# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001752724-23-029949
**Filing Date:** 2023-2
**Character Count:** 102983
**Document Hash:** e2a4b85150c670ce9a2af2afb1f1c031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-029949.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-029949

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAM BLAIR FUNDS
- **CENTRAL INDEX KEY:** 0000822632
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 23645619

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3123648000

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIAM BLAIR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLAIR WILLIAM READY RESERVES INC
- **DATE OF NAME CHANGE:** 19920316

## Series and Classes Contracts Data

### William Blair Emerging Markets Debt Fund (Series ID: S000069167)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221008 | Class R6     | WEDRX           |
| C000221009 | Class I      | WEDIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** WILLIAM BLAIR FUNDS

- **b. Investment Company Act file number:** 811-05344

- **c. CIK number of Registrant:** 0000822632

- **d. LEI of Registrant:** SNQR0U5FDV8EZZX4W051

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

  - **Street Address 1:** 150 NORTH RIVERSIDE PLAZA

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-364-8000

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

- **a. Name of Series:** William Blair Emerging Markets Debt Fund

- **b. EDGAR series identifier (if any):** S000069167

- **c. LEI of Series:** 549300302C7CK1EKEM15

**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:** $45924364.64

**Total Liabilities:** $342860.13

**Net Assets:** $45581504.51

**Cash Not Reported:** $87777.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20.15000000 | **1-Year:** -606.89000000 | **5-Year:** -2882.81000000 | **10-Year:** -7250.25000000 | **30-Year:** -7383.80000000

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

- **3-Month:** -111.35000000 | **1-Year:** -1347.83000000 | **5-Year:** -3504.83000000 | **10-Year:** -5942.35000000 | **30-Year:** -3326.19000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221009 | 0.02%                | 9.20%                | 0.54%                |
| Class ID C000221008 | 0.02%                | 9.20%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-134024.93              | $-43932.09                                 |
| Month 2  | $-540840.91              | $4320856.72                                |
| Month 3  | $-250201.79              | $352181.56                                 |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** NA

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HUARONG FINANCE 2017 CO         | Huarong Finance 2017 Co Ltd                                                                                                        | CUSIP: 000000000<br>LEI: 5493006V07LYI3HE6G83 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $169000.00    | 0.37%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia            | Colombia Government International Bond                                                                                             | CUSIP: 195325CU7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     650000 | PA      | $445981.25    | 0.98%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LENOVO GROUP LTD                | Lenovo Group Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | DBT              | CORP              | HK        |     200000 | PA      | $195782.00    | 0.43%             | 2025-04-24      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BANK MUSCAT SAOG                | Bank Muscat SAOG                                                                                                                   | CUSIP: 000000000<br>LEI: 549300HC6W6OEXV7SY67 | Long             | DBT              | CORP              | OM        |     200000 | PA      | $190162.50    | 0.42%             | 2026-03-17      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana               | Ghana Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     350000 | PA      | $120596.88    | 0.26%             | 2051-03-26      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL          | Brazil Letras do Tesouro Nacional                                                                                                  | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     900000 | PA      | $118958.96    | 0.26%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA            | Colombia Government International Bond                                                                                             | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $119912.50    | 0.26%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN        | Perusahaan Penerbit SBSN Indonesia III                                                                                             | CUSIP: 71567PAV2<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $197022.00    | 0.43%             | 2032-06-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ROMANIA                         | Romanian Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     200000 | PA      | $119462.16    | 0.26%             | 2042-04-13      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| EXPORT-IMPORT BK INDIA          | Export-Import Bank of India                                                                                                        | CUSIP: 30216KAC6<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |     200000 | PA      | $185100.00    | 0.41%             | 2028-02-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| UNITED MEXICAN STATES           | Mexico Government International Bond                                                                                               | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     225000 | PA      | $207225.00    | 0.45%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA           | Argentine Republic Government International Bond                                                                                   | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     930000 | PA      | $292833.75    | 0.64%             | 2038-01-09      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| China Evergrande Group          | China Evergrande Group                                                                                                             | CUSIP: 000000000<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |     300000 | PA      | $20400.00     | 0.04%             | 2024-03-29      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA           | Sri Lanka Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |     400000 | PA      | $120075.00    | 0.26%             | 2025-11-03      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL          | Brazilian Government International Bond                                                                                            | CUSIP: 105756BY5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     200000 | PA      | $158162.50    | 0.35%             | 2047-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VTR FINANCE BV                  | VTR Finance NV                                                                                                                     | CUSIP: 000000000<br>LEI: 213800F4XI4RJB82XM19 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $73350.00     | 0.16%             | 2028-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt          | Egypt Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     200000 | PA      | $176624.17    | 0.39%             | 2026-04-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INTL         | Gran Tierra Energy International Holdings Ltd                                                                                      | CUSIP: 000000000<br>LEI: 549300RQNK5SS6I0T293 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $174287.50    | 0.38%             | 2025-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GHANA               | Ghana Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     500000 | PA      | $181250.00    | 0.40%             | 2029-04-07      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia            | Colombia Government International Bond                                                                                             | CUSIP: 195325BM6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     120000 | PA      | $95460.00     | 0.21%             | 2041-01-18      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: S55636255 IRS USD R F  3.75000 155636255_FIX CCPOIS / Short: S55636255 IRS USD P V 12MSOFR 155636255_FLO CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2494000 | OU      | $-5909.43     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO            | Sagicor Financial Co Ltd                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     200000 | PA      | $187034.00    | 0.41%             | 2028-05-13      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| PETRORIO LUX TRAD SARL          | Petrorio Luxembourg Trading Sarl                                                                                                   | CUSIP: 000000000<br>LEI: 222100466T5WZDU1B498 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $189912.50    | 0.42%             | 2026-06-09      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD            | Petronas Capital Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     200000 | PA      | $176810.00    | 0.39%             | 2050-04-21      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF KENYA               | Republic of Kenya Government International Bond                                                                                    | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     600000 | PA      | $466500.00    | 1.02%             | 2048-02-28      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS             | Petroleos Mexicanos                                                                                                                | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     250000 | PA      | $172812.50    | 0.38%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA             | Kenbourne Invest SA                                                                                                                | CUSIP: 000000000<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $155725.00    | 0.34%             | 2028-01-22      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)          | Pertamina Persero PT                                                                                                               | CUSIP: 69370RAH0<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     400000 | PA      | $342044.00    | 0.75%             | 2030-08-27      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey              | Turkey Government International Bond                                                                                               | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     900000 | PA      | $583481.25    | 1.28%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HERITAGE PETROL CO LTD          | Heritage Petroleum Co Ltd                                                                                                          | CUSIP: 42727GAA6<br>LEI: 25490055MYPABN06OA04 | Long             | DBT              | CORP              | TT        |     200000 | PA      | $207537.50    | 0.46%             | 2029-08-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Republic of Angola              | Angolan Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     200000 | PA      | $157537.50    | 0.35%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA           | Guatemala Government Bond                                                                                                          | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     200000 | PA      | $164225.00    | 0.36%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain              | Bahrain Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     200000 | PA      | $204162.50    | 0.45%             | 2026-01-26      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS          | BBVA Bancomer SA/Texas                                                                                                             | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $179412.50    | 0.39%             | 2033-01-18      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CANACOL ENERGY LTD              | Canacol Energy Ltd                                                                                                                 | CUSIP: 134808AD6<br>LEI: 549300X5MNRWPMSM9N14 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $175350.00    | 0.38%             | 2028-11-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Paraguay            | Paraguay Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     200000 | PA      | $173912.50    | 0.38%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B51976388 CDS USD R V 03MEVENT 151976388_PRO CCPSOVEREIGN / Short: B51976388 CDS USD P F  1.00000 151976388_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     250000 | OU      | $177685.75    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: S55633364 IRS USD R F  4.00000 155633364_FIX CCPOIS / Short: S55633364 IRS USD P V 12MSOFR 155633364_FLO CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    2080000 | OU      | $-13012.73    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| The Federal Republic of Nigeria | Nigeria Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     400000 | PA      | $321500.00    | 0.71%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA           | Indonesia Government International Bond                                                                                            | CUSIP: 455780CU8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     250000 | PA      | $209090.00    | 0.46%             | 2070-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND        | Saudi Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     200000 | PA      | $156662.50    | 0.34%             | 2055-01-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States           | Mexico Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     275000 | PA      | $248099.23    | 0.54%             | 2114-03-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: B62379837 IRS EUR R V 06MEURIB 162379837_FLO CCPVANILLA / Short: B62379837 IRS EUR P F  3.00000 162379837_FIX CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     115000 | OU      | $1115.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD           | Investment Energy Resources Ltd                                                                                                    | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     200000 | PA      | $187162.50    | 0.41%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT              | Ukraine Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     200000 | PA      | $37850.00     | 0.08%             | 2031-05-21      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury          | United States Treasury Bill                                                                                                        | CUSIP: 912796YK9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     258000 | PA      | $256025.68    | 0.56%             | 2023-03-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: B70594784 IRS GBP R V 12MSONIA 170594784_FLO CCPOIS / Short: B70594784 IRS GBP P F  3.65000 170594784_FIX CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     240000 | OU      | $478.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA           | Indonesia Government International Bond                                                                                            | CUSIP: 455780CK0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     550000 | PA      | $505931.25    | 1.11%             | 2029-09-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE        | Provincia de Buenos Aires/Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     200000 | PA      | $56125.00     | 0.12%             | 2037-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN              | Bahrain Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     200000 | PA      | $170250.00    | 0.37%             | 2033-01-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MONGOLIA INTL BOND              | Mongolia Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     200000 | PA      | $154022.00    | 0.34%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS         | Aeropuertos Dominicanos Siglo XXI SA                                                                                               | CUSIP: 000000000<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |     200000 | PA      | $193750.00    | 0.43%             | 2029-03-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Fixed Income Clearing Corp      | FIXED INC CLEARING CORP.REPO                                                                                                       | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |     481520 | PA      | $481519.97    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA               | Ghana Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     350000 | PA      | $110862.50    | 0.24%             | 2025-04-07      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DEVT BANK OF MONGOLIA           | Development Bank of Mongolia LLC                                                                                                   | CUSIP: 000000000<br>LEI: 254900HRWK3OKXS9UW60 | Long             | DBT              | NUSS              | MN        |     200000 | PA      | $177787.50    | 0.39%             | 2023-10-23      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY              | Turkey Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     100000 | PA      | $100087.03    | 0.22%             | 2027-07-08      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: B62383442 IRS EUR R V 06MEURIB 162383442_FLO CCPVANILLA / Short: B62383442 IRS EUR P F  2.75000 162383442_FIX CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     367000 | OU      | $-2688.15     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR             | Ecuador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     410000 | PA      | $158695.63    | 0.35%             | 2030-07-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS             | Petroleos Mexicanos                                                                                                                | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     330000 | PA      | $258637.50    | 0.57%             | 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        |     200000 | PA      | $154586.29    | 0.34%             | 2052-01-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B40116001 CDS USD R V 03MEVENT 140116001_PRO CCPSOVEREIGN / Short: B40116001 CDS USD P F  5.00000 140116001_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     200000 | OU      | $27676.60     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                   | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-484.63      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY        | Uruguay Government International Bond                                                                                              | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     350000 | PA      | $336875.00    | 0.74%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury          | United States Treasury Bill                                                                                                        | CUSIP: 912796ZE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     470000 | PA      | $462420.40    | 1.01%             | 2023-05-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO              | Morocco Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     200000 | PA      | $135725.00    | 0.30%             | 2050-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| UNITED MEXICAN STATES           | Mexico Government International Bond                                                                                               | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     400000 | PA      | $249200.00    | 0.55%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA              | Panama Government International Bond                                                                                               | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     400000 | PA      | $282200.00    | 0.62%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury          | United States Treasury Bill                                                                                                        | CUSIP: 912796Z93<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     470000 | PA      | $464933.93    | 1.02%             | 2023-04-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA               | Ghana Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     600000 | PA      | $225000.00    | 0.49%             | 2027-02-11      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PERU                | Peruvian Government International Bond                                                                                             | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     840000 | PA      | $694470.00    | 1.52%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND          | Oman Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     200000 | PA      | $192475.00    | 0.42%             | 2026-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY            | Paraguay Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     350000 | PA      | $300518.75    | 0.66%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| LCH Limited                     | Long: B61845978 IRS USD R V 12MSOFR 161845978_FLO CCPOIS / Short: B61845978 IRS USD P F  3.75000 161845978_FIX CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1115000 | OU      | $-16255.16    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA HONGQIAO GROUP LTD        | China Hongqiao Group Ltd                                                                                                           | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $184350.00    | 0.40%             | 2024-06-08      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GOVT OF BERMUDA                 | Bermuda Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     200000 | PA      | $140412.50    | 0.31%             | 2050-08-20      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S63232982 CDS USD R F  1.00000 163232982_FEE CCPSOVEREIGN / Short: S63232982 CDS USD P V 03MEVENT 163232982_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     420000 | OU      | $-70367.22    | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S40390430 CDS USD R F  5.00000 140390430_FEE CCPSOVEREIGN / Short: S40390430 CDS USD P V 03MEVENT 140390430_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     500000 | OU      | $-330447.00   | -0.72%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                     | Ivory Coast Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     600000 | PA      | $451515.60    | 0.99%             | 2048-03-22      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S51976900 CDS USD R F  5.00000 151976900_FEE CCPSOVEREIGN / Short: S51976900 CDS USD P V 03MEVENT 151976900_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     250000 | OU      | $-160515.25   | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA            | Colombia Government International Bond                                                                                             | CUSIP: 195325EA9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     300000 | PA      | $187200.00    | 0.41%             | 2042-02-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SINOCHEM OFFSHORE CAPITA        | Sinochem Offshore Capital Co Ltd                                                                                                   | CUSIP: 000000000<br>LEI: 3003004LKKZ33WMP2P47 | Long             | DBT              | CORP              | VG        |     500000 | PA      | $378970.00    | 0.83%             | 2031-09-23      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH           | Finance Department Government of Sharjah                                                                                           | CUSIP: 000000000<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     300000 | PA      | $195900.00    | 0.43%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT           | Costa Rica Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     340000 | PA      | $327738.75    | 0.72%             | 2025-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ENN CLEAN ENERGY                | ENN Clean Energy International Investment Ltd                                                                                      | CUSIP: 000000000<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |     200000 | PA      | $170250.00    | 0.37%             | 2026-05-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA              | Panama Government International Bond                                                                                               | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $202850.00    | 0.45%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Dominican Republic              | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   19000000 | PA      | $320892.45    | 0.70%             | 2026-06-05      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| IPOTEKA-BANK ATIB               | Ipoteka-Bank ATIB                                                                                                                  | CUSIP: 000000000<br>LEI: 213800UWVX5JSNXJS434 | Long             | DBT              | CORP              | UZ        |     200000 | PA      | $172586.00    | 0.38%             | 2025-11-19      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CAP SA                          | CAP SA                                                                                                                             | CUSIP: 000000000<br>LEI: 54930079GPG23NTBB003 | Long             | DBT              | CORP              | CL        |     250000 | PA      | $195281.25    | 0.43%             | 2031-04-27      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S47864275 CDS USD R F  5.00000 147864275_FEE CCPSOVEREIGN / Short: S47864275 CDS USD P V 03MEVENT 147864275_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     250000 | OU      | $-118790.25   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA        | Republic of South Africa Government International Bond                                                                             | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     800000 | PA      | $586000.00    | 1.29%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL        | Brazil Notas do Tesouro Nacional Serie F                                                                                           | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     560000 | PA      | $101438.52    | 0.22%             | 2025-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN         | Pakistan Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     900000 | PA      | $308349.00    | 0.68%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury          | United States Treasury Bill                                                                                                        | CUSIP: 912796YA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     456000 | PA      | $453735.13    | 1.00%             | 2023-02-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR             | Ecuador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     890000 | PA      | $407063.75    | 0.89%             | 2035-07-31      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC              | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     200000 | PA      | $153912.50    | 0.34%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PERU                | Peruvian Government International Bond                                                                                             | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     300000 | PA      | $195150.00    | 0.43%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC              | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     320000 | PA      | $257660.00    | 0.57%             | 2049-06-05      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA          | Empresa Generadora de Electricidad Haina SA                                                                                        | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |     250000 | PA      | $221531.25    | 0.49%             | 2028-11-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: S61656173 IRS USD R F  3.00000 161656173_FIX CCPOIS / Short: S61656173 IRS USD P V 12MSOFR 161656173_FLO CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |       6000 | OU      | $15.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND              | Mongolia Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     200000 | PA      | $194272.00    | 0.43%             | 2023-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE          | Mozambique International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |     400000 | PA      | $303200.00    | 0.67%             | 2031-09-15      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AEROPUERTO INTL TOCUMEN         | Aeropuerto Internacional de Tocumen SA                                                                                             | CUSIP: 000000000<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |     250000 | PA      | $204578.13    | 0.45%             | 2061-08-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC              | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     400000 | PA      | $292325.00    | 0.64%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HERITAGE PETROL CO LTD          | Heritage Petroleum Co Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 25490055MYPABN06OA04 | Long             | DBT              | CORP              | TT        |     200000 | PA      | $207537.50    | 0.46%             | 2029-08-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC               | Lebanon Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    1200000 | PA      | $67725.00     | 0.15%             | 2031-11-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic               | Lebanon Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     600000 | PA      | $33862.50     | 0.07%             | 2027-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND        | Saudi Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     500000 | PA      | $355718.75    | 0.78%             | 2061-02-02      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| SEPLAT ENERGY PL                | SEPLAT Energy PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |     250000 | PA      | $198328.13    | 0.44%             | 2026-04-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| NBK TIER 1 LTD                  | NBK Tier 1 Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     200000 | PA      | $174100.00    | 0.38%             | 2026-08-24      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| BANK OF EAST ASIA LTD           | Bank of East Asia Ltd/The                                                                                                          | CUSIP: 000000000<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |     250000 | PA      | $218750.00    | 0.48%             | 2025-10-21      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT          | Egypt Government International Bond                                                                                                | CUSIP: 03846JAE0<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     250000 | PA      | $177500.00    | 0.39%             | 2033-09-30      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                   | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $-12110.59    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR             | Ecuador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     630000 | PA      | $400758.75    | 0.88%             | 2030-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT          | Egypt Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     750000 | PA      | $499687.50    | 1.10%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY                         | Hungary Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     400000 | PA      | $238450.00    | 0.52%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Energuate Trust                 | Energuate Trust                                                                                                                    | CUSIP: 000000000<br>LEI: 549300RVM37LH8GY7E41 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $189287.50    | 0.42%             | 2027-05-03      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA           | Argentine Republic Government International Bond                                                                                   | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     215000 | PA      | $58157.50     | 0.13%             | 2030-07-09      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BK INDIA          | Export-Import Bank of India                                                                                                        | CUSIP: 30216KAF9<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |     200000 | PA      | $157824.00    | 0.35%             | 2031-01-13      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES         | Philippine Government International Bond                                                                                           | CUSIP: 718286CB1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     500000 | PA      | $406305.00    | 0.89%             | 2042-02-02      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B32203532 CDS USD R V 03MEVENT 132203532_PRO CCPSOVEREIGN / Short: B32203532 CDS USD P F  1.00000 132203532_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     400000 | OU      | $-6521.20     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK NEGARA INDONESIA           | Bank Negara Indonesia Persero Tbk PT                                                                                               | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $182022.00    | 0.40%             | 2026-03-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                | Iraq International Bond                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |     600000 | PA      | $591112.50    | 1.30%             | 2023-03-09      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL          | Brazilian Government International Bond                                                                                            | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     280000 | PA      | $194565.00    | 0.43%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY              | Turkey Government International Bond                                                                                               | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     200000 | PA      | $166000.00    | 0.36%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON               | Gabon Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     250000 | PA      | $204578.13    | 0.45%             | 2031-11-24      | Fixed         | 7.00%                 | Yes           |                  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      | $277396.88    | 0.61%             | 2070-09-02      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR         | El Salvador Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     440000 | PA      | $168520.00    | 0.37%             | 2041-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador         | El Salvador Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     110000 | PA      | $47492.50     | 0.10%             | 2032-04-10      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| DUBAI GOVT INT'L BONDS          | Emirate of Dubai Government International Bonds                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     450000 | PA      | $319725.00    | 0.70%             | 2050-09-09      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND        | Saudi Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     200000 | PA      | $143537.50    | 0.31%             | 2051-11-17      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SOCIALIST REP OF VIETNAM        | Vietnam Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 5493008AE7RS4XK4BZ08 | Long             | DBT              | NUSS              | VN        |     200000 | PA      | $195022.00    | 0.43%             | 2024-11-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA             | Nigeria Government International Bond                                                                                              | CUSIP: 65412JAT0<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     475000 | PA      | $315875.00    | 0.69%             | 2051-09-28      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA        | Embraer Netherlands Finance BV                                                                                                     | CUSIP: 29082HAA0<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |     200000 | PA      | $194037.50    | 0.43%             | 2025-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: B62383296 IRS EUR R V 06MEURIB 162383296_FLO CCPVANILLA / Short: B62383296 IRS EUR P F  3.25000 162383296_FIX CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     766000 | OU      | $-11511.21    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC               | Tunisian Republic                                                                                                                  | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |     400000 | PA      | $335933.81    | 0.74%             | 2024-02-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL        | Brazil Notas do Tesouro Nacional Serie F                                                                                           | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     610000 | PA      | $99144.14     | 0.22%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR         | El Salvador Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     225000 | PA      | $96721.88     | 0.21%             | 2052-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt          | Egypt Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     250000 | PA      | $183983.51    | 0.40%             | 2031-04-11      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT              | Ukraine Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    1500000 | PA      | $279656.25    | 0.61%             | 2035-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND        | Saudi Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     400000 | PA      | $323075.00    | 0.71%             | 2033-02-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN              | Bahrain Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     300000 | PA      | $234993.75    | 0.52%             | 2051-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA           | Argentine Republic Government International Bond                                                                                   | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     955000 | PA      | $270265.00    | 0.59%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)          | Pertamina Persero PT                                                                                                               | CUSIP: 69370RAL1<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $161022.00    | 0.35%             | 2031-02-09      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA             | Nigeria Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     400000 | PA      | $270450.00    | 0.59%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL             | Senegal Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     200000 | PA      | $143440.23    | 0.31%             | 2037-06-08      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA        | African Export-Import Bank/The                                                                                                     | CUSIP: 000000000<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |     200000 | PA      | $177500.00    | 0.39%             | 2026-05-17      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| LCH Limited                     | Long: S55637094 IRS USD R F  3.75000 155637094_FIX CCPOIS / Short: S55637094 IRS USD P V 12MSOFR 155637094_FLO CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    1038000 | OU      | $5377.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Zambia              | Zambia Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     400000 | PA      | $180000.00    | 0.39%             | 2024-04-14      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FIBRIA OVERSEAS FINANCE         | Fibria Overseas Finance Ltd                                                                                                        | CUSIP: 31572UAG1<br>LEI: 549300WABWKSHESAMG92 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $194037.50    | 0.43%             | 2025-01-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B47864274 CDS USD R V 03MEVENT 147864274_PRO CCPSOVEREIGN / Short: B47864274 CDS USD P F  5.00000 147864274_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     250000 | OU      | $155591.50    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA        | Republic of South Africa Government International Bond                                                                             | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     200000 | PA      | $171250.00    | 0.38%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| NICKEL INDUSTRIES LTD           | Nickel Industries Ltd                                                                                                              | CUSIP: 653894AA3<br>LEI: 54930007K0WX53TSIK16 | Long             | DBT              | CORP              | AU        |     200000 | PA      | $184225.00    | 0.40%             | 2024-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                    | Yuzhou Group Holdings Co Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $17500.00     | 0.04%             | 2026-08-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| 1MDB GLOBAL INVESTMENTS         | 1MDB Global Investments Ltd                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    1200000 | PA      | $1172475.00   | 2.57%             | 2023-03-09      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS             | Petroleos Mexicanos                                                                                                                | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     300000 | PA      | $226800.00    | 0.50%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Tullow Oil PLC                  | Tullow Oil PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $121000.00    | 0.27%             | 2025-03-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LCH Limited                     | Long: B62379839 IRS EUR R V 06MEURIB 162379839_FLO CCPVANILLA / Short: B62379839 IRS EUR P F  3.00000 162379839_FIX CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     556000 | OU      | $6460.12      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT          | Egypt Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     250000 | PA      | $152500.00    | 0.33%             | 2061-02-16      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC              | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     290000 | PA      | $239757.50    | 0.53%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                         | Romanian Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     780000 | PA      | $478687.62    | 1.05%             | 2050-01-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CHILE               | Chile Government International Bond                                                                                                | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     250000 | PA      | $210593.75    | 0.46%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: S55637495 IRS USD R F  3.50000 155637495_FIX CCPOIS / Short: S55637495 IRS USD P V 12MSOFR 155637495_FLO CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      46000 | OU      | $215.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF QATAR                  | Qatar Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     450000 | PA      | $434756.25    | 0.95%             | 2025-04-16      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE        | Provincia de Buenos Aires/Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     400000 | PA      | $138000.00    | 0.30%             | 2037-09-01      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA              | Angolan Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     400000 | PA      | $311575.00    | 0.68%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| CREDITO REAL SAB DE CV          | Credito Real SAB de CV SOFOM ER                                                                                                    | CUSIP: 000000000<br>LEI: 549300W2IL7TPPCTKL39 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $6422.70      | 0.01%             | 2027-02-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON            | Republic of Cameroon International Bond                                                                                            | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |     250000 | PA      | $197163.42    | 0.43%             | 2032-07-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER MEXICO          | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand                                                   | CUSIP: 000000000<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |     200000 | PA      | $197725.00    | 0.43%             | 2025-04-17      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR        | Corp Financiera de Desarrollo SA                                                                                                   | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |     420000 | PA      | $352170.00    | 0.77%             | 2027-09-28      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT            | Indonesia Treasury Bond                                                                                                            | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 3500000000 | PA      | $225726.67    | 0.50%             | 2025-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Sri Lanka           | Sri Lanka Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |     400000 | PA      | $118700.00    | 0.26%             | 2023-04-18      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Provincia de Cordoba            | Provincia de Cordoba                                                                                                               | CUSIP: 000000000<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |     200000 | PA      | $160000.00    | 0.35%             | 2025-12-10      | Variable      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE        | Provincia de Buenos Aires/Government Bonds                                                                                         | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |      50000 | PA      | $17250.00     | 0.04%             | 2037-09-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ALDAR SUKUK LTD                 | Aldar Sukuk Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 5493003RAF9LEP7I8L38 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $195912.50    | 0.43%             | 2025-09-29      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador         | El Salvador Government International Bond                                                                                          | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     225000 | PA      | $97425.00     | 0.21%             | 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        |     400000 | PA      | $372325.00    | 0.82%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Citibank N.A.                   | PURCHASED USD / SOLD GBP                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $4365.53      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES           | MAF Global Securities Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $191225.00    | 0.42%             | 2026-03-20      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GOVT OF BERMUDA                 | Bermuda Government International Bond                                                                                              | CUSIP: 085209AJ3<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     200000 | PA      | $198412.50    | 0.44%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of Sri Lanka           | Sri Lanka Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |    1200000 | PA      | $345600.00    | 0.76%             | 2029-03-14      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| EMPRESA NACIONAL DEL PET        | Empresa Nacional del Petroleo                                                                                                      | CUSIP: 000000000<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | CORP              | CL        |     450000 | PA      | $434053.13    | 0.95%             | 2029-11-06      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos             | Petroleos Mexicanos                                                                                                                | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    1248000 | PA      | $794826.24    | 1.74%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC            | Georgian Railway JSC                                                                                                               | CUSIP: 000000000<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     200000 | PA      | $173850.00    | 0.38%             | 2028-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S65153346 CDS USD R F  1.00000 165153346_FEE CCPSOVEREIGN / Short: S65153346 CDS USD P V 03MEVENT 165153346_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     270000 | OU      | $-14414.49    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BONO GAR PROV DEL CHUBUT        | Provincia del Chubut Argentina                                                                                                     | CUSIP: 000000000<br>LEI: 529900V5CYYSD8ADKQ03 | Long             | DBT              | NUSS              | AR        |     219333 | PA      | $177564.04    | 0.39%             | 2030-07-26      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT          | Egypt Government International Bond                                                                                                | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     250000 | PA      | $166687.50    | 0.37%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC               | Lebanon Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    1400000 | PA      | $79450.00     | 0.17%             | 2020-04-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STATE OF QATAR                  | Qatar Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    1000000 | PA      | $910187.50    | 2.00%             | 2050-04-16      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA              | Angolan Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     300000 | PA      | $264000.00    | 0.58%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa        | Republic of South Africa Government Bond                                                                                           | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    5400000 | PA      | $248432.93    | 0.55%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan          | Republic of Azerbaijan International Bond                                                                                          | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |     300000 | PA      | $248962.50    | 0.55%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT              | Ukraine Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     280000 | PA      | $79765.00     | 0.17%             | 2041-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| INSTITUTO COSTARRICENSE         | Instituto Costarricense de Electricidad                                                                                            | CUSIP: 000000000<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | CORP              | CR        |     250000 | PA      | $196171.88    | 0.43%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MEDCO LAUREL TREE               | Medco Laurel Tree Pte Ltd                                                                                                          | CUSIP: 000000000<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |     200000 | PA      | $176912.50    | 0.39%             | 2028-11-12      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA              | Angolan Government International Bond                                                                                              | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     250000 | PA      | $216250.00    | 0.47%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LCH Limited                     | Long: B61845630 IRS USD R V 12MSOFR 161845630_FLO CCPOIS / Short: B61845630 IRS USD P F  3.50000 161845630_FIX CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     200000 | OU      | $-5161.43     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Turkey              | Turkey Government International Bond                                                                                               | CUSIP: 900123CK4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     200000 | PA      | $178500.00    | 0.39%             | 2026-10-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                   | PURCHASED USD / SOLD GBP                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |          1 | NC      | $2703.99      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO            | Stillwater Mining Co                                                                                                               | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |     200000 | PA      | $175787.50    | 0.39%             | 2026-11-16      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA              | Panama Government International Bond                                                                                               | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     200000 | PA      | $146662.50    | 0.32%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B66904636 CDS USD R V 03MEVENT 166904636_PRO CCPSOVEREIGN / Short: B66904636 CDS USD P F  1.00000 166904636_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     250000 | OU      | $15968.25     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                 | Bermuda Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     200000 | PA      | $198412.50    | 0.44%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DUA CAPITAL LTD                 | Dua Capital Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 213800ILVLALFTITCB43 | Long             | DBT              | CORP              | MY        |     300000 | PA      | $237672.00    | 0.52%             | 2031-05-11      | Fixed         | 2.78%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: S46532631 CDS USD R F  5.00000 146532631_FEE CCPSOVEREIGN / Short: S46532631 CDS USD P V 03MEVENT 146532631_PRO CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     100000 | OU      | $-66170.90    | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE        | Continuum Energy Levanter Pte Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |     193500 | PA      | $174633.75    | 0.38%             | 2027-02-09      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA           | Argentine Republic Government International Bond                                                                                   | CUSIP: 000000000<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     320000 | PA      | $86321.05     | 0.19%             | 2038-01-09      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO         | KazMunayGas National Co JSC                                                                                                        | CUSIP: 000000000<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     800000 | PA      | $588900.00    | 1.29%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia           | Indonesia Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     300000 | PA      | $310758.18    | 0.68%             | 2028-06-14      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES         | Philippine Government International Bond                                                                                           | CUSIP: 718286CT2<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     400000 | PA      | $422044.00    | 0.93%             | 2033-04-13      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc. | Long: B40390429 CDS USD R V 03MEVENT 140390429_PRO CCPSOVEREIGN / Short: B40390429 CDS USD P F  1.00000 140390429_FEE CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     500000 | OU      | $335571.00    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)          | Pertamina Persero PT                                                                                                               | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     200000 | PA      | $188975.00    | 0.41%             | 2042-05-03      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CELULOSA ARAUCO CONSTITU        | Celulosa Arauco y Constitucion SA                                                                                                  | CUSIP: 000000000<br>LEI: 549300QEKV8G0AMNQD28 | Long             | DBT              | CORP              | CL        |     200000 | PA      | $186912.50    | 0.41%             | 2029-04-30      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FONDO MIVIVIENDA SA             | Fondo MIVIVIENDA SA                                                                                                                | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |     250000 | PA      | $235281.25    | 0.52%             | 2027-04-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia           | Indonesia Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     500000 | PA      | $481930.00    | 1.06%             | 2045-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA              | Serbia International Bond                                                                                                          | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     200000 | PA      | $120265.00    | 0.26%             | 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        |     600000 | PA      | $264000.00    | 0.58%             | 2027-07-30      | Fixed         | 8.97%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GHANA               | Ghana Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     400000 | PA      | $141950.00    | 0.31%             | 2034-04-07      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| LCH Limited                     | Long: B62379773 IRS EUR R V 06MEURIB 162379773_FLO CCPVANILLA / Short: B62379773 IRS EUR P F  3.25000 162379773_FIX CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     128000 | OU      | $-790.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-19

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer