# EDGAR Filing Document

**Accession Number:** 0000836906
**File Stem:** 0000836906-26-000078
**Filing Date:** 2026-2
**Character Count:** 218526
**Document Hash:** 6f877d959bc5822d465d444f469c6a54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000836906-26-000078.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000836906-26-000078

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD MALVERN FUNDS
- **CENTRAL INDEX KEY:** 0000836906

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05628
- **FILM NUMBER:** 26688353

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD ASSET ALLOCATION FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Emerging Markets Bond Fund (Series ID: S000053069)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000166997 | Admiral Shares  | VEGBX           |
| C000166998 | Investor Shares | VEMBX           |

## Nport-Ex

Vanguard<sup>®</sup> Emerging Markets Bond Fund

#### Schedule of Investments (unaudited)
As of December 31, 2025

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** | **U.S. Government and Agency Obligations (5.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 | &nbsp;&nbsp; 9261 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp; 18288 |
| <sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 219432 | &nbsp;&nbsp; 191241 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 32500 | &nbsp;&nbsp; 29006 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp; 6749 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 19521 | &nbsp;&nbsp; 15824 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 | &nbsp;&nbsp; 8396 |
| **Total U.S. Government and Agency Obligations (Cost $277,381)** | **Total U.S. Government and Agency Obligations (Cost $277,381)** | **Total U.S. Government and Agency Obligations (Cost $277,381)** | **Total U.S. Government and Agency Obligations (Cost $277,381)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**278765** |
| **Corporate Bonds (13.0%)** | **Corporate Bonds (13.0%)** | **Corporate Bonds (13.0%)** | **Corporate Bonds (13.0%)** |  |  |
| **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Southern Gas Corridor CJSC | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24785 | &nbsp;&nbsp; 24929 |
| **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bapco Energies BSC Closed | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;10/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6975 | &nbsp;&nbsp; 7213 |
| **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp; 976 |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 | &nbsp;&nbsp; 1042 |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3536 | &nbsp;&nbsp; 1223 |
|  | &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8101 | &nbsp;&nbsp; 7954 |
|  | &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 7350 | &nbsp;&nbsp; 7203 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Vale Overseas Ltd. | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 8277 | &nbsp;&nbsp; 8257 |
|  |  |  |  |  | &nbsp;&nbsp; **26655** |
| **Bulgaria (0.4%)** | **Bulgaria (0.4%)** | **Bulgaria (0.4%)** | **Bulgaria (0.4%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp; 19112 |
| **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Colbun SA | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 | &nbsp;&nbsp; 5141 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3632 | &nbsp;&nbsp; 3448 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp; 3480 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7216 | &nbsp;&nbsp; 7534 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 6.330% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11123 | &nbsp;&nbsp; 11860 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp; 13641 |
|  |  |  |  |  | &nbsp;&nbsp; **45104** |
| **El Salvador (0.1%)** | **El Salvador (0.1%)** | **El Salvador (0.1%)** | **El Salvador (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comision Ejecutiva Hidroelectrica del Rio Lempa | 8.650% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6796 | &nbsp;&nbsp; 7293 |
| **Guatemala (0.4%)** | **Guatemala (0.4%)** | **Guatemala (0.4%)** | **Guatemala (0.4%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Energuate Trust 2 0 | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18982 | &nbsp;&nbsp; 18953 |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2926 |
| **Kazakhstan (0.2%)** | **Kazakhstan (0.2%)** | **Kazakhstan (0.2%)** | **Kazakhstan (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9902 | &nbsp;&nbsp; 10123 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp; 763 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/24/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 | &nbsp;&nbsp; 1367 |
|  |  |  |  |  | &nbsp;&nbsp; **12253** |
| **Malaysia (0.9%)** | **Malaysia (0.9%)** | **Malaysia (0.9%)** | **Malaysia (0.9%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9391 | &nbsp;&nbsp; 9745 |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5188 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.848% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 31701 | &nbsp;&nbsp; 33203 |
|  |  |  |  |  | &nbsp;&nbsp; **48136** |
| **Mexico (4.2%)** | **Mexico (4.2%)** | **Mexico (4.2%)** | **Mexico (4.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10520 | &nbsp;&nbsp; 10683 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 | &nbsp;&nbsp; 4479 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 | &nbsp;&nbsp; 4222 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8845 | &nbsp;&nbsp; 8985 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 132616 | &nbsp;&nbsp; 142109 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.840% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8210 | &nbsp;&nbsp; 8335 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 17360 | &nbsp;&nbsp; 13901 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15192 | &nbsp;&nbsp; 12419 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 15456 | &nbsp;&nbsp; 12073 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 14015 | &nbsp;&nbsp; 11395 |
|  |  |  |  |  | &nbsp;&nbsp; **228602** |
| **Morocco (0.9%)** | **Morocco (0.9%)** | **Morocco (0.9%)** | **Morocco (0.9%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;OCP SA | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 34940 | &nbsp;&nbsp; 36489 |
|  | &nbsp;&nbsp;&nbsp;OCP SA | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10600 | &nbsp;&nbsp; 11092 |
|  |  |  |  |  | &nbsp;&nbsp; **47581** |
| **Oman (0.6%)** | **Oman (0.6%)** | **Oman (0.6%)** | **Oman (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;OmGrid Funding Ltd. | 5.196% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17552 | &nbsp;&nbsp; 17647 |
|  | &nbsp;&nbsp;&nbsp;OQ SAOC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp; 7234 |
|  | &nbsp;&nbsp;&nbsp;Oryx Funding Ltd. | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 9247 | &nbsp;&nbsp; 9549 |
|  |  |  |  |  | &nbsp;&nbsp; **34430** |
| **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 13905 | &nbsp;&nbsp; 10320 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2316 | &nbsp;&nbsp; 1469 |
|  |  |  |  |  | &nbsp;&nbsp; **11789** |
| **Saudi Arabia (0.4%)** | **Saudi Arabia (0.4%)** | **Saudi Arabia (0.4%)** | **Saudi Arabia (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Suci Second Investment Co. | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20030 |
| **South Africa (0.1%)** | **South Africa (0.1%)** | **South Africa (0.1%)** | **South Africa (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bidvest Group UK plc | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 9/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp; 6326 |
| **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Port of Spain Waterfront Development | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 10416 | &nbsp;&nbsp; 10387 |
| **Turkiye (0.5%)** | **Turkiye (0.5%)** | **Turkiye (0.5%)** | **Turkiye (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;GDZ Elektrik Dagitim A/S | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7137 | &nbsp;&nbsp; 6957 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon A/S | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 10/7/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 19027 | &nbsp;&nbsp; 19413 |
|  |  |  |  |  | &nbsp;&nbsp; **26370** |
| **United Arab Emirates (0.8%)** | **United Arab Emirates (0.8%)** | **United Arab Emirates (0.8%)** | **United Arab Emirates (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp; 4430 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.160% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 31562 | &nbsp;&nbsp; 28605 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 13710 | &nbsp;&nbsp; 12114 |
|  |  |  |  |  | &nbsp;&nbsp; **45149** |
| **Uzbekistan (0.8%)** | **Uzbekistan (0.8%)** | **Uzbekistan (0.8%)** | **Uzbekistan (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 16791 | &nbsp;&nbsp; 16144 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 24560 | &nbsp;&nbsp; 26300 |
|  |  |  |  |  | &nbsp;&nbsp; **42444** |
| **Venezuela (0.3%)** | **Venezuela (0.3%)** | **Venezuela (0.3%)** | **Venezuela (0.3%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 1877 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 2088 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 | &nbsp;&nbsp; 2368 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12925 | &nbsp;&nbsp; 3026 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 22623 | &nbsp;&nbsp; 5404 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10700 | &nbsp;&nbsp; 2803 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 803 |
|  |  |  |  |  | &nbsp;&nbsp; **18369** |
| **Total Corporate Bonds (Cost $696,155)** | **Total Corporate Bonds (Cost $696,155)** | **Total Corporate Bonds (Cost $696,155)** | **Total Corporate Bonds (Cost $696,155)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**704051** |
| **Sovereign Bonds (74.4%)** | **Sovereign Bonds (74.4%)** | **Sovereign Bonds (74.4%)** | **Sovereign Bonds (74.4%)** |  |  |
| **Albania (0.1%)** | **Albania (0.1%)** | **Albania (0.1%)** | **Albania (0.1%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Albania | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4066 | &nbsp;&nbsp; 4837 |
| **Argentina (4.1%)** | **Argentina (4.1%)** | **Argentina (4.1%)** | **Argentina (4.1%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2716 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10313 | &nbsp;&nbsp; 9180 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 68720 | &nbsp;&nbsp; 53355 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/2027 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135089 | &nbsp;&nbsp; 114952 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/2027 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 62680 | &nbsp;&nbsp; 44660 |
|  |  |  |  |  | &nbsp;&nbsp; **224863** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** | **Azerbaijan (0.4%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Azerbaijan | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 25235 | &nbsp;&nbsp; 23704 |
| **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Bahrain | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6972 | &nbsp;&nbsp; 6767 |
| **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Benin Government International Bond | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 18460 | &nbsp;&nbsp; 19475 |
| **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** | **Bermuda (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Government of Bermuda | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8174 | &nbsp;&nbsp; 8239 |
| **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/4/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 24834 | &nbsp;&nbsp; 24493 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 87578 | &nbsp;&nbsp; 90217 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 17054 | &nbsp;&nbsp; 16896 |
|  |  |  |  |  | &nbsp;&nbsp; **131606** |
| **Bulgaria (1.3%)** | **Bulgaria (1.3%)** | **Bulgaria (1.3%)** | **Bulgaria (1.3%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6582 | &nbsp;&nbsp; 7769 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 17295 |
|  | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 20249 | &nbsp;&nbsp; 24052 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/18/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 16664 | &nbsp;&nbsp; 18773 |
|  |  |  |  |  | &nbsp;&nbsp; **67890** |
| **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** | **Chile (0.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.240% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 | &nbsp;&nbsp; 1913 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 22194 | &nbsp;&nbsp; 19865 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 19156 | &nbsp;&nbsp; 22538 |
|  |  |  |  |  | &nbsp;&nbsp; **44316** |
| **Colombia (0.6%)** | **Colombia (0.6%)** | **Colombia (0.6%)** | **Colombia (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 15118 | &nbsp;&nbsp; 15755 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 8300 | &nbsp;&nbsp; 5705 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp; 8325 |
|  |  |  |  |  | &nbsp;&nbsp; **29785** |
| **Costa Rica (1.3%)** | **Costa Rica (1.3%)** | **Costa Rica (1.3%)** | **Costa Rica (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 18077 | &nbsp;&nbsp; 19014 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/4/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16396 |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.158% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 19600 | &nbsp;&nbsp; 21685 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 7.300% | &nbsp;&nbsp;&nbsp;&nbsp;11/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13335 | &nbsp;&nbsp; 14939 |
|  |  |  |  |  | &nbsp;&nbsp; **72034** |
| **Dominican Republic (6.6%)** | **Dominican Republic (6.6%)** | **Dominican Republic (6.6%)** | **Dominican Republic (6.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 36775 | &nbsp;&nbsp; 37175 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 24909 | &nbsp;&nbsp; 25535 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 44524 | &nbsp;&nbsp; 45104 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 42383 | &nbsp;&nbsp; 41357 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5467 | &nbsp;&nbsp; 5873 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 30024 | &nbsp;&nbsp; 32253 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 54364 | &nbsp;&nbsp; 52357 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 24100 | &nbsp;&nbsp; 24680 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 37900 | &nbsp;&nbsp; 37933 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 14775 | &nbsp;&nbsp; 15848 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 34900 | &nbsp;&nbsp; 37434 |
|  |  |  |  |  | &nbsp;&nbsp; **355549** |
| **Ecuador (1.6%)** | **Ecuador (1.6%)** | **Ecuador (1.6%)** | **Ecuador (1.6%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 53001 | &nbsp;&nbsp; 45131 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 42982 | &nbsp;&nbsp; 42481 |
|  |  |  |  |  | &nbsp;&nbsp; **87612** |
| **Egypt (2.5%)** | **Egypt (2.5%)** | **Egypt (2.5%)** | **Egypt (2.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 68662 | &nbsp;&nbsp; 67709 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.903% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 25186 | &nbsp;&nbsp; 23392 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 20509 | &nbsp;&nbsp; 20520 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 26387 | &nbsp;&nbsp; 24836 |
|  |  |  |  |  | &nbsp;&nbsp; **136457** |
| **El Salvador (1.0%)** | **El Salvador (1.0%)** | **El Salvador (1.0%)** | **El Salvador (1.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4127 | &nbsp;&nbsp; 4395 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 19320 | &nbsp;&nbsp; 20966 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 15182 | &nbsp;&nbsp; 17346 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp;11/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9945 | &nbsp;&nbsp; 11363 |
|  |  |  |  |  | &nbsp;&nbsp; **54070** |
| **Ghana (1.2%)** | **Ghana (1.2%)** | **Ghana (1.2%)** | **Ghana (1.2%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp; 324 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4538 | &nbsp;&nbsp; 4455 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23385 | &nbsp;&nbsp; 22973 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 13818 | &nbsp;&nbsp; 13597 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7180 | &nbsp;&nbsp; 6560 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/2028 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 19790 | &nbsp;&nbsp; 18130 |
|  |  |  |  |  | &nbsp;&nbsp; **66039** |
| **Guatemala (1.2%)** | **Guatemala (1.2%)** | **Guatemala (1.2%)** | **Guatemala (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3398 | &nbsp;&nbsp; 3373 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 | &nbsp;&nbsp; 3674 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 29593 | &nbsp;&nbsp; 29879 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 25138 | &nbsp;&nbsp; 25033 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4417 | &nbsp;&nbsp; 4457 |
|  |  |  |  |  | &nbsp;&nbsp; **66416** |
| **Honduras (0.1%)** | **Honduras (0.1%)** | **Honduras (0.1%)** | **Honduras (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Honduras | 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3622 | &nbsp;&nbsp; 4092 |
| **Hungary (4.6%)** | **Hungary (4.6%)** | **Hungary (4.6%)** | **Hungary (4.6%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Magyar Export-Import Bank Zrt | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8868 | &nbsp;&nbsp; 11158 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;MFB Magyar Fejlesztesi Bank Zrt | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7880 | &nbsp;&nbsp; 9450 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12960 | &nbsp;&nbsp; 13445 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 32330 | &nbsp;&nbsp; 33013 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1531 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp; 1866 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 | &nbsp;&nbsp; 3631 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 39394 | &nbsp;&nbsp; 49485 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 | &nbsp;&nbsp; 3663 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp; 14035 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 28135 | &nbsp;&nbsp; 32781 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 21950 | &nbsp;&nbsp; 22874 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 48015 | &nbsp;&nbsp; 50165 |
|  |  |  |  |  | &nbsp;&nbsp; **247097** |
| **Indonesia (4.0%)** | **Indonesia (4.0%)** | **Indonesia (4.0%)** | **Indonesia (4.0%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 27900 | &nbsp;&nbsp; 28604 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 35035 | &nbsp;&nbsp; 35077 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 | &nbsp;&nbsp; 6063 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 21938 | &nbsp;&nbsp; 25956 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 1.100% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 | &nbsp;&nbsp; 5046 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Indonesia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 98160 | &nbsp;&nbsp; 114336 |
|  |  |  |  |  | &nbsp;&nbsp; **215082** |
| **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;State of Israel | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8786 | &nbsp;&nbsp; 9826 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1229 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp; 6986 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 26118 | &nbsp;&nbsp; 25021 |
|  |  |  |  |  | &nbsp;&nbsp; **43062** |
| **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** |  |  |
| <sup>6,7</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;10/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17520 | &nbsp;&nbsp; 20737 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 12795 | &nbsp;&nbsp; 12806 |
|  | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp; 6127 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 15820 | &nbsp;&nbsp; 17044 |
|  |  |  |  |  | &nbsp;&nbsp; **56714** |
| **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 | &nbsp;&nbsp; 5171 |
| **Jordan (0.9%)** | **Jordan (0.9%)** | **Jordan (0.9%)** | **Jordan (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 21591 | &nbsp;&nbsp; 22518 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23112 | &nbsp;&nbsp; 24331 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4242 |
|  |  |  |  |  | &nbsp;&nbsp; **51091** |
| **Kazakhstan (2.1%)** | **Kazakhstan (2.1%)** | **Kazakhstan (2.1%)** | **Kazakhstan (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Baiterek National Managing Holding JSC | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5700 |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 10.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp; 6640 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8996 | &nbsp;&nbsp; 9100 |

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------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/7/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp; 7141 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 4.412% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 61812 | &nbsp;&nbsp; 61480 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 15700 | &nbsp;&nbsp; 15953 |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8862 | &nbsp;&nbsp; 9031 |
|  |  |  |  |  | &nbsp;&nbsp; **115045** |
| **Latvia (0.9%)** | **Latvia (0.9%)** | **Latvia (0.9%)** | **Latvia (0.9%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Latvia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 39045 | &nbsp;&nbsp; 39964 |
|  | &nbsp;&nbsp;&nbsp;Republic of Latvia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7168 |
|  |  |  |  |  | &nbsp;&nbsp; **47132** |
| **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/2021 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp; 569 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 523 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 10699 | &nbsp;&nbsp; 2486 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 8173 | &nbsp;&nbsp; 1898 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/4/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 | &nbsp;&nbsp; 817 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.850% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7043 | &nbsp;&nbsp; 1629 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 | &nbsp;&nbsp; 844 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp; 1140 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp;11/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp; 1162 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3607 | &nbsp;&nbsp; 845 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 339 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 339 |
|  |  |  |  |  | &nbsp;&nbsp; **12591** |
| **Lithuania (0.8%)** | **Lithuania (0.8%)** | **Lithuania (0.8%)** | **Lithuania (0.8%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Lithuania | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 36197 | &nbsp;&nbsp; 41850 |
| **Mexico (5.0%)** | **Mexico (5.0%)** | **Mexico (5.0%)** | **Mexico (5.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 42268 | &nbsp;&nbsp; 41150 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 101926 | &nbsp;&nbsp; 104721 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 60733 | &nbsp;&nbsp; 60155 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 20156 | &nbsp;&nbsp; 21501 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;United Mexican States | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 3/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 21630 | &nbsp;&nbsp; 25251 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.771% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 26002 | &nbsp;&nbsp; 15990 |
|  |  |  |  |  | &nbsp;&nbsp; **270623** |
| **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** | **Morocco (0.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5284 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1828 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 30979 | &nbsp;&nbsp; 22566 |
|  |  |  |  |  | &nbsp;&nbsp; **29678** |
| **Nigeria (3.0%)** | **Nigeria (3.0%)** | **Nigeria (3.0%)** | **Nigeria (3.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 34835 | &nbsp;&nbsp; 37094 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.143% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 24865 | &nbsp;&nbsp; 25760 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.747% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 24010 | &nbsp;&nbsp; 26223 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 6357 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp; 3463 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 15290 | &nbsp;&nbsp; 18140 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.631% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 27893 | &nbsp;&nbsp; 30017 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.130% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 10511 | &nbsp;&nbsp; 11275 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;11/28/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3315 |
|  |  |  |  |  | &nbsp;&nbsp; **161644** |
| **Oman (2.3%)** | **Oman (2.3%)** | **Oman (2.3%)** | **Oman (2.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 84874 | &nbsp;&nbsp; 84920 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17170 | &nbsp;&nbsp; 17357 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6646 | &nbsp;&nbsp; 6920 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14360 | &nbsp;&nbsp; 14686 |
|  |  |  |  |  | &nbsp;&nbsp; **123883** |
| **Pakistan (0.4%)** | **Pakistan (0.4%)** | **Pakistan (0.4%)** | **Pakistan (0.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 17520 | &nbsp;&nbsp; 17482 |
|  | &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 | &nbsp;&nbsp; 3435 |
|  |  |  |  |  | &nbsp;&nbsp; **20917** |
| **Panama (0.9%)** | **Panama (0.9%)** | **Panama (0.9%)** | **Panama (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11756 | &nbsp;&nbsp; 12592 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 11353 | &nbsp;&nbsp; 11149 |
|  | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.298% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 28565 | &nbsp;&nbsp; 25062 |
|  |  |  |  |  | &nbsp;&nbsp; **48803** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Paraguay (2.0%)** | **Paraguay (2.0%)** | **Paraguay (2.0%)** | **Paraguay (2.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp; 2661 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 13044 | &nbsp;&nbsp; 13124 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 57995 | &nbsp;&nbsp; 58859 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 12225 | &nbsp;&nbsp; 13255 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 | &nbsp;&nbsp; 22526 |
|  |  |  |  |  | &nbsp;&nbsp; **110425** |
| **Peru (2.8%)** | **Peru (2.8%)** | **Peru (2.8%)** | **Peru (2.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 133882 | &nbsp;&nbsp; 123667 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/8/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 25760 | &nbsp;&nbsp; 25432 |
|  |  |  |  |  | &nbsp;&nbsp; **149099** |
| **Romania (2.5%)** | **Romania (2.5%)** | **Romania (2.5%)** | **Romania (2.5%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 86220 | &nbsp;&nbsp; 88947 |
|  | &nbsp;&nbsp;&nbsp;Romania | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6930 | &nbsp;&nbsp; 7163 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20204 | &nbsp;&nbsp; 18374 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.124% | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6360 | &nbsp;&nbsp; 6552 |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 | &nbsp;&nbsp; 2816 |
|  | &nbsp;&nbsp;&nbsp;Romania | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 8330 | &nbsp;&nbsp; 9084 |
|  |  |  |  |  | &nbsp;&nbsp; **132936** |
| **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** | **Saudi Arabia (1.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp; 27848 |
|  | &nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. | 4.303% | &nbsp;&nbsp;&nbsp;&nbsp; 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 34753 | &nbsp;&nbsp; 34900 |
|  |  |  |  |  | &nbsp;&nbsp; **62748** |
| **Senegal (0.1%)** | **Senegal (0.1%)** | **Senegal (0.1%)** | **Senegal (0.1%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10036 | &nbsp;&nbsp; 5909 |
| **Serbia (2.3%)** | **Serbia (2.3%)** | **Serbia (2.3%)** | **Serbia (2.3%)** |  |  |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 47654 | &nbsp;&nbsp; 55700 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 43710 | &nbsp;&nbsp; 47585 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 23458 | &nbsp;&nbsp; 20533 |
|  |  |  |  |  | &nbsp;&nbsp; **123818** |
| **South Africa (2.7%)** | **South Africa (2.7%)** | **South Africa (2.7%)** | **South Africa (2.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.300% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp; 556 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 51884 | &nbsp;&nbsp; 51918 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 32548 | &nbsp;&nbsp; 27374 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/11/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 69693 | &nbsp;&nbsp; 68932 |
|  |  |  |  |  | &nbsp;&nbsp; **148780** |
| **Sri Lanka (0.5%)** | **Sri Lanka (0.5%)** | **Sri Lanka (0.5%)** | **Sri Lanka (0.5%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 | &nbsp;&nbsp; 3862 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/2027 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7762 | &nbsp;&nbsp; 7372 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.600% coupon rate effective 9/15/2027 | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5171 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 5638 | &nbsp;&nbsp; 4285 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/2027 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 7336 | &nbsp;&nbsp; 5575 |
|  |  |  |  |  | &nbsp;&nbsp; **26265** |
| **Turkiye (2.7%)** | **Turkiye (2.7%)** | **Turkiye (2.7%)** | **Turkiye (2.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp; 8476 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 20645 | &nbsp;&nbsp; 20838 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 59408 | &nbsp;&nbsp; 62890 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 58752 | &nbsp;&nbsp; 45147 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/11/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 13995 | &nbsp;&nbsp; 11461 |
|  |  |  |  |  | &nbsp;&nbsp; **148812** |
| **Ukraine (1.4%)** | **Ukraine (1.4%)** | **Ukraine (1.4%)** | **Ukraine (1.4%)** |  |  |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp; 1508 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9209 | &nbsp;&nbsp; 5461 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4563 | &nbsp;&nbsp; 2579 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 | &nbsp;&nbsp; 2743 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/2027 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 17357 | &nbsp;&nbsp; 9838 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 5.500% coupon rate effective 2/1/2027 | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1174 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11149 | &nbsp;&nbsp; 6783 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp; 11221 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp; 7166 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18777 | &nbsp;&nbsp; 11235 |
| <sup>5,9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 29733 | &nbsp;&nbsp; 17454 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 6.000% coupon rate effective 2/1/2027 | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1238 |
|  |  |  |  |  | &nbsp;&nbsp; **78400** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** | **United Arab Emirates (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| **Uzbekistan (1.8%)** | **Uzbekistan (1.8%)** | **Uzbekistan (1.8%)** | **Uzbekistan (1.8%)** |  |  |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 15.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;78700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6850 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10934 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp;10/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 46485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49822 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16707 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13974 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **98287** |
| **Venezuela (0.1%)** | **Venezuela (0.1%)** | **Venezuela (0.1%)** | **Venezuela (0.1%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/23/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2732 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 9.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7549** |
| **Zambia (0.8%)** | **Zambia (0.8%)** | **Zambia (0.8%)** | **Zambia (0.8%)** |  |  |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/2031 | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 45508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44806 |
| **Total Sovereign Bonds (Cost $3,832,651)** | **Total Sovereign Bonds (Cost $3,832,651)** | **Total Sovereign Bonds (Cost $3,832,651)** | **Total Sovereign Bonds (Cost $3,832,651)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4034995** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** | **Temporary Cash Investments (5.2%)** |  |  |
| **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** | **Money Market Fund (5.2%)** |  |  |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**280,301)** | 3.780% |  | &nbsp;&nbsp;&nbsp;&nbsp; 2803116 | &nbsp;&nbsp; **280311** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> Price | &nbsp;&nbsp;Notional<br> Value<br> ($000) |  |
| **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** |  |  |  |
| **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** |  |  |  |
| **Call Options** | **Call Options** | **Call Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;USD | BNPSW | &nbsp;&nbsp;&nbsp;&nbsp;5/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;MXN 19.250 | &nbsp;&nbsp;105215 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
| **Put Options** | **Put Options** | **Put Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;EUR | BARC | &nbsp;&nbsp;&nbsp;&nbsp;1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD 1.140 | &nbsp;&nbsp; 42930 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Total Options Purchased (Cost $2,370)** | **Total Options Purchased (Cost $2,370)** | **Total Options Purchased (Cost $2,370)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**833** |
| **Total Investments (97.7%) (Cost $5,088,858)** | **Total Investments (97.7%) (Cost $5,088,858)** | **Total Investments (97.7%) (Cost $5,088,858)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5298955** |
| **Other Assets and Liabilities—Net (2.3%)** | **Other Assets and Liabilities—Net (2.3%)** | **Other Assets and Liabilities—Net (2.3%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**124702** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5423657** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| 1 | Securities with a value of $120,354 have been segregated as initial margin for open centrally cleared swap contracts. |
| 2 | Securities with a value of $31,441 have been segregated as initial margin for open futures contracts. |
| 3 | Securities with a value of $1,107 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts. |
| 4 | Guaranteed by the Republic of Azerbaijan. |
| 5 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the aggregate value was $812,800, representing 15.0% of net assets. |
| 6 | Face amount denominated in euro. |
| 7 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 8 | Non-income-producing security—security in default. |
| 9 | Step bond. |
| 10 | Face amount denominated in Kazakhstan tenge. |
| 11 | Face amount denominated in Uzbekistani Som. |
| 12 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | BARC—Barclays Bank plc. |
|  | BNPSW—BNP Paribas. |
|  | EUR—euro. |
|  | MXN—Mexican peso. |
|  | USD—U.S. dollar. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | &nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;Exercise<br> Price | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| Foreign Currency Options | Foreign Currency Options | Foreign Currency Options | Foreign Currency Options | Foreign Currency Options | Foreign Currency Options |
| Call Options |  |  |  |  |  |
| EUR | BARC | &nbsp;&nbsp;&nbsp;1/14/2026 | &nbsp;&nbsp;&nbsp;USD 1.228 | &nbsp;&nbsp;&nbsp;42930 | &nbsp;&nbsp;&nbsp;— |
| Total Options Written **(Premiums Received** $**403)** | Total Options Written **(Premiums Received** $**403)** |  |  |  | &nbsp;&nbsp;&nbsp;— |

---

BARC—Barclays Bank plc. <br> EUR—euro. <br> USD—U.S. dollar.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 2-Year U.S. Treasury Note | March 2026 | 89 | 18582 | &nbsp;&nbsp;25 |
| 10-Year U.S. Treasury Note | March 2026 | 3391 | 381276 | &nbsp;&nbsp;(1307) |
| Long U.S. Treasury Bond | March 2026 | 128 | 14796 | &nbsp;&nbsp;(105) |
| Ultra 10-Year U.S. Treasury Note | March 2026 | 2849 | 327680 | &nbsp;&nbsp;(1073) |
| Ultra Long U.S. Treasury Bond | March 2026 | 2612 | 308216 | &nbsp;&nbsp;(4622) |
|  |  |  |  | &nbsp;&nbsp;(7082) |
| Short Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | March 2026 | (5872) | (641837) | &nbsp;&nbsp;2363 |
| Euro-Bobl | March 2026 | (1159) | (158217) | &nbsp;&nbsp;612 |
| Euro-Bund | March 2026 | (1623) | (243321) | &nbsp;&nbsp;1765 |
| Euro-Schatz | March 2026 | (189) | (23719) | &nbsp;&nbsp;22 |
|  |  |  |  | &nbsp;&nbsp;4762 |
|  |  |  |  | &nbsp;&nbsp;(2320) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Barclays Bank plc | 3/18/2026 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| Morgan Stanley Capital Services Inc. | 3/18/2026 | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;52002802 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;56813 | &nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;38248 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;44744 | &nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;9875 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;11675 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5633 | &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| BNP Paribas | 5/13/2026 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;552257 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;29460 | &nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;— |
| Morgan Stanley Capital Services Inc. | 3/18/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;57746 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;16041 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs & Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| HSBC Bank plc | 3/18/2026 | &nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;564609 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;12333 | &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;448306 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;26710 | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;24259 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;498675 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(28) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;696694 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;590511 | &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;— |
| UBS AG | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1) |
| Goldman Sachs & Co. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;197019 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 3/25/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;21025 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;351541161 | &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;— |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Morgan Stanley Capital Services Inc. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;27171 | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;497242 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(230) |
| Citibank, N.A. | 3/18/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;26773 | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;455820 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(600) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;(888) |

---

---

| |
|:---|
| CAD—Canadian dollar. |
| CLP—Chilean peso. |
| CZK—Czech koruna. |
| EUR—euro. |
| HUF—Hungarian forint. |
| IDR—Indonesian rupiah. |
| MXN—Mexican peso. |
| PLN—Polish zloty. |
| TRY—Turkish lira. |
| USD—U.S. dollar. |
| ZAR—South African rand. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold |
| Republic of Indonesia | 12/21/2030 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;45359 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;177 |
| Republic of South Africa | 12/21/2030 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;14 |
| Republic of Turkiye | 12/21/2030 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;1.000 | &nbsp;&nbsp;&nbsp;(8323) | &nbsp;&nbsp;&nbsp;3527 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(7704) | &nbsp;&nbsp;&nbsp;3718 |

---

1 Periodic premium received/(paid) quarterly. <br> USD—U.S. dollar.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps |
| Reference<br> Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value<br> ($000) | Remaining<br> Up-Front<br> Premium<br> Paid<br> (Received)<br> ($000) | Unrealized<br> Appreciation<br> ($000) | Unrealized<br> Depreciation<br> ($000) |
| Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating |
| Republic of Turkiye/Ba3 | &nbsp;&nbsp;&nbsp;6/22/2027 | BANA | 14440 | &nbsp;&nbsp;&nbsp;1.000 | 46 | (252) | 298 |  |
| Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased |
| Republic of Malaysia | 12/21/2030 | JPMC | 15030 | (1.000) | (428) | (402) |  | (26) |
| Republic of Panama | 12/21/2029 | MSCS | 15699 | (1.000) | (6) | 374 |  | (380) |
|  |  |  |  |  | (434) | (28) |  | (406) |
|  |  |  |  |  | (388) | (280) | 298 | (406) |

---

---

| |
|:---|
| 1 Periodic premium received/(paid) quarterly. |
| BANA—Bank of America, N.A. |
| JPMC—JPMorgan Chase Bank, N.A. |
| MSCS—Morgan Stanley Capital Services LLC. |

---

The notional amount represents the maximum potential amount the fund could be required to pay as a seller of credit protection if the reference entity was subject to a credit event.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps | Over-the-Counter Interest Rate Swaps |
| Termination Date | Future<br> Effective<br> Date<sup>1</sup> | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000)<sup>2</sup> | &nbsp;&nbsp;&nbsp;Fixed<br> Interest<br> Rate<br> Received<br> (Paid)<sup>3</sup><br> (%) | &nbsp;&nbsp;&nbsp;Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>4</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Remaining<br> Up-Front<br> Premium<br> Received<br> (Paid)<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| 6/17/2027 | 6/17/2026 | &nbsp;&nbsp;&nbsp;JPMC | &nbsp;&nbsp;&nbsp;2725300 | &nbsp;&nbsp;&nbsp;(33.350) | &nbsp;&nbsp;&nbsp;0.000 | &nbsp;&nbsp;&nbsp;(656) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(656) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;(656) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(656) |

---

---

| | |
|:---|:---|
| 1 | Forward interest rate swap. In a forward interest rate swap, the fund and the counterparty agree to make periodic net payments beginning on a specified future effective date. |
| 2 | Notional amount denominated in Turkish lira. |
| 3 | Fixed interest payment received/(paid) at maturity. |
| 4 | Based on the compound value of the Turkish Lira Overnight Reference Rate (TLREF) as of the most recent reset date. Floating interest payment received/(paid) quarterly. |
| JPMC—JPMorgan Chase Bank, N.A. | JPMC—JPMorgan Chase Bank, N.A. |

---

At December 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $2,973 in connection with open forward currency contracts and open over-the-counter swap contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps |
| Termination<br> Date | Future<br> Effective<br> Date | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Received<br> (%) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> (Paid)<br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| 1/2/2029 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416130<sup>1</sup> | &nbsp;&nbsp;&nbsp;12.804<sup>2</sup> | &nbsp;&nbsp;&nbsp;(14.900)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;(765) |
| 1/2/2029 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208060<sup>1</sup> | &nbsp;&nbsp;&nbsp;13.117<sup>2</sup> | &nbsp;&nbsp;&nbsp;(14.900)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;(51) |
| 6/18/2030 | N/A | &nbsp;&nbsp;&nbsp;68000000<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.482<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.840)<sup>6</sup> | &nbsp;&nbsp;&nbsp;(1279) | &nbsp;&nbsp;&nbsp;(1279) |
| 6/18/2030 | N/A | &nbsp;&nbsp;&nbsp;26000000<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.382<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.840)<sup>6</sup> | &nbsp;&nbsp;&nbsp;(566) | &nbsp;&nbsp;&nbsp;(566) |
| 9/18/2030 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;1090525<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.589<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.470)<sup>9</sup> | &nbsp;&nbsp;&nbsp;(509) | &nbsp;&nbsp;&nbsp;(490) |
| 6/18/2035 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000<sup>10</sup> | &nbsp;&nbsp;&nbsp;3.930<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.415)<sup>8</sup> | &nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;&nbsp;(397) |
| 9/19/2035 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000<sup>10</sup> | &nbsp;&nbsp;&nbsp;4.610<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.400)<sup>8</sup> | &nbsp;&nbsp;&nbsp;(528) | &nbsp;&nbsp;&nbsp;(514) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(4092) | &nbsp;&nbsp;&nbsp;(4062) |

---

---

| | |
|:---|:---|
| 1 | Notional amount denominated in Brazilian real. |
| 2 | Interest payment received/(paid) at maturity. |
| 3 | Based on Overnight Brazil CETIP Interbank Deposit Rate as of the most recent reset date. Interest payment received/(paid) at maturity. |
| 4 | Notional amount denominated in Korean won. |
| 5 | Interest payment received/(paid) quarterly. |
| 6 | Based on 3-month Korean won (KRW) Certificate of Deposit Rate as of the most recent reset date. Interest payment received/(paid) quarterly. |
| 7 | Notional amount denominated in Czech koruna. |
| 8 | Interest payment received/(paid) annually. |
| 9 | Based on 6-month Prague Interbank Offered Rate (PRIBOR) as of the most recent reset date. Interest payment received/(paid) semiannually. |
| 10 | Notional amount denominated in Polish zloty. |
| 11 | Based on 6-month Warsaw Interbank Offered Rate (WIBOR) as of the most recent reset date. Interest payment received/(paid) semiannually. |

---

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using
the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in
Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the
fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market
proxies (for example, fixed income benchmark curves, foreign exchange rates, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.

**B.** Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's
pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased,
combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses)
until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

**C.** Options: The fund invests in options on foreign currency, which are transacted over-the-counter (OTC) and not on an exchange. Unlike exchange-traded options, which are standardized
with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. Although
this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve greater credit risk than exchange-traded options. Credit risk involves the
possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund mitigates its counterparty risk by entering into options with a diverse group of prequalified counterparties
and monitoring their financial strength. The primary risk associated with purchasing options on foreign currency is that the value of the underlying foreign currencies may move in such a way that the exercise price of
the option exceeds the value of the underlying investment, the position is worthless at expiration, and the fund loses the premium paid. The

------

primary risk associated with selling options on foreign currency is that the value of the underlying foreign currencies may move in such a way that the exercise price of the option exceeds the value of the underlying investment, the counterparty exercises the option, and the fund loses an amount equal to the market value of the option written less the premium received.

Options contracts on foreign currency are valued at their quoted daily settlement prices. The premium paid for a purchased option is recorded as an asset that is subsequently adjusted daily to the current market value of the option purchased. The premium received for a written option is recorded as an asset with an equal liability that is subsequently adjusted daily to the current market value of the option written. Fluctuations in the value of the options are recorded as unrealized appreciation (depreciation) until expired, closed, or exercised, at which time realized gains (losses) are recognized.

**D.** Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are
attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by
the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing
broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with
its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each
contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

**E.** Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated
with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the
contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master
netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund
cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency
contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting
arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the
fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the
Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified
minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).

**F.** Swap Contracts: The fund invests in credit default swaps to adjust the overall credit risk of the fund or to actively overweight or underweight credit risk to a specific issuer or group of issuers. The fund may sell
credit protection through credit default swaps to simulate investments in long positions that are either unavailable or considered to be less attractively priced in the bond market. The fund may purchase credit
protection through credit default swaps to reduce credit exposure to a given issuer or issuers. Under the terms of the swaps, an up-front payment may be exchanged between the seller and buyer. In addition, the seller
of the credit protection receives a periodic payment of premium from the buyer that is a fixed percentage applied to a notional amount. If, for example, the reference entity is subject to a credit event (such as
bankruptcy, failure to pay, or obligation acceleration) during the term of the swap, the seller agrees to either physically settle or cash settle the swap contract. If the swap is physically settled, the seller agrees
to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to
pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.

The fund enters into interest rate swap transactions to adjust the fund's sensitivity to changes in interest rates and maintain the ability to generate income at prevailing market rates. Under the terms of the swaps, one party pays the other either an amount that is a fixed percentage rate or a floating rate, which is reset periodically based on short-term interest rates, applied to a notional amount. In return, the counterparty agrees to pay a different floating rate, which is reset periodically based on short-term interest rates, applied to the same notional amount.

The fund enters into centrally cleared credit default and interest rate swaps to achieve the same objectives specified with respect to the equivalent over-the-counter swaps but with less counterparty risk because a regulated clearinghouse is the counterparty instead of the clearing broker or executing broker. The clearinghouse imposes initial margin requirements to secure the fund's performance, and requires daily settlement of variation margin representing changes in the market value of each contract. To further mitigate counterparty risk, the fund trades with a diverse group of prequalified executing brokers; monitors the financial strength of its clearing brokers, executing brokers, and clearinghouse; and has entered into agreements with its clearing brokers and executing brokers.

The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its

------

counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until the seller of credit protection is required to take delivery (or, in a cash settled swap, pay the settlement amount determined) upon occurrence of a credit event, periodic payments are made, or the swap terminates, at which time realized gain (loss) is recorded. The net premium to be received or paid by the fund under swap contracts is accrued daily and recorded as realized gain (loss) over the life of the contract.

**G.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;278765 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;278765 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;704051 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;704051 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4034995 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4034995 |
| Temporary Cash Investments | 280311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;280311 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 |
| Total | 280311 | &nbsp;&nbsp;&nbsp;5018644 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5298955 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 |
| Total | &nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp;6734 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11521 |
| Liabilities |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Futures Contracts<sup>1</sup> | (7107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7107) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(888) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) |
| Swap Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5124) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5124) |
| Total | (7107) | &nbsp;&nbsp;&nbsp;(6012) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(13119) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VANGUARD MALVERN FUNDS

- **b. Investment Company Act file number:** 811-05628

- **c. CIK number of Registrant:** 0000836906

- **d. LEI of Registrant:** 549300EW16IGZDA38J20

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

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

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

- **a. Name of Series:** VANGUARD EMERGING MARKETS BOND FUND

- **b. EDGAR series identifier (if any):** S000053069

- **c. LEI of Series:** 5493006QRHGOC6VL4381

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $5430226006.50

**Total Liabilities:** $12252124.73

**Net Assets:** $5417973881.77

**Cash Not Reported:** $32242934.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5620.51447731 | **1-Year:** -85670.12428152 | **5-Year:** -492177.86572997 | **10-Year:** -415606.79458063 | **30-Year:** -208816.62576980

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

- **3-Month:** -4780.02236834 | **1-Year:** -173866.59280446 | **5-Year:** -442284.28908571 | **10-Year:** -474765.00790145 | **30-Year:** -191443.06475665

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166998 | 2.22%                | 0.56%                | 0.68%                |
| Class ID C000166997 | 2.22%                | 0.56%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22650988.94             | $45993192.80                               |
| Month 2  | $29353081.41             | $-20944939.81                              |
| Month 3  | $33585503.12             | $-11902093.16                              |

**Designated Index Information**

- **Index Name:** JP Morgan Emerging Markets Bond Index Global Diversified

- **Index Identifier:** JPGCCOMP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Petroleos del Peru SA                                     | PETROLEOS DEL PE                   | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | CORP              | PE        |     2316000 | PA      | $1469045.52   | 0.03%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                 | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |    29593000 | PA      | $29878735.21  | 0.55%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | MXN/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-229953.16   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     7043000 | PA      | $1628898.00   | 0.03%             | 2027-03-23      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     8210000 | PA      | $8335399.54   | 0.15%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bond                     | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |     1525000 | PA      | $1827561.03   | 0.03%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    15192000 | PA      | $12418894.86  | 0.23%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                        | KAZAKH DEVELOPME                   | CUSIP: N/A<br>LEI: 213800LCDPGJ1BI7KX98       | Long             | DBT              | NUSS              | KZ        |     6900000 | PA      | $7141236.42   | 0.13%             | 2030-04-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS                                  | TURK TELEKOM                       | CUSIP: 90011QAE0<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    19027000 | PA      | $19412766.72  | 0.36%             | 2032-10-07      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: 374422AL7<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |      330112 | PA      | $324028.10    | 0.01%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BAM2<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |     2083000 | PA      | $1854389.92   | 0.03%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |     2164000 | PA      | $1866012.44   | 0.03%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US 5YR NOTE (CBT) Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -5872 | NC      | $2362526.64   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     8330000 | PA      | $9083815.02   | 0.17%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | FSWP: TRY 33.350000 17-JUN-2027 TR | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  2725300000 | NC      | $-655734.99   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     3522000 | PA      | $816943.75    | 0.02%             | 2024-11-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |    15290000 | PA      | $18140005.54  | 0.33%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: 25714PFB9<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |    14775000 | PA      | $15848012.21  | 0.29%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    22623000 | PA      | $5404069.13   | 0.10%             | 2027-04-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond          | ARGENTINA                          | CUSIP: 040114HU7<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |    68719637 | PA      | $53354613.36  | 0.98%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bond                      | JORDAN                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | JO        |     4210000 | PA      | $4241692.04   | 0.08%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CA8<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    11148579 | PA      | $6783191.24   | 0.13%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                   | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     5637956 | PA      | $4284846.56   | 0.08%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond    | SOUTH AFRICA                       | CUSIP: 836205AU8<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |      560000 | PA      | $556557.74    | 0.01%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: 445545AX4<br>LEI: N/A                  | Long             | DBT              | NUSS              | HU        |    21950000 | PA      | $22874143.29  | 0.42%             | 2055-09-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Colbun SA                                                 | COLBUN SA                          | CUSIP: N/A<br>LEI: 5493003VQJLE2QB8IF36       | Long             | DBT              | CORP              | CL        |     5120000 | PA      | $5141178.37   | 0.09%             | 2035-09-11      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                     | TURKIYE REP OF                     | CUSIP: 900123DA5<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    20645000 | PA      | $20837948.17  | 0.38%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bond                       | CHILE                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CL        |    19155715 | PA      | $22538650.39  | 0.42%             | 2035-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bond                      | PANAMA                             | CUSIP: 698299BF0<br>LEI: N/A                  | Long             | DBT              | NUSS              | PA        |    11353000 | PA      | $11148789.05  | 0.21%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | UZBEK INTL BOND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    11513000 | PA      | $13974589.24  | 0.26%             | 2029-02-25      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Port Of Spain Waterfront Development                      | PORT OF SPAIN                      | CUSIP: 73500YAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    10415833 | PA      | $10386550.30  | 0.19%             | 2040-02-19      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | EURO-SCHATZ FUT   Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        -189 | NC      | $22080.23     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Peruvian Government International Bond                    | REPUBLIC OF PERU                   | CUSIP: 715638DF6<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |   133882000 | PA      | $123667446.03 | 2.28%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    14015000 | PA      | $11394765.41  | 0.21%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                       | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    68662000 | PA      | $67709088.17  | 1.25%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |     3607000 | PA      | $3663013.46   | 0.07%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bond                       | CHILE                              | CUSIP: 168863CF3<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |     1946000 | PA      | $1912726.51   | 0.04%             | 2028-02-06      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | HUF/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $738.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                    | REPUBLIC OF PERU                   | CUSIP: 715638EC2<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |    25760000 | PA      | $25431794.42  | 0.47%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Honduras Government International Bond                    | HONDURAS GOVT                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HN        |     3622000 | PA      | $4092349.66   | 0.08%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CH3<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |     1580000 | PA      | $1173513.56   | 0.02%             | 2032-02-01      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                          | COMISION FEDERAL                   | CUSIP: N/A<br>LEI: 4469000001BFPONMPF32       | Long             | DBT              | CORP              | MX        |    10520000 | PA      | $10682777.01  | 0.20%             | 2030-01-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: 65412AFC1<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |     5600000 | PA      | $6357017.52   | 0.12%             | 2031-06-09      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     3080000 | PA      | $2816096.36   | 0.05%             | 2032-03-27      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                   | BRAZIL REP OF                      | CUSIP: 105756CN8<br>LEI: N/A                  | Long             | DBT              | NUSS              | BR        |    17054000 | PA      | $16895747.41  | 0.31%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Israel Government International Bond                      | STATE OF ISRAEL                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IL        |     8786000 | PA      | $9825771.85   | 0.18%             | 2029-01-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                     | TURKIYE REP OF                     | CUSIP: 900123DP2<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    59408000 | PA      | $62890128.63  | 1.16%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    15456000 | PA      | $12072865.53  | 0.22%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                         | UZBEKNEFTEGAZ                      | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | CORP              | UZ        |    24560000 | PA      | $26300137.40  | 0.49%             | 2030-05-07      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Kazakhstan Government International Bond                  | KAZAKHSTAN                         | CUSIP: 486661BN0<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |    15700000 | PA      | $15953247.28  | 0.29%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                    | SBSN INDO III                      | CUSIP: 71567WAD7<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    35035000 | PA      | $35077283.74  | 0.65%             | 2030-12-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                 | IVORY COAST                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CI        |     6100322 | PA      | $6126753.08   | 0.11%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co JSC                               | KAZMUNAYGAS NAT                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      807000 | PA      | $763232.92    | 0.01%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BBC3<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    20156000 | PA      | $21501227.56  | 0.40%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond          | ARGENTINA                          | CUSIP: 040114HW3<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |    62680227 | PA      | $44660207.23  | 0.82%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |    13818000 | PA      | $13597050.18  | 0.25%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |    20204000 | PA      | $18374291.41  | 0.34%             | 2031-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR P USD C @1.139900 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |    42930000 | NC      | $1009.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |     3406000 | PA      | $3630912.14   | 0.07%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: KRW 2.482000 18-JUN-2030 KRW  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | 68000000000 | NC      | $-1272620.70  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     4900000 | PA      | $1139551.84   | 0.02%             | 2030-02-26      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bond                      | ZAMBIA REP OF                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ZM        |    45507796 | PA      | $44806261.19  | 0.83%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | USD/ZAR FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-599685.11   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | UZBEK INTL BOND                    | CUSIP: 91824PAD9<br>LEI: N/A                  | Long             | DBT              | NUSS              | UZ        | 78700000000 | PA      | $6849969.31   | 0.13%             | 2028-02-25      | Fixed         | 15.50%                | Yes           |                  2 | On Loan: No      |
| Brazilian Government International Bond                   | BRAZIL REP OF                      | CUSIP: 105756CL2<br>LEI: N/A                  | Long             | DBT              | NUSS              | BR        |    87578000 | PA      | $90216944.09  | 1.67%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | REPUB UZBEKISTAN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    16612000 | PA      | $16707037.25  | 0.31%             | 2029-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bond                  | COSTA RICA GOVT                    | CUSIP: ZQ5851725<br>LEI: N/A                  | Long             | DBT              | NUSS              | CR        |    18077000 | PA      | $19014384.64  | 0.35%             | 2031-02-19      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $352.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Suci Second Investment Co                                 | SUCI SECOND INVE                   | CUSIP: N/A<br>LEI: 558600VUMCHBIHACQF76       | Long             | DBT              | CORP              | KY        |    20000000 | PA      | $20029960.00  | 0.37%             | 2027-09-10      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bulgarian Energy Holding EAD                              | BULG ENRGY HLD                     | CUSIP: N/A<br>LEI: 635400E1RWKJXPSBCV07       | Long             | DBT              | CORP              | BG        |    16300000 | PA      | $19111929.54  | 0.35%             | 2030-06-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kazakhstan Government International Bond                  | KAZAKHSTAN                         | CUSIP: 486661BQ3<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |    61812000 | PA      | $61479494.71  | 1.13%             | 2030-10-28      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-26101.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | ICE: (TURKEY)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |  -184999901 | NC      | $-8374191.83  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                    | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |     6582000 | PA      | $7768665.02   | 0.14%             | 2034-05-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                     | TURKIYE REP OF                     | CUSIP: 900123CT5<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |     7885000 | PA      | $8475519.48   | 0.16%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KSA Sukuk Ltd                                             | KSA SUKUK LTD                      | CUSIP: N/A<br>LEI: 635400XBJFPNCGN9CK71       | Long             | DBT              | NUSS              | KY        |    34753000 | PA      | $34899970.44  | 0.64%             | 2029-01-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |    24865000 | PA      | $25759543.24  | 0.48%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                                   | OQ SAOC                            | CUSIP: N/A<br>LEI: 549300YK417GKI6EQ392       | Long             | DBT              | CORP              | OM        |     7174000 | PA      | $7234322.58   | 0.13%             | 2028-05-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                            | BRASKEM NL                         | CUSIP: AP4289843<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     2360000 | PA      | $976232.88    | 0.02%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                 | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |     3398000 | PA      | $3373065.14   | 0.06%             | 2027-06-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: 374422AP8<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |     7179936 | PA      | $6559598.86   | 0.12%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: 77586RAY6<br>LEI: N/A                  | Long             | DBT              | NUSS              | RO        |    86220000 | PA      | $88947104.11  | 1.64%             | 2030-09-16      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6798600 | PA      | $6749203.89   | 0.12%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1119.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| El Salvador Government International Bond                 | EL SALVADOR REP                    | CUSIP: 283875CG5<br>LEI: N/A                  | Long             | DBT              | NUSS              | SV        |    15182000 | PA      | $17345961.82  | 0.32%             | 2054-11-21      | Fixed         | 9.65%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    84874000 | PA      | $84919679.19  | 1.57%             | 2026-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     6360000 | PA      | $6551806.26   | 0.12%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: 65412AFG2<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |    10511000 | PA      | $11274851.19  | 0.21%             | 2046-01-13      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bond                    | COLOMBIA REP OF                    | CUSIP: 195325EA9<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |     8300000 | PA      | $5704517.79   | 0.11%             | 2042-02-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US LONG BOND(CBT) Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         128 | NC      | $-104848.72   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: 25714PET1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |     5467000 | PA      | $5872800.10   | 0.11%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: AS8295618<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     1445000 | PA      | $339064.19    | 0.01%             | 2034-05-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EURO-BUND FUTURE  Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -1623 | NC      | $1764971.57   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baiterek National Managing Holding JSC                    | BAITEREK NATIONA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | KZ        |     5600000 | PA      | $5700031.12   | 0.11%             | 2028-05-08      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |    19790000 | PA      | $18129605.15  | 0.33%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                 | IVORY COAST-PDI                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CI        |    12795000 | PA      | $12806515.50  | 0.24%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    12960000 | PA      | $13444969.68  | 0.25%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bond                     | ECUA 0 7/31/2030                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EC        |    53001000 | PA      | $45131146.52  | 0.83%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | USD C MXN P @19.25000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   105215000 | NC      | $831619.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    13477000 | PA      | $14035331.89  | 0.26%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                          | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |     7216000 | PA      | $7533781.82   | 0.14%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Pakistan Government International Bond                    | REP OF PAKISTAN                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PK        |     3507000 | PA      | $3434711.26   | 0.06%             | 2036-03-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: BRL 13.117000 02-JAN-2029 BZD | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   208060000 | NC      | $-50751.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Benin Government International Bond                       | BENIN INTL BOND                    | CUSIP: 08205QAE8<br>LEI: N/A                  | Long             | DBT              | NUSS              | BJ        |    18460000 | PA      | $19474790.50  | 0.36%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | MXN/USD FWD 20260513               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $794556.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                   | VENEZUELA                          | CUSIP: EI3500440<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |     3660000 | PA      | $1168563.70   | 0.02%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Vale Overseas Ltd                                         | VALE OVERSEAS                      | CUSIP: 91911TAT0<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     8277000 | PA      | $8256475.52   | 0.15%             | 2056-02-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                          | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |     3630000 | PA      | $3480356.52   | 0.06%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: PLN 4.400000 19-SEP-2035 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   105000000 | NC      | $-546229.47   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bond                       | CHILE                              | CUSIP: 168863DN5<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    22194000 | PA      | $19864737.48  | 0.37%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    44524000 | PA      | $45104508.36  | 0.83%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                       | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    25186000 | PA      | $23392086.85  | 0.43%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     7320000 | PA      | $2088133.21   | 0.04%             | 2022-02-17      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                    | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |        1000 | PA      | $996.55       | 0.00%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                          | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |    11123000 | PA      | $11860227.99  | 0.22%             | 2035-01-13      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BAK6<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    42268000 | PA      | $41150049.44  | 0.76%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Latvia Government International Bond                      | REP OF LATVIA                      | CUSIP: 518417AD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | LV        |    39045000 | PA      | $39963783.51  | 0.74%             | 2034-07-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Southern Gas Corridor CJSC                                | STHRN GAS CRIDOR                   | CUSIP: N/A<br>LEI: 213800DG58KG59XY6318       | Long             | DBT              | CORP              | AZ        |    24785000 | PA      | $24929137.17  | 0.46%             | 2026-03-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |     3500000 | PA      | $3314866.10   | 0.06%             | 2047-11-28      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |     9209000 | PA      | $5460771.24   | 0.10%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     3607000 | PA      | $845057.70    | 0.02%             | 2032-03-23      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $87.21        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Government International Bond                   | INDONESIA (REP)                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ID        |    21938000 | PA      | $25955730.33  | 0.48%             | 2033-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                   | VENEZUELA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VE        |     1500000 | PA      | $441239.40    | 0.01%             | 2038-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd                                      | PETRONAS CAP LTD                   | CUSIP: N/A<br>LEI: 549300G7YFX3540OYR85       | Long             | DBT              | CORP              | MY        |     5000000 | PA      | $5188494.00   | 0.10%             | 2035-04-03      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                          | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |     4540588 | PA      | $4429873.22   | 0.08%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                 | IVORY COAST-PDI                    | CUSIP: 221625AV8<br>LEI: N/A                  | Long             | DBT              | NUSS              | CI        |    15820000 | PA      | $17043805.14  | 0.31%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $217190.65    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $167798.96    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                   | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     7335992 | PA      | $5575353.92   | 0.10%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BBE9<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |   101926000 | PA      | $104720882.27 | 1.93%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd                                      | PETRONAS CAP LTD                   | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    31701000 | PA      | $33202616.14  | 0.61%             | 2055-04-03      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| El Salvador Government International Bond                 | EL SALVADOR REP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SV        |    19320000 | PA      | $20966326.75  | 0.39%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | EMPRESA NACIONAL                   | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | CORP              | CL        |    13408000 | PA      | $13641161.10  | 0.25%             | 2029-11-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                   | BRAZIL REP OF                      | CUSIP: 105756CP3<br>LEI: N/A                  | Long             | DBT              | NUSS              | BR        |    24834000 | PA      | $24493289.94  | 0.45%             | 2033-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bond                     | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |     6000000 | PA      | $5284068.00   | 0.10%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond    | SOUTH AFRICA                       | CUSIP: 836205BA1<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    51884000 | PA      | $51917812.80  | 0.96%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| State of Israel                                           | STATE OF ISRAEL                    | CUSIP: 46513JXM8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     1327000 | PA      | $1229151.00   | 0.02%             | 2030-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | ICE: (SOAF)                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    -1880000 | NC      | $-29389.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Serbia International Bond                                 | SERBIA REPUBLIC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RS        |    23458000 | PA      | $20532982.10  | 0.38%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |     2656000 | PA      | $2660759.29   | 0.05%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CB6<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    12000000 | PA      | $7165767.60   | 0.13%             | 2035-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | CAD/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $941.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bidvest Group UK PLC/The                                  | BIDVEST GROUP UK                   | CUSIP: N/A<br>LEI: 984500A80C777F496830       | Long             | DBT              | CORP              | GB        |     6200000 | PA      | $6326297.10   | 0.12%             | 2032-09-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Israel Government International Bond                      | STATE OF ISRAEL                    | CUSIP: 46514Y8A8<br>LEI: N/A                  | Long             | DBT              | NUSS              | IL        |     6770000 | PA      | $6986132.93   | 0.13%             | 2030-02-19      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR C USD P @1.228000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   -42930000 | NC      | $-302.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |     4850000 | PA      | $2743482.04   | 0.05%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                 | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |     4417000 | PA      | $4457262.28   | 0.08%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     4160000 | PA      | $4222298.50   | 0.08%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond          | ARGENTINA                          | CUSIP: 040114HS2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |   135088614 | PA      | $114951886.76 | 2.12%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BBK5<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    60733000 | PA      | $60155356.29  | 1.11%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: BRL 12.804000 02-JAN-2029 BZD | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   416130000 | NC      | $-765319.32   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    11695000 | PA      | $8396187.72   | 0.15%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Magyar Export-Import Bank Zrt                             | MAGYAR EXPORT-IM                   | CUSIP: N/A<br>LEI: 529900O4UGETQ9Q3AA63       | Long             | DBT              | NUSS              | HU        |     8868000 | PA      | $11157701.07  | 0.21%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    39394000 | PA      | $49485360.97  | 0.91%             | 2033-09-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    48015000 | PA      | $50165375.78  | 0.93%             | 2055-09-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MFB Magyar Fejlesztesi Bank Zrt                           | HUNGARIAN DEVEL                    | CUSIP: N/A<br>LEI: 549300KCFVCFTUJZYT59       | Long             | DBT              | NUSS              | HU        |     7880000 | PA      | $9449627.80   | 0.17%             | 2030-06-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Energuate Trust 2 0                                       | ENERGUATE TR 2 0                   | CUSIP: 29277RAB1<br>LEI: 2549000ZL9MU01FZK194 | Long             | DBT              | CORP              | KY        |    18982000 | PA      | $18953111.29  | 0.35%             | 2035-09-15      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Egypt Government International Bond                       | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    20509000 | PA      | $20519730.31  | 0.38%             | 2049-03-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    10700000 | PA      | $2803408.56   | 0.05%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: AQ5804622<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     4967000 | PA      | $1162158.79   | 0.02%             | 2031-11-20      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US ULTRA BOND CBT Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        2612 | NC      | $-4622290.75  | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | SWP: KRW 2.382000 18-JUN-2030 KRW  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | 26000000000 | NC      | $-562515.84   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |     2100000 | PA      | $1238341.23   | 0.02%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US 2YR NOTE (CBT) Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          89 | NC      | $25501.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comision Ejecutiva Hidroelectrica del Rio Lempa           | COMISIO RIO LEMP                   | CUSIP: N/A<br>LEI: 254900YU43PQQ27Q0E71       | Long             | DBT              | CORP              | SV        |     6796000 | PA      | $7292835.85   | 0.13%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |        1000 | PA      | $747.33       | 0.00%             | 2046-01-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SCDS: (TURKEY)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -14440000 | NC      | $42560.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                    | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     6930000 | PA      | $7162487.64   | 0.13%             | 2030-09-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: 445545AV8<br>LEI: N/A                  | Long             | DBT              | NUSS              | HU        |     1490000 | PA      | $1531245.29   | 0.03%             | 2030-09-26      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | US 10yr Ultra Fut Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        2849 | NC      | $-1073437.68  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | USD/ZAR FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $211241.98    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: 374422AM5<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |    23384944 | PA      | $22973474.22  | 0.42%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    32330000 | PA      | $33012544.49  | 0.61%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | ICE: (INDON)                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -45359000 | NC      | $634842.91    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: AV6717814<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |    24010000 | PA      | $26222720.78  | 0.48%             | 2031-01-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    24100000 | PA      | $24680106.28  | 0.46%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan International Bond                 | REPUBLIC OF AZER                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AZ        |    25235000 | PA      | $23703929.46  | 0.44%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GDZ ELEKTRIK DAGITIM AS                                   | GDZ ELEKTRIK DA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | TR        |     7137000 | PA      | $6956907.80   | 0.13%             | 2029-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    42383000 | PA      | $41357267.83  | 0.76%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund         | Vanguard Market Liquidity Fund     | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   301829551 | NS      | $301829551.10 | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | PLN/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $37258.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                   | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     7761820 | PA      | $7371665.91   | 0.14%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Israel Government International Bond                      | STATE OF ISRAEL                    | CUSIP: 46514BRM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | IL        |    26118000 | PA      | $25020876.84  | 0.46%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bermuda Government International Bond                     | BERMUDA-GOVT OF                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BM        |     8174000 | PA      | $8238590.13   | 0.15%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    20775000 | PA      | $22526130.98  | 0.42%             | 2055-03-04      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | TRY/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $70805.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                    | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |    20249000 | PA      | $24051850.53  | 0.44%             | 2038-05-07      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                 | REP OF GUATEMALA                   | CUSIP: 401494AV1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GT        |     3639000 | PA      | $3674136.36   | 0.07%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | USD C HKD P @7.800000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   493000000 | NC      | $4930.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kazakhstan Government International Bond                  | KAZAKHSTAN                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | KZ        |     8862000 | PA      | $9031117.09   | 0.17%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                        | KAZAKH DEVELOPME                   | CUSIP: 48129VAB2<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |     8996000 | PA      | $9100048.64   | 0.17%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | PARAGUAY                           | CUSIP: 699149BY5<br>LEI: N/A                  | Long             | DBT              | NUSS              | PY        |    12225000 | PA      | $13255448.92  | 0.24%             | 2055-03-04      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Costa Rica Government International Bond                  | COSTA RICA GOVT                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CR        |    15000000 | PA      | $16396212.00  | 0.30%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     3607000 | PA      | $843643.03    | 0.02%             | 2028-11-03      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | UZBEK INTL BOND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    46485000 | PA      | $49822176.74  | 0.92%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $150059.04    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    18776643 | PA      | $11235443.71  | 0.21%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: 25714PFF0<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |    37900000 | PA      | $37932976.79  | 0.70%             | 2035-10-28      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $3577.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                          | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |    31562157 | PA      | $28605729.57  | 0.53%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     9097000 | PA      | $9261172.38   | 0.17%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bond                      | PANAMA                             | CUSIP: 698299BR4<br>LEI: N/A                  | Long             | DBT              | NUSS              | PA        |    28565000 | PA      | $25062011.21  | 0.46%             | 2033-01-19      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    36775000 | PA      | $37174806.77  | 0.69%             | 2027-01-25      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    34900000 | PA      | $37434560.15  | 0.69%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    54364000 | PA      | $52356745.21  | 0.97%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jamaica Government International Bond                     | JAMAICA GOVT                       | CUSIP: 470160CA8<br>LEI: N/A                  | Long             | DBT              | NUSS              | JM        |     5020000 | PA      | $5170877.61   | 0.10%             | 2028-04-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                   | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     6000000 | PA      | $5170857.60   | 0.10%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru SA                                     | PETROLEOS DEL PE                   | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | CORP              | PE        |    13905000 | PA      | $10320289.61  | 0.19%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oryx Funding Ltd                                          | ORYX FUNDING                       | CUSIP: N/A<br>LEI: 549300S728CF0BBRC295       | Long             | DBT              | CORP              | KY        |     9247000 | PA      | $9549145.73   | 0.18%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2168.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    17357000 | PA      | $9837749.73   | 0.18%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                 | BAPCO ENERGIES                     | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |     6975000 | PA      | $7212551.06   | 0.13%             | 2027-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    18400430 | PA      | $11221143.43  | 0.21%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co JSC                               | KAZMUNAYGAS NAT                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |     9902000 | PA      | $10123153.25  | 0.19%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance BV                               | PETROBRAS GLOB                     | CUSIP: 71647NBM0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     8101000 | PA      | $7953942.55   | 0.15%             | 2030-09-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Serbia International Bond                                 | SERBIA REPUBLIC                    | CUSIP: AZ2286302<br>LEI: N/A                  | Long             | DBT              | NUSS              | RS        |    43710000 | PA      | $47584615.69  | 0.88%             | 2029-06-26      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-94.33       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     2430000 | PA      | $569099.44    | 0.01%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | CZK/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-28178.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                          | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |    13710000 | PA      | $12113835.19  | 0.22%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bond                  | COSTA RICA GOVT                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CR        |    13335000 | PA      | $14938593.76  | 0.28%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    13044000 | PA      | $13124009.29  | 0.24%             | 2027-03-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                     | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    28135000 | PA      | $32780653.01  | 0.61%             | 2040-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                   | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     4027711 | PA      | $3861827.50   | 0.07%             | 2028-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    14360000 | PA      | $14685920.30  | 0.27%             | 2028-01-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bond                      | PANAMA                             | CUSIP: 698299AD6<br>LEI: N/A                  | Long             | DBT              | NUSS              | PA        |    11756000 | PA      | $12592750.93  | 0.23%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co JSC                               | KAZMUNAYGAS NAT                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |     1354000 | PA      | $1366747.23   | 0.03%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |     3403000 | PA      | $3463155.51   | 0.06%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                            | BRASKEM NL                         | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |     3536000 | PA      | $1223338.96   | 0.02%             | 2050-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                        | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |     6646000 | PA      | $6919760.70   | 0.13%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bond                 | EL SALVADOR REP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SV        |     9945000 | PA      | $11362604.06  | 0.21%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bond                   | INDONESIA (REP)                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ID        |     5150000 | PA      | $6063063.30   | 0.11%             | 2032-09-10      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bond                     | REPUBLIC OF ECUA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EC        |    42982358 | PA      | $42480504.58  | 0.78%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                        | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    17170000 | PA      | $17357673.25  | 0.32%             | 2027-03-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | PLN/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1181.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: PLN 4.415000 18-JUN-2035 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |    32000000 | NC      | $-198285.87   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Albania Government International Bond                     | ALBANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AL        |     4066000 | PA      | $4837522.64   | 0.09%             | 2035-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                   | VENEZUELA                          | CUSIP: EF1877168<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |     3660000 | PA      | $971909.34    | 0.02%             | 2020-12-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                     | TURKIYE REP OF                     | CUSIP: 900123CB4<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    58752000 | PA      | $45147386.88  | 0.83%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    24909000 | PA      | $25534579.57  | 0.47%             | 2028-07-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    32500000 | PA      | $29006250.00  | 0.54%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                 | IVORY COAST-PDI                    | CUSIP: ZQ0748892<br>LEI: N/A                  | Long             | DBT              | NUSS              | CI        |    17520000 | PA      | $20736582.88  | 0.38%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                            | BRASKEM NL                         | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |     2679000 | PA      | $1041479.47   | 0.02%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 912810QZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    19521000 | PA      | $15824210.63  | 0.29%             | 2043-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SWP: CZK 3.588500 18-SEP-2030 PRI  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  1090525000 | NC      | $-527015.76   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OCP SA                                                    | OCP SA                             | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    34940000 | PA      | $36488932.13  | 0.67%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CF7<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |     4562616 | PA      | $2578791.02   | 0.05%             | 2035-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                    | SBSN INDO III                      | CUSIP: 71567TAA0<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    27900000 | PA      | $28603858.41  | 0.53%             | 2029-07-02      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Indonesia Government International Bond                   | INDONESIA (REP)                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ID        |     5180000 | PA      | $5046500.34   | 0.09%             | 2033-03-12      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd                                      | PETRONAS CAP LTD                   | CUSIP: 716743AW9<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     9391000 | PA      | $9745029.43   | 0.18%             | 2035-04-03      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   132616003 | PA      | $142108921.73 | 2.62%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1057.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    12925000 | PA      | $3026082.43   | 0.06%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bond                     | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |    30979000 | PA      | $22566215.75  | 0.42%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Serbia International Bond                                 | SERBIA REPUBLIC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RS        |    47654000 | PA      | $55700396.21  | 1.03%             | 2027-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond          | ARGENTINA                          | CUSIP: 040114HX1<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |    10313312 | PA      | $9180415.30   | 0.17%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance BV                               | PETROBRAS GLOB                     | CUSIP: 71647NBN8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     7350000 | PA      | $7203207.27   | 0.13%             | 2036-01-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                       | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |     4538400 | PA      | $4454976.49   | 0.08%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $38355.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                 | REP OF GUATEMALA                   | CUSIP: ZS8419047<br>LEI: N/A                  | Long             | DBT              | NUSS              | GT        |    25138000 | PA      | $25032832.66  | 0.46%             | 2030-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-544.25      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Jordan Government International Bond                      | JORDAN                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | JO        |    21591000 | PA      | $22518329.13  | 0.42%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    18000000 | PA      | $18287578.08  | 0.34%             | 2031-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                    | COLOMBIA REP OF                    | CUSIP: 195325DT9<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    13500000 | PA      | $8325292.05   | 0.15%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | PERUSAHAAN LISTR                   | CUSIP: 71568QAJ6<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     3000000 | PA      | $2926292.40   | 0.05%             | 2029-07-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: AS8296236<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     1445000 | PA      | $339515.76    | 0.01%             | 2033-05-17      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                          | US TREASURY N/B                    | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   219432400 | PA      | $191240480.10 | 3.53%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Latvia Government International Bond                      | REP OF LATVIA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LV        |     7000000 | PA      | $7167949.60   | 0.13%             | 2034-07-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SCDS: (MALAYS)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    15030000 | NC      | $-424274.46   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                    | COLOMBIA REP OF                    | CUSIP: 195325EG6<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    15118000 | PA      | $15755051.35  | 0.29%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lithuania Government International Bond                   | LITHUANIA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LT        |    36197000 | PA      | $41850233.44  | 0.77%             | 2036-03-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BBP4<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    21630000 | PA      | $25251158.38  | 0.47%             | 2038-03-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                    | OCP SA                             | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | CORP              | MA        |    10600000 | PA      | $11091845.30  | 0.20%             | 2030-04-30      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    17360000 | PA      | $13900820.36  | 0.26%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | IDR/USD FWD 20260325               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $21983.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                          | COMISION FEDERAL                   | CUSIP: QZ7462430<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     4789400 | PA      | $4479310.30   | 0.08%             | 2036-09-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                    | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |    16664000 | PA      | $18772889.92  | 0.35%             | 2045-07-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    10075476 | PA      | $2367555.50   | 0.04%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bond                 | EL SALVADOR REP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SV        |     4127000 | PA      | $4395415.13   | 0.08%             | 2029-02-28      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     7320000 | PA      | $1876953.41   | 0.03%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | UZBEK INTL BOND                    | CUSIP: 91822QVX2<br>LEI: N/A                  | Long             | DBT              | NUSS              | UZ        |    10210000 | PA      | $10933707.26  | 0.20%             | 2028-10-12      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | EUR/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $534.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CC4<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    29732868 | PA      | $17454272.82  | 0.32%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond    | SOUTH AFRICA                       | CUSIP: 836205BB9<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    32548000 | PA      | $27373870.48  | 0.51%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                   | VENEZUELA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VE        |     8436500 | PA      | $2731812.10   | 0.05%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                     | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    30024000 | PA      | $32252597.45  | 0.60%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                     | TURKIYE REP OF                     | CUSIP: 900123CM0<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    13995000 | PA      | $11460926.75  | 0.21%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pakistan Government International Bond                    | REP OF PAKISTAN                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PK        |    17520000 | PA      | $17482517.71  | 0.32%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SCDS: (PANAMA)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    15699076 | NC      | $-2185.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                   | VENEZUELA                          | CUSIP: EH3345228<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |     7030600 | PA      | $2235499.49   | 0.04%             | 2028-05-07      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     3360000 | PA      | $802620.00    | 0.01%             | 2037-04-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bond                  | COSTA RICA GOVT                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CR        |    19600000 | PA      | $21685079.36  | 0.40%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     8173000 | PA      | $1898090.98   | 0.04%             | 2024-04-22      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| OmGrid Funding Ltd                                        | OMGRID FUNDING L                   | CUSIP: AN4253836<br>LEI: 549300L1HIVZ83RMAP18 | Long             | DBT              | CORP              | KY        |    17552000 | PA      | $17646838.72  | 0.33%             | 2027-05-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Finance Department Government of Sharjah                  | FIN DEPT SHARJAH                   | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |     3400000 | PA      | $3026978.52   | 0.06%             | 2033-03-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | PETROLEOS MEXICA                   | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     8845000 | PA      | $8984905.79   | 0.17%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                     | UKRAINE GOVT                       | CUSIP: 903724CD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |     2546827 | PA      | $1507811.74   | 0.03%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: EJ4558007<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |    10699000 | PA      | $2486100.95   | 0.05%             | 2023-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                          | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |     3632000 | PA      | $3447403.96   | 0.06%             | 2029-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                    | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |    15000000 | PA      | $17295170.87  | 0.32%             | 2035-07-18      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                         | UZBEKNEFTEGAZ                      | CUSIP: N/A<br>LEI: 213800LUZJZFLJD4MJ51       | Long             | DBT              | CORP              | UZ        |    16791000 | PA      | $16143999.11  | 0.30%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond    | SOUTH AFRICA                       | CUSIP: 836205BJ2<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    69693000 | PA      | $68931603.98  | 1.27%             | 2055-12-11      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | CLP/USD FWD 20260318               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $999321.87    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | US 10YR NOTE (CBT)Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        3391 | NC      | $-1307069.41  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Government International Bond                      | UNITED MEXICAN                     | CUSIP: 91087BAN0<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    26002000 | PA      | $15989844.09  | 0.30%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bond                      | JORDAN                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | JO        |    23112000 | PA      | $24331185.73  | 0.45%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |    34835000 | PA      | $37094157.74  | 0.68%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bond                   | INDONESIA (REP)                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ID        |    98160000 | PA      | $114335700.80 | 2.11%             | 2033-10-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                       | ARAB REP EGYPT                     | CUSIP: ZQ5986240<br>LEI: N/A                  | Long             | DBT              | NUSS              | EG        |    26387000 | PA      | $24835990.61  | 0.46%             | 2059-11-20      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| Ciudad Autonoma De Buenos Aires/Government Bonds          | CITY OF BUENOS                     | CUSIP: LW2239967<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |     2700135 | PA      | $2716040.96   | 0.05%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | USD C HKD P @7.800000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   118600000 | NC      | $1186.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    57995000 | PA      | $58858916.72  | 1.09%             | 2031-04-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                     | LEBANESE REP                       | CUSIP: EI4629115<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     2250000 | PA      | $522653.63    | 0.01%             | 2022-10-04      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                        | KAZAKH DEVELOPME                   | CUSIP: N/A<br>LEI: 213800LCDPGJ1BI7KX98       | Long             | DBT              | NUSS              | KZ        |  3450000000 | PA      | $6639532.48   | 0.12%             | 2026-05-06      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| Bahrain Government International Bond                     | BAHRAIN                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BH        |     6972000 | PA      | $6767380.86   | 0.12%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                     | REP OF NIGERIA                     | CUSIP: 65412AFF4<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |    27893000 | PA      | $30017475.92  | 0.55%             | 2036-01-13      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| Saudi Government International Bond                       | SAUDI INT BOND                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SA        |    39377000 | PA      | $27847804.23  | 0.51%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Senegal Government International Bond                     | SENEGAL REP OF                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SN        |    10036000 | PA      | $5909462.75   | 0.11%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EURO-BOBL FUTURE  Mar26            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -1159 | NC      | $612121.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** VANGUARD MALVERN FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer