# EDGAR Filing Document

**Accession Number:** 0001011378
**File Stem:** 0001752724-23-041495
**Filing Date:** 2023-2
**Character Count:** 102066
**Document Hash:** f2198298466b7facf05700dd25215fd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041495.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041495

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.
- **CENTRAL INDEX KEY:** 0001011378
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07607
- **FILM NUMBER:** 23671472

**BUSINESS ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL INSTITUTIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 20020322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY UNIVERSAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960328

## Series and Classes Contracts Data

### Emerging Markets Debt Portfolio (Series ID: S000004174)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000011751 | Class II     | MBDBX           |
| C000011752 | Class I      | MEMNX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

- **b. Investment Company Act file number:** 811-07607

- **c. CIK number of Registrant:** 0001011378

- **d. LEI of Registrant:** KRX6WCBD0RZHNUHCX346

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 522 FIFTH AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

**Item A.2. Information about the Series.**

- **a. Name of Series:** Emerging Markets Debt Portfolio

- **b. EDGAR series identifier (if any):** S000004174

- **c. LEI of Series:** LK4IXFQ214RZJC3PVT49

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $105077458.67

**Total Liabilities:** $1183540.77

**Net Assets:** $103893917.90

**Cash Not Reported:** $1094907.83

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -59.10000000 | **1-Year:** -1266.97000000 | **5-Year:** -5202.42000000 | **10-Year:** -9379.71000000 | **30-Year:** -6942.55000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -168.16000000 | **1-Year:** -4602.80000000 | **5-Year:** -14632.34000000 | **10-Year:** -10498.16000000 | **30-Year:** -4590.10000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000011751 | -0.62%               | 9.54%                | 0.95%                |
| Class ID C000011752 | -0.61%               | 9.45%                | 0.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3682427.01             | $2997741.66                                |
| Month 2  | $-1065647.51             | $8877899.07                                |
| Month 3  | $-906077.08              | $938744.78                                 |

**Designated Index Information**

- **Index Name:** JPM EM Bond Index Global Diversified Index

- **Index Identifier:** JPMEMBGDI

### Schedule of Portfolio Investments

| Name                                               | Title                                                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EXPORT-IMPORT BK INDIA                             | Export-Import Bank of India                                                                                                      | CUSIP: 30216KAE2<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |    890000 | PA      | $773429.34    | 0.74%             | 2030-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| DP WORLD SALAAM                                    | DP World Salaam                                                                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $495666.50    | 0.48%             | 2025-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                               | Colombia Government International Bond                                                                                           | CUSIP: 195325CU7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    500000 | PA      | $342027.95    | 0.33%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD                               | Times China Holdings Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $64237.93     | 0.06%             | 2024-06-04      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY                                            | Hungary Government International Bond                                                                                            | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    220000 | PA      | $241321.52    | 0.23%             | 2041-03-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| HSBC Securities (USA) Inc.                         | HSBC TRI PARTY   A REPO                                                                                                          | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |     13891 | PA      | $13891.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                              | Sri Lanka Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |   1300000 | PA      | $419370.58    | 0.40%             | 2025-11-03      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                            | Latam Airlines Group SA                                                                                                          | CUSIP: 51818LAA6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    490000 | PA      | $497636.65    | 0.48%             | 2027-10-15      | Fixed         | 13.38%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                 | Ukraine Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   2210000 | PA      | $504708.75    | 0.49%             | 2025-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                 | Dominican Republic International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    500000 | PA      | $505790.33    | 0.49%             | 2026-01-29      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Jordan                                  | Jordan Government International Bond                                                                                             | CUSIP: 418097AJ0<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    840000 | PA      | $725091.36    | 0.70%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                              | Finance Department Government of Sharjah                                                                                         | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |    676000 | PA      | $457211.25    | 0.44%             | 2051-03-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                | Petroleos Mexicanos                                                                                                              | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1900000 | PA      | $1318949.03   | 1.27%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| ATP TOW / AND TELECOM                              | ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    223000 | PA      | $196946.91    | 0.19%             | 2026-04-27      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey                                 | Turkey Government International Bond                                                                                             | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    300000 | PA      | $196077.90    | 0.19%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    636000 | PA      | $565556.64    | 0.54%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PETRA DIAMONDS US TREAS                            | Petra Diamonds US Treasury PLC                                                                                                   | CUSIP: 000000000<br>LEI: 635400LZYOO6WHAO2H58 | Long             | DBT              | CORP              | GB        |    285905 | PA      | $284475.41    | 0.27%             | 2026-03-08      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 10YR ULTRA FUT MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        40 | NC      | $-9031.25     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Minejesa Capital BV                                | Minejesa Capital BV                                                                                                              | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    751000 | PA      | $661030.20    | 0.64%             | 2030-08-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| JSW INFRASTRUCTURE                                 | JSW Infrastructure Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 3358003E3YFK92C9WX80 | Long             | DBT              | CORP              | IN        |    780000 | PA      | $664677.23    | 0.64%             | 2029-01-21      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                | Petroleos Mexicanos                                                                                                              | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    470000 | PA      | $298167.34    | 0.29%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                             | BBVA Bancomer SA/Texas                                                                                                           | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    465000 | PA      | $418142.64    | 0.40%             | 2033-01-18      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | MERRILL LYNCH TRI PARTY A REPO                                                                                                   | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | Long             | RA               | CORP              | US        |     13891 | PA      | $13891.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THREE GORGES FIN I CAYMA                           | Three Gorges Finance I Cayman Islands Ltd                                                                                        | CUSIP: 88556LAA4<br>LEI: 549300FD0MPTWEITI779 | Long             | DBT              | CORP              | KY        |    838000 | PA      | $814624.37    | 0.78%             | 2025-06-10      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AUNA SA                                            | Auna SAA                                                                                                                         | CUSIP: 000000000<br>LEI: 549300C3XBVL3X4TME11 | Long             | DBT              | CORP              | PE        |    958000 | PA      | $795545.44    | 0.77%             | 2025-11-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                             | Brazilian Government International Bond                                                                                          | CUSIP: 105756CC2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $174116.98    | 0.17%             | 2030-06-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SINOPEC GRP DEV 2018                               | Sinopec Group Overseas