95% 29jul2035, USD (USP06077AA22) |
| Avianca Group International, 9% 1dec2028, USD (A-1) (USG2956PAA50) |
| Avianca Group International, 9% 1dec2028, USD (A-1) (USG2956PAA50) |
| Avianca Group International, 9% 1dec2028, USD (USG2957NAC59) |
| Global Bank Corp, 5.25% 16apr2029, USD (USP47718AE43) |
| Panama Canal Railway, 7% 1nov2026, USD (USG68828AA31) |
| Aes Panama, 4.375% 31may2030, USD (A) (USP0608AAB28) |
| Aes Panama, 4.375% 31may2030, USD (A) (USP0608AAB28) |
| Copa Holdings, 4.5% 15apr2025, USD (Conv.) (US21720AAA07) |
| Copa Holdings, 4.5% 15apr2025, USD (Conv.) (US21720AAA07) |
| UEP Penonome II, 6.5% 1oct2038, USD (R) (USP9434RAA88) |
| Aeropuerto Internacional De Tocumen, 4% 11aug2041, USD (R) (USP0092AAF68) |
| Banco BAC de Panama, 10% perp., USD (A) (PAL3104112A5) |
| UEP Penonome II, 6.5% 1oct2038, USD (R) (USP9434RAA88) |
| Aeropuerto Internacional De Tocumen, 4% 11aug2041, USD (R) (USP0092AAF68) |
| Banco BAC de Panama, 10% perp., USD (A) (PAL3104112A5) |
| Banistmo, 4.25% 31jul2027, USD (USP15383CD50) |
| Banco Latinoamericano de Comercio Exterior, 2.375% 14sep2025, USD (USP1393HAC27) |
| Banistmo, 4.25% 31jul2027, USD (USP15383CD50) |
| Banco Latinoamericano de Comercio Exterior, 2.375% 14sep2025, USD (USP1393HAC27) |
| Banco General, 4.125% 7aug2027, USD (USP12651AB49) |
| Avianca Group International, 9% 10may2023, USD (USP06048AB19) |
| Empresa Nacional de Autopistas, 4% 19may2048, USD (A) (USP3717BAA46) |
| Empresa Nacional de Autopistas, 4% 19may2048, USD (A) (USP3717BAA46) |
| Cable Onda, 4.5% 30jan2030, USD (A) (USP1926LAA37) |
| Hipotecaria Metrocredit, 7.25% 29dec2025, USD (EG) (PAL7500552G0) |
| Empresa de Transmission Electrica (ETESA), 5.125% 2may2049, USD (R) (USP37146AA81) |
| Banco Nacional de Panama, 2.5% 11aug2030, USD (USP1559LAA72) |
| Grupo Prival, 7.25% 30apr2099, USD (A) (PAL2400783A6) |
| Banco Nacional de Panama, 2.5% 11aug2030, USD (USP1559LAA72) |
| Grupo Prival, 7.25% 30apr2099, USD (A) (PAL2400783A6) |
| BICSA Factoring, 6.5% 14nov2027, USD (B) (PAL3011313B9) |
| Aes Panama, 6% 25jun2022, USD (USP0608CAA01) |
| Banco General, 6.5% perp., USD (A) (PAL3021716A3) |
| Corporacion de Finanzas del Pais, (Panacredit), 6.25% 16feb2019, USD (G) (PAL3291817G9) |
| Banistmo, 3.65% 19sep2022, USD (USP15383AC95) |
| PF Structured Notes, 9% 29jun2028, USD (R, Structured) (PAL3006721R6) |
| Promerica Financial Corporation, 9.7% 14may2024, USD (USP7922BAA63) |
| Leasing Banistmo, 4.65% 2sep2025, USD (Y) (PAL3048211Y4) |
| Hipotecaria Metrocredit, 6.75% 20apr2022, USD (R) (PAL15773C2R0) |
| Caldera Energy Corp, 7.5% 21dec2031, USD (PAL3602311A0) |
| Corporacion Bellavista De Finanzas, 7.75% 13oct2023, USD (K) (PAL3007422K5) |
| Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI), 4% 24feb2023, USD (S) (PAL3009912S6) |
| Inversiones Leina, 5% 30sep2028, USD (A) (PAL0604421A1) |
| Banco Internacional De Costa Rica (BICSA), 2.875% 6jan2023, USD (S) (PAL352063GS1) |
| Leasing Banistmo, 4.65% 2sep2025, USD (Y) (PAL3048211Y4) |
| Hipotecaria Metrocredit, 6.75% 20apr2022, USD (R) (PAL15773C2R0) |
| Caldera Energy Corp, 7.5% 21dec2031, USD (PAL3602311A0) |
| Corporacion Bellavista De Finanzas, 7.75% 13oct2023, USD (K) (PAL3007422K5) |
| Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI), 4% 24feb2023, USD (S) (PAL3009912S6) |
| Inversiones Leina, 5% 30sep2028, USD (A) (PAL0604421A1) |
| Banco Internacional De Costa Rica (BICSA), 2.875% 6jan2023, USD (S) (PAL352063GS1) |
| Hipotecaria Metrocredit, 7.5% 24sep2026, USD (EE) (PAL7500552E5) |
| The Hub Development, FRN 22jul2029, USD (K) (PAL6000221K1) |
| Hipotecaria Metrocredit, 7.5% 12nov2026, USD (AL) (PAL7500562L9) |
| Hipotecaria Metrocredit, 7.5% 15may2026, USD (GW) (PAL75005Y2W8) |
| Hipotecaria Metrocredit, 7.5% 12sep2026, USD (FY) (PAL7500512Y7) |
| Towerbank International, 5.5% 17may2025, USD (DJ) (PAL339213EJ4) |
| Corporacion de Finanzas del Pais, (Panacredit), 6.75% 31dec2026, USD (FK) (PAL32918D1K7) |
| Corporacion de Finanzas del Pais, (Panacredit), 6.5% 10jan2026, USD (CD) (PAL32918G1D9) |
| Prival Bank, 6% 3feb2026, USD (BM) (PAL300981AM3) |
| Aeropuerto Internacional De Tocumen, 5.75% 9oct2023, USD (A) (PAL4200621A6) |
| Banvivienda Leasing & Factoring, 5% 31aug2026, USD (A) (PAL3008711A1) |
| Financia Credit, 6.75% 14jan2024, USD (V) (PAL3005523V9) |
| Inmobiliaria Don Antonio, FRN 28aug2030, USD (A) (PAL0756814A3) |
| Leasing Banistmo, 4.15% 20nov2025, USD (Z) (PAL3048211Z1) |
| Panama Norte School, 12% 21may2029, USD (E) (PAL0602921E4) |
| Sociedad Urbanizadora Del Caribe, 4.75% 15oct2031, USD (L) (PAL220832DL1) |
| Hipotecaria Metrocredit, 7.25% 28mar2022, USD (M) (PAL157732SM6) |
| Hipotecaria Metrocredit, 7.75% 15apr2023, USD (D) (PAL15773D2D9) |
| Banco La Hipotecaria, 4.25% 22mar2024, USD (D) (PAL341781PD5) |
| Capital Bank, Inc., 2.75% 15feb2022, USD (T) (PAL3001435T4) |
| Hipotecaria Metrocredit, 7% 22dec2023, USD (K) (PAL15773D2K4) |
| Banco Aliado, 1.8% 23sep2022, USD (PAL318621HX7) |
| BICSA Factoring, 6.5% 26dec2025, USD (PAL3011311C1) |
| Corporacion de Finanzas del Pais, (Panacredit), 5.625% 21jul2024, USD (PAL329181KX3) |
| Oferta e Inversiones, FRN 22jan2031, USD (C) (PAL0602221C3) |
| Financia Credit, 6.75% 14jan2024, USD (V) (PAL3005523V9) |
| Inmobiliaria Don Antonio, FRN 28aug2030, USD (A) (PAL0756814A3) |
| Leasing Banistmo, 4.15% 20nov2025, USD (Z) (PAL3048211Z1) |
| Panama Norte School, 12% 21may2029, USD (E) (PAL0602921E4) |
| Sociedad Urbanizadora Del Caribe, 4.75% 15oct2031, USD (L) (PAL220832DL1) |
| Hipotecaria Metrocredit, 7.25% 28mar2022, USD (M) (PAL157732SM6) |
| Hipotecaria Metrocredit, 7.75% 15apr2023, USD (D) (PAL15773D2D9) |
| Banco La Hipotecaria, 4.25% 22mar2024, USD (D) (PAL341781PD5) |
| Capital Bank, Inc., 2.75% 15feb2022, USD (T) (PAL3001435T4) |
| Hipotecaria Metrocredit, 7% 22dec2023, USD (K) (PAL15773D2K4) |
| Banco Aliado, 1.8% 23sep2022, USD (PAL318621HX7) |
| BICSA Factoring, 6.5% 26dec2025, USD (PAL3011311C1) |
| Corporacion de Finanzas del Pais, (Panacredit), 5.625% 21jul2024, USD (PAL329181KX3) |
| Oferta e Inversiones, FRN 22jan2031, USD (C) (PAL0602221C3) |
| Corporacion Bellavista De Finanzas, 7% 18nov2026, USD (AD) (PAL3007423D8) |
| Hipotecaria Metrocredit, 7.5% 4jun2026, USD (GD) (PAL7500512D1) |
| Corporacion de Finanzas del Pais, (Panacredit), 7% 5dec2027, USD (DN) (PAL32918A1N4) |
| Latin American Kraft Investments Inc. y Subsidiarias, 7.25% 22jan2030, USD (X) (PAL2400913X1) |
| Pacific Bank, 6.375% 28jan2027, USD (A) (PAL7500711A5) |
| Banco Internacional De Costa Rica (BICSA), 5.75% 11feb2026, USD (CB) (PAL352061PB2) |
| Mifinanciera, 9% 14feb2027, USD (O) (PAL3008121O4) |
| Empresa Nacional de Autopistas, 4.95% 25apr2028, USD (R) (USP3716XAA74) |
| Rio Branco Urban Development, 7% 31aug2018, CHF (CH0187228330) |