# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072045
**Filing Date:** 2023-3
**Character Count:** 360860
**Document Hash:** 979a9e476c5ab8ce5d46cbd597287d40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072045.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072045

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck ETF Trust
- **CENTRAL INDEX KEY:** 0001137360
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 23774181

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VanEck Vectors ETF Trust
- **DATE OF NAME CHANGE:** 20160427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS ETF TRUST
- **DATE OF NAME CHANGE:** 20070312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS TRUST
- **DATE OF NAME CHANGE:** 20050516

## Series and Classes Contracts Data

### VanEck International High Yield Bond ETF (Series ID: S000033465)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000102897 | VanEck International High Yield Bond ETF | IHY             |

## Nport-Ex

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's)** | **Value** |
| **CORPORATE BONDS: 97.2%** |  |  |  |
| **Argentina: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<br> 3.12%, 01/14/31 † | USD | 100 | $79725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSU Energy SA / UGEN SA / UENSA SA 144A<br> 6.88%, 02/01/25 | USD | 25 | 19014 |
| Pampa Energia SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/24/27 | USD | 50 | 47209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12%, 04/15/29 | USD | 25 | 23743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Energy LLC 144A<br> 9.12%, 04/30/27 | USD | 40 | 44843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Argentina SA 144A<br> 8.00%, 07/18/26 | USD | 50 | 47450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF Energia Electrica SA 144A<br> 10.00%, 07/25/26 | USD | 35 | 32739 |
| YPF SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/27 | USD | 50 | 39893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/47 | USD | 25 | 17645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/23/25 | USD | 31 | 29832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/28/25 | USD | 75 | 68955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/27/29 | USD | 35 | 28617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/04/24 | USD | 35 | 33570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/12/26 (s) | USD | 50 | 49090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/30/29 (s) | USD | 75 | 64771 |
|  |  |  | 627096 |
| **Australia: 0.7%** |  |  |  |
| FMG Resources August 2006 Pty Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/31 | USD | 100 | 88133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/27 | USD | 25 | 23896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/15/24 | USD | 75 | 74365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 04/15/32 | USD | 100 | 97603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrabuild Australia Pty Ltd. 144A<br> 12.00%, 10/01/24 | USD | 30 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. 144A<br> 8.12%, 05/01/27 | USD | 100 | 100882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A<br> 5.00%, 01/27/30 | USD | 30 | 27283 |
|  |  |  | 440744 |
| **Austria: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ams-OSRAM AG 144A <br> 7.00%, 07/31/25 † | USD | 100 | 96389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wienerberger AG Reg S<br> 2.75%, 06/04/25 | EUR | 100 | 106295 |
|  |  |  | 202684 |
| **Belgium: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Financiere Atalian SASU Reg S <br> 4.00%, 05/15/24 | EUR | 100 | 96116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ontex Group NV Reg S <br> 3.50%, 07/15/26 | EUR | 100 | 96075 |
|  |  |  | 192191 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Bermuda: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel Group Holdings Ltd. 144A<br> 8.00%, 04/01/25 | USD | 63 | $15739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd./Digicel international Holdings Ltd 144A<br> 8.75%, 05/25/24 | USD | 50 | 43072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A<br> 6.25%, 04/26/29 | USD | 50 | 47787 |
|  |  |  | 106598 |
| **Brazil: 6.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA 144A<br> 6.00%, 09/21/27 | USD | 50 | 47959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. 144A<br> 5.88%, 04/04/27 | USD | 105 | 104438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azul Investments LLP 144A<br> 5.88%, 10/26/24 | USD | 50 | 37717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 3.20%, 01/27/25 | USD | 100 | 96000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA 144A<br> 4.50%, 01/10/25 | USD | 100 | 96411 |
| Banco do Brasil SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 01/15/25 | USD | 50 | 48933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/20/24 | USD | 50 | 49409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Votorantim SA 144A<br> 4.38%, 07/29/25 | USD | 100 | 96245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI 144A<br> 7.45%, 11/15/29 | USD | 200 | 165311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV 144A<br> 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 51856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRF SA 144A<br> 4.75%, 05/22/24 | USD | 100 | 98060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemig Geracao e Transmissao SA 144A<br> 9.25%, 12/05/24 | USD | 50 | 51189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA 144A<br> 4.62%, 02/04/30 | USD | 100 | 87533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan Luxembourg SA 144A<br> 7.00%, 01/20/27 | USD | 50 | 50238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan SA 144A<br> 5.50%, 09/20/29 | USD | 50 | 47493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Inova Ventures 144A<br> 6.75%, 01/28/28 † | USD | 100 | 100002 |
| Embraer Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/15/25 | USD | 100 | 98768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/01/27 | USD | 75 | 73689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg Sarl 144A<br> 10.00%, 12/15/25 | USD | 50 | 50566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globo Comunicacao e Participacoes SA 144A<br> 4.88%, 01/22/30 | USD | 100 | 85355 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance SA 144A<br> 7.00%, 01/31/25 | USD | 100 | $52470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guara Norte Sarl 144A<br> 5.20%, 06/15/34 | USD | 91 | 82534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA 144A<br> 3.25%, 01/24/25 | USD | 25 | 24247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 25 | 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 47872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 12/31/99 (o) | USD | 50 | 40971 |
| Klabin Austria GmbH 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/03/29 | USD | 100 | 100250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/03/49 | USD | 50 | 50664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Servicos de Eletricidade SA / Light Energia SA 144A<br> 4.38%, 06/18/26 | USD | 50 | 28828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARB BondCo Plc 144A<br> 3.95%, 01/29/31 | USD | 100 | 78897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV 144A<br> 6.75%, 06/01/34 | USD | 86 | 81815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natura Cosmeticos SA 144A<br> 4.12%, 05/03/28 † | USD | 100 | 82659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. 144A<br> 7.00%, 05/14/26 | USD | 100 | 100045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexa Resources SA 144A<br> 6.50%, 01/18/28 | USD | 100 | 99270 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/15/30 | USD | 50 | 47293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/27/25 † | USD | 50 | 50050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/03/31 † | USD | 75 | 72232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 05/20/43 | USD | 50 | 42471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/29 | USD | 50 | 49314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/27/28 | USD | 75 | 75082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/17/24 | USD | 50 | 50178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/27/41 | USD | 50 | 47407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/03/50 | USD | 50 | 44583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 06/05/15 † | USD | 100 | 86793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/20/40 | USD | 50 | 48293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 03/19/49 | USD | 50 | 45434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/17/44 | USD | 75 | 73493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/17/27 | USD | 50 | 52532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/23/26 | USD | 50 | 54406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'or Finance Sarl 144A<br> 4.50%, 01/22/30 | USD | 100 | 87619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Oil Finance Trust Series 2014-1 144A<br> 9.25%, 07/06/24 | USD | 67 | 68317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 5.25%, 01/10/28 | USD | 100 | 96270 |
| Ultrapar International SA 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/06/29 | USD | 100 | $95450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. 144A<br> 3.25%, 07/01/26 | USD | 50 | 44973 |
|  |  |  | 3662911 |
| **British Virgin Islands: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino-Ocean Land Treasure Finance II Ltd. Reg S<br> 5.95%, 02/04/27 | USD | 200 | 156300 |
| **Bulgaria: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD Reg S<br> 3.50%, 06/28/25 | EUR | 100 | 102784 |
| **Burkina Faso: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. 144A<br> 5.75%, 10/15/28 | USD | 25 | 19792 |
| **Canada: 6.8%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/29 | USD | 65 | 56959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/28 | USD | 100 | 91548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/30 | USD | 175 | 149197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/28 | USD | 50 | 46074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/25 † | USD | 25 | 24994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada<br> 4.62%, 08/15/29 | CAD | 50 | 34220 |
| Air Canada 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/26 | USD | 50 | 46318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 08/15/29 | CAD | 125 | 84642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.<br> 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 42312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd.<br> 7.35% (Generic Canadian 5 Year+4.54%), 08/17/82 | CAD | 25 | 18560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Automation Tooling Systems, Inc. 144A<br> 4.12%, 12/15/28 | USD | 25 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Solar Energy Private Ltd. 144A<br> 5.65%, 12/24/24 | USD | 50 | 42756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A<br> 8.75%, 07/15/26 | USD | 50 | 48638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baytex Energy Corp. 144A<br> 8.75%, 04/01/27 | USD | 40 | 41444 |
| Bombardier, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/15/26 | USD | 75 | 74921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/15/25 | USD | 107 | 107263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/29 | USD | 75 | 75011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/27 † | USD | 175 | 175084 |
| Brookfield Property Finance ULC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 08/24/25 | CAD | 50 | 35340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/15/27 | CAD | 50 | 34413 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/01/24 | CAD | 25 | $18354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A<br> 6.25%, 09/15/27 | USD | 75 | 66797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA Inc 144A<br> 5.38%, 01/15/28 | USD | 25 | 23378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corus Entertainment, Inc. Reg S<br> 5.00%, 05/11/28 | CAD | 75 | 42911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp. 144A<br> 6.25%, 09/01/29 † | USD | 50 | 45886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc.<br> 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 75 | 73941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empire Communities Corp. 144A<br> 7.00%, 12/15/25 | USD | 25 | 22662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex Ltd. 144A<br> 9.00%, 10/15/27 | USD | 40 | 40794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Drilling, Inc. 144A<br> 9.25%, 04/15/24 | USD | 25 | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp. 144A<br> 9.50%, 11/01/27 | USD | 50 | 49449 |
| GFL Environmental, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/28 | USD | 50 | 44655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/01/25 | USD | 75 | 71364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/29 | USD | 50 | 44406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/29 | USD | 50 | 45195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/26 | USD | 75 | 73044 |
| Gibson Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 07/14/27 | CAD | 25 | 17318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/17/29 | CAD | 75 | 51872 |
| goeasy Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/26 | USD | 25 | 22346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/24 | USD | 50 | 47934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. 144A<br> 4.50%, 04/01/26 | USD | 50 | 46131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A<br> 6.00%, 09/15/28 | USD | 40 | 35433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter Pipeline Ltd.<br> 6.88% (Canada Bankers' Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 47467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corp.<br> 6.88% (Canada Bankers' Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 54505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laurentian Bank of Canada<br> 5.09% (Canada Bankers' Acceptances 3 Month+2.42%), 06/15/32 | CAD | 25 | 18112 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightstream Resources Ltd. 144A<br> 8.62%, 02/01/20 (d) \*∞ | USD | 256 | $0 |
| Mattamy Group Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 03/01/30 | USD | 50 | 42230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/27 | USD | 25 | 22900 |
| MEG Energy Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/01/29 | USD | 50 | 47810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 02/01/27 | USD | 25 | 25676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc.<br> 5.12%, 02/01/29 | USD | 50 | 42840 |
| Methanex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 10/15/27 | USD | 50 | 47687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/29 | USD | 75 | 69055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc. 144A<br> 7.50%, 07/15/27 | USD | 25 | 23236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northriver Midstream Finance LP 144A<br> 5.62%, 02/15/26 | USD | 50 | 48083 |
| NOVA Chemicals Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/29 † | USD | 50 | 42940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/24 | USD | 75 | 73966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/27 | USD | 75 | 69852 |
| Open Text Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/28 | USD | 100 | 87027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/29 | USD | 50 | 41647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp.<br> 6.00%, 06/23/28 | CAD | 50 | 36491 |
| Parkland Corp. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/29 | USD | 100 | 85916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/27 | USD | 75 | 72034 |
| Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 31551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corp. 144A<br> 7.12%, 01/15/26 | USD | 50 | 49578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. 144A<br> 5.38%, 01/15/25 | USD | 50 | 49435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strathcona Resources Ltd. 144A<br> 6.88%, 08/01/26 | USD | 50 | 42693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Plus LP / Superior General Partner, Inc. 144A<br> 4.50%, 03/15/29 | USD | 50 | 44257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taseko Mines Ltd. 144A<br> 7.00%, 02/15/26 † | USD | 25 | 23724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teine Energy Ltd. 144A<br> 6.88%, 04/15/29 | USD | 25 | 23376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada / Telesat LLC 144A<br> 5.62%, 12/06/26 | USD | 25 | 11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A<br> 7.75%, 04/15/26 | USD | 50 | 47378 |
| TransAlta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/40 | USD | 25 | 24119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/15/29 | USD | 50 | 51477 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Canada (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV Reg S<br> 3.75%, 08/15/26 | EUR | 200 | $203363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. 144A<br> 5.62%, 03/15/25 | USD | 25 | 24377 |
| Videotron Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 01/15/31 | CAD | 125 | 74154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/30 | CAD | 75 | 49925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/15/25 | CAD | 75 | 55881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Videotron Ltd. 144A<br> 3.62%, 06/15/28 | CAD | 100 | 65956 |
|  |  |  | 4032588 |
| **Cayman Islands: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arabian Centres Sukuk II Ltd. 144A<br> 5.62%, 10/07/26 | USD | 100 | 95220 |
| Banco do Brasil SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/30/26 | USD | 50 | 46188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/11/29 | USD | 50 | 47343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Trust 144A<br> 5.12%, 02/03/32 | USD | 100 | 87307 |
|  |  |  | 276058 |
| **Chile: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenbourne Invest SA 144A<br> 6.88%, 11/26/24 | USD | 50 | 46547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latam Airlines Group SA 144A<br> 13.38%, 10/15/29 | USD | 100 | 108085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTR Comunicaciones SpA 144A<br> 5.12%, 01/15/28 | USD | 100 | 70220 |
|  |  |  | 224852 |
| **China: 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Reg S<br> 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 12/31/99 (o)  | USD | 200 | 194250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Garden Holdings Co. Ltd. Reg S<br> 3.30%, 01/12/31 | USD | 400 | 234890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENN Clean Energy International Investment Ltd. 144A<br> 3.38%, 05/12/26 | USD | 200 | 182319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Star BVI Ltd. Reg S<br> 5.95%, 10/19/25 | USD | 200 | 176865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co. Ltd. 144A<br> 6.50%, 09/15/24 | USD | 119 | 108659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenland Global Investment Ltd. Reg S<br> 5.88%, 07/03/26 | USD | 200 | 96688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Reg S<br> 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 12/31/99 (o)  | USD | 500 | 474687 |
| Volvo Car AB Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **China (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 04/02/24 | EUR | 100 | $106215 |
|  |  |  | 1574573 |
| **Colombia: 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avianca Midco 2 Plc 144A<br> 9.00%, 12/01/28 | USD | 75 | 60309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Bogota SA 144A<br> 6.25%, 05/12/26 | USD | 100 | 99383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancolombia SA<br> 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | USD | 50 | 45625 |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/16/25 | USD | 100 | 96976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/02/31 | USD | 75 | 59401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/26/26 | USD | 100 | 96756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/45 | USD | 125 | 89569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/02/51 | USD | 50 | 34552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/30 | USD | 125 | 117323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/18/43 | USD | 50 | 43829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | USD | 100 | 102716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresas Publicas de Medellin ESP 144A<br> 4.25%, 07/18/29 | USD | 75 | 61758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy International Holdings Ltd. 144A<br> 6.25%, 02/15/25 | USD | 25 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aval Ltd. 144A<br> 4.38%, 02/04/30 | USD | 100 | 83002 |
| Millicom International Cellular SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/15/28 | USD | 5 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/25/29 | USD | 54 | 49796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oleoducto Central SA 144A<br> 4.00%, 07/14/27 † | USD | 100 | 88983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orazul Energy Peru SA 144A<br> 5.62%, 04/28/27 | USD | 50 | 45602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecomunicaciones Digitales SA 144A<br> 4.50%, 01/30/30 | USD | 100 | 89380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Celular del Paraguay SA 144A<br> 5.88%, 04/15/27 | USD | 100 | 93135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termocandelaria Power Ltd. 144A<br> 7.88%, 01/30/29 | USD | 78 | 73169 |
|  |  |  | 1458463 |
| **Costa Rica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instituto Costarricense de Electricidad 144A<br> 6.38%, 05/15/43 | USD | 100 | 81000 |
| **Cyprus: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHP Lux SA 144A<br> 6.95%, 04/03/26 | USD | 100 | 48998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vivion Investments Sarl Reg S<br> 3.00%, 08/08/24 | EUR | 100 | 91864 |
|  |  |  | 140862 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Czech Republic: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn International AS Reg S<br> 3.88%, 02/15/27 | EUR | 100 | $102007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPI Property Group SA Reg S<br> 4.88% (EUR Swap Annual 5 Year+4.94%), 12/31/99 (o)  | EUR | 100 | 52812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energo-Pro AS Reg S<br> 4.50%, 05/04/24 | EUR | 100 | 104170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EP Infrastructure AS Reg S<br> 1.66%, 04/26/24 | EUR | 100 | 101340 |
|  |  |  | 360329 |
| **Finland: 0.7%** |  |  |  |
| Nokia Oyj |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/12/27 | USD | 150 | 144157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/15/39 | USD | 100 | 102030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teollisuuden Voima Oyj Reg S<br> 2.12%, 02/04/25 | EUR | 175 | 182286 |
|  |  |  | 428473 |
| **France: 8.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accor SA Reg S<br> 2.62% (EUR Swap Annual 5 Year+3.25%), 12/31/99 (o) | EUR | 100 | 97617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/04/26 | EUR | 100 | 105432 |
| Altice France SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/15/29 | USD | 200 | 157242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/29 | USD | 175 | 138592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA Reg S<br> 5.88%, 02/01/27 | EUR | 100 | 98770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atos SE Reg S<br> 1.75%, 05/07/25 | EUR | 100 | 96618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banijay Entertainment SASU 144A<br> 5.38%, 03/01/25 | USD | 100 | 96624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAB SELAS Reg S<br> 3.38%, 02/01/28 | EUR | 100 | 91075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casino Guichard Perrachon SA Reg S<br> 4.05%, 08/05/26 | EUR | 100 | 64615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGG SA 144A<br> 8.75%, 04/01/27 † | USD | 100 | 88864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chrome Bidco SASU Reg S<br> 3.50%, 05/31/28 | EUR | 100 | 90546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium SE 144A<br> 3.75%, 04/15/29 † | USD | 100 | 85170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eircom Finance DAC Reg S<br> 3.50%, 05/15/26 | EUR | 100 | 100859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA Reg S<br> 3.38% (EUR Swap Annual 5 Year+3.97%), 12/31/99 (o) | EUR | 200 | 172682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% (EUR Swap Annual 6 Year+3.44%), 12/31/99 (o) | EUR | 200 | 209397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 105890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% (BPSWS13+4.23%), 12/29/49 (o) | GBP | 100 | 114696 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **France (continued)** |  |  |  |
| Elis SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 04/03/28 | EUR | 100 | $94093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/11/24 | EUR | 100 | 106026 |
| Faurecia SE Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/15/27 | EUR | 100 | 93521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 06/15/25 | EUR | 100 | 103113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/15/27 | EUR | 100 | 96663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 06/15/26 | EUR | 100 | 100306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getlink SE Reg S<br> 3.50%, 10/30/25 | EUR | 100 | 106411 |
| Iliad Holding SASU 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/26 | USD | 200 | 189648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/28 | USD | 100 | 94049 |
| Iliad Holding SASU Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 10/15/26 | EUR | 100 | 103797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 10/15/28 | EUR | 100 | 101546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Poste SA Reg S<br> 3.12% (EUR Swap Annual 5 Year+2.44%), 12/31/99 (o)  | EUR | 100 | 101274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loxam SAS Reg S<br> 3.25%, 01/14/25 | EUR | 100 | 104619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Telecom SA Reg S<br> 3.12%, 09/15/26 | EUR | 100 | 99641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paprec Holding SA Reg S<br> 4.00%, 03/31/25 | EUR | 100 | 106094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Picard Groupe SAS Reg S<br> 3.88%, 07/01/26 | EUR | 100 | 98834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCI Banque SA Reg S<br> 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 100485 |
| Renault SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 11/28/25 | EUR | 50 | 50646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/24/25 | EUR | 100 | 100235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/28/26 | EUR | 100 | 97950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/25/26 | EUR | 100 | 100110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel SA Reg S<br> 2.12%, 06/15/28 | EUR | 100 | 94586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solvay Finance SACA Reg S<br> 5.87% (EUR Swap Annual 5 Year+5.22%), 12/29/49 (o)  | EUR | 100 | 109692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPCM SA Reg S<br> 2.62%, 02/01/29 | EUR | 100 | 93649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPIE SA Reg S<br> 2.62%, 06/18/26 | EUR | 100 | 103032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tereos Finance Groupe I SA Reg S<br> 7.50%, 10/30/25 | EUR | 100 | 111727 |
| Valeo Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 08/03/28 | EUR | 100 | 87079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/28/27 | EUR | 100 | 109398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vallourec SA Reg S<br> 8.50%, 06/30/26 | EUR | 100 | 109877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement SA Reg S<br> 2.25% (EUR Swap Annual 5 Year+2.71%), 12/31/99 (o)  | EUR | 100 | 98299 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **France (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% (EUR Swap Annual 5 Year+2.84%), 12/31/99 (o) | EUR | 100 | $88701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verallia SA Reg S<br> 1.62%, 05/14/28 | EUR | 100 | 95646 |
|  |  |  | 5165436 |
| **Germany: 5.7%** |  |  |  |
| ADLER Group SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/13/26 | EUR | 100 | 45267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/05/25 | EUR | 100 | 47013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG Reg S<br> 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 203031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 106373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bertelsmann SE & Co. KGaA Reg S<br> 3.50% (EUR Swap Annual 5 Year+3.21%), 04/23/75 | EUR | 100 | 101148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel GmbH Reg S<br> 4.38%, 01/15/28 | EUR | 100 | 99763 |
| Commerzbank AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/23/26 | EUR | 150 | 161764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/30/27 | EUR | 40 | 43047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 104796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Investment GmbH Reg S<br> 5.50%, 04/15/26 | EUR | 100 | 97353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG<br> 0.25%, 09/06/24 | EUR | 150 | 155179 |
| Deutsche Lufthansa AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/29/26 | EUR | 100 | 101694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/11/28 | EUR | 100 | 98887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas GmbH Reg S<br> 6.00%, 04/08/26 | EUR | 100 | 94310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gruenenthal GmbH Reg S<br> 3.62%, 11/15/26 | EUR | 100 | 100368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHO Verwaltungs GmbH 144A<br> 4.75%, 09/15/26 | USD | 200 | 183141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG Reg S<br> 3.62% (EUR Swap Annual 5 Year+4.00%), 12/31/99 (o)  | EUR | 100 | 100470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahle GmbH Reg S<br> 2.38%, 05/14/28 | EUR | 100 | 83056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc.<br> 5.50%, 01/15/26 † | USD | 41 | 39710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nidda Healthcare Holding GmbH Reg S<br> 7.50%, 08/21/26 | EUR | 100 | 106195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis Sheet Ingot GmbH Reg S<br> 3.38%, 04/15/29 | EUR | 100 | 94968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProGroup AG Reg S<br> 3.00%, 03/31/26 | EUR | 100 | 102022 |
| RWE AG Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Germany (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | $99113 |
| Schaeffler AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 03/26/24 | EUR | 50 | 53158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/26/27 | EUR | 50 | 51169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 10/12/28 | EUR | 100 | 98329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tele Columbus AG Reg S<br> 3.88%, 05/02/25 | EUR | 100 | 87645 |
| thyssenkrupp AG Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/25/25 | EUR | 50 | 53597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/22/24 | EUR | 100 | 107319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEPA Hygieneprodukte GmbH Reg S<br> 2.88%, 12/15/27 | EUR | 100 | 91608 |
| ZF Europe Finance BV Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/23/26 | EUR | 100 | 98539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/29 | EUR | 100 | 89872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF Finance GmbH Reg S<br> 3.00%, 09/21/25 | EUR | 100 | 103393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital, Inc. 144A<br> 4.75%, 04/29/25 | USD | 175 | 168992 |
|  |  |  | 3372289 |
| **Ghana: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. 144A<br> 7.12%, 04/04/26 | USD | 100 | 90574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc 144A<br> 7.00%, 03/01/25 | USD | 100 | 71213 |
|  |  |  | 161787 |
| **Greece: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Services and Holdings SA Reg S<br> 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 94001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurobank SA Reg S<br> 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 | EUR | 100 | 93440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mytilineos Financial Partners SA Reg S<br> 2.50%, 12/01/24 | EUR | 100 | 106957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA Reg S<br> 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | 101203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA Reg S<br> 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 | EUR | 100 | 95914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA Reg S<br> 3.88%, 03/30/26 | EUR | 100 | 103168 |
|  |  |  | 594683 |
| **Guatemala: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A<br> 5.25%, 04/27/29 | USD | 100 | 96179 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Hong Kong: 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agile Group Holdings Ltd. Reg S<br> 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 12/31/99 (o)  | USD | 200 | $64461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of East Asia Ltd. Reg S<br> 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 12/31/99 (o)  | USD | 250 | 239547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easy Tactic Ltd.<br> 7.50%, 07/11/27 | USD | 200 | 65548 |
| Melco Resorts Finance Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/06/25 | USD | 100 | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/29 | USD | 100 | 86050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/17/27 | USD | 50 | 45582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/21/28 | USD | 50 | 45078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKPF Overseas 2020 A Ltd. Reg S<br> 5.20%, 01/12/26 | USD | 200 | 169500 |
| Studio City Finance Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/29 | USD | 100 | 81375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/28 | USD | 100 | 90500 |
|  |  |  | 982141 |
| **Hungary: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt Reg S<br> 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 100918 |
| **India: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABJA Investment Co. Pte Ltd. Reg S<br> 5.95%, 07/31/24 | USD | 100 | 99995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi International Airport Ltd. 144A<br> 6.45%, 06/04/29 | USD | 100 | 94600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMR Hyderabad International Airport Ltd. 144A<br> 4.25%, 10/27/27 | USD | 200 | 176500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Steel Ltd. Reg S<br> 5.95%, 04/18/24 | USD | 200 | 198700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network i2i Ltd. 144A<br> 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 12/31/99 (o)  | USD | 100 | 96625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Power Pvt Ltd. 144A<br> 5.88%, 03/05/27 | USD | 120 | 114600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Motors Ltd. Reg S<br> 5.75%, 10/30/24 | USD | 200 | 197868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Ltd. 144A<br> 6.12%, 08/09/24 | USD | 50 | 37882 |
|  |  |  | 1016770 |
| **Indonesia: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaro Indonesia PT 144A<br> 4.25%, 10/31/24 | USD | 100 | 96131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakrie Telecom Pte Ltd. Reg S<br> 11.50%, 05/07/15 (d) \* | USD | 150 | 1219 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Indonesia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indika Energy Capital III Pte Ltd. 144A<br> 5.88%, 11/09/24 | USD | 100 | $99055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Bell Pte Ltd. 144A<br> 6.38%, 01/30/27 | USD | 200 | 192305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saka Energi Indonesia PT 144A<br> 4.45%, 05/05/24 | USD | 100 | 97253 |
|  |  |  | 485963 |
| **Ireland: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust 144A<br> 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 50 | 48942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIB Group Plc Reg S<br> 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 101438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S<br> 2.12%, 08/15/26 | EUR | 100 | 94144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group Plc Reg S<br> 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 95056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C&W Senior Financing DAC 144A<br> 6.88%, 09/15/27 | USD | 100 | 95287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent TSB Group Holdings Plc Reg S<br> 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 | EUR | 100 | 94534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC Reg S<br> 4.88%, 07/15/28 | GBP | 100 | 103559 |
|  |  |  | 632960 |
| **Israel: 1.7%** |  |  |  |
| Leviathan Bond Ltd. 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/30/25 | USD | 50 | 49750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/27 | USD | 50 | 49375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/30 | USD | 25 | 24412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC<br> 6.15%, 02/01/36 † | USD | 75 | 69461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV<br> 6.00%, 01/31/25 | EUR | 100 | 109878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV Reg S<br> 1.12%, 10/15/24 | EUR | 100 | 103103 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/26 | USD | 225 | 202149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/46 | USD | 150 | 103028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/24 | USD | 100 | 99812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/28 | USD | 100 | 100700 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Israel (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 01/31/25 | USD | 75 | $76110 |
|  |  |  | 987778 |
| **Italy: 7.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abertis Infraestructuras Finance BV Reg S<br> 3.25% (EUR Swap Annual 5 Year+3.69%), 12/31/99 (o)  | EUR | 100 | 98166 |
| Atlantia SpA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/13/27 | EUR | 100 | 96517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/12/28 | EUR | 100 | 94001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azzurra Aeroporti SpA Reg S<br> 2.12%, 05/30/24 | EUR | 100 | 103247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA Reg S<br> 3.62%, 09/24/24 | EUR | 150 | 157500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banca Popolare di Sondrio SPA Reg S<br> 2.38%, 04/03/24 | EUR | 100 | 107044 |
| Banco BPM SpA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/28/25 | EUR | 100 | 103717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/21/24 | EUR | 100 | 106393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% (EUR Swap Annual 5 Year+3.80%), 01/14/31 | EUR | 100 | 97740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 106879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPER Banca Reg S<br> 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27  | EUR | 100 | 96477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/07/25 | EUR | 100 | 101451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Industria Macchine Automatiche SpA 144A<br> 3.75%, 01/15/28 | EUR | 100 | 95519 |
| Infrastrutture Wireless Italiane SpA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 10/21/28 | EUR | 100 | 94507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/08/26 | EUR | 100 | 100608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA 144A<br> 4.20% (US Treasury Yield Curve Rate T 1 Year+2.60%), 06/01/32 | USD | 75 | 59746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 36244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 06/26/24 | USD | 125 | 121991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/15/26 | USD | 75 | 73738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA Reg S<br> 3.93%, 09/15/26 | EUR | 100 | 108128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 110401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo Vita SpA Reg S<br> 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) | EUR | 100 | 106762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA<br> 4.88%, 03/24/25 | EUR | 50 | 55271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA Reg S<br> 1.50%, 06/07/24 | EUR | 100 | 105568 |
| Poste Italiane SpA Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Italy (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% (EUR Swap Annual 5 Year+2.68%), 12/31/99 (o) | EUR | 100 | $83812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SACE SPA Reg S<br> 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) | EUR | 100 | 98749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Finance SA<br> 7.75%, 01/24/33 | EUR | 100 | 113620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia SpA<br> 5.25%, 03/17/55 | EUR | 100 | 85694 |
| Telecom Italia SpA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 01/18/29 | EUR | 100 | 82660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/12/27 | EUR | 100 | 91350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/15/25 | EUR | 100 | 101953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/30/25 | EUR | 100 | 101562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 05/25/26 | EUR | 100 | 101193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/11/24 | EUR | 100 | 106884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia SpA/Milano<br> Reg S<br> 2.88%, 01/28/26 | EUR | 100 | 99473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale Reg S<br> 2.38% (EUR Swap Annual 5 Year+2.12%), 12/31/99 (o)  | EUR | 100 | 92370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA 144A<br> 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 75 | 65688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA Reg S<br> 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 203535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 190193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnipolSai Assicurazioni SpA Reg S<br> 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) | EUR | 100 | 108306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webuild SpA Reg S<br> 1.75%, 10/26/24 | EUR | 100 | 101405 |
|  |  |  | 4166062 |
| **Japan: 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc. 144A<br> 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 12/31/99 (o)  | USD | 100 | 87750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 12/31/99 (o) | USD | 150 | 123885 |
| SoftBank Group Corp. Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 09/19/25 | EUR | 100 | 101806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/19/24 | USD | 200 | 193953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/28 | EUR | 100 | 99771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 09/19/27 | USD | 200 | 186500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 12/31/99 (o) | USD | 200 | 187250 |
|  |  |  | 980915 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Jersey, Channel Islands: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance Plc 144A<br> 6.75%, 02/07/25 | USD | 200 | $186068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G City Europe Ltd. Reg S<br> 4.25%, 09/11/25 | EUR | 100 | 93191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrofac Ltd. 144A<br> 9.75%, 11/15/26 | USD | 100 | 64201 |
|  |  |  | 343460 |
| **Luxembourg: 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADLER Group SA Reg S<br> 2.25%, 01/14/29 | EUR | 100 | 41677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Candelaria Spain SA 144A<br> 7.50%, 12/15/28 | USD | 71 | 67295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A<br> 6.12%, 10/15/26 | USD | 100 | 89872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing SA 144A<br> 5.00%, 01/15/28 | USD | 250 | 212879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing SA Reg S<br> 3.00%, 01/15/28 | EUR | 100 | 87451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Finco SA Reg S<br> 4.75%, 01/15/28 | EUR | 100 | 83902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France Holding SA 144A<br> 6.00%, 02/15/28 † | USD | 75 | 50695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/27 | USD | 50 | 43020 |
| Altice France Holding SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/28 | EUR | 100 | 73854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/27 | EUR | 100 | 88985 |
| Altice France SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/28 | USD | 100 | 83227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 02/01/27 | USD | 100 | 93872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA Reg S<br> 3.38%, 01/15/28 | EUR | 100 | 85523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARD Finance SA Reg S<br> 5.00%, 06/30/27 | EUR | 100 | 82656 |
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 08/15/26 | USD | 150 | 137079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/27 | USD | 125 | 102547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arena Luxembourg Finance Sarl Reg S<br> 1.88%, 02/01/28 | EUR | 100 | 90546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centurion Bidco SpA Reg S<br> 5.88%, 09/30/26 | EUR | 100 | 99682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cidron Aida Finco Sarl Reg S<br> 5.00%, 04/01/28 | EUR | 100 | 98497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirsa Finance International Sarl Reg S<br> 4.50%, 03/15/27 | EUR | 100 | 96145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Codere Finance 2 Luxembourg SA Reg S<br> 11.00%, 09/30/26 | EUR | 26 | 25115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA 144A<br> 5.62%, 10/15/28 | USD | 100 | 87135 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par** <br> **(000's)** | **Value** |
| **Luxembourg (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Resources SA 144A<br> 4.62%, 06/10/31 † | USD | 100 | $84316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energean Israel Finance Ltd. 144A<br> Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/24 | USD | 35 | 34230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/30/26 | USD | 35 | 32812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/28 | USD | 85 | 78572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/31 | USD | 35 | 31719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herens Midco Sarl Reg S<br> 5.25%, 05/15/29 | EUR | 100 | 74848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenbourne Invest SA 144A<br> 4.70%, 01/22/28 | USD | 50 | 37464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Brazil Downstream Trading Sarl 144A<br> 7.25%, 06/30/31 | USD | 97 | 84411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular SA 144A<br> 4.50%, 04/27/31 † | USD | 100 | 84788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA 144A<br> 4.38%, 03/18/31 | USD | 125 | 106052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movida Europe SA 144A<br> 5.25%, 02/08/31 † | USD | 100 | 73241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrorio Luxembourg Trading Sarl 144A<br> 6.12%, 06/09/26 | USD | 50 | 48091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rossini Sarl Reg S<br> 6.75%, 10/30/25 | EUR | 100 | 109667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer BC Holdco B Sarl Reg S<br> 5.75%, 10/31/26 | EUR | 100 | 98288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl Reg S<br> 3.50%, 03/01/28 | EUR | 100 | 98506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH Reg S<br> 4.38%, 07/15/27 | EUR | 100 | 98593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator US Newco, Inc. 144A<br> 5.25%, 07/15/27 | USD | 100 | 92697 |
|  |  |  | 3189949 |
| **Malta: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A<br> 6.38%, 02/01/30 | USD | 50 | 44172 |
| **Mauritius: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Energy Ltd. 144A<br> 3.58%, 08/19/26 | USD | 47 | 35345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | USD | 143 | 123833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.00%, 12/18/25 | USD | 100 | 94476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Netherlands Holdco BV 144A<br> 8.00%, 09/18/27 | USD | 100 | 90515 |
|  |  |  | 344169 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **Mexico: 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea SAB de CV 144A<br> 7.75%, 12/14/26 | USD | 100 | $101132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axtel SAB de CV 144A<br> 6.38%, 11/14/24 | USD | 82 | 70315 |
| Cemex SAB de CV 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/11/31 | USD | 75 | 63353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/17/30 | USD | 75 | 70237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/19/29 | USD | 100 | 96670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/05/27 | USD | 100 | 102924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo KUO SAB De CV 144A<br> 5.75%, 07/07/27 | USD | 50 | 47554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nemak SAB de CV 144A<br> 3.62%, 06/28/31 | USD | 100 | 80833 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/25 | USD | 50 | 47926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/23/26 | USD | 50 | 46703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/28 | USD | 75 | 65487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/27/44 | USD | 50 | 31732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/23/46 | USD | 25 | 15902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/31 | USD | 125 | 100230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/12/48 | USD | 50 | 32932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/45 | USD | 50 | 33721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 | USD | 50 | 47020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/13/27 | USD | 125 | 118165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/23/29 | USD | 50 | 45295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/02/41 | USD | 75 | 54126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 | USD | 100 | 78630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/38 | USD | 25 | 18439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/32 | USD | 150 | 124715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/47 | USD | 200 | 139029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/30 | USD | 75 | 65355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/16/25 | USD | 25 | 25069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/04/26 | USD | 75 | 73591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/60 | USD | 150 | 103684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | USD | 275 | 205702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 144A<br> 10.00%, 02/07/33 | USD | 50 | 49507 |
| Petroleos Mexicanos Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/16/25 | GBP | 100 | 112646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/21/28 | EUR | 200 | 191367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petróleos Mexicanos Reg S<br> 5.50%, 02/24/25 | EUR | 25 | 27636 |
| Total Play Telecomunicaciones SA de CV 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/20/28 | USD | 50 | 42391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/12/25 | USD | 50 | 46704 |
|  |  |  | 2576722 |
| **Morocco: 0.4%** |  |  |  |
| OCP SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/25/24 | USD | 150 | 149960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/25/44 | USD | 100 | 97412 |
|  |  |  | 247372 |
| **Netherlands: 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ELM BV for Firmenich International SA Reg S<br> 3.75% (EUR Swap Annual 5 Year+4.39%), 12/31/99 (o) | EUR | 100 | 105168 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **Netherlands (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Dutch BV 144A<br> 3.85%, 03/29/26 | USD | 96 | $85738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV Reg S<br> 2.00% (EUR Swap Annual 5 Year+2.34%), 12/31/99 (o) | EUR | 100 | 102675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Financing Sarl Reg S<br> 3.62%, 04/01/24 | EUR | 100 | 108251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturgy Finance BV Reg S<br> 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) | EUR | 100 | 106164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobel Bidco BV Reg S<br> 3.12%, 06/15/28 | EUR | 100 | 77888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrobras Global Finance BV<br> 5.50%, 06/10/51 | USD | 50 | 39183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPF Telecom Group BV Reg S<br> 3.12%, 03/27/26 | EUR | 100 | 102804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saipem Finance International BV Reg S<br> 2.62%, 01/07/25 | EUR | 100 | 105277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selecta Group BV Reg S<br> 8.00%, 04/01/26 | EUR | 53 | 50452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Europe BV Reg S<br> 2.38% (EUR Swap Annual 8 Year+2.62%), 12/31/99 (o) | EUR | 100 | 86748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% (EUR Swap Annual 6 Year+2.87%), 12/31/99 (o) | EUR | 100 | 92117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TenneT Holding BV Reg S<br> 3.00% (EUR Swap Annual 5 Year+2.53%), 12/31/99 (o) | EUR | 175 | 186571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV<br> 4.38%, 05/09/30 | EUR | 100 | 93872 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/27 | USD | 100 | 93000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/09/29 † | USD | 100 | 92344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMNL Holding BV Reg S<br> 3.75%, 01/15/29 | EUR | 100 | 97218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPC Broadband Finco BV 144A<br> 4.88%, 07/15/31 | USD | 100 | 88116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Vendor Financing II BV Reg S<br> 2.88%, 01/15/29 | EUR | 100 | 85849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintershall Dea Finance 2 BV Reg S<br> 3.00% (EUR Swap Annual 5 Year+3.32%), 12/31/99 (o) | EUR | 100 | 86993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wizz Air Finance Co. BV Reg S<br> 1.00%, 01/19/26 | EUR | 100 | 93885 |
| Ziggo Bond Co. BV 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/28/30 | USD | 50 | 41392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/27 | USD | 50 | 47344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo Bond Co. BV Reg S<br> 3.38%, 02/28/30 † | EUR | 125 | 105457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo BV 144A<br> 4.88%, 01/15/30 | USD | 100 | 87236 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | Par <br> (000's) | Par <br> (000's) | Value |
| **Netherlands (continued)** |  |  |  |
|  |  |  | $2261742 |
| **Nigeria: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEPLAT Energy Plc 144A<br> 7.75%, 04/01/26 | USD | 100 | 87844 |
| **Norway: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adevinta ASA Reg S<br> 2.62%, 11/15/25 | EUR | 100 | 103650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heimstaden Bostad AB Reg S<br> 3.25% (EUR Swap Annual 5 Year+3.67%), 12/31/99 (o) | EUR | 125 | 102508 |
|  |  |  | 206158 |
| **Oman: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Funding Ltd. Reg S<br> 3.96%, 05/07/25 | USD | 225 | 216272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oztel Holdings SPC Ltd. 144A<br> 6.62%, 04/24/28 † | USD | 100 | 103928 |
|  |  |  | 320200 |
| **Peru: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Internacional del Peru SAA Interbank 144A<br> 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 75 | 75173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. 144A<br> 6.12%, 04/01/29 | USD | 25 | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl 144A<br> 5.38%, 03/22/30 | USD | 100 | 83087 |
| Petroleos del Peru SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/19/32 | USD | 75 | 57281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/19/47 | USD | 150 | 100248 |
|  |  |  | 338906 |
| **Poland: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC 144A<br> 3.88%, 11/15/29 | USD | 100 | 83158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synthos SA Reg S<br> 2.50%, 06/07/28 | EUR | 100 | 86564 |
|  |  |  | 169722 |
| **Portugal: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA Reg S<br> 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 93019 |
| EDP - Energias de Portugal SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 95268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 100 | 108537 |
|  |  |  | 296824 |
| **Romania: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCS & RDS SA Reg S<br> 2.50%, 02/05/25 | EUR | 100 | 101885 |
| **Singapore: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33 | USD | 81 | 79050 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **South Africa: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskom Holdings SOC Ltd. 144A<br> 7.12%, 02/11/25 | USD | 100 | $96243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2016470219 South Africa Ltd. 144A<br> 3.00%, 12/31/22 | USD | 131 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Mauritius Investments Ltd. 144A<br> 4.75%, 11/11/24 | USD | 100 | 97900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 5.88%, 03/27/24 | USD | 200 | 198177 |
|  |  |  | 392320 |
| **Spain: 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abengoa Abenewco 2 SA Reg S<br> 1.50%, 10/26/24 (d) \* | USD | 63 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abengoa SA<br> 0.00%, 03/31/27 (s) ^ | EUR | 100 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA Reg S<br> 1.38%, 06/17/25 | EUR | 100 | 101495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Credito Social Cooperativo SA Reg S<br> 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | EUR | 100 | 92854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell SA Reg S<br> 1.75%, 05/10/24 | EUR | 100 | 105541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% (EUR Swap Annual 1 Year+2.20%), 03/24/26 | EUR | 100 | 103927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 05/06/26 | EUR | 100 | 110091 |
| Cellnex Finance Co. SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/15/29 | EUR | 100 | 90402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/08/28 | EUR | 100 | 93748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/32 | EUR | 100 | 85893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/33 | EUR | 100 | 85084 |
| Cellnex Telecom SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/23/30 | EUR | 100 | 88338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 06/26/29 | EUR | 100 | 92167 |
| Grifols SA Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 02/15/25 | EUR | 150 | 153740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/01/25 | EUR | 100 | 102464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ibercaja Banco SA Reg S<br> 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | 99380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iccrea Banca SpA Reg S<br> 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 | EUR | 100 | 103989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorca Telecom Bondco SA Reg S<br> 4.00%, 09/18/27 | EUR | 200 | 199565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Europe BV Reg S<br> 3.88% (EUR Swap Annual 8 Year+2.97%), 12/31/99 (o) | EUR | 100 | 101723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% (EUR Swap Annual 6 Year+4.11%), 12/31/99 (o) | EUR | 100 | 106749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 109950 |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's)** | **Value** |
| **Spain (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unicaja Banco SA Reg S<br> 2.88% (EUR Swap Annual 5 Year+3.11%), 11/13/29 | EUR | 100 | $101211 |
|  |  |  | 2131360 |
| **Sweden: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castellum AB Reg S<br> 3.12% (EUR Swap Annual 5 Year+3.45%), 12/31/99 (o) | EUR | 100 | 73540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dometic Group AB Reg S<br> 3.00%, 05/08/26 | EUR | 100 | 97008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heimstaden AB Reg S<br> 4.38%, 03/06/27 | EUR | 100 | 72382 |
| Intrum AB Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/27 | EUR | 100 | 91092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 07/15/24 | EUR | 52 | 55405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samhallsbyggnadsbolaget i Norden AB Reg S<br> 2.62% (EUR Swap Annual 5 Year+2.81%), 12/31/99 (o) | EUR | 100 | 43557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stena AB 144A<br> 7.00%, 02/01/24 | USD | 100 | 99737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB Reg S<br> 3.25%, 02/15/27 | EUR | 100 | 96321 |
|  |  |  | 629042 |
| **Switzerland: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dufry One BV Reg S<br> 2.50%, 10/15/24 | EUR | 125 | 133211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Techem Verwaltungsgesellschaft 675 mbH Reg S<br> 2.00%, 07/15/25 | EUR | 100 | 101070 |
|  |  |  | 234281 |
| **Tanzania: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings Plc<br> 6.50%, 04/15/40 | USD | 40 | 39537 |
| **Thailand: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL 144A<br> 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 200 | 175934 |
| **Trinidad and Tobago: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad Generation Unlimited 144A<br> 5.25%, 11/04/27 | USD | 100 | 96805 |
| **Turkey: 2.1%** |  |  |  |
| Akbank TAS 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/31/25 | USD | 50 | 47995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 02/06/26 † | USD | 50 | 48081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aydem Yenilenebilir Enerji AS 144A<br> 7.75%, 02/02/27 | USD | 100 | 84730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOC Holding AS 144A<br> 6.50%, 03/11/25 | USD | 50 | 49470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Ziraat Bankasi AS 144A<br> 5.38%, 03/02/26 | USD | 100 | 89949 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's)** | **Value** |
| **Turkey (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS 144A<br> 4.88%, 06/19/24 | USD | 100 | $94730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS 144A<br> 5.80%, 04/11/28 | USD | 100 | 87500 |
| Turkiye Ihracat Kredi Bankasi AS 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/06/26 | USD | 100 | 90463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 05/03/24 | USD | 100 | 98125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS 144A<br> 6.12%, 04/25/24 | USD | 150 | 147787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi AS 144A<br> 6.00%, 01/23/25 | USD | 50 | 48129 |
| Turkiye Vakiflar Bankasi TAO 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/05/25 | USD | 100 | 94565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/08/26 | USD | 100 | 93499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulker Biskuvi Sanayi AS 144A<br> 6.95%, 10/30/25 | USD | 100 | 89636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS 144A<br> 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 100 | 94645 |
|  |  |  | 1259304 |
| **Ukraine: 0.2%** |  |  |  |
| Kernel Holding SA 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/17/24 | USD | 50 | 23750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | USD | 50 | 21272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metinvest BV 144A<br> 7.75%, 10/17/29 | USD | 100 | 50639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance Plc Reg S<br> 7.12%, 07/19/24 | EUR | 100 | 23350 |
|  |  |  | 119011 |
| **United Arab Emirates: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Salaam Reg S<br> 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 12/31/99 (o) | USD | 200 | 200500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A<br> 7.12%, 07/31/26 | USD | 100 | 98831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings Ltd. 144A<br> 8.25%, 02/15/25 | USD | 100 | 94625 |
|  |  |  | 393956 |
| **United Kingdom: 10.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Martin Capital Holdings Ltd. 144A<br> 10.50%, 11/30/25 | USD | 50 | 48915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&M European Value Retail SA Reg S<br> 3.62%, 07/15/25 | GBP | 100 | 118070 |
| BCP V Modular Services Finance II Plc Reg S |  |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/30/28 | EUR | 100 | $95333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellis Acquisition Co. Plc Reg S<br> 3.25%, 02/16/26 | GBP | 200 | 203747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bidvest Group UK Plc 144A<br> 3.62%, 09/23/26 | USD | 100 | 92165 |
| British American Tobacco Plc Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% (EUR Swap Annual 5 Year+3.37%), 12/31/99 (o) | EUR | 100 | 90009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% (EUR Swap Annual 5 Year+3.95%), 12/31/99 (o) | EUR | 100 | 84951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Telecommunications Plc Reg S<br> 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 | EUR | 100 | 98887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canary Wharf Group Investment Holdings Plc Reg S<br> 2.62%, 04/23/25 | GBP | 100 | 105744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco Sarl / Connect US Finco LLC 144A<br> 6.75%, 10/01/26 | USD | 100 | 95748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Automotive Financing Plc Reg S<br> 4.88%, 07/15/27 | GBP | 100 | 87131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-operative Group Ltd. Reg S<br> 5.12%, 05/17/24 | GBP | 100 | 119204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deuce Finco Plc Reg S<br> 5.50%, 06/15/27 | GBP | 100 | 104799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drax Finco Plc 144A<br> 6.62%, 11/01/25 | USD | 100 | 97632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garfunkelux Holdco 3 SA Reg S<br> 6.75%, 11/01/25 | EUR | 100 | 83354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heathrow Finance Plc Reg S<br> 3.88%, 03/01/27 (s) | GBP | 100 | 109256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iceland Bondco Plc Reg S<br> 4.62%, 03/15/25 | GBP | 100 | 107616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Finance Plc Reg S<br> 2.88%, 05/01/26 | EUR | 100 | 97974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Quattro Finance 2 Plc Reg S<br> 2.50%, 01/15/26 | EUR | 100 | 97269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Styrolution Group GmbH Reg S<br> 2.25%, 01/16/27 | EUR | 100 | 94139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA Reg S<br> 1.50%, 07/04/27 | EUR | 100 | 89328 |
| Jaguar Land Rover Automotive Plc 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/28 | USD | 100 | 85165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/25 | USD | 100 | 98642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jerrold Finco Plc Reg S<br> 4.88%, 01/15/26 | GBP | 100 | 108441 |
| Kane Bidco Ltd. Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/27 | GBP | 100 | 107569 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Bidco Finco Plc Reg S<br> 5.50%, 11/04/27 | GBP | 100 | $96309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marks & Spencer Plc Reg S<br> 6.00%, 06/12/25 | GBP | 100 | 122914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Bondco DAC 144A<br> 6.62%, 11/15/27 † | USD | 100 | 90650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Energy Bondco Plc 144A<br> 6.62%, 05/15/25 | USD | 100 | 98869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexi SpA Reg S<br> 1.75%, 10/31/24 | EUR | 200 | 210453 |
| NGG Finance Plc Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 93061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 120109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods Bondco Plc Reg S<br> 2.50%, 06/24/28 | EUR | 100 | 93271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paysafe Finance Plc / Paysafe Holdings US Corp. 144A<br> 4.00%, 06/15/29 † | USD | 100 | 79637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinewood Finance Co. Ltd. Reg S<br> 3.25%, 09/30/25 | GBP | 100 | 114793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Bidco Plc Reg S<br> 5.50%, 02/15/25 | EUR | 100 | 99839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Punch Finance Plc Reg S<br> 6.12%, 06/30/26 | GBP | 100 | 108103 |
| Rolls-Royce Plc Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 05/09/24 | EUR | 100 | 103447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 05/09/28 | EUR | 100 | 88274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/27 | GBP | 100 | 118001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing Plc Reg S<br> 4.50%, 11/15/26 | EUR | 100 | 92545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc 144A<br> 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | USD | 100 | 100513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonegate Pub Co. Financing 2019 Plc Reg S<br> 8.00%, 07/13/25 | GBP | 100 | 113877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer BidCo BV Reg S<br> 9.00%, 11/15/25 | EUR | 115 | 95359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TalkTalk Telecom Group Ltd. Reg S<br> 3.88%, 02/20/25 | GBP | 100 | 102335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Weir Group Plc 144A<br> 2.20%, 05/13/26 | USD | 100 | 89673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc 144A<br> 10.25%, 05/15/26 | USD | 100 | 86383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Group BV Reg S<br> 4.88%, 07/01/24 | EUR | 100 | 105351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPC Holding BV 144A<br> 5.50%, 01/15/28 | USD | 100 | 91385 |
| Vedanta Resources Finance II Plc 144A |  |  |  |

---

VANECK INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **United Kingdom (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 03/11/25 | USD | 100 | $80400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria Plc Reg S<br> 3.62%, 08/24/26 | EUR | 100 | 88736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Finance Plc 144A<br> 5.00%, 07/15/30 | USD | 50 | 42033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Secured Finance Plc 144A<br> 5.50%, 05/15/29 | USD | 100 | 92899 |
| Virgin Media Secured Finance Plc Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/30 | GBP | 100 | 100111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/27 | GBP | 100 | 113415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I Plc 144A<br> 4.25%, 01/31/31 | USD | 100 | 83636 |
| Vmed O2 UK Financing I Plc Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/31 | EUR | 100 | 88857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/31/29 | GBP | 100 | 102181 |
| Vodafone Group Plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 121635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (US Treasury Yield Curve Rate T 5 Year+3.07%), 06/04/81 | USD | 75 | 57742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 200 | 206241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group Plc Reg S<br> 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 196542 |
|  |  |  | 6410667 |
| **United States: 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Andes SA 144A<br> 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 96949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC 144A<br> 6.25%, 04/15/28 | USD | 100 | 89511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEMIRE Deutsche Mittelstand Real Estate AG Reg S<br> 1.88%, 10/15/24 | EUR | 100 | 80468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A<br> 5.38%, 12/30/30 | USD | 100 | 71537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp. 144A<br> 4.62%, 02/15/27 | USD | 50 | 45571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guacolda Energia SA 144A<br> 4.56%, 04/30/25 | USD | 100 | 36500 |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's)** | **Par <br> (000's)** | **Value** |
| **United States (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/31/27 | USD | 75 | $65464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC 144A<br> 6.75%, 10/15/27 | USD | 180 | 175613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lottomatica SpA Reg S<br> 6.25%, 07/15/25 | EUR | 100 | 107962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. 144A<br> 5.88%, 05/15/26 | USD | 200 | 189467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV 144A<br> 5.12%, 05/07/29 | USD | 100 | 89500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Holdings, Inc. 144A<br> 4.12%, 02/15/30 | USD | 50 | 42169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q-Park Holding I BV Reg S<br> 2.00%, 03/01/27 | EUR | 100 | 92722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc. 144A<br> 4.88%, 03/01/26 | USD | 25 | 24809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIL IV LLC / SCIL USA Holdings LLC Reg S<br> 4.38%, 11/01/26 | EUR | 100 | 97199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Holdco BV Reg S<br> 5.75%, 05/15/26 | EUR | 100 | 84169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stillwater Mining Co. 144A<br> 4.00%, 11/16/26 | USD | 100 | 92650 |
| Telesat Canada / Telesat LLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/27 | USD | 50 | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/27 | USD | 50 | 14033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB Reg S<br> 3.88%, 07/15/26 † | EUR | 150 | 151359 |
| Wynn Macau Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/29 † | USD | 100 | 83514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/26 | USD | 100 | 93347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/27 | USD | 50 | 44819 |
|  |  |  | 1893889 |
| **Zambia: 0.6%** |  |  |  |
| First Quantum Minerals Ltd. 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/24 | USD | 100 | 99980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/26 † | USD | 100 | 97367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/27 | USD | 50 | 48534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/25 | USD | 100 | 98593 |
|  |  |  | 344474 |
| **Total Corporate Bonds**<br> (Cost: $65,707,323) |  |  | 57560934 |
| **GOVERNMENT OBLIGATION: 0.1%**<br> (Cost: $47,481) | **GOVERNMENT OBLIGATION: 0.1%**<br> (Cost: $47,481) | **GOVERNMENT OBLIGATION: 0.1%**<br> (Cost: $47,481) |  |
| **Uzbekistan: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC 144A<br> 4.75%, 11/16/28 | USD | 50 | 42202 |
| **Total Investments Before Collateral for<br> Securities Loaned: 97.3%**<br> (Cost: $65,754,804) | **Total Investments Before Collateral for<br> Securities Loaned: 97.3%**<br> (Cost: $65,754,804) | **Total Investments Before Collateral for<br> Securities Loaned: 97.3%**<br> (Cost: $65,754,804) | 57603136 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%** |  |  |
| **Money Market Fund: 3.0%**<br> (Cost: $1,793,871) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 1793871 | $1793871 |
| **Total Investments: 100.3%**<br> (Cost: $67,548,675) |  | 59397007 |
| **Liabilities in excess of other assets: (0.3)%** |  | (156251) |
| **NET ASSETS: 100.0%** |  | $59240756 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| LIBOR | London Interbank Offered Rate |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $1,815,762. |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (o) | Perpetual Maturity — the date shown is the next call date |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| \* | Non-income producing |
| (d) | Security in default |
| ^ | Zero Coupon Bond |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $21,945,159, or 37.0% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Financials | 29.2% | $16802731 |
| Technology | 14.3 | 8254128 |
| Industrials | 12.7 | 7300570 |
| Energy | 11.3 | 6507663 |
| Consumer Cyclicals | 7.9 | 4547784 |
| Basic Materials | 7.8 | 4507551 |
| Utilities | 6.8 | 3928744 |
| Consumer Non-Cyclicals | 4.0 | 2290044 |
| Healthcare | 3.8 | 2194086 |
| Real Estate | 1.7 | 1001550 |
| Institutions, Associations & Organizations | 0.5 | 268285 |
|  | 100.0% | $57603136 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** VanEck ETF Trust

- **b. Investment Company Act file number:** 811-10325

- **c. CIK number of Registrant:** 0001137360

- **d. LEI of Registrant:** 549300ZLFKNTXC51ZN76

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

  - **Street Address 1:** 666 THIRD AVENUE, 9TH FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 212-293-2000

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

- **a. Name of Series:** VanEck International High Yield Bond ETF

- **b. EDGAR series identifier (if any):** S000033465

- **c. LEI of Series:** 54930026GNBH8MZ88E94

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $62038008.36

**Total Liabilities:** $2798302.57

**Net Assets:** $59239705.79

**Cash Not Reported:** $561249.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3.56000000 | **1-Year:** -176.66000000 | **5-Year:** -562.61000000 | **10-Year:** -793.98000000 | **30-Year:** -753.07000000

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

- **3-Month:** -77.19000000 | **1-Year:** -4989.05000000 | **5-Year:** -10243.76000000 | **10-Year:** -4229.77000000 | **30-Year:** -2787.44000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000102897 | 6.55%                | 2.18%                | 4.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-513502.85              | $3711355.05                                |
| Month 2  | $-262796.12              | $1278992.16                                |
| Month 3  | $-447692.88              | $2682073.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LA POSTE SA                  | La Poste SA                                                                   | CUSIP: 000000000<br>LEI: 9695000YG7TR7PAP0L59 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101274.15    | 0.17%             | 2025-10-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AZZURRA AEROPORTI SPA        | Azzurra Aeroporti SpA                                                         | CUSIP: 000000000<br>LEI: 8156004064432D3D0F19 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $103246.64    | 0.17%             | 2024-05-30      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG             | Tele Columbus AG                                                              | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $87645.31     | 0.15%             | 2025-05-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $191366.77    | 0.32%             | 2028-02-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV         | Telefonica Europe BV                                                          | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $86748.24     | 0.15%             | 2029-02-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| INTELLIGENT PACKAGING        | Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC | CUSIP: 45827MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     40000 | PA      | $35433.12     | 0.06%             | 2028-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $65487.28     | 0.11%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| KEYERA CORP                  | Keyera Corp                                                                   | CUSIP: 493271AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     75000 | PA      | $54505.08     | 0.09%             | 2079-06-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP           | Baytex Energy Corp                                                            | CUSIP: 07317QAH8<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $41443.80     | 0.07%             | 2027-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BANCO BRADESCO (CAYMAN)      | Banco Bradesco SA/Cayman Islands                                              | CUSIP: 05947KAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    100000 | PA      | $96000.00     | 0.16%             | 2025-01-27      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM              | DP World Salaam                                                               | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200500.00    | 0.34%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $47020.00     | 0.08%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     35000 | PA      | $31718.75     | 0.05%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Azul Investments LLP         | Azul Investments LLP                                                          | CUSIP: 05502FAA6<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $37717.38     | 0.06%             | 2024-10-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BULGARIAN ENERGY HLD         | Bulgarian Energy Holding EAD                                                  | CUSIP: 000000000<br>LEI: 635400E1RWKJXPSBCV07 | Long             | DBT              | CORP              | BG        |    100000 | PA      | $102784.31    | 0.17%             | 2025-06-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SPCM SA                      | SPCM SA                                                                       | CUSIP: 000000000<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $93649.32     | 0.16%             | 2029-02-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA     | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                        | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $137079.00    | 0.23%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC       | AngloGold Ashanti Holdings PLC                                                | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     40000 | PA      | $39536.56     | 0.07%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                   | Akbank TAS                                                                    | CUSIP: 00971YAG5<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $48081.00     | 0.08%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $49314.25     | 0.08%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                | Parkland Corp                                                                 | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $72033.75     | 0.12%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Rossini Sarl                 | Rossini Sarl                                                                  | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $109666.60    | 0.19%             | 2025-10-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COSAN LUXEMBOURG SA          | Cosan Luxembourg SA                                                           | CUSIP: 22112EAC2<br>LEI: 222100ZY943WERK7RZ38 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $50237.75     | 0.08%             | 2027-01-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $65354.78     | 0.11%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| BAFFINLAND IRON CORP/LP      | Baffinland Iron Mines Corp / Baffinland Iron Mines LP                         | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $48638.14     | 0.08%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PICARD GROUPE SA             | Picard Groupe SAS                                                             | CUSIP: 000000000<br>LEI: 969500C0PA29TV19CT55 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $98833.80     | 0.17%             | 2026-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE ENERGY BONDCO        | Neptune Energy Bondco PLC                                                     | CUSIP: 64073KAA1<br>LEI: 549300CPMT8I2QBRYF88 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $98869.50     | 0.17%             | 2025-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| POSTE ITALIANE SPA           | Poste Italiane SpA                                                            | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $83811.67     | 0.14%             | 2029-03-24      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US        | Canpack SA / Canpack US LLC                                                   | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $83158.00     | 0.14%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SA      | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA               | CUSIP: 29280LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |    100000 | PA      | $71537.25     | 0.12%             | 2030-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA        | Petroleos del Peru SA                                                         | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     75000 | PA      | $57281.25     | 0.10%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRUPO AVAL LTD               | Grupo Aval Ltd                                                                | CUSIP: 40053FAC2<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $83002.50     | 0.14%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO         | Lorca Telecom Bondco SA                                                       | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199564.71    | 0.34%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA          | Kenbourne Invest SA                                                           | CUSIP: 48855KAC4<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $37464.04     | 0.06%             | 2028-01-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CASINO GUICHARD PERRACHO     | Casino Guichard Perrachon SA                                                  | CUSIP: 000000000<br>LEI: 969500VHL8F83GBL6L29 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $64614.54     | 0.11%             | 2026-08-05      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| TMNL HOLD IV BV              | TMNL Holding BV                                                               | CUSIP: 000000000<br>LEI: 7245000O9YOLPPM9YB33 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $97217.97     | 0.16%             | 2029-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE SABADELL SA         | Banco de Sabadell SA                                                          | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $105541.46    | 0.18%             | 2024-05-10      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| INTL CONSOLIDATED AIRLIN     | International Consolidated Airlines Group SA                                  | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $89327.60     | 0.15%             | 2027-07-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                 | ams-OSRAM AG                                                                  | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    100000 | PA      | $96389.27     | 0.16%             | 2025-07-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Intesa Sanpaolo Vita SpA     | Intesa Sanpaolo Vita SpA                                                      | CUSIP: 000000000<br>LEI: 549300UM31PJ24TTSR94 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $106762.51    | 0.18%             | 2024-12-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV         | ZF Europe Finance BV                                                          | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $89871.82     | 0.15%             | 2029-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP           | Mattamy Group Corp                                                            | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22900.00     | 0.04%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA             | Pampa Energia SA                                                              | CUSIP: 697660AB4<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     25000 | PA      | $23742.75     | 0.04%             | 2029-04-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $99473.16     | 0.17%             | 2026-01-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANCO COMERC PORTUGUES       | Banco Comercial Portugues SA                                                  | CUSIP: 000000000<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | DBT              | CORP              | PT        |    100000 | PA      | $93019.31     | 0.16%             | 2027-02-12      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| GREENKO POWER II LTD         | Greenko Power II Ltd                                                          | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    143250 | PA      | $123832.53    | 0.21%             | 2028-12-13      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH     | Novelis Sheet Ingot GmbH                                                      | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $94967.90     | 0.16%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp      | Precision Drilling Corp                                                       | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49578.29     | 0.08%             | 2026-01-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN            | Stonegate Pub Co Financing 2019 PLC                                           | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $113876.71    | 0.19%             | 2025-07-13      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC        | GFL Environmental Inc                                                         | CUSIP: 36168QAM6<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $44654.50     | 0.08%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Volvo Car AB                 | Volvo Car AB                                                                  | CUSIP: 000000000<br>LEI: 5299000EAMGGBEYP7J33 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $106214.92    | 0.18%             | 2024-04-02      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC (THE)         | Weir Group PLC/The                                                            | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $89673.24     | 0.15%             | 2026-05-13      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA               | Gol Finance SA                                                                | CUSIP: 36254VAA6<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $52470.00     | 0.09%             | 2025-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co BV             | Ziggo Bond Co BV                                                              | CUSIP: 98954UAB9<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $47344.00     | 0.08%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    275000 | PA      | $205701.71    | 0.35%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| WIENERBERGER AG              | Wienerberger AG                                                               | CUSIP: 000000000<br>LEI: 529900VXIFBHO0SW2I31 | Long             | DBT              | CORP              | AT        |    100000 | PA      | $106294.42    | 0.18%             | 2025-06-04      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS            | Iliad Holding SASU                                                            | CUSIP: 449691AA2<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $189648.00    | 0.32%             | 2026-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK GREECE SA      | National Bank of Greece SA                                                    | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $101203.13    | 0.17%             | 2026-10-08      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                     | CUSIP: 58547DAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    100000 | PA      | $94500.00     | 0.16%             | 2025-06-06      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA          | Intesa Sanpaolo SpA                                                           | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     50000 | PA      | $36243.75     | 0.06%             | 2042-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                   | Air Canada                                                                    | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $46317.86     | 0.08%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS            | Iliad Holding SASU                                                            | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103797.05    | 0.18%             | 2026-10-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/AMERICA     | Nufarm Australia Ltd / Nufarm Americas Inc                                    | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     30000 | PA      | $27282.91     | 0.05%             | 2030-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2      | INEOS Quattro Finance 2 Plc                                                   | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $97269.34     | 0.16%             | 2026-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANCO INTERNAC DEL PERU      | Banco Internacional del Peru SAA Interbank                                    | CUSIP: 05968DAA8<br>LEI: 5493001TRCGXJLRLHN14 | Long             | DBT              | CORP              | PE        |     75000 | PA      | $75172.50     | 0.13%             | 2029-03-19      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    125000 | PA      | $117323.13    | 0.20%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $98770.27     | 0.17%             | 2027-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Heathrow Finance PLC         | Heathrow Finance PLC                                                          | CUSIP: 000000000<br>LEI: 549300F740QSGMPHQJ60 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $109256.39    | 0.18%             | 2027-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| WIZZ AIR FINANCE COMPANY     | Wizz Air Finance Co BV                                                        | CUSIP: 000000000<br>LEI: 724500H9M16IQI3B4W90 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $93884.67     | 0.16%             | 2026-01-19      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAN1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $76110.00     | 0.13%             | 2025-01-31      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RENAULT SA                   | Renault SA                                                                    | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |     50000 | PA      | $50646.36     | 0.09%             | 2025-11-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp          | NOVA Chemicals Corp                                                           | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $69852.00     | 0.12%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC              | Mercer International Inc                                                      | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42839.75     | 0.07%             | 2029-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA          | Altice Financing SA                                                           | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $212878.75    | 0.36%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $103684.47    | 0.18%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QBV3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $47925.75     | 0.08%             | 2025-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RWE AG                       | RWE AG                                                                        | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $99112.60     | 0.17%             | 2075-07-30      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA          | Intesa Sanpaolo SpA                                                           | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $108128.54    | 0.18%             | 2026-09-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP           | Eldorado Gold Corp                                                            | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $45885.64     | 0.08%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| BROOKFIELD RESID PROPERT     | Brookfield Residential Properties Inc / Brookfield Residential US LLC         | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     75000 | PA      | $66797.25     | 0.11%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     35000 | PA      | $32812.50     | 0.06%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV      | Wintershall Dea Finance 2 BV                                                  | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $86992.60     | 0.15%             | 2028-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $85523.39     | 0.14%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAV1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $50050.00     | 0.08%             | 2025-01-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| BANCO VOTORANTIM             | Banco Votorantim SA                                                           | CUSIP: 05967CAF0<br>LEI: X2EUTZGMHS8RBQFIUS93 | Long             | DBT              | CORP              | BR        |    100000 | PA      | $96244.50     | 0.16%             | 2025-07-29      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $102716.50    | 0.17%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AR1<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     25000 | PA      | $17644.88     | 0.03%             | 2047-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA               | ADLER Group SA                                                                | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $41677.17     | 0.07%             | 2029-01-14      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP          | SoftBank Group Corp                                                           | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $193953.00    | 0.33%             | 2024-09-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO     | Jaguar Land Rover Automotive PLC                                              | CUSIP: 47010BAJ3<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $98642.50     | 0.17%             | 2025-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS     | Yapi ve Kredi Bankasi AS                                                      | CUSIP: 984848AN1<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $94645.00     | 0.16%             | 2031-01-22      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN     | 1011778 BC ULC / New Red Finance Inc                                          | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     65000 | PA      | $56958.58     | 0.10%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                     | CUSIP: 059578AE4<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $49409.50     | 0.08%             | 2024-03-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAA7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $42471.04     | 0.07%             | 2043-05-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     85000 | PA      | $78571.88     | 0.13%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    125000 | PA      | $89568.57     | 0.15%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH          | Klabin Austria GmbH                                                           | CUSIP: 49836AAA2<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    100000 | PA      | $100250.00    | 0.17%             | 2029-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                | HTA Group Ltd/Mauritius                                                       | CUSIP: 40435WAB6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $94476.00     | 0.16%             | 2025-12-18      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                   | Air Canada                                                                    | CUSIP: 008911BJ7<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $84642.34     | 0.14%             | 2029-08-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV             | Greenko Dutch BV                                                              | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |     95500 | PA      | $85737.99     | 0.14%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| TULLOW OIL PLC               | Tullow Oil PLC                                                                | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $86383.00     | 0.15%             | 2026-05-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC           | Vodafone Group PLC                                                            | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $121635.00    | 0.21%             | 2081-06-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                | AIB Group PLC                                                                 | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $101437.71    | 0.17%             | 2029-11-19      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| thyssenkrupp AG              | thyssenkrupp AG                                                               | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | DBT              | CORP              | DE        |     50000 | PA      | $53597.11     | 0.09%             | 2025-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Sigma Holdco BV              | Sigma Holdco BV                                                               | CUSIP: 000000000<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $84168.87     | 0.14%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANK OF COMMUNICATIONS       | Bank of Communications Co Ltd                                                 | CUSIP: 000000000<br>LEI: 549300AX1UM10U30HK09 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $194250.00    | 0.33%             | 2025-11-18      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Paprec Holding SA            | Paprec Holding SA                                                             | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $106093.50    | 0.18%             | 2025-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGIAS DE PORTUGAL SA      | EDP - Energias de Portugal SA                                                 | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    100000 | PA      | $95267.75     | 0.16%             | 2081-08-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SEPLAT ENERGY PL             | SEPLAT Energy PLC                                                             | CUSIP: 81733LAB3<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |    100000 | PA      | $87844.00     | 0.15%             | 2026-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L     | Telesat Canada / Telesat LLC                                                  | CUSIP: 87952VAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $24557.25     | 0.04%             | 2027-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD        | Investment Energy Resources Ltd                                               | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $47787.53     | 0.08%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA          | Kenbourne Invest SA                                                           | CUSIP: 48855KAA8<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $46547.50     | 0.08%             | 2024-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LAURENTIAN BANK OF CDA       | Laurentian Bank of Canada                                                     | CUSIP: 51925DCC8<br>LEI: HO0K6ZULL3QE6S6SFW60 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $18112.00     | 0.03%             | 2032-06-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors | State Street Navigator Securities Lending Government Money Market Portfolio   | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   1787240 | NS      | $1787240.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO     | Jaguar Land Rover Automotive PLC                                              | CUSIP: 47010BAK0<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $85164.75     | 0.14%             | 2028-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP          | SoftBank Group Corp                                                           | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $187250.00    | 0.32%             | 2027-07-19      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AT7<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     31250 | PA      | $29832.03     | 0.05%             | 2025-03-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| METINVEST BV                 | Metinvest BV                                                                  | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $50639.43     | 0.09%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA      | Veolia Environnement SA                                                       | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $88701.28     | 0.15%             | 2029-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Grupo KUO SAB De CV          | Grupo KUO SAB De CV                                                           | CUSIP: 40052CAC0<br>LEI: 549300WIYIAVCFZI6Z04 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $47554.00     | 0.08%             | 2027-07-07      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD          | ReNew Power Pvt Ltd                                                           | CUSIP: 75975AAA8<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |    120000 | PA      | $114600.00    | 0.19%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KANE BIDCO LTD               | Kane Bidco Ltd                                                                | CUSIP: 000000000<br>LEI: 213800IT8MD1MLYZWC24 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $107569.05    | 0.18%             | 2027-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP               | Open Text Corp                                                                | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $41646.51     | 0.07%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP              | MEG Energy Corp                                                               | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47809.75     | 0.08%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES         | BCP V Modular Services Finance II PLC                                         | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $95332.59     | 0.16%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC           | Pinnacle Bidco PLC                                                            | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $99838.94     | 0.17%             | 2025-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA        | Cellnex Finance Co SA                                                         | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $90402.25     | 0.15%             | 2029-01-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CGG SA                       | CGG SA                                                                        | CUSIP: 12531TAF6<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $88863.88     | 0.15%             | 2027-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| VMED O2 UK FINAN             | Vmed O2 UK Financing I PLC                                                    | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $102181.26    | 0.17%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGO PRO AS                | Energo-Pro AS                                                                 | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $104169.67    | 0.18%             | 2024-05-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHROME BIDCO SASU            | Chrome Bidco SASU                                                             | CUSIP: 000000000<br>LEI: 9845000C1FYE89DC8677 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $90545.61     | 0.15%             | 2028-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                        | CUSIP: 46556LAM6<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $47872.07     | 0.08%             | 2029-11-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                  | CUSIP: 90015WAJ2<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $94565.00     | 0.16%             | 2025-02-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Intrum AB                    | Intrum AB                                                                     | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |     52111 | PA      | $55405.06     | 0.09%             | 2024-07-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD             | Teine Energy Ltd                                                              | CUSIP: 879068AB0<br>LEI: 5493002EE80G6ER7SM91 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23376.38     | 0.04%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP       | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL     | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    100000 | PA      | $96179.00     | 0.16%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE SINAI KALKINMA B     | Turkiye Sinai Kalkinma Bankasi AS                                             | CUSIP: 90015YAA7<br>LEI: 549300MFCXK5HOOEWP84 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $48129.25     | 0.08%             | 2025-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $52532.00     | 0.09%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance BV                                                | CUSIP: 29082HAB8<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $73689.00     | 0.12%             | 2027-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AERCAP GLOBAL AVIATION T     | AerCap Global Aviation Trust                                                  | CUSIP: 00773HAA5<br>LEI: 635400FBSV8LXXNRV758 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48942.25     | 0.08%             | 2045-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd               | Wynn Macau Ltd                                                                | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $44818.75     | 0.08%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TERNA RETE ELETTRICA         | Terna - Rete Elettrica Nazionale                                              | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $92370.17     | 0.16%             | 2027-11-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NOMAD FOODS BONDCO PLC       | Nomad Foods Bondco PLC                                                        | CUSIP: 000000000<br>LEI: 213800BPK5X4TY4RZ619 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $93271.49     | 0.16%             | 2028-06-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FAURECIA                     | Faurecia SE                                                                   | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103112.94    | 0.17%             | 2025-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN             | Vmed O2 UK Financing I PLC                                                    | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $88856.80     | 0.15%             | 2031-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY      | Algonquin Power & Utilities Corp                                              | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $42311.50     | 0.07%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS/GEN PRTNR      | Superior Plus LP / Superior General Partner Inc                               | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $44257.25     | 0.07%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $118165.27    | 0.20%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BPER BANCA                   | BPER Banca                                                                    | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $96477.29     | 0.16%             | 2027-03-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $124715.32    | 0.21%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                               | CUSIP: 151290BZ5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $63352.88     | 0.11%             | 2031-07-11      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN     | Virgin Media Secured Finance PLC                                              | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100110.68    | 0.17%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEXI SPA                     | Nexi SpA                                                                      | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $210453.01    | 0.36%             | 2024-10-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $49090.25     | 0.08%             | 2026-02-12      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN AB                | Heimstaden AB                                                                 | CUSIP: 000000000<br>LEI: 549300WD2QBD89VBPV88 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $72381.97     | 0.12%             | 2027-03-06      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ADEVINTA ASA                 | Adevinta ASA                                                                  | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | DBT              | CORP              | NO        |    100000 | PA      | $103649.89    | 0.17%             | 2025-11-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                   | Air Canada                                                                    | CUSIP: 008911BL2<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $34220.03     | 0.06%             | 2029-08-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BANCA MONTE DEI PASCHI S     | Banca Monte dei Paschi di Siena SpA                                           | CUSIP: 000000000<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | DBT              | CORP              | IT        |    150000 | PA      | $157499.77    | 0.27%             | 2024-09-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL      | Summer BC Holdco B SARL                                                       | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $98287.52     | 0.17%             | 2026-10-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA FIN SA        | Telecom Italia Finance SA                                                     | CUSIP: 000000000<br>LEI: 549300O482B6CBF38D50 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $113619.72    | 0.19%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BANCO BPM SPA                | Banco BPM SpA                                                                 | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $106878.82    | 0.18%             | 2030-09-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co Ltd                                                | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $234890.42    | 0.40%             | 2031-01-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| KONINKLIJKE KPN NV           | Koninklijke KPN NV                                                            | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $102674.62    | 0.17%             | 2024-11-08      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN     | Banco BTG Pactual SA/Cayman Islands                                           | CUSIP: 05971AAE1<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    100000 | PA      | $96411.00     | 0.16%             | 2025-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                    | Loxam SAS                                                                     | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $104619.30    | 0.18%             | 2025-01-14      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG        | Deutsche Lufthansa AG                                                         | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $98887.23     | 0.17%             | 2028-02-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH              | ZF Finance GmbH                                                               | CUSIP: 000000000<br>LEI: 5493001N9T6QDCCXB426 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $103393.47    | 0.17%             | 2025-09-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAYER AG                     | Bayer AG                                                                      | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $203030.51    | 0.34%             | 2079-11-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NBG3<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $44582.75     | 0.08%             | 2050-06-03      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II         | Teva Pharmaceutical Finance Netherlands II BV                                 | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $109878.38    | 0.19%             | 2025-01-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SA                 | Vallourec SA                                                                  | CUSIP: 000000000<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $109876.54    | 0.19%             | 2026-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ARABIAN CENTRES SUKUK II     | Arabian Centres Sukuk II Ltd                                                  | CUSIP: 03847QAA1<br>LEI: 549300X92PKHJD8UYG94 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $95220.00     | 0.16%             | 2026-10-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA           | Cellnex Telecom SA                                                            | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $92166.65     | 0.16%             | 2029-06-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL     | Digicel International Finance Ltd/Digicel international Holdings Ltd          | CUSIP: 25381VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $43072.02     | 0.07%             | 2024-05-25      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $101952.93    | 0.17%             | 2025-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP          | NOVA Chemicals Corp                                                           | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $42940.00     | 0.07%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| STUDIO CITY FINANCE LTD      | Studio City Finance Ltd                                                       | CUSIP: 86389QAF9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    100000 | PA      | $90500.00     | 0.15%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIGHTSTREAM RESOURCES        | Lightstream Resources Ltd                                                     | CUSIP: 71645AAA7<br>LEI: IESTMFG7UGW7B60IKK28 | Long             | DBT              | CORP              | CA        |    256000 | PA      | $0.00         | 0.00%             | 2020-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| C&W Senior Financing DAC     | C&W Senior Financing DAC                                                      | CUSIP: 12674TAA4<br>LEI: 5493009O8OIWZPZRY516 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $95287.00     | 0.16%             | 2027-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                 | New Gold Inc                                                                  | CUSIP: 644535AH9<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23236.03     | 0.04%             | 2027-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CAB                          | CAB SELAS                                                                     | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $91075.38     | 0.15%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                | Methanex Corp                                                                 | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47687.00     | 0.08%             | 2027-10-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO     | British American Tobacco PLC                                                  | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $90009.21     | 0.15%             | 2026-09-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $85693.90     | 0.14%             | 2055-03-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE IS BANKASI A.S       | Turkiye Is Bankasi AS                                                         | CUSIP: 90016BAE8<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |    150000 | PA      | $147787.50    | 0.25%             | 2024-04-25      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO       | IHS Netherlands Holdco BV                                                     | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $90515.00     | 0.15%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA     | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                        | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    125000 | PA      | $102547.50    | 0.17%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK AE                | Alpha Services and Holdings SA                                                | CUSIP: 000000000<br>LEI: 5299009N55YRQC69CN08 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $94000.88     | 0.16%             | 2031-06-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $83227.00     | 0.14%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA        | Cellnex Finance Co SA                                                         | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $85892.97     | 0.14%             | 2032-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     50000 | PA      | $34551.66     | 0.06%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AV2<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     75000 | PA      | $64771.11     | 0.11%             | 2029-06-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB         | Heimstaden Bostad AB                                                          | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |    125000 | PA      | $102507.78    | 0.17%             | 2024-11-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STYROLUTION                  | INEOS Styrolution Group GmbH                                                  | CUSIP: 000000000<br>LEI: 5299003M4PGUGL48LS74 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $94138.91     | 0.16%             | 2027-01-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD      | Studio City Finance Ltd                                                       | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    100000 | PA      | $81375.00     | 0.14%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                        | CUSIP: 46556L2A1<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |     25000 | PA      | $23027.13     | 0.04%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AZURE POWER SOLAR ENERGY     | Azure Power Solar Energy Pvt Ltd                                              | CUSIP: 05502TAA6<br>LEI: 549300N77HEXIINE3X94 | Long             | DBT              | CORP              | MU        |     50000 | PA      | $42756.50     | 0.07%             | 2024-12-24      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING BV            | Q-Park Holding I BV                                                           | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $92721.51     | 0.16%             | 2027-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP      | Empire Communities Corp                                                       | CUSIP: 29163VAC7<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22662.38     | 0.04%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $45434.24     | 0.08%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL       | Cidron Aida Finco Sarl                                                        | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $98496.91     | 0.17%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SARL             | Guara Norte Sarl                                                              | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |     91057 | PA      | $82534.06     | 0.14%             | 2034-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FAURECIA                     | Faurecia SE                                                                   | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $93521.39     | 0.16%             | 2027-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ONTEX GROUP NV               | Ontex Group NV                                                                | CUSIP: 000000000<br>LEI: 549300AQESC6JJOPW253 | Long             | DBT              | CORP              | BE        |    100000 | PA      | $96075.23     | 0.16%             | 2026-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RITCHIE BROS AUCTIONEERS     | Ritchie Bros Auctioneers Inc                                                  | CUSIP: 767744AA3<br>LEI: 5493002H8U24DJXQ4886 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49435.00     | 0.08%             | 2025-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Elis SA                      | Elis SA                                                                       | CUSIP: 000000000<br>LEI: 969500UX71LCE8MAY492 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $106025.62    | 0.18%             | 2024-04-11      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| COSAN SA                     | Cosan SA                                                                      | CUSIP: 22113AAB1<br>LEI: 549300PGFCX2JMKKLC96 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $47493.25     | 0.08%             | 2029-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $15902.25     | 0.03%             | 2046-01-23      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP        | Bank of Ireland Group PLC                                                     | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $95055.76     | 0.16%             | 2031-08-11      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| VERALLIA SA                  | Verallia SA                                                                   | CUSIP: 000000000<br>LEI: 5299007YZU978DE0ZY32 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $95646.24     | 0.16%             | 2028-05-14      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL     | Bellis Acquisition Co PLC                                                     | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203746.97    | 0.34%             | 2026-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENN CLEAN ENERGY             | ENN Clean Energy International Investment Ltd                                 | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $182318.79    | 0.31%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC            | INEOS Finance PLC                                                             | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $97973.65     | 0.17%             | 2026-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AL4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     75000 | PA      | $68955.38     | 0.12%             | 2025-07-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $112645.61    | 0.19%             | 2025-11-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INTER PIPELINE LTD           | Inter Pipeline Ltd/AB                                                         | CUSIP: 45833VAA7<br>LEI: QQTTPMZD0WKQL0H5S472 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $47467.27     | 0.08%             | 2079-03-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRONNEMENT SA      | Veolia Environnement SA                                                       | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $98298.92     | 0.17%             | 2026-01-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Nokia OYJ                    | Nokia Oyj                                                                     | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    100000 | PA      | $102030.00    | 0.17%             | 2039-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Leonardo SpA                 | Leonardo SpA                                                                  | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $105567.85    | 0.18%             | 2024-06-07      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| K2016470219 SA LTD           | K2016470219 South Africa Ltd                                                  | CUSIP: 000000000<br>LEI: 378900DECAC8CFA88345 | Long             | DBT              | CORP              | ZA        |    130766 | PA      | $0.00         | 0.00%             | 2022-12-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BIDVEST GROUP UK PLC         | Bidvest Group UK PLC/The                                                      | CUSIP: 88332EAA1<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $92165.00     | 0.16%             | 2026-09-23      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $101192.70    | 0.17%             | 2026-05-25      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| INTRUM AB                    | Intrum AB                                                                     | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $91092.44     | 0.15%             | 2027-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANCO BPM SPA                | Banco BPM SpA                                                                 | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $103716.79    | 0.18%             | 2025-01-28      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                        | CUSIP: 67091TAA3<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    150000 | PA      | $149959.50    | 0.25%             | 2024-04-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                | RCI Banque SA                                                                 | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100484.81    | 0.17%             | 2030-02-18      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE     | Connect Finco SARL / Connect US Finco LLC                                     | CUSIP: 20752TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $95748.00     | 0.16%             | 2026-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INTL      | Gran Tierra Energy International Holdings Ltd                                 | CUSIP: 38502HAA3<br>LEI: 549300RQNK5SS6I0T293 | Long             | DBT              | CORP              | KY        |     25000 | PA      | $22383.55     | 0.04%             | 2025-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H     | SCIL IV LLC / SCIL USA Holdings LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $97198.75     | 0.16%             | 2026-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAK5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $73492.50     | 0.12%             | 2044-03-17      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LD TRS FIN II     | Sino-Ocean Land Treasure Finance II Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    200000 | PA      | $156300.00    | 0.26%             | 2027-02-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ALLWYN INTERNATIONAL AS      | Allwyn International AS                                                       | CUSIP: 000000000<br>LEI: 3157001WZJ5O35EAL536 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $102007.24    | 0.17%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG               | Commerzbank AG                                                                | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $161764.04    | 0.27%             | 2026-03-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE               | Constellium SE                                                                | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $85170.00     | 0.14%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| TOTAL PLAY TELECOM           | Total Play Telecomunicaciones SA de CV                                        | CUSIP: 89157FAC4<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $42391.00     | 0.07%             | 2028-09-20      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GETLINK SE                   | Getlink SE                                                                    | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $106411.17    | 0.18%             | 2025-10-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH         | IHO Verwaltungs GmbH                                                          | CUSIP: 80627DAC0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $183141.00    | 0.31%             | 2026-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN     | 1011778 BC ULC / New Red Finance Inc                                          | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    100000 | PA      | $91547.50     | 0.15%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AES GENER SA                 | AES Andes SA                                                                  | CUSIP: 00105DAF2<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $96948.50     | 0.16%             | 2079-03-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AK6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     35000 | PA      | $33569.77     | 0.06%             | 2024-04-04      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC              | Mercer International Inc                                                      | CUSIP: 588056AW1<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     41000 | PA      | $39709.73     | 0.07%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Intesa Sanpaolo SpA          | Intesa Sanpaolo SpA                                                           | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     75000 | PA      | $73738.10     | 0.12%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $46702.75     | 0.08%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TELFON CELUAR DEL PARAGU     | Telefonica Celular del Paraguay SA                                            | CUSIP: 87936VAB3<br>LEI: 254900R8A8IKGF4THL54 | Long             | DBT              | CORP              | PY        |    100000 | PA      | $93135.12     | 0.16%             | 2027-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VEDANTA UK INVESTMENTS       | Vedanta Resources Ltd                                                         | CUSIP: 92241TAM4<br>LEI: 2138007MYEKPEAZQTW83 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $37882.00     | 0.06%             | 2024-08-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                | UniCredit SpA                                                                 | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     75000 | PA      | $65688.32     | 0.11%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN             | Vmed O2 UK Financing I PLC                                                    | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $83636.00     | 0.14%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NBM US Holdings Inc          | NBM US Holdings Inc                                                           | CUSIP: 62877VAA9<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100045.00    | 0.17%             | 2026-05-14      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Stena AB                     | Stena AB                                                                      | CUSIP: 858577AR0<br>LEI: 213800CWLTI7WZCC2R35 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $99737.35     | 0.17%             | 2024-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rolls-Royce PLC              | Rolls-Royce PLC                                                               | CUSIP: 000000000<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $103446.69    | 0.17%             | 2024-05-09      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA        | CPI Property Group SA                                                         | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $52812.43     | 0.09%             | 2025-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNICAJA BANCO SA             | Unicaja Banco SA                                                              | CUSIP: 000000000<br>LEI: 5493007SJLLCTM6J6M37 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $101211.16    | 0.17%             | 2029-11-13      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Peru LNG Srl                 | Peru LNG Srl                                                                  | CUSIP: 715604AA2<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |    100000 | PA      | $83087.00     | 0.14%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TERMOCANDELARIA POWER        | Termocandelaria Power Ltd                                                     | CUSIP: 880879AA9<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | KY        |     77500 | PA      | $73168.91     | 0.12%             | 2029-01-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp          | SoftBank Group Corp                                                           | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $99770.52     | 0.17%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006       | FMG Resources August 2006 Pty Ltd                                             | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $97602.50     | 0.16%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Lincoln Financing SARL       | Lincoln Financing SARL                                                        | CUSIP: 000000000<br>LEI: 222100831I4WRVCLV609 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $108251.48    | 0.18%             | 2024-04-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA          | Intesa Sanpaolo SpA                                                           | CUSIP: 46115HAT4<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    125000 | PA      | $121991.38    | 0.21%             | 2024-06-26      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER        | Titan Acquisition Ltd / Titan Co-Borrower LLC                                 | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $47378.00     | 0.08%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $86792.68     | 0.15%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| DEUTSCHE LUFTHANSA AG        | Deutsche Lufthansa AG                                                         | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $155179.15    | 0.26%             | 2024-09-06      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC        | GFL Environmental Inc                                                         | CUSIP: 36168QAK0<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $71364.38     | 0.12%             | 2025-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PT ADARO INDONESIA           | Adaro Indonesia PT                                                            | CUSIP: 69368KAB2<br>LEI: 2549009Z0YED3S2BID40 | Long             | DBT              | CORP              | ID        |    100000 | PA      | $96131.00     | 0.16%             | 2024-10-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO SOCIAL      | Banco de Credito Social Cooperativo SA                                        | CUSIP: 000000000<br>LEI: 95980020140005881190 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $92854.23     | 0.16%             | 2031-11-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD         | Fortune Star BVI Ltd                                                          | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $176865.00    | 0.30%             | 2025-10-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd            | Kosmos Energy Ltd                                                             | CUSIP: 500688AC0<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90574.00     | 0.15%             | 2026-04-04      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NATURA COSMETICOS SA         | Natura Cosmeticos SA                                                          | CUSIP: 63883KAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    100000 | PA      | $82658.94     | 0.14%             | 2028-05-03      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| TEVA PHARMACEUTICAL INDU     | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $93000.00     | 0.16%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oztel Holdings SPC Ltd       | Oztel Holdings SPC Ltd                                                        | CUSIP: 692733AB4<br>LEI: 549300RABIG0RH4JYT64 | Long             | DBT              | CORP              | AE        |    100000 | PA      | $103928.40    | 0.18%             | 2028-04-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAQ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $54405.75     | 0.09%             | 2026-05-23      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FAURECIA                     | Faurecia SE                                                                   | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100305.94    | 0.17%             | 2026-06-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                               | CUSIP: 151290BW2<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $102924.00    | 0.17%             | 2027-06-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Drax Finco PLC               | Drax Finco PLC                                                                | CUSIP: 26151AAA7<br>LEI: 5493000MW6H7G7JFNQ88 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $97632.00     | 0.16%             | 2025-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BRITISH AMERICAN TOBACCO     | British American Tobacco PLC                                                  | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $84951.37     | 0.14%             | 2029-06-27      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CT TRUST                     | CT Trust                                                                      | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |    100000 | PA      | $87306.98     | 0.15%             | 2032-02-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR       | Millicom International Cellular SA                                            | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |     54000 | PA      | $49795.72     | 0.08%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EIRCOM FINANCE DAC           | eircom Finance DAC                                                            | CUSIP: 000000000<br>LEI: 254900NA4DUH50UERM85 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $100859.17    | 0.17%             | 2026-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                     | CUSIP: 58547DAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    100000 | PA      | $86050.00     | 0.15%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd                                                                 | CUSIP: 000000000<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $198700.00    | 0.34%             | 2024-04-18      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                  | CUSIP: 90015WAK9<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $93499.00     | 0.16%             | 2026-01-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORAZUL ENERGY PERU SA        | Orazul Energy Peru SA                                                         | CUSIP: 68559BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     50000 | PA      | $45602.50     | 0.08%             | 2027-04-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Atos SE                      | Atos SE                                                                       | CUSIP: 000000000<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $96618.26     | 0.16%             | 2025-05-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE      | Paysafe Finance PLC / Paysafe Holdings US Corp                                | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $79637.00     | 0.13%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| B&M EUROPEAN VALUE RET       | B&M European Value Retail SA                                                  | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $118070.20    | 0.20%             | 2025-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA     | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $94143.63     | 0.16%             | 2026-08-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                     | CUSIP: 05959LAF0<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $48933.25     | 0.08%             | 2025-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC      | LCPR Senior Secured Financing DAC                                             | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    180000 | PA      | $175613.40    | 0.30%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                               | CUSIP: 151290BV4<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $96670.00     | 0.16%             | 2029-11-19      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                  | AltaGas Ltd                                                                   | CUSIP: 021361AB6<br>LEI: 549300D7A8QA85Z2MH11 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $18559.97     | 0.03%             | 2082-08-17      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC        | Teva Pharmaceutical Finance Co LLC                                            | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69461.16     | 0.12%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: —       |
| KERNEL HOLDING SA            | Kernel Holding SA                                                             | CUSIP: 49229QAB0<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $23750.00     | 0.04%             | 2024-10-17      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KOC Holding AS               | KOC Holding AS                                                                | CUSIP: 49989AAC3<br>LEI: 7890005U0H950VH19H45 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $49470.00     | 0.08%             | 2025-03-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                   | Grifols SA                                                                    | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $153739.87    | 0.26%             | 2025-02-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Altice Finco SA              | Altice Finco SA                                                               | CUSIP: 000000000<br>LEI: 549300IGQP5SEZB5Z419 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $83902.24     | 0.14%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VICTORIA PLC                 | Victoria PLC                                                                  | CUSIP: 000000000<br>LEI: 2138002K6ECECHVCQN25 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $88735.71     | 0.15%             | 2026-08-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Naturgy Finance BV           | Naturgy Finance BV                                                            | CUSIP: 000000000<br>LEI: 2138005FTXOJUBQ5J563 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $106164.31    | 0.18%             | 2024-04-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TATA MOTORS LTD              | Tata Motors Ltd                                                               | CUSIP: 000000000<br>LEI: 335800BO2LHWJJ8TZI32 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $197868.00    | 0.33%             | 2024-10-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L     | Telesat Canada / Telesat LLC                                                  | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     25000 | PA      | $11580.25     | 0.02%             | 2026-12-06      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UPC Holding BV               | UPC Holding BV                                                                | CUSIP: 90320LAG2<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $91385.00     | 0.15%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $91350.05     | 0.15%             | 2027-10-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ATLANTIA SPA                 | Atlantia SpA                                                                  | CUSIP: 000000000<br>LEI: 8156008DEC771409C487 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $94001.31     | 0.16%             | 2028-02-12      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA             | CSN Resources SA                                                              | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $84315.73     | 0.14%             | 2031-06-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $32932.00     | 0.06%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS            | Iliad Holding SASU                                                            | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101545.67    | 0.17%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy Inc         | Vermilion Energy Inc                                                          | CUSIP: 923725AB1<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24377.24     | 0.04%             | 2025-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BANCO DE SABADELL SA         | Banco de Sabadell SA                                                          | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $103926.94    | 0.18%             | 2026-03-24      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM            | MC Brazil Downstream Trading SARL                                             | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     96625 | PA      | $84410.90     | 0.14%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB          | Verisure Holding AB                                                           | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $96321.22     | 0.16%             | 2027-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ULTRAPAR INTERNATIONL SA     | Ultrapar International SA                                                     | CUSIP: 90401CAC3<br>LEI: 222100CXHWBP3H3SK244 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $95450.50     | 0.16%             | 2029-06-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA     | Electricite de France SA                                                      | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $209396.94    | 0.35%             | 2024-07-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSN ISLANDS XI CORP          | CSN Inova Ventures                                                            | CUSIP: 12642KAB0<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $100002.31    | 0.17%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Ensign Drilling Inc          | Ensign Drilling Inc                                                           | CUSIP: 29359NAA3<br>LEI: 549300MJ7RLJKQNMN618 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24298.70     | 0.04%             | 2024-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP          | SoftBank Group Corp                                                           | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $186500.00    | 0.31%             | 2027-09-19      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO                  | Deuce Finco Plc                                                               | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $104799.07    | 0.18%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WEPA HYGIENEPRODUKTE GMB     | WEPA Hygieneprodukte GmbH                                                     | CUSIP: 000000000<br>LEI: 529900KQ44OJDIDU6J81 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $91608.31     | 0.15%             | 2027-12-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $100700.00    | 0.17%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ELM FOR FIRMENICH INTERN     | ELM BV for Firmenich International SA                                         | CUSIP: 000000000<br>LEI: 5493004Q6ZQIC4MCNJ08 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $105167.64    | 0.18%             | 2025-09-03      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES         | Strathcona Resources Ltd/Alberta                                              | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $42693.25     | 0.07%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV             | Ziggo Bond Co BV                                                              | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $105456.53    | 0.18%             | 2030-02-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| NGG Finance PLC              | NGG Finance PLC                                                               | CUSIP: 000000000<br>LEI: 549300MLDJ2T68G21W86 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $120109.15    | 0.20%             | 2073-06-18      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA             | Pampa Energia SA                                                              | CUSIP: 697660AA6<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $47209.50     | 0.08%             | 2027-01-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ JSC            | Uzbekneftegaz JSC                                                             | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |     50000 | PA      | $42201.50     | 0.07%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA     | Electricite de France SA                                                      | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $114696.00    | 0.19%             | 2026-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY FIN ULC      | Brookfield Property Finance ULC                                               | CUSIP: 11286ZAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $35340.43     | 0.06%             | 2025-08-24      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY FIN ULC      | Brookfield Property Finance ULC                                               | CUSIP: 11286ZAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $34413.01     | 0.06%             | 2027-01-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| UNIPOLSAI ASSICURAZIONI      | UnipolSai Assicurazioni SpA                                                   | CUSIP: 000000000<br>LEI: 815600E31C4E7006AB54 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $108306.33    | 0.18%             | 2024-06-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE LUFTHANSA AG        | Deutsche Lufthansa AG                                                         | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $101694.46    | 0.17%             | 2026-05-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RCS & RDS SA                 | RCS & RDS SA                                                                  | CUSIP: 000000000<br>LEI: 3157008PTGOXBWZDVF10 | Long             | DBT              | CORP              | RO        |    100000 | PA      | $101885.06    | 0.17%             | 2025-02-05      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| thyssenkrupp AG              | thyssenkrupp AG                                                               | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $107319.11    | 0.18%             | 2024-02-22      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA          | Altice Financing SA                                                           | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87450.69     | 0.15%             | 2028-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY         | Garda World Security Corp                                                     | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $45571.25     | 0.08%             | 2027-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR       | Millicom International Cellular SA                                            | CUSIP: 600814AN7<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      5400 | PA      | $4815.21      | 0.01%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO         | Stillwater Mining Co                                                          | CUSIP: 86074QAP7<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92650.00     | 0.16%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARB BONDCO PLC              | MARB BondCo PLC                                                               | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $78897.50     | 0.13%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BANCA POPOLARE SONDRIO       | Banca Popolare di Sondrio SPA                                                 | CUSIP: 000000000<br>LEI: J48C8PCSJVUBR8KCW529 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $107043.90    | 0.18%             | 2024-04-03      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR       | Millicom International Cellular SA                                            | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $84788.00     | 0.14%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| TELECOM ARGENTINA SA         | Telecom Argentina SA                                                          | CUSIP: 879273AR1<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $47450.00     | 0.08%             | 2026-07-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ICCREA BANCA SPA             | Iccrea Banca SpA                                                              | CUSIP: 000000000<br>LEI: NNVPP80YIZGEY2314M97 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $103989.28    | 0.18%             | 2029-11-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                        | CUSIP: 46556JAB5<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |     25000 | PA      | $24247.00     | 0.04%             | 2025-01-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC           | Vodafone Group PLC                                                            | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $57742.13     | 0.10%             | 2081-06-04      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI           | Braskem Idesa SAPI                                                            | CUSIP: 10554NAA6<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $165311.46    | 0.28%             | 2029-11-15      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ACCOR SA                     | Accor SA                                                                      | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $97616.99     | 0.16%             | 2025-01-30      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                | Schaeffler AG                                                                 | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     50000 | PA      | $51169.24     | 0.09%             | 2027-03-26      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANK OF EAST ASIA LTD        | Bank of East Asia Ltd/The                                                     | CUSIP: 000000000<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |    250000 | PA      | $239547.50    | 0.40%             | 2025-10-21      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS      | Infrastrutture Wireless Italiane SpA                                          | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $94506.87     | 0.16%             | 2028-10-21      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV         | Telefonica Europe BV                                                          | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $109950.50    | 0.19%             | 2024-03-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN     | Northriver Midstream Finance LP                                               | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $48083.00     | 0.08%             | 2026-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd       | Eskom Holdings SOC Ltd                                                        | CUSIP: 29646AAB2<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    100000 | PA      | $96243.00     | 0.16%             | 2025-02-11      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC              | Rolls-Royce PLC                                                               | CUSIP: 000000000<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $118000.89    | 0.20%             | 2027-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AS9<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     35000 | PA      | $28616.70     | 0.05%             | 2029-06-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION AUTOMOTIVE     | Constellation Automotive Financing PLC                                        | CUSIP: 000000000<br>LEI: 254900HVTSU7VICDRM89 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $87131.07     | 0.15%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DELHI INTL AIRPORT           | Delhi International Airport Ltd                                               | CUSIP: 246724AA6<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    100000 | PA      | $94600.00     | 0.16%             | 2029-06-04      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $103027.63    | 0.17%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT       | VistaJet Malta Finance PLC / XO Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     50000 | PA      | $44172.50     | 0.07%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BERTELSMANN SE & CO KGAA     | Bertelsmann SE & Co KGaA                                                      | CUSIP: 000000000<br>LEI: 5299001BUUGXAREGE533 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $101148.17    | 0.17%             | 2075-04-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS     | Turk Telekomunikasyon AS                                                      | CUSIP: 90011QAB6<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $94730.00     | 0.16%             | 2024-06-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS HOLDINGS I     | Arcos Dorados Holdings Inc                                                    | CUSIP: 03965UAC4<br>LEI: 54930023P2MIZN13DQ85 | Long             | DBT              | CORP              | VG        |    105000 | PA      | $104437.52    | 0.18%             | 2027-04-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA        | Cellnex Finance Co SA                                                         | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $85083.86     | 0.14%             | 2033-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ULKER BISKUVI SANAYI AS      | Ulker Biskuvi Sanayi AS                                                       | CUSIP: 903742AA2<br>LEI: 7890009HEU9BS7J3DA93 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $89635.80     | 0.15%             | 2025-10-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $202149.00    | 0.34%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DOUGLAS GMBH                 | Douglas GmbH                                                                  | CUSIP: 000000000<br>LEI: 529900381YTPHVY9AI06 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $94309.86     | 0.16%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEMAK SAB DE CV              | Nemak SAB de CV                                                               | CUSIP: 64045DAC8<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $80832.50     | 0.14%             | 2031-06-28      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $82660.34     | 0.14%             | 2029-01-18      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| NGG FINANCE PLC              | NGG Finance PLC                                                               | CUSIP: 000000000<br>LEI: 549300MLDJ2T68G21W86 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $93060.90     | 0.16%             | 2082-09-05      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| CODERE FINANCE 2 LUXEMBO     | Codere Finance 2 Luxembourg SA                                                | CUSIP: 000000000<br>LEI: 2221005CUH65GSJUKB29 | Long             | DBT              | CORP              | LU        |     25652 | PA      | $25115.21     | 0.04%             | 2026-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD     | Agile Group Holdings Ltd                                                      | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $64460.95     | 0.11%             | 2024-07-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRINIDAD GEN UNLTD           | Trinidad Generation UnLtd                                                     | CUSIP: 89636DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    100000 | PA      | $96804.56     | 0.16%             | 2027-11-04      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN     | 1011778 BC ULC / New Red Finance Inc                                          | CUSIP: 68245XAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24993.75     | 0.04%             | 2025-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| SELECTA GROUP BV             | Selecta Group BV                                                              | CUSIP: 000000000<br>LEI: 724500T3W7IMQS6AMA30 | Long             | DBT              | CORP              | NL        |     53458 | PA      | $50452.45     | 0.09%             | 2026-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA          | Intesa Sanpaolo SpA                                                           | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     75000 | PA      | $59745.85     | 0.10%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV             | Ziggo Bond Co BV                                                              | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $41391.50     | 0.07%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CENTURION BIDCO SPA          | Centurion Bidco SpA                                                           | CUSIP: 000000000<br>LEI: 815600440B4998FCA515 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $99682.02     | 0.17%             | 2026-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN     | Virgin Media Secured Finance PLC                                              | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $92899.50     | 0.16%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $78630.48     | 0.13%             | 2035-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $25069.38     | 0.04%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGIAS DE PORTUGAL SA      | EDP - Energias de Portugal SA                                                 | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |    100000 | PA      | $108537.11    | 0.18%             | 2079-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAHLE GMBH                   | Mahle GmbH                                                                    | CUSIP: 000000000<br>LEI: 52990098TR1QJBWIYG58 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $83055.67     | 0.14%             | 2028-05-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ARENA LUX FIN SARL           | Arena Luxembourg Finance Sarl                                                 | CUSIP: 000000000<br>LEI: 222100KX2LPK5KRSIG74 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $90545.61     | 0.15%             | 2028-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC        | GFL Environmental Inc                                                         | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $44406.00     | 0.07%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NBH1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $72232.13     | 0.12%             | 2031-01-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| INTESA SANPAOLO SPA          | Intesa Sanpaolo SpA                                                           | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $110400.67    | 0.19%             | 2029-03-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PETROFAC LTD                 | Petrofac Ltd                                                                  | CUSIP: 716473AE3<br>LEI: 2138004624W8CKCSJ177 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $64201.35     | 0.11%             | 2026-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BANCO BPM SPA                | Banco BPM SpA                                                                 | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $97740.15     | 0.16%             | 2031-01-14      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                    | CUSIP: 335934AP0<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99979.50     | 0.17%             | 2024-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EP INFRASTRUCTURE AS         | EP Infrastructure AS                                                          | CUSIP: 000000000<br>LEI: 315700I4J1M1NKGWWY89 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $101340.19    | 0.17%             | 2024-04-26      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS      | Piraeus Financial Holdings SA                                                 | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $95913.95     | 0.16%             | 2030-02-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                        | CUSIP: 465562AA4<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $40971.07     | 0.07%             | 2025-02-27      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC     | Virgin Media Finance PLC                                                      | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $42032.50     | 0.07%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CT INVESTMENT GMBH           | CT Investment GmbH                                                            | CUSIP: 000000000<br>LEI: 529900VYBTC7HKBCNB72 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $97352.97     | 0.16%             | 2026-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     75000 | PA      | $59401.13     | 0.10%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                 | IAMGOLD Corp                                                                  | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $19791.88     | 0.03%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA      | Latam Airlines Group SA                                                       | CUSIP: 51818LAB4<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $108084.50    | 0.18%             | 2029-10-15      | Fixed         | 13.38%                | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC          | Hudbay Minerals Inc                                                           | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23117.00     | 0.04%             | 2029-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                            | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     50000 | PA      | $49750.00     | 0.08%             | 2025-06-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                            | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     50000 | PA      | $49375.00     | 0.08%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dufry One BV                 | Dufry One BV                                                                  | CUSIP: 000000000<br>LEI: 7245003K5MN9U7XW0808 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $133210.81    | 0.22%             | 2024-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                   | Akbank TAS                                                                    | CUSIP: 00971YAF7<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     50000 | PA      | $47995.00     | 0.08%             | 2025-03-31      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC      | Sasol Financing USA LLC                                                       | CUSIP: 80386WAA3<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198177.00    | 0.33%             | 2024-03-27      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALSEA S.A.                   | Alsea SAB de CV                                                               | CUSIP: 021151AA3<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $101132.00    | 0.17%             | 2026-12-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance BV                                                | CUSIP: 29082HAA0<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $98768.00     | 0.17%             | 2025-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $73590.94     | 0.12%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC       | Standard Chartered PLC                                                        | CUSIP: 853254AB6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $100512.63    | 0.17%             | 2037-07-30      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| INFRASTRUTTURE WIRELESS      | Infrastrutture Wireless Italiane SpA                                          | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $100608.08    | 0.17%             | 2026-07-08      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $93872.00     | 0.16%             | 2027-02-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                | Telecomunicaciones Digitales SA                                               | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    100000 | PA      | $89380.00     | 0.15%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $47406.55     | 0.08%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AZURE POWER ENERGY LTD       | Azure Power Energy Ltd                                                        | CUSIP: 05502VAA1<br>LEI: 54930051LQDFHGQMHF47 | Long             | DBT              | CORP              | MU        |     46525 | PA      | $35345.04     | 0.06%             | 2026-08-19      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS            | Iliad Holding SASU                                                            | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $94048.50     | 0.16%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Banco de Bogota SA           | Banco de Bogota SA                                                            | CUSIP: 059514AC3<br>LEI: 549300LYHE7LWSKDZT53 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $99382.98     | 0.17%             | 2026-05-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp          | SoftBank Group Corp                                                           | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $101806.32    | 0.17%             | 2025-09-19      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FAURECIA                     | Faurecia SE                                                                   | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $96663.22     | 0.16%             | 2027-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN      | Consolidated Energy Finance SA                                                | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87134.50     | 0.15%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EMPRESAS PUBLIC MEDELLIN     | Empresas Publicas de Medellin ESP                                             | CUSIP: 29246BAE8<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |     75000 | PA      | $61757.51     | 0.10%             | 2029-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Dometic Group AB             | Dometic Group AB                                                              | CUSIP: 000000000<br>LEI: 549300STIPMK5VSA7Y59 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $97007.50     | 0.16%             | 2026-05-08      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SPIE SA                      | SPIE SA                                                                       | CUSIP: 000000000<br>LEI: 969500TJNS5GSFWJ8X85 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103032.47    | 0.17%             | 2026-06-18      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Teollisuuden Voima Oyj       | Teollisuuden Voima Oyj                                                        | CUSIP: 000000000<br>LEI: 743700LQ48IZBTZN4S52 | Long             | DBT              | CORP              | FI        |    175000 | PA      | $182285.64    | 0.31%             | 2025-02-04      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER     | Aydem Yenilenebilir Enerji AS                                                 | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $84730.00     | 0.14%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP              | MEG Energy Corp                                                               | CUSIP: 552704AE8<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $25675.88     | 0.04%             | 2027-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ABERTIS FINANCE BV           | Abertis Infraestructuras Finance BV                                           | CUSIP: 000000000<br>LEI: 5493007WHKI5H75YJ358 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $98165.77     | 0.17%             | 2025-11-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| OTP BANK NYRT                | OTP Bank Nyrt                                                                 | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    100000 | PA      | $100917.93    | 0.17%             | 2029-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| IBERCAJA BANCO SA            | Ibercaja Banco SA                                                             | CUSIP: 000000000<br>LEI: 549300OLBL49CW8CT155 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $99380.30     | 0.17%             | 2030-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV                     | Ziggo BV                                                                      | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $87236.50     | 0.15%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV         | Telefonica Europe BV                                                          | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $101723.02    | 0.17%             | 2026-06-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA               | ADLER Group SA                                                                | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $45266.56     | 0.08%             | 2026-11-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MYTILINEOS FINANCIAL         | Mytilineos Financial Partners SA                                              | CUSIP: 000000000<br>LEI: 549300L040TXCH607P64 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $106956.91    | 0.18%             | 2024-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV         | ZF Europe Finance BV                                                          | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $98539.05     | 0.17%             | 2026-02-23      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD               | Wynn Macau Ltd                                                                | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $93346.61     | 0.16%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                | Videotron Ltd                                                                 | CUSIP: 92660FAL8<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $49924.82     | 0.08%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT        | Banijay Entertainment SASU                                                    | CUSIP: 060335AA4<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $96624.00     | 0.16%             | 2025-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ABJA Investment Co           | ABJA Investment Co Pte Ltd                                                    | CUSIP: 000000000<br>LEI: 254900E6OE5YJ9WCCU19 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $99995.00     | 0.17%             | 2024-07-31      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2020 A LTD     | RKPF Overseas 2020 A Ltd                                                      | CUSIP: 000000000<br>LEI: 254900LKOLISWWIE7W36 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $169500.00    | 0.29%             | 2026-01-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NEXA RESOURCES SA            | Nexa Resources SA                                                             | CUSIP: 65290DAA1<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $99270.50     | 0.17%             | 2028-01-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GIBSON ENERGY INC            | Gibson Energy Inc                                                             | CUSIP: 37482ZAA9<br>LEI: 549300WYW5D9I3FR0643 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $51872.45     | 0.09%             | 2029-09-17      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                     | CUSIP: 05959LAH6<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $47342.75     | 0.08%             | 2029-01-11      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                    | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $48534.00     | 0.08%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Marks & Spencer PLC          | Marks & Spencer PLC                                                           | CUSIP: 000000000<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $122914.21    | 0.21%             | 2025-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TALKTALK TELECOM GROUP       | TalkTalk Telecom Group Ltd                                                    | CUSIP: 000000000<br>LEI: 213800WF53FVDRRHRF44 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $102335.15    | 0.17%             | 2025-02-20      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GMR HYDERABAD INTERNATIO     | GMR Hyderabad International Airport Ltd                                       | CUSIP: 36256WAA2<br>LEI: 335800NSPGIN89SVOU83 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $176500.00    | 0.30%             | 2027-10-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC            | Rakuten Group Inc                                                             | CUSIP: 75102WAA6<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $87750.00     | 0.15%             | 2026-04-22      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA     | Altice France Holding SA                                                      | CUSIP: 000000000<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $73853.57     | 0.12%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /     | Albion Financing 1 SARL / Aggreko Holdings Inc                                | CUSIP: 013304AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    100000 | PA      | $89872.13     | 0.15%             | 2026-10-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA     | Electricite de France SA                                                      | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $105889.87    | 0.18%             | 2025-01-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOLVAY FINANCE               | Solvay Finance SACA                                                           | CUSIP: 000000000<br>LEI: 549300850GMPCX5CK282 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $109691.80    | 0.19%             | 2024-06-03      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| BAKRIE TELECOM PTE LTD       | Bakrie Telecom Pte Ltd                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    150000 | PA      | $1218.75      | 0.00%             | 2015-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp          | NOVA Chemicals Corp                                                           | CUSIP: 66977WAQ2<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73966.13     | 0.12%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INFRABUILD AUSTRALIA PTY     | Infrabuild Australia Pty Ltd                                                  | CUSIP: 45682RAA8<br>LEI: 549300W2CPB5W6GFH859 | Long             | DBT              | CORP              | AU        |     30000 | PA      | $28582.05     | 0.05%             | 2024-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Lamar Funding Ltd            | Lamar Funding Ltd                                                             | CUSIP: 000000000<br>LEI: 549300TSXHL7X0727895 | Long             | DBT              | CORP              | KY        |    225000 | PA      | $216271.80    | 0.37%             | 2025-05-07      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC               | Bombardier Inc                                                                | CUSIP: 097751BV2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $74921.25     | 0.13%             | 2026-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| YPF ENERGIA ELECTRICA SA     | YPF Energia Electrica SA                                                      | CUSIP: 98424MAA1<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     35000 | PA      | $32738.50     | 0.06%             | 2026-07-25      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NBE8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $47292.50     | 0.08%             | 2030-01-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL ESTATE AG        | DEMIRE Deutsche Mittelstand Real Estate AG                                    | CUSIP: 000000000<br>LEI: 391200FHEFGXUKL2BO93 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $80468.26     | 0.14%             | 2024-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II         | Teva Pharmaceutical Finance Netherlands II BV                                 | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $103103.06    | 0.17%             | 2024-10-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                     | CUSIP: 58547DAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     50000 | PA      | $45077.76     | 0.08%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GREENLAND GLB INVST          | Greenland Global Investment Ltd                                               | CUSIP: 000000000<br>LEI: 549300RR3CIGB2A33O28 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $96688.00     | 0.16%             | 2026-07-03      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC            | Jerrold Finco PLC                                                             | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $108441.03    | 0.18%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ABENGOA SA                   | Abengoa SA                                                                    | CUSIP: 000000000<br>LEI: 8ZQH7RR6DBQZIX8PEQ84 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $544.11       | 0.00%             | 2027-03-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CELLNEX TELECOM SA           | Cellnex Telecom SA                                                            | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $88337.56     | 0.15%             | 2030-10-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD               | Wynn Macau Ltd                                                                | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $83514.50     | 0.14%             | 2029-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| IND & COMM BK OF CHINA       | Industrial & Commercial Bank of China Ltd                                     | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |    500000 | PA      | $474687.50    | 0.80%             | 2026-09-24      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL           | FS Luxembourg Sarl                                                            | CUSIP: 30315XAB0<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $50565.77     | 0.09%             | 2025-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL     | Aston Martin Capital Holdings Ltd                                             | CUSIP: 04625HAG4<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |     50000 | PA      | $48915.07     | 0.08%             | 2025-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE CO SA        | Cellnex Finance Co SA                                                         | CUSIP: 000000000<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $93747.61     | 0.16%             | 2028-06-08      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                           | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $100230.45    | 0.17%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAL5<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $99812.50     | 0.17%             | 2024-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EASY TACTIC LTD              | Easy Tactic Ltd                                                               | CUSIP: 000000000<br>LEI: 549300WYFMC41MKE6E16 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $65547.64     | 0.11%             | 2027-07-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Guacolda Energia SA          | Guacolda Energia SA                                                           | CUSIP: 29244UAF5<br>LEI: 5299008J94I4A64AEC04 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $36500.00     | 0.06%             | 2025-04-30      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA     | Electricite de France SA                                                      | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $172681.50    | 0.29%             | 2030-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA     | Altice France Holding SA                                                      | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     75000 | PA      | $50694.85     | 0.09%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| GFL ENVIRONMENTAL INC        | GFL Environmental Inc                                                         | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $45194.75     | 0.08%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $45295.09     | 0.08%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC POWER CORP            | Public Power Corp SA                                                          | CUSIP: 000000000<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $103168.01    | 0.17%             | 2026-03-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $96976.09     | 0.16%             | 2025-01-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| IMA INDUSTRIA MACCHINE       | IMA Industria Macchine Automatiche SpA                                        | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $95519.18     | 0.16%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| G CITY EUROPE LTD            | G City Europe Ltd                                                             | CUSIP: 000000000<br>LEI: 213800OJ67K27RCO2J56 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $93190.68     | 0.16%             | 2025-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United Group BV              | United Group BV                                                               | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $105351.19    | 0.18%             | 2024-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VZ VENDOR FINANCING          | VZ Vendor Financing II BV                                                     | CUSIP: 000000000<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $85848.77     | 0.14%             | 2029-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CORUS ENTERTAINMENT          | Corus Entertainment Inc                                                       | CUSIP: 220874AL5<br>LEI: 549300DVZFTUMM4M2O84 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $42910.78     | 0.07%             | 2028-05-11      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XP INC                       | XP Inc                                                                        | CUSIP: 98379XAA2<br>LEI: 5493008KDA8NBZRJST80 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $44972.66     | 0.08%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Leonardo SpA                 | Leonardo SpA                                                                  | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | DBT              | CORP              | IT        |     50000 | PA      | $55270.98     | 0.09%             | 2025-03-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC               | Transocean Inc                                                                | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $103237.50    | 0.17%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MOTION BONDCO DAC            | Motion Bondco DAC                                                             | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $90649.58     | 0.15%             | 2027-11-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| ENERFLEX LTD                 | Enerflex Ltd                                                                  | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $40794.40     | 0.07%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC       | Market Bidco Finco PLC                                                        | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $96308.92     | 0.16%             | 2027-11-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACCOR SA                     | Accor SA                                                                      | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $105432.10    | 0.18%             | 2026-02-04      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INFINEON TECHNOLOGIES AG     | Infineon Technologies AG                                                      | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $100469.61    | 0.17%             | 2028-01-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA SPA/ROMA         | Lottomatica SpA/Roma                                                          | CUSIP: 000000000<br>LEI: 81560046335277E43118 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $107962.05    | 0.18%             | 2025-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA        | Petroleos del Peru SA                                                         | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    150000 | PA      | $100248.00    | 0.17%             | 2047-06-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EUROBANK SA                  | Eurobank SA                                                                   | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |    100000 | PA      | $93439.93     | 0.16%             | 2027-05-05      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA     | Altice France Holding SA                                                      | CUSIP: 000000000<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $88985.17     | 0.15%             | 2027-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV         | Telefonica Europe BV                                                          | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $92117.02     | 0.16%             | 2028-02-24      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS     | Resolute Forest Products Inc                                                  | CUSIP: 76117WAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24809.25     | 0.04%             | 2026-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR              | Turkiye Ihracat Kredi Bankasi AS                                              | CUSIP: 90016LAA4<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    100000 | PA      | $90463.00     | 0.15%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM           | Total Play Telecomunicaciones SA de CV                                        | CUSIP: 89157FAA8<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $46703.50     | 0.08%             | 2025-11-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71645WAQ4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $48292.75     | 0.08%             | 2040-01-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REDE D'OR FINANCE SARL       | Rede D'or Finance Sarl                                                        | CUSIP: 75735GAA6<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $87619.00     | 0.15%             | 2030-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Videotron Ltd                | Videotron Ltd                                                                 | CUSIP: 92660FAF1<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $55881.25     | 0.09%             | 2025-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP               | Open Text Corp                                                                | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $87026.50     | 0.15%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLER AG                | Schaeffler AG                                                                 | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $98329.33     | 0.17%             | 2028-10-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TransAlta Corp               | TransAlta Corp                                                                | CUSIP: 89346DAE7<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24119.06     | 0.04%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC       | Sherwood Financing PLC                                                        | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $92545.03     | 0.16%             | 2026-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC          | Hudbay Minerals Inc                                                           | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $46131.00     | 0.08%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Summer BidCo BV              | Summer BidCo BV                                                               | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |    115350 | PA      | $95358.86     | 0.16%             | 2025-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Grifols SA                   | Grifols SA                                                                    | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $102464.46    | 0.17%             | 2025-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC     | TK Elevator US Newco Inc                                                      | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92697.00     | 0.16%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN      | Virgin Media Vendor Financing Notes III DAC                                   | CUSIP: 000000000<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $103559.48    | 0.17%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TC ZIRAAT BANKASI AS         | TC Ziraat Bankasi AS                                                          | CUSIP: 90014TAG6<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $89948.50     | 0.15%             | 2026-03-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VALEO SA                     | Valeo                                                                         | CUSIP: 000000000<br>LEI: 5493006IH2N2WMIBB742 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $109397.48    | 0.18%             | 2027-05-28      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG               | Commerzbank AG                                                                | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $104796.10    | 0.18%             | 2030-12-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEMS MENASA KY LTD/GEMS      | GEMS MENASA Cayman Ltd / GEMS Education Delaware LLC                          | CUSIP: 36166LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $98831.45     | 0.17%             | 2026-07-31      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TenneT Holding BV            | TenneT Holding BV                                                             | CUSIP: 000000000<br>LEI: 724500LTUWK3JQG63903 | Long             | DBT              | CORP              | NL        |    175000 | PA      | $186571.16    | 0.31%             | 2024-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006       | FMG Resources August 2006 Pty Ltd                                             | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     25000 | PA      | $23896.25     | 0.04%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELIS SA                      | Elis SA                                                                       | CUSIP: 000000000<br>LEI: 969500UX71LCE8MAY492 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $94092.65     | 0.16%             | 2028-04-03      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ABENGOA ABENEWCO TWO         | Abengoa Abenewco 2 SA                                                         | CUSIP: 000000000<br>LEI: 9598003HU5TEDMWEKB27 | Long             | DBT              | CORP              | ES        |     63265 | PA      | $1713.85      | 0.00%             | 2024-10-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $106883.60    | 0.18%             | 2024-04-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADLER GROUP SA               | ADLER Group SA                                                                | CUSIP: 000000000<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $47012.93     | 0.08%             | 2025-08-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC         | Cascades Inc/Cascades USA Inc                                                 | CUSIP: 14739LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     25000 | PA      | $23378.38     | 0.04%             | 2028-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                | Parkland Corp                                                                 | CUSIP: 70137WAB4<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $36490.80     | 0.06%             | 2028-06-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY FIN ULC      | Brookfield Property Finance ULC                                               | CUSIP: 11286ZAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     25000 | PA      | $18353.51     | 0.03%             | 2024-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                     | CUSIP: 58547DAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     50000 | PA      | $45582.05     | 0.08%             | 2027-07-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                    | CUSIP: 335934AR6<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $97367.00     | 0.16%             | 2026-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| ProGroup AG                  | ProGroup AG                                                                   | CUSIP: 000000000<br>LEI: 529900YI5W5TQ8F2FP82 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $102021.90    | 0.17%             | 2026-03-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANCO BPM SPA                | Banco BPM SpA                                                                 | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $106392.82    | 0.18%             | 2024-06-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $138592.26    | 0.23%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                   | goeasy Ltd                                                                    | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22345.53     | 0.04%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Saka Energi Indonesia PT     | Saka Energi Indonesia PT                                                      | CUSIP: 69371EAA3<br>LEI: 25490049636XFM5KBR83 | Long             | DBT              | CORP              | ID        |    100000 | PA      | $97253.00     | 0.16%             | 2024-05-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CASTELLUM AB                 | Castellum AB                                                                  | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $73539.81     | 0.12%             | 2026-12-02      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Pinewood Finance Co Ltd      | Pinewood Finance Co Ltd                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    100000 | PA      | $114793.14    | 0.19%             | 2025-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN     | 1011778 BC ULC / New Red Finance Inc                                          | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $46073.63     | 0.08%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VALEO SA                     | Valeo                                                                         | CUSIP: 000000000<br>LEI: 5493006IH2N2WMIBB742 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $87079.26     | 0.15%             | 2028-08-03      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                | Methanex Corp                                                                 | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $69055.50     | 0.12%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES            | Vedanta Resources Finance II PLC                                              | CUSIP: 92243XAE1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $80399.50     | 0.14%             | 2025-03-11      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| LIGHT SERVICOS ENERGIA       | Light Servicos de Eletricidade SA/Light Energia SA                            | CUSIP: 53227QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |     50000 | PA      | $28828.50     | 0.05%             | 2026-06-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MSU Energy SA / UGEN SA      | MSU Energy SA / UGEN SA / UENSA SA                                            | CUSIP: 76706AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     25000 | PA      | $19013.79     | 0.03%             | 2025-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd        | Mineral Resources Ltd                                                         | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $100882.00    | 0.17%             | 2027-05-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC           | Vodafone Group PLC                                                            | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196542.00    | 0.33%             | 2078-10-03      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                | Videotron Ltd                                                                 | CUSIP: 92660FAM6<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $74154.08     | 0.13%             | 2031-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN     | 1011778 BC ULC / New Red Finance Inc                                          | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    175000 | PA      | $149197.13    | 0.25%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RENAULT SA                   | Renault SA                                                                    | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100109.69    | 0.17%             | 2026-05-25      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $139029.06    | 0.23%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                | Videotron Ltd                                                                 | CUSIP: 92660FAP9<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $65956.46     | 0.11%             | 2028-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QBE1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $31732.00     | 0.05%             | 2044-06-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CEMIG GERACAO E TRANSM       | Cemig Geracao e Transmissao SA                                                | CUSIP: 12517MAA0<br>LEI: 529900ZT0AVI5W1VFB58 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $51189.50     | 0.09%             | 2024-12-05      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Nokia OYJ                    | Nokia Oyj                                                                     | CUSIP: 654902AE5<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    150000 | PA      | $144157.50    | 0.24%             | 2027-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Emera Inc                    | Emera Inc                                                                     | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73941.24     | 0.12%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PAN AMERICAN ENERGY LLC      | Pan American Energy LLC/Argentina                                             | CUSIP: 69784DAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     40000 | PA      | $44843.00     | 0.08%             | 2027-04-30      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAY5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $75081.99     | 0.13%             | 2028-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Axtel SAB de CV              | Axtel SAB de CV                                                               | CUSIP: 05462GAJ3<br>LEI: 549300BVRDR8XTSXAD13 | Long             | DBT              | CORP              | MX        |     82000 | PA      | $70315.00     | 0.12%             | 2024-11-14      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                        | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    100000 | PA      | $97412.50     | 0.16%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Iceland Bondco PLC           | Iceland Bondco PLC                                                            | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $107616.07    | 0.18%             | 2025-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO     | British Telecommunications PLC                                                | CUSIP: 000000000<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $98887.45     | 0.17%             | 2080-08-18      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC             | MercadoLibre Inc                                                              | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79725.50     | 0.13%             | 2031-01-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| ATS CORP                     | ATS Corp                                                                      | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $22427.38     | 0.04%             | 2028-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV         | Telefonica Europe BV                                                          | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $106749.47    | 0.18%             | 2024-12-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Turk Ihracat KR BK           | Turkiye Ihracat Kredi Bankasi AS                                              | CUSIP: 90015LAD9<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    100000 | PA      | $98125.00     | 0.17%             | 2024-05-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MHP Lux SA                   | MHP Lux SA                                                                    | CUSIP: 59318YAA6<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $48998.00     | 0.08%             | 2026-04-03      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC           | Vodafone Group PLC                                                            | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206241.00    | 0.35%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CANARY WHARF GROUP           | Canary Wharf Group Investment Holdings PLC                                    | CUSIP: 000000000<br>LEI: 2138002C1D5FMEDILF18 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $105743.68    | 0.18%             | 2025-04-23      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY COR     | Garda World Security Corp                                                     | CUSIP: 36257BAA7<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49448.92     | 0.08%             | 2027-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE     | Telenet Finance Luxembourg Notes Sarl                                         | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $98506.46     | 0.17%             | 2028-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATTERHORN TELECOM SA        | Matterhorn Telecom SA                                                         | CUSIP: 000000000<br>LEI: 549300MTB0YI26SMUT22 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $99640.73     | 0.17%             | 2026-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| NOBEL BIDCO BV               | Nobel Bidco BV                                                                | CUSIP: 000000000<br>LEI: 549300NZZFLYK83VVT71 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $77888.24     | 0.13%             | 2028-06-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| KONDOR FINANCE PLC (NAK)     | NAK Naftogaz Ukraine via Kondor Finance PLC                                   | CUSIP: 000000000<br>LEI: 213800PUC1T9GI6EIO63 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $23350.07     | 0.04%             | 2024-07-19      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006       | FMG Resources August 2006 Pty Ltd                                             | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $88133.00     | 0.15%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $96756.50     | 0.16%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN     | Virgin Media Secured Finance PLC                                              | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $113415.05    | 0.19%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NAM1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $50178.20     | 0.08%             | 2024-03-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                   | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     35000 | PA      | $34230.00     | 0.06%             | 2024-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $54126.00     | 0.09%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA      | Garfunkelux Holdco 3 SA                                                       | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $83354.33     | 0.14%             | 2025-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL       | Star Energy Geothermal Wayang Windu Ltd                                       | CUSIP: 85511XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     81080 | PA      | $79049.63     | 0.13%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rio Oil Finance Trust        | Rio Oil Finance Trust Series 2014-1                                           | CUSIP: 76716XAA0<br>LEI: 549300V5D1W52HY8NO65 | Long             | DBT              | CORP              | US        |     67357 | PA      | $68317.00     | 0.12%             | 2024-07-06      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BANCO DE SABADELL SA         | Banco de Sabadell SA                                                          | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $110090.71    | 0.19%             | 2026-05-06      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WEBUILD SPA                  | Webuild SpA                                                                   | CUSIP: 000000000<br>LEI: 549300UKR289DF4UXQ47 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $101405.02    | 0.17%             | 2024-10-26      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN        | Trivium Packaging Finance BV                                                  | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203362.84    | 0.34%             | 2026-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAIPEM FINANCE INTL BV       | Saipem Finance International BV                                               | CUSIP: 000000000<br>LEI: 724500V4QZAOY63SY989 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $105277.33    | 0.18%             | 2025-01-07      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                    | CUSIP: 335934AL9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $98593.33     | 0.17%             | 2025-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA       | VTR Comunicaciones SpA                                                        | CUSIP: 918367AA1<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $70220.00     | 0.12%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc               | Bombardier Inc                                                                | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    175000 | PA      | $175083.61    | 0.30%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| ROLLS-ROYCE PLC              | Rolls-Royce PLC                                                               | CUSIP: 000000000<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $88273.59     | 0.15%             | 2028-05-09      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                | Parkland Corp                                                                 | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $85915.67     | 0.15%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP           | Mattamy Group Corp                                                            | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $42230.00     | 0.07%             | 2030-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH             | Gruenenthal GmbH                                                              | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $100368.50    | 0.17%             | 2026-11-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS          | Braskem Netherlands Finance BV                                                | CUSIP: 10554TAF2<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $51855.50     | 0.09%             | 2081-01-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC        | eG Global Finance PLC                                                         | CUSIP: 28228PAA9<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $186068.00    | 0.31%             | 2025-02-07      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER          | Cirsa Finance International Sarl                                              | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $96145.28     | 0.16%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV              | MV24 Capital BV                                                               | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     85650 | PA      | $81814.59     | 0.14%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN     | Burford Capital Global Finance LLC                                            | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89510.50     | 0.15%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRF SA                       | BRF SA                                                                        | CUSIP: 10552TAF4<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |    100000 | PA      | $98060.36     | 0.17%             | 2024-05-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                            | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     25000 | PA      | $24411.63     | 0.04%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA                 | Adecoagro SA                                                                  | CUSIP: 00676LAA4<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $47959.00     | 0.08%             | 2027-09-21      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL     | Cheplapharm Arzneimittel GmbH                                                 | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $99763.02     | 0.17%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PEMBINA PIPELINE CORP        | Pembina Pipeline Corp                                                         | CUSIP: 706327AK9<br>LEI: 5493002W3L9YICM6FU21 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $31550.94     | 0.05%             | 2081-01-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ABENGOA ABENEWCO TWO         | Abengoa Abenewco 2 SA                                                         | CUSIP: 000000000<br>LEI: 9598003HU5TEDMWEKB27 | Long             | DBT              | CORP              | ES        |     63265 | PA      | $790.81       | 0.00%             | 2024-10-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LA FINAC ATALIAN SA          | La Financiere Atalian SASU                                                    | CUSIP: 000000000<br>LEI: 969500ICOLJMB33J0L87 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $96115.42     | 0.16%             | 2024-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERMANENT TSB GROUP          | Permanent TSB Group Holdings PLC                                              | CUSIP: 000000000<br>LEI: 635400DTNHVYGZODKQ93 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $94534.13     | 0.16%             | 2031-08-19      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                | UniCredit SpA                                                                 | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $190193.40    | 0.32%             | 2032-01-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| SYNTHOS SA                   | Synthos SA                                                                    | CUSIP: 000000000<br>LEI: 259400WX4QZCOHJVWM18 | Long             | DBT              | CORP              | PL        |    100000 | PA      | $86563.61     | 0.15%             | 2028-06-07      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006       | FMG Resources August 2006 Pty Ltd                                             | CUSIP: 30251GAW7<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $74365.03     | 0.13%             | 2024-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MTN MAURITIUS INVSTMENTS     | MTN Mauritius Investments Ltd                                                 | CUSIP: 55377XAA4<br>LEI: 2549009PQD415OQIR074 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $97900.00     | 0.17%             | 2024-11-11      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC          | Avianca Midco 2 PLC                                                           | CUSIP: 05368PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     75000 | PA      | $60308.86     | 0.10%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $18438.82     | 0.03%             | 2038-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK          | Bangkok Bank PCL/Hong Kong                                                    | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |    200000 | PA      | $175933.99    | 0.30%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM      | Kronos Acquisition Holdings Inc / KIK Custom Products Inc                     | CUSIP: 50106GAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $65464.13     | 0.11%             | 2027-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD         | Shelf Drilling Holdings Ltd                                                   | CUSIP: 822538AE4<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $94625.00     | 0.16%             | 2025-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC        | GFL Environmental Inc                                                         | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73044.38     | 0.12%             | 2026-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR MIDCO GMBH       | TK Elevator Midco GmbH                                                        | CUSIP: 000000000<br>LEI: 254900K869UN2ZWVB351 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $98593.13     | 0.17%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA               | ARD Finance SA                                                                | CUSIP: 000000000<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $82656.00     | 0.14%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS BRASI     | Centrais Eletricas Brasileiras SA                                             | CUSIP: 15236FAB6<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    100000 | PA      | $87532.50     | 0.15%             | 2030-02-04      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL     | Techem Verwaltungsgesellschaft 675 mbH                                        | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $101070.52    | 0.17%             | 2025-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOLDINGS       | Digicel Group Holdings Ltd                                                    | CUSIP: 25381YAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     62955 | PA      | $15738.75     | 0.03%             | 2025-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                | UniCredit SpA                                                                 | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $203534.88    | 0.34%             | 2029-09-23      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA             | Altice France SA/France                                                       | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $157242.00    | 0.27%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PUNCH FINANCE PL             | Punch Finance PLC                                                             | CUSIP: 000000000<br>LEI: 2138006IJRIU1Q5DN388 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $108102.85    | 0.18%             | 2026-06-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $27636.17     | 0.05%             | 2025-02-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING     | Nidda Healthcare Holding GmbH                                                 | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $106194.50    | 0.18%             | 2026-08-21      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETRORIO LUX TRAD SARL       | Petrorio Luxembourg Trading Sarl                                              | CUSIP: 71677WAA0<br>LEI: 222100466T5WZDU1B498 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $48090.50     | 0.08%             | 2026-06-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BPER BANCA                   | BPER Banca                                                                    | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $101450.64    | 0.17%             | 2025-07-07      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L     | Telesat Canada / Telesat LLC                                                  | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $14033.09     | 0.02%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II         | Teva Pharmaceutical Finance Netherlands II BV                                 | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $93872.18     | 0.16%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VIVION INVESTMENTS           | Vivion Investments Sarl                                                       | CUSIP: 000000000<br>LEI: 529900SJ7X71ESJK9N76 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $91863.53     | 0.16%             | 2024-08-08      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                        | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $39893.31     | 0.07%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OLEODUCTO CENTRAL SA         | Oleoducto Central SA                                                          | CUSIP: 680617AC1<br>LEI: 254900W4CPYCQFVH5E92 | Long             | DBT              | CORP              | CO        |    100000 | PA      | $88982.78     | 0.15%             | 2027-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| ALTICE FRANCE HOLDING SA     | Altice France Holding SA                                                      | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $43020.25     | 0.07%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GLOBO COMMUNICACOES PART     | Globo Comunicacao e Participacoes SA                                          | CUSIP: 37959DAB0<br>LEI: 52990054HEKS017PVR75 | Long             | DBT              | CORP              | BR        |    100000 | PA      | $85355.00     | 0.14%             | 2030-01-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG               | Commerzbank AG                                                                | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     40000 | PA      | $43047.07     | 0.07%             | 2027-03-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEREOS FINANCE GROUPE I      | Tereos Finance Groupe I SA                                                    | CUSIP: 000000000<br>LEI: 969500183Z46A3QF8W69 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $111727.38    | 0.19%             | 2025-10-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                   | CUSIP: 71647NBJ7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $39183.00     | 0.07%             | 2051-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                               | CUSIP: 151290BX0<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     75000 | PA      | $70236.93     | 0.12%             | 2030-09-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                     | CUSIP: 059578AF1<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |     50000 | PA      | $46188.25     | 0.08%             | 2026-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PPF Telecom Group BV         | PPF Telecom Group BV                                                          | CUSIP: 000000000<br>LEI: 31570074PLDZISJWNN43 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $102804.29    | 0.17%             | 2026-03-27      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB          | Verisure Holding AB                                                           | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    150000 | PA      | $151358.97    | 0.26%             | 2026-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| GLOBAL AIR LEASE CO LTD      | Global Aircraft Leasing Co Ltd                                                | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    118922 | PA      | $108658.89    | 0.18%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                  | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     50000 | PA      | $43828.75     | 0.07%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA SPAIN SLU      | AI Candelaria Spain SA                                                        | CUSIP: 001355AA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     70625 | PA      | $67294.64     | 0.11%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD             | Taseko Mines Ltd                                                              | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $23723.63     | 0.04%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| RENAULT SA                   | Renault SA                                                                    | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100235.46    | 0.17%             | 2025-06-24      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| RUMO LUXEMBOURG SARL         | Rumo Luxembourg Sarl                                                          | CUSIP: 781467AC9<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $96270.00     | 0.16%             | 2028-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bancolombia SA               | Bancolombia SA                                                                | CUSIP: 05968LAL6<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |     50000 | PA      | $45625.25     | 0.08%             | 2029-12-18      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET     | Turkcell Iletisim Hizmetleri AS                                               | CUSIP: 900111AB1<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    100000 | PA      | $87500.00     | 0.15%             | 2028-04-11      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd       | MGM China Holdings Ltd                                                        | CUSIP: 55300RAB7<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $189467.00    | 0.32%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $92344.00     | 0.16%             | 2029-05-09      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| INSTITUTO COSTARRICENSE      | Instituto Costarricense de Electricidad                                       | CUSIP: 45777VAD9<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | CORP              | CR        |    100000 | PA      | $81000.44     | 0.14%             | 2043-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP               | TransAlta Corp                                                                | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51477.42     | 0.09%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC               | Bombardier Inc                                                                | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75010.50     | 0.13%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INDIKA ENERGY III PTE        | Indika Energy Capital III Pte Ltd                                             | CUSIP: 45569FAA2<br>LEI: 254900QWI3R1VQN4X672 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $99054.54     | 0.17%             | 2024-11-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA           | Telecom Italia SpA/Milano                                                     | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $101561.96    | 0.17%             | 2025-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC            | Rakuten Group Inc                                                             | CUSIP: 75102WAB4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $123885.39    | 0.21%             | 2031-04-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEDCO BELL PTE LTD           | Medco Bell Pte Ltd                                                            | CUSIP: 58406LAA9<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $192305.47    | 0.32%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA        | Minerva Luxembourg SA                                                         | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    125000 | PA      | $106052.45    | 0.18%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV      | Mong Duong Finance Holdings BV                                                | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $89500.01     | 0.15%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Tullow Oil PLC               | Tullow Oil PLC                                                                | CUSIP: 899415AE3<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $71212.77     | 0.12%             | 2025-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CO-OPERATIVE GROUP LTD       | Co-Operative Group Ltd                                                        | CUSIP: 000000000<br>LEI: 213800TKR59ER8Z69V16 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $119203.68    | 0.20%             | 2024-05-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Renault SA                   | Renault SA                                                                    | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $97950.30     | 0.17%             | 2026-09-28      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYGGNADSBOLAGET      | Samhallsbyggnadsbolaget i Norden AB                                           | CUSIP: 000000000<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |    100000 | PA      | $43556.47     | 0.07%             | 2025-01-30      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT HOLDINGS INC       | Open Text Holdings Inc                                                        | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $42168.84     | 0.07%             | 2030-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| REXEL SA                     | Rexel SA                                                                      | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $94586.26     | 0.16%             | 2028-06-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| KERNEL HOLDING SA            | Kernel Holding SA                                                             | CUSIP: 49229QAC8<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $21271.98     | 0.04%             | 2027-10-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                | ZF North America Capital Inc                                                  | CUSIP: 98877DAC9<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    175000 | PA      | $168992.25    | 0.29%             | 2025-04-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAYER AG                     | Bayer AG                                                                      | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $106372.94    | 0.18%             | 2074-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Schaeffler AG                | Schaeffler AG                                                                 | CUSIP: 000000000<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |     50000 | PA      | $53157.53     | 0.09%             | 2024-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SACE SPA                     | SACE SPA                                                                      | CUSIP: 000000000<br>LEI: 8156009027DEC776E736 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $98749.09     | 0.17%             | 2025-02-10      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                   | goeasy Ltd                                                                    | CUSIP: 380355AD9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47934.00     | 0.08%             | 2024-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Atlantia SpA                 | Atlantia SpA                                                                  | CUSIP: 000000000<br>LEI: 8156008DEC771409C487 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $96516.82     | 0.16%             | 2027-07-13      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ACS ACTIVIDADES CONS Y S     | ACS Actividades de Construccion y Servicios SA                                | CUSIP: 000000000<br>LEI: 95980020140005558665 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $101494.62    | 0.17%             | 2025-06-17      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| GIBSON ENERGY INC            | Gibson Energy Inc                                                             | CUSIP: 37482ZAC5<br>LEI: 549300WYW5D9I3FR0643 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $17317.80     | 0.03%             | 2027-07-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| HERENS MIDCO SARL            | Herens Midco Sarl                                                             | CUSIP: 000000000<br>LEI: 222100BJH5XPZD1JHF79 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $74847.84     | 0.13%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc               | Bombardier Inc                                                                | CUSIP: 097751BM2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    107000 | PA      | $107263.22    | 0.18%             | 2025-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA             | Movida Europe SA                                                              | CUSIP: 62459LAA7<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $73241.50     | 0.12%             | 2031-02-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                           | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $33720.96     | 0.06%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH          | Klabin Austria GmbH                                                           | CUSIP: 49836AAB0<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |     50000 | PA      | $50663.75     | 0.09%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD              | Network i2i Ltd                                                               | CUSIP: 64132NAA4<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $96625.00     | 0.16%             | 2025-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UPC BROADBAND FINCO BV       | UPC Broadband Finco BV                                                        | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $88115.50     | 0.15%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** VanEck ETF Trust

**Signature:** James Parker

**Name of Signer:** James Parker

**Title:** Assistant Treasurer