Development 2018 Ltd                                                                                      | CUSIP: 82939GAL2<br>LEI: 549300C6OZZ8LTVR8209 | Long             | DBT              | CORP              | VG        |   1600000 | PA      | $1439269.42   | 1.39%             | 2029-11-12      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                      | PURCHASED USD / SOLD EUR                                                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-17078.12    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ALAM SUTERA REALTY TBK                             | Alam Sutera Realty Tbk PT                                                                                                        | CUSIP: 000000000<br>LEI: 2549001ML992STTEP738 | Long             | DBT              | CORP              | ID        |   1450000 | PA      | $972225.00    | 0.94%             | 2025-11-02      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                              | Indonesia Government International Bond                                                                                          | CUSIP: 455780CU8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    560000 | PA      | $473633.66    | 0.46%             | 2070-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                    | Nigeria Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    270000 | PA      | $268120.53    | 0.26%             | 2023-07-12      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ENDEAVOR MINING PLC                                | Endeavour Mining PLC                                                                                                             | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |    880000 | PA      | $757944.00    | 0.73%             | 2026-10-14      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                   | Iraq International Bond                                                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |   2523812 | PA      | $2332767.47   | 2.25%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                             | Egypt Government International Bond                                                                                              | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    770000 | PA      | $478093.00    | 0.46%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Republic of Zambia                                 | Zambia Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |   1292000 | PA      | $543860.94    | 0.52%             | 2022-09-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                                | Republic of Armenia International Bond                                                                                           | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    250000 | PA      | $199931.75    | 0.19%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                 | Ukraine Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1000000 | PA      | $192533.60    | 0.19%             | 2031-05-21      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                 | Ukraine Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1200000 | PA      | $238185.72    | 0.23%             | 2028-06-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GUARA NORTE SARL                                   | Guara Norte Sarl                                                                                                                 | CUSIP: 000000000<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    628293 | PA      | $532525.37    | 0.51%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| SINOPEC GRP OVERSEA 2012                           | Sinopec Group Overseas Development 2012 Ltd                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    390000 | PA      | $364066.75    | 0.35%             | 2042-05-17      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PEE4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    760000 | PA      | $560249.27    | 0.54%             | 2060-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US ULTRA BOND CBT MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        59 | NC      | $-17000.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| KWG GROUP HOLDINGS                                 | KWG Group Holdings Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 549300LK82ZOM9ZE7H90 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $143250.00    | 0.14%             | 2024-08-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                        | Ivory Coast Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    400000 | PA      | $339585.12    | 0.33%             | 2032-01-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                | Petroleos Mexicanos                                                                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2294000 | PA      | $1805841.39   | 1.74%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                | Benin Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    110000 | PA      | $85734.55     | 0.08%             | 2052-01-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                               | Shelf Drilling Holdings Ltd                                                                                                      | CUSIP: 000000000<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    797000 | PA      | $782056.25    | 0.75%             | 2024-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                 | Serbia International Bond                                                                                                        | CUSIP: 817477AF9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    310000 | PA      | $223851.00    | 0.22%             | 2030-12-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                            | Ethiopia International Bond                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    830000 | PA      | $521489.00    | 0.50%             | 2024-12-11      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                             | VTR Comunicaciones SpA                                                                                                           | CUSIP: 000000000<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    566000 | PA      | $352409.80    | 0.34%             | 2028-01-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                             | Egypt Government International Bond                                                                                              | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    340000 | PA      | $231071.14    | 0.22%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                              | Indonesia Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $387361.46    | 0.37%             | 2027-07-18      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                   | Peruvian Government International Bond                                                                                           | CUSIP: 715638DT6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $143165.58    | 0.14%             | 2051-03-10      | Fixed         | 3.55%                 | No            |                  2 | On Loan: —       |
| IHS NETHERLANDS HOLDCO                             | IHS Netherlands Holdco BV                                                                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |    950000 | PA      | $840978.00    | 0.81%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                           | Shimao Group Holdings Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    660000 | PA      | $125388.59    | 0.12%             | 2026-07-15      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Sri Lanka                              | Sri Lanka Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |    200000 | PA      | $63704.21     | 0.06%             | 2024-03-14      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CON                           | Uzbek Industrial and Construction Bank ATB                                                                                       | CUSIP: 000000000<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |    462000 | PA      | $434857.50    | 0.42%             | 2024-12-02      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                | Benin Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    764000 | PA      | $638597.41    | 0.61%             | 2032-01-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                 | Morocco Government International Bond                                                                                            | CUSIP: 617726AM6<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    610000 | PA      | $419942.91    | 0.40%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    830000 | PA      | $554244.95    | 0.53%             | 2051-02-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                           | Suriname Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |   2424000 | PA      | $1958592.00   | 1.89%             | 2026-10-26      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| NETWORK I2I LTD                                    | Network i2i Ltd                                                                                                                  | CUSIP: V6703DAA2<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    276000 | PA      | $264615.00    | 0.25%             | 2025-01-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                           | Uruguay Government International Bond                                                                                            | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   1020000 | PA      | $1003815.79   | 0.97%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    330000 | PA      | $227296.58    | 0.22%             | 2033-04-14      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| NATURA &CO LUX HLD SARL                            | Natura &Co Luxembourg Holdings Sarl                                                                                              | CUSIP: 63884WAA6<br>LEI: 54930074AZRQQPMINM11 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $306749.95    | 0.30%             | 2029-04-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                        | Ivory Coast Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    100000 | PA      | $75954.81     | 0.07%             | 2048-03-22      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                              | Sri Lanka Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |   2420000 | PA      | $772173.07    | 0.74%             | 2030-03-28      | Fixed         | 7.55%                 | Yes           |                  2 | On Loan: No      |
| NPC UKRENERGO                                      | NPC Ukrenergo                                                                                                                    | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | CORP              | UA        |    510000 | PA      | $92450.76     | 0.09%             | 2028-11-09      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                           | Sunac China Holdings Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    740000 | PA      | $163253.52    | 0.16%             | 2023-04-19      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Gabon                                  | Gabon Government International Bond                                                                                              | CUSIP: 362420AC5<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    610000 | PA      | $579500.00    | 0.56%             | 2025-06-16      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                              | Finance Department Government of Sharjah                                                                                         | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |   1671000 | PA      | $1100604.15   | 1.06%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 10YR NOTE (CBT)MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        35 | NC      | $-43937.51    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio                                                     | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |   7152246 | NS      | $7152246.00   | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Sri Lanka                              | Sri Lanka Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |   2000000 | PA      | $638159.56    | 0.61%             | 2027-05-11      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                            | Long: BMIBD9YE7 CDS USD R F  1.00000 II7154800221109 SOVEREIGN / Short: BMIBD9YE7 CDS USD P V 03MEVENT II9735920221109 SOVEREIGN | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCR              |  | GB        |   5495000 | OU      | $-101272.58   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| EMIRATES NBD BANK PJSC                             | Emirates NBD Bank PJSC                                                                                                           | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | DBT              | CORP              | AE        |    610000 | PA      | $596822.17    | 0.57%             | 2026-04-09      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    532000 | PA      | $476983.20    | 0.46%             | 2028-03-07      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                 | Serbia International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |   1310000 | PA      | $1009437.62   | 0.97%             | 2029-06-26      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                           | Banco Mercantil del Norte SA/Grand Cayman                                                                                        | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $446848.88    | 0.43%             | 2030-10-14      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                               | Abu Dhabi Government International Bond                                                                                          | CUSIP: 29135LAE0<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    600000 | PA      | $539222.40    | 0.52%             | 2029-09-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                            | Hungary Government International Bond                                                                                            | CUSIP: 445545AL0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    750000 | PA      | $750525.00    | 0.72%             | 2024-03-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                               | Abu Dhabi Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    450000 | PA      | $418585.95    | 0.40%             | 2030-04-16      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                | Braskem Netherlands Finance BV                                                                                                   | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    360000 | PA      | $306976.90    | 0.30%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                              | Indonesia Government International Bond                                                                                          | CUSIP: 455780DJ2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    800000 | PA      | $723895.50    | 0.70%             | 2032-03-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                 | Panama Government International Bond                                                                                             | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    930000 | PA      | $692157.54    | 0.67%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                            | Pakistan Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    300000 | PA      | $105750.00    | 0.10%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                  | Lebanon Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    840000 | PA      | $51450.00     | 0.05%             | 2029-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA                                     | Gol Finance SA                                                                                                                   | CUSIP: 000000000<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    671000 | PA      | $399793.82    | 0.38%             | 2026-06-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                | Petroleos Mexicanos                                                                                                              | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1000000 | PA      | $613625.00    | 0.59%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                              | Indonesia Government International Bond                                                                                          | CUSIP: 455780DN3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $392334.35    | 0.38%             | 2032-09-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    440000 | PA      | $204484.74    | 0.20%             | 2035-07-31      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CANACOL ENERGY LTD                                 | Canacol Energy Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300X5MNRWPMSM9N14 | Long             | DBT              | CORP              | CA        |    206000 | PA      | $182261.58    | 0.18%             | 2028-11-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY LATIN AMERICA                              | Liberty Latin America Ltd                                                                                                        | CUSIP: 53069QAB5<br>LEI: 213800YWQHEAX7CAVO83 | Long             | DBT              | CORP              | BM        |    815000 | PA      | $727387.50    | 0.70%             | 2024-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                 | Mongolia Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    399000 | PA      | $389703.30    | 0.38%             | 2023-05-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                            | Long: BMIBBA6N7 CDS USD R F  1.00000 II8626830221019 SOVEREIGN / Short: BMIBBA6N7 CDS USD P V 03MEVENT II9028230221019 SOVEREIGN | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCR              |  | GB        |    704545 | OU      | $-12769.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    265000 | PA      | $109135.31    | 0.11%             | 2040-07-31      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                             | Mozambique International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    639000 | PA      | $492030.00    | 0.47%             | 2031-09-15      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    350000 | PA      | $323351.36    | 0.31%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                 | Angolan Government International Bond                                                                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    300000 | PA      | $264084.00    | 0.25%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                  | Republic of Kenya Government International Bond                                                                                  | CUSIP: 491798AK0<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    250000 | PA      | $214290.00    | 0.21%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                             | Pertamina Persero PT                                                                                                             | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    800000 | PA      | $794000.00    | 0.76%             | 2023-05-20      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                            | Mong Duong Finance Holdings BV                                                                                                   | CUSIP: 000000000<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    856000 | PA      | $713756.92    | 0.69%             | 2029-05-07      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    787440 | PA      | $509921.32    | 0.49%             | 2030-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                  | Lebanon Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   2100000 | PA      | $128646.00    | 0.12%             | 2027-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KERNEL HOLDING SA                                  | Kernel Holding SA                                                                                                                | CUSIP: 000000000<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |    219000 | PA      | $94074.95     | 0.09%             | 2027-10-27      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SEPLAT ENERGY PL                                   | SEPLAT Energy PLC                                                                                                                | CUSIP: 000000000<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |    610000 | PA      | $491062.20    | 0.47%             | 2026-04-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AES GENER SA                                       | AES Andes SA                                                                                                                     | CUSIP: 000000000<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    400000 | PA      | $381243.02    | 0.37%             | 2079-03-26      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                | Benin Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |   1600000 | PA      | $1250678.93   | 1.20%             | 2035-01-22      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                             | Egypt Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    750000 | PA      | $509715.75    | 0.49%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 5YR NOTE (CBT) MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        26 | NC      | $609.39       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                             | US LONG BOND(CBT) MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        24 | NC      | $187.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    455000 | PA      | $491307.97    | 0.47%             | 2026-09-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                             | Egypt Government International Bond                                                                                              | CUSIP: 038461AS8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $180092.00    | 0.17%             | 2025-10-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                | Suzano Austria GmbH                                                                                                              | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    175000 | PA      | $147206.76    | 0.14%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                             | Oman Government International Bond                                                                                               | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    900000 | PA      | $908350.20    | 0.87%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                             | Galaxy Pipeline Assets Bidco Ltd                                                                                                 | CUSIP: 36321PAC4<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    965000 | PA      | $750387.88    | 0.72%             | 2040-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BOBL FUTURE MAR23                                                                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -19 | NC      | $80540.62     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LIMAK ISKENDERUN                                   | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS                                                                             | CUSIP: 000000000<br>LEI: 5299001DUZ9PI7TCRC47 | Long             | DBT              | CORP              | TR        |    949743 | PA      | $821110.02    | 0.79%             | 2036-07-10      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                               | Paraguay Government International Bond                                                                                           | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    400000 | PA      | $346178.06    | 0.33%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                              | Costa Rica Government International Bond                                                                                         | CUSIP: 221597CP0<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    380000 | PA      | $370457.75    | 0.36%             | 2031-02-19      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                               | Colombia Government International Bond                                                                                           | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    400000 | PA      | $307135.29    | 0.30%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    110000 | PA      | $82194.18     | 0.08%             | 2030-07-13      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                  | Gabon Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    650000 | PA      | $534560.00    | 0.51%             | 2031-11-24      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Albania                                | Albania Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |    109000 | PA      | $108971.77    | 0.10%             | 2025-10-09      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                           | OCP SA                                                                                                                           | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    600000 | PA      | $457731.00    | 0.44%             | 2051-06-23      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| MERCURY CHILE HOLDCO LLC                           | Mercury Chile Holdco LLC                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $384000.00    | 0.37%             | 2027-01-24      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                             | Egypt Government International Bond                                                                                              | CUSIP: 03846JX39<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1500000 | PA      | $986218.50    | 0.95%             | 2059-11-20      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                           | PURCHASED USD / SOLD EUR                                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-671.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                              | Guatemala Government Bond                                                                                                        | CUSIP: 401494AU3<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    310000 | PA      | $250461.97    | 0.24%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SOCIALIST REP OF VIETNAM                           | Vietnam Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5493008AE7RS4XK4BZ08 | Long             | DBT              | NUSS              | VN        |   1320000 | PA      | $1305480.00   | 1.26%             | 2024-11-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1106688 | PA      | $514320.02    | 0.50%             | 2035-07-31      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                              | Indonesia Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    800000 | PA      | $794432.88    | 0.76%             | 2025-01-15      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                            | Pakistan Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    345000 | PA      | $124200.00    | 0.12%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                              | Argentine Republic Government International Bond                                                                                 | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    890000 | PA      | $253284.32    | 0.24%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL                           | Digicel International Finance Ltd/Digicel international Holdings Ltd                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1267000 | PA      | $1091621.86   | 1.05%             | 2024-05-25      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ARAGVI FINANCE INTL                                | Aragvi Finance International DAC                                                                                                 | CUSIP: 000000000<br>LEI: 635400VKAYT1VT6VBF50 | Long             | DBT              | CORP              | IE        |    750000 | PA      | $537918.00    | 0.52%             | 2026-04-29      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                 | Zambia Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    201000 | PA      | $92307.24     | 0.09%             | 2024-04-14      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                | Honduras Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |   1514000 | PA      | $1339613.35   | 1.29%             | 2027-01-19      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                           | Corp Financiera de Desarrollo SA                                                                                                 | CUSIP: 21987DAB0<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |    739000 | PA      | $708919.01    | 0.68%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                             | VTR Comunicaciones SpA                                                                                                           | CUSIP: 000000000<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    434000 | PA      | $254825.27    | 0.25%             | 2029-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    445000 | PA      | $479866.44    | 0.46%             | 2029-09-27      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                | Petroleos Mexicanos                                                                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    840000 | PA      | $637671.72    | 0.61%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                | Honduras Government International Bond                                                                                           | CUSIP: 438180AJ0<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    180000 | PA      | $145186.50    | 0.14%             | 2030-06-24      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Republic of Turkey                                 | Turkey Government International Bond                                                                                             | CUSIP: 900123AY6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $168064.20    | 0.16%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTH MACEDONIA                                    | North Macedonia Government International Bond                                                                                    | CUSIP: 000000000<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |   1340000 | PA      | $1126939.62   | 1.08%             | 2028-03-10      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                 | Serbia International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    720000 | PA      | $519912.00    | 0.50%             | 2030-12-01      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1125920 | PA      | $463689.15    | 0.45%             | 2040-07-31      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                             | US 2YR NOTE (CBT) MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         4 | NC      | $937.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Kazakhstan                             | Kazakhstan Government International Bond                                                                                         | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |    800000 | PA      | $835824.00    | 0.80%             | 2045-07-21      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                                 | Total Play Telecomunicaciones SA de CV                                                                                           | CUSIP: 000000000<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $526836.18    | 0.51%             | 2025-11-12      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                | Ecuador Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    273245 | PA      | $108083.95    | 0.10%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                      | PURCHASED USD / SOLD EUR                                                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-32496.97    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| KERNEL HOLDING SA                                  | Kernel Holding SA                                                                                                                | CUSIP: 000000000<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $90214.32     | 0.09%             | 2024-10-17      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Provincia de Cordoba                               | Provincia de Cordoba                                                                                                             | CUSIP: 000000000<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    645131 | PA      | $523362.52    | 0.50%             | 2025-12-10      | Variable      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CORURIPE NETHERLANDS BV                            | Coruripe Netherlands BV                                                                                                          | CUSIP: 000000000<br>LEI: 724500EL5MDC9RD0FW48 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $481500.00    | 0.46%             | 2027-02-10      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                            | El Salvador Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   1141000 | PA      | $510597.50    | 0.49%             | 2027-01-18      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                             | Oman Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    440000 | PA      | $413608.80    | 0.40%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                              | Venezuela Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | N/A              | DE               |  | VE        |      3750 | NS      | $18750.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ULKER BISKUVI SANAYI AS                            | Ulker Biskuvi Sanayi AS                                                                                                          | CUSIP: 000000000<br>LEI: 7890009HEU9BS7J3DA93 | Long             | DBT              | CORP              | TR        |    740000 | PA      | $626168.76    | 0.60%             | 2025-10-30      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PDZ8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    570000 | PA      | $551428.50    | 0.53%             | 2028-07-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD                               | Times China Holdings Ltd                                                                                                         | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    280000 | PA      | $61910.11     | 0.06%             | 2023-07-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                            | El Salvador Government International Bond                                                                                        | CUSIP: 283875BW1<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    370000 | PA      | $165389.73    | 0.16%             | 2029-02-28      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Republic of Sri Lanka                              | Sri Lanka Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |    200000 | PA      | $64050.39     | 0.06%             | 2029-03-14      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| HIDROVIAS INT FIN SARL                             | Hidrovias International Finance SARL                                                                                             | CUSIP: 000000000<br>LEI: 222100RBWNBUZOTA9381 | Long             | DBT              | CORP              | LU        |    580000 | PA      | $430360.73    | 0.41%             | 2031-02-08      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                             | Republic of Uzbekistan International Bond                                                                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    634000 | PA      | $523050.00    | 0.50%             | 2031-10-19      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                   | Peruvian Government International Bond                                                                                           | CUSIP: 715638AU6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $211454.69    | 0.20%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                  | Republic of Kenya Government International Bond                                                                                  | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    370000 | PA      | $325492.70    | 0.31%             | 2028-02-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                 | Panama Government International Bond                                                                                             | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    470000 | PA      | $304740.92    | 0.29%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| THREE GORGES FIN I KY                              | Three Gorges Finance I Cayman Islands Ltd                                                                                        | CUSIP: 000000000<br>LEI: 549300FD0MPTWEITI779 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $729079.09    | 0.70%             | 2025-06-10      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                              | Guatemala Government Bond                                                                                                        | CUSIP: 401494AR0<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    320000 | PA      | $302324.07    | 0.29%             | 2050-06-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 77586TAE6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    250000 | PA      | $230885.75    | 0.22%             | 2044-01-22      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                  | Vedanta Resources Finance II PLC                                                                                                 | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $479678.32    | 0.46%             | 2024-01-21      | Fixed         | 13.88%                | Yes           |                  2 | On Loan: No      |
| The Federal Republic of Nigeria                    | Nigeria Government International Bond                                                                                            | CUSIP: 65412JAC7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    300000 | PA      | $242991.00    | 0.23%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                           | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio                                                     | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |    149717 | NS      | $149717.39    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Indonesia                              | Indonesia Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    640000 | PA      | $719350.75    | 0.69%             | 2044-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PCF3<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    500000 | PA      | $467978.28    | 0.45%             | 2044-04-30      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    315000 | PA      | $235374.23    | 0.23%             | 2030-07-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     87000 | PA      | $64399.33     | 0.06%             | 2031-07-16      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                      | PURCHASED USD / SOLD EUR                                                                                                         | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-124399.73   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                            | Romanian Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    560000 | PA      | $449464.10    | 0.43%             | 2034-02-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                           | AES Panama Generation Holdings SRL                                                                                               | CUSIP: 00109AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |    375000 | PA      | $326641.88    | 0.31%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                 | Angolan Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    495000 | PA      | $435738.60    | 0.42%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                           | Petroleos de Venezuela SA                                                                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |  15740000 | PA      | $767325.00    | 0.74%             | 2026-11-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Azerbaijan                             | Republic of Azerbaijan International Bond                                                                                        | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |    550000 | PA      | $459937.50    | 0.44%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| ARDSHININVESTBK (DILIJAN                           | Ardshinbank CJSC Via Dilijan Finance BV                                                                                          | CUSIP: 000000000<br>LEI: 549300DCGXFXAP2FEV07 | Long             | DBT              | CORP              | NL        |    460000 | PA      | $438654.16    | 0.42%             | 2025-01-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                                | Honduras Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    500000 | PA      | $403295.83    | 0.39%             | 2030-06-24      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                             | Republic of Uzbekistan International Bond                                                                                        | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    200000 | PA      | $167877.80    | 0.16%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                            | El Salvador Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    824000 | PA      | $807485.08    | 0.78%             | 2023-01-24      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BUXL 30Y BND MAR23                                                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -1 | NC      | $30208.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MC BRAZIL DWNSTRM                                  | MC Brazil Downstream Trading SARL                                                                                                | CUSIP: 000000000<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    680000 | PA      | $562059.37    | 0.54%             | 2031-06-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                           | Puma International Financing SA                                                                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |    780000 | PA      | $732911.40    | 0.71%             | 2024-10-06      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                 | Bahrain Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |   1020000 | PA      | $920084.88    | 0.89%             | 2047-09-20      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| HTA GROUP LTD                                      | HTA Group Ltd/Mauritius                                                                                                          | CUSIP: 000000000<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    820000 | PA      | $762600.00    | 0.73%             | 2025-12-18      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                 | Panama Government International Bond                                                                                             | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1060000 | PA      | $776762.88    | 0.75%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    740000 | PA      | $645264.05    | 0.62%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                             | Egypt Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    500000 | PA      | $373759.22    | 0.36%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF SALTA                                  | Province of Salta Argentina                                                                                                      | CUSIP: 000000000<br>LEI: 529900F2BTF8AUQGEP42 | Long             | DBT              | NUSS              | AR        |    108000 | PA      | $75735.00     | 0.07%             | 2027-12-01      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FRIGORIFICO CONCEPCION                             | Frigorifico Concepcion SA                                                                                                        | CUSIP: 000000000<br>LEI: 529900Q6VZVL47QJCQ91 | Long             | DBT              | CORP              | PY        |    910000 | PA      | $736003.45    | 0.71%             | 2028-07-21      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                 | Dominican Republic International Bond                                                                                            | CUSIP: 25714PEG9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    400000 | PA      | $310149.42    | 0.30%             | 2041-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BK INDIA                             | Export-Import Bank of India                                                                                                      | CUSIP: 30216JAA3<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |    790000 | PA      | $740771.15    | 0.71%             | 2026-08-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                               | Pertamina Persero PT                                                                                                             | CUSIP: 69370PAC5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    300000 | PA      | $301526.26    | 0.29%             | 2048-11-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARBADOS GOVT OF                                   | Barbados Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |   1660000 | PA      | $1547121.03   | 1.49%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FONDO MIVIVIENDA SA                                | Fondo MIVIVIENDA SA                                                                                                              | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |    260000 | PA      | $246575.92    | 0.24%             | 2027-04-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                  | EURO-BUND FUTURE MAR23                                                                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -26 | NC      | $249930.89    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SERBIA                                 | Serbia International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    270000 | PA      | $163706.32    | 0.16%             | 2036-09-23      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                 | Zambia Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |   1360000 | PA      | $612408.00    | 0.59%             | 2027-07-30      | Fixed         | 8.97%                 | Yes           |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                                 | Braskem Idesa SAPI                                                                                                               | CUSIP: 000000000<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |   1250000 | PA      | $988901.13    | 0.95%             | 2029-11-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** MORGAN STANLEY VARIABLE INSURANCE FUND INC.

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer