# EDGAR Filing Document

**Accession Number:** 0000904112
**File Stem:** 0001410368-25-031654
**Filing Date:** 2025-11
**Character Count:** 233065
**Document Hash:** 873a6d98ad46f8bc9f2b488ed4cdf95f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031654.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-031654

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
- **CENTRAL INDEX KEY:** 0000904112

**ORGANIZATION NAME:**
- **EIN:** 133713706
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07694
- **FILM NUMBER:** 251524511

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-231-2608

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER EMERGING MARKETS DEBT FUND INC
- **DATE OF NAME CHANGE:** 20000504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
- **DATE OF NAME CHANGE:** 19930714

## Nport-Ex

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **FIXED INCOME SECURITIES (98.4%)** |  |  |
| **Albania (0.9%)** |  |  |
| **Sovereign (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Albania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/23/31 | 100 | $115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/14/35 | 1141 | 1353 |
|  |  | 1468 |
| **Angola (0.9%)** |  |  |
| **Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Azule Energy Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 1/23/30 (a) | $1133 | 1144 |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Angolan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 4/14/32 | 200 | 191 |
|  |  | 1335 |
| **Argentina (3.3%)** |  |  |
| **Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Macro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 6/23/29 (a) | 508 | 497 |
| &nbsp;&nbsp;&nbsp;Empresa Distribuidora de Electricidad de Mendoza SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/28/31 (a)(b) | 670 | 616 |
| &nbsp;&nbsp;&nbsp;Generacion Mediterranea SA/Central Termica Roca SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 11/1/31 (a)(c)(d) | 426 | 237 |
| &nbsp;&nbsp;&nbsp;YPF SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/17/34 (a) | 468 | 452 |
|  |  | 1802 |
| **Senior Loan Interests (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Provincia De Neuquen, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 7.30%, 11.58%, 5/28/27 (e) | 126 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month SOFR + 7.30%, 11.58%, 5/28/27 (e) | 161 | 162 |
| &nbsp;&nbsp;&nbsp;Telecom Argentina SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.00%, 9.20%, 2/23/29 (e) | 278 | 283 |
| &nbsp;&nbsp;&nbsp;VMOS SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, 9.70%, 7/8/30 (e) | 321 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.50%, 9.48%, 7/8/30 | 869 | 869 |
|  |  | 1763 |
| **Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 7/9/30 (b) | 240 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 7/9/29 | 160 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/9/41 (b) | 300 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/9/35 (b) | 300 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/9/38 (b) | 300 | 170 |
| &nbsp;&nbsp;&nbsp;Provincia de Cordoba, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 7/2/32 (a) | 927 | 887 |
|  |  | 1639 |
|  |  | 5204 |
| **Armenia (0.1%)** |  |  |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Armenia International Bond, 6.75%, 3/12/35 | 200 | 204 |
| **Azerbaijan (0.2%)** |  |  |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan International Bond, 3.50%, 9/1/32 | 340 | 317 |
| **Bahamas (1.4%)** |  |  |
| **Senior Loan Interests (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas, 2024 EUR Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month EURIBOR + 6.85%, 8.89%, 11/24/28 (e) | 1313 | 1591 |
| **Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bahamas Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 6/24/36 (a) | $284 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 10/15/32 | 200 | 223 |
|  |  | 530 |
|  |  | 2121 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Benin (1.4%)** |  |  |
| **Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Benin Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 1/19/32 | 150 | $168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/22/35 | 473 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/19/52 | 703 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 2/13/38 | $500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 1/23/41 | 200 | 210 |
|  |  | 2157 |
| **Bosnia and Herzegovina (0.2%)** |  |  |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Federation of Bosnia & Herzegovina Eurobond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/17/30 | 314 | 382 |
| **Brazil (6.0%)** |  |  |
| **Corporate Bonds (6.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Adecoagro SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/29/32 (a) | $302 | 296 |
| &nbsp;&nbsp;&nbsp;Ambipar Lux SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 2/5/33 | 200 | 34 |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/31/30 | 1155 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/23/81 | 518 | 86 |
| &nbsp;&nbsp;&nbsp;Constellation Oil Services Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/7/29 (a) | 844 | 866 |
| &nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 1/9/38 (f) | 360 | 359 |
| &nbsp;&nbsp;&nbsp;FORESEA Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/15/30 | 946 | 927 |
| &nbsp;&nbsp;&nbsp;Gol Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 6/6/30 (a) | 839 | 864 |
| &nbsp;&nbsp;&nbsp;MV24 Capital BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/1/34 | 609 | 605 |
| &nbsp;&nbsp;&nbsp;Oceanica Lux, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 10/2/29 (a) | 827 | 844 |
| &nbsp;&nbsp;&nbsp;OHI Group SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 7/22/29 (a) | 1254 | 1329 |
| &nbsp;&nbsp;&nbsp;OI SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% Cash, 6.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50%, 6/30/27 (a)(g) | 481 | 317 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/8/32 (a) | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/25/37 | 286 | 278 |
| &nbsp;&nbsp;&nbsp;Samarco Mineracao SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 9.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/30/31 (g) | 1562 | 1571 |
| &nbsp;&nbsp;&nbsp;Unigel Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50% Cash or 15.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50%, 12/31/27 (g) | 34 | 26 |
| &nbsp;&nbsp;&nbsp;Yinson Boronia Production BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/31/42 (a) | 197 | 220 |
|  |  | 9253 |
| **Bulgaria (0.2%)** |  |  |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bulgaria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/5/37 | 280 | 281 |
| **Cameroon (0.5%)** |  |  |
| **Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/19/29 | 600 | 609 |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Cameroon International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/31/31 | 209 | 201 |
|  |  | 810 |
| **Chile (1.9%)** |  |  |
| **Sovereign (1.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 7/27/33 | 700 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 1/25/50 | 1100 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/5/36 | 1500 | 1509 |
|  |  | 2915 |
| **China (1.6%)** |  |  |
| **Corporate Bonds (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/1/31 | 183 | 337 |
| &nbsp;&nbsp;&nbsp;China Oil & Gas Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 6/30/26 | 1101 | 1094 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 5/1/26 | 140 | 155 |
| &nbsp;&nbsp;&nbsp;KWG Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 8/30/24 (c)(d) | 654 | 40 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 9/16/29 | $372 | $324 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/1/25 | 143 | 142 |
| &nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/21/26 (a) | 168 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% Cash or 3.00% PIK, 2.00%, 7/21/32 - 1/21/34 (a)(g) | 774 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash or 6.00% PIK, 5.00%, 7/21/31 (a)(g) | 1057 | 48 |
| &nbsp;&nbsp;&nbsp;Sunac China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (c)(d) | 124 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (c)(d) | 105 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (c)(d) | 106 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (c)(d) | 212 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (c)(d) | 318 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (c)(d) | 319 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (c)(d) | 150 | 23 |
| &nbsp;&nbsp;&nbsp;Times China Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/4/24 (c)(d) | 2015 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/16/23 (c)(d) | 410 | 14 |
|  |  | 2465 |
| **Colombia (3.2%)** |  |  |
| **Corporate Bonds (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;ABRA Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% Cash, 8.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00%, 10/22/29 (a)(g) | 895 | 872 |
| &nbsp;&nbsp;&nbsp;Avianca Midco 2 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/1/28 (a) | 936 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 2/14/30 (a) | 304 | 303 |
| &nbsp;&nbsp;&nbsp;Banco Davivienda SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 yr. CMT + 5.10%, 6.65%, 4/22/31 (h) | 208 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 7/2/35 (a) | 507 | 527 |
| &nbsp;&nbsp;&nbsp;Banco de Occidente SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 8/13/34 | 650 | 733 |
| &nbsp;&nbsp;&nbsp;Canacol Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/24/28 | 548 | 190 |
| &nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/30/30 | 411 | 383 |
|  |  | 4139 |
| **Sovereign (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Colombia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/7/36 | 600 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/7/54 | 200 | 212 |
|  |  | 842 |
|  |  | 4981 |
| **Costa Rica (0.8%)** |  |  |
| **Sovereign (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Costa Rica Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 4/3/34 | 1100 | 1181 |
| **Dominican Republic (2.3%)** |  |  |
| **Sovereign (2.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/30/30 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 9/23/32 | 1700 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 1/21/41 | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/22/33 | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 1/27/45 (a) | 800 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 4/30/44 (a) | 400 | 440 |
|  |  | 3572 |
| **Ecuador (2.7%)** |  |  |
| **Sovereign (2.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 7/31/30 | 1829 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 7/31/30 - 7/31/35 (b) | 3355 | 2836 |
|  |  | 4242 |
| **Egypt (2.8%)** |  |  |
| **Sovereign (2.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/16/30 | 600 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 4/11/31 | 900 | 1015 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Sovereign (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 9/30/33 | $300 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 2/21/48 | 1000 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 1/31/47 | 1200 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 2/4/30 | 207 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 2/4/33 | 241 | 258 |
|  |  | 4342 |
| **El Salvador (0.8%)** |  |  |
| **Sovereign (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;El Salvador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 6/15/35 | 216 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/10/32 | 450 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 4/17/30 | 212 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65%, 11/21/54 (a) | 229 | 248 |
|  |  | 1180 |
| **Ethiopia (1.8%)** |  |  |
| **Sovereign (1.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ethiopia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/11/24 | 2960 | 2845 |
| **Gabon (0.2%)** |  |  |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Gabon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/6/31 | 300 | 242 |
| **Georgia (1.1%)** |  |  |
| **Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Georgia JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/16/29 (h) | 830 | 843 |
| &nbsp;&nbsp;&nbsp;TBC Bank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 7/30/29 (h) | 830 | 852 |
|  |  | 1695 |
| **Ghana (0.8%)** |  |  |
| **Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/1/31 | 976 | 758 |
| &nbsp;&nbsp;&nbsp;Puma International Financing SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 4/25/29 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;Tullow Oil PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 5/15/26 | 378 | 325 |
|  |  | 1290 |
| **Greece (0.4%)** |  |  |
| **Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Bank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 6/10/30 (h) | 508 | 655 |
| **Guatemala (1.0%)** |  |  |
| **Sovereign (1.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Guatemala Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/7/33 | $400 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/24/32 | 700 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 2/6/37 | 500 | 529 |
|  |  | 1591 |
| **Guyana (0.1%)** |  |  |
| **Corporate Bond (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 6/3/29 (a) | 185 | 186 |
| **Honduras (1.1%)** |  |  |
| **Sovereign (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Honduras Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/27/34 (a) | 1616 | 1776 |
| **Hong Kong (0.6%)** |  |  |
| **Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;CAS Capital No. 1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/12/26 (h) | 600 | 594 |
| &nbsp;&nbsp;&nbsp;Li & Fung Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/5/29 | 390 | 407 |
|  |  | 1001 |
| **Hungary (2.3%)** |  |  |
| **Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;MBH Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 1/29/30 | 383 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/8/35 | 200 | 251 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 7/30/35 | $305 | 325 |
|  |  | 1036 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Sovereign (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/26/36 | $1600 | $1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/22/32 | 800 | 859 |
|  |  | 2475 |
|  |  | 3511 |
| **India (1.2%)** |  |  |
| **Corporate Bonds (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 8/25/26 (h) | 516 | 508 |
| &nbsp;&nbsp;&nbsp;Piramal Capital & Housing Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%, 1/29/28 | 550 | 564 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48%, 7/24/30 (a) | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 6/3/28 (a) | 210 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/3/31 (a) | 410 | 440 |
|  |  | 1931 |
| **Iraq (0.1%)** |  |  |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Iraq International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 1/15/28 | 128 | 128 |
| **Jamaica (0.8%)** |  |  |
| **Corporate Bonds (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 8/1/32 (a) | 390 | 401 |
| &nbsp;&nbsp;&nbsp;NCB Financial Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 7/31/30 (a) | 620 | 620 |
|  |  | 1021 |
| **Senior Loan Interests (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Digicel International Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.25%, 9.48%, 8/6/32 (e) | 200 | 201 |
|  |  | 1222 |
| **Jordan (0.6%)** |  |  |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Jordan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/7/30 | 1006 | 1005 |
| **Kazakhstan (0.9%)** |  |  |
| **Corporate Bonds (0.9%)** |  |  |
| &nbsp;&nbsp;&nbsp;ForteBank JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 2/4/30 (a) | 1030 | 1055 |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/26/30 | 395 | 407 |
|  |  | 1462 |
| **Kenya (0.6%)** |  |  |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 2/28/48 | 347 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 3/5/36 | 600 | 617 |
|  |  | 932 |
| **Kuwait (2.6%)** |  |  |
| **Sovereign (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/9/35 | 2120 | 2120 |
| &nbsp;&nbsp;&nbsp;State of Kuwait, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/9/30 | 1990 | 1990 |
|  |  | 4110 |
| **Lebanon (1.4%)** |  |  |
| **Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Lebanon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 4/14/20 (c)(d) | 1070 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/27/23 (c)(d) | 665 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/4/22 (c)(d) | 1107 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 6/19/20 (c)(d) | 24 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 2/26/25 (c)(d) | 129 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 5/27/22 - 6/12/25 (c)(d) | 425 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/9/49 (c)(d) | 72 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 5/26/23 (c)(d) | 2809 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/27/26 (c)(d) | 11 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 11/3/28 - 4/22/49 (c)(d) | 542 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 3/23/27 - 5/25/29 (c)(d) | 2115 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/20/28 - 3/23/32 (c)(d) | 801 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/23/37 (c)(d) | 151 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 4/12/21 (c)(d) | 17 | 4 |
|  |  | 2242 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Malaysia (0.6%)** |  |  |
| **Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Capital Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 1/28/32 | $600 | $541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 4/21/50 | 520 | 461 |
|  |  | 1002 |
| **Mexico (3.6%)** |  |  |
| **Corporate Bonds (2.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Mercantil del Norte SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 5/20/31 (a)(h) | 550 | 580 |
| &nbsp;&nbsp;&nbsp;BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65%, 5.13%, 1/18/33 | 350 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 6/29/38 | 398 | 442 |
| &nbsp;&nbsp;&nbsp;Braskem Idesa SAPI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 2/20/32 | 309 | 184 |
| &nbsp;&nbsp;&nbsp;Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00% Cash, 2.00% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 9/12/30 (g) | 804 | 462 |
| &nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/15/31 (a) | 695 | 696 |
| &nbsp;&nbsp;&nbsp;Total Play Telecomunicaciones SA de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13%, 12/31/32 (a) | 479 | 473 |
|  |  | 3181 |
| **Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 2/12/52 | 400 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 7/2/32 | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 2/9/35 | 400 | 423 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 1/23/26 | 311 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 9/21/47 | 685 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 1/23/30 | 252 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 8/4/26 | 186 | 189 |
|  |  | 2354 |
|  |  | 5535 |
| **Mongolia (1.0%)** |  |  |
| **Corporate Bonds (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Golomt Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 5/20/27 | 263 | 272 |
| &nbsp;&nbsp;&nbsp;Mongolian Mining Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, 4/3/30 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;State Bank LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90%, 9/25/28 | 410 | 409 |
|  |  | 884 |
| **Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Mongolia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/25/30 | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 6/5/29 | 280 | 297 |
|  |  | 704 |
|  |  | 1588 |
| **Montenegro (1.2%)** |  |  |
| **Sovereign (1.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Montenegro Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 4/1/32 | 1550 | 1831 |
| **Morocco (0.5%)** |  |  |
| **Sovereign (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morocco Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/32 | $500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/50 (a) | 400 | 294 |
|  |  | 737 |
| **Mozambique (0.4%)** |  |  |
| **Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Mozambique International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 9/15/31 (b) | 637 | 569 |
| **Nicaragua (0.3%)** |  |  |
| **Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Polaris Renewable Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/3/29 | 375 | 393 |
| **Nigeria (1.8%)** |  |  |
| **Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Access Bank PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/21/26 | 625 | 624 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 2/23/38 | $350 | $325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38%, 12/9/34 | 1716 | 1912 |
|  |  | 2237 |
|  |  | 2861 |
| **Oman (2.2%)** |  |  |
| **Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Oman Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/1/29 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/25/31 | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/17/48 | 500 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/28/32 | 1200 | 1399 |
|  |  | 3346 |
| **Pakistan (1.1%)** |  |  |
| **Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Veon Midco BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/25/27 | 635 | 597 |
| **Sovereign (0.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/5/27 | 407 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/8/31 | 728 | 715 |
|  |  | 1123 |
|  |  | 1720 |
| **Panama (2.4%)** |  |  |
| **Senior Loan Interests (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Coral-U.S. Co-Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Term Loan B7, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 3.25%, 7.57%, 1/31/32 (e) | 313 | 310 |
| **Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/17/32 (a)(h) | 205 | 211 |
| &nbsp;&nbsp;&nbsp;Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/56 | 1924 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 1/26/36 | 802 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/1/31 | 800 | 880 |
|  |  | 3352 |
|  |  | 3662 |
| **Paraguay (0.7%)** |  |  |
| **Corporate Bond (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 7/21/28 | 229 | 170 |
| **Senior Loan Interests (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 5.50%, 9.63%, 12/8/26 (e) | 843 | 857 |
|  |  | 1027 |
| **Peru (1.9%)** |  |  |
| **Corporate Bonds (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Auna SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/18/29 (a) | 731 | 776 |
| &nbsp;&nbsp;&nbsp;Camposol SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/3/27 | 318 | 314 |
| &nbsp;&nbsp;&nbsp;Peru LNG Srl, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 3/22/30 | 319 | 306 |
| &nbsp;&nbsp;&nbsp;Petroleos del Peru SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 6/19/47 | 800 | 592 |
|  |  | 1988 |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Peruvian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/15/34 | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 3/11/41 | 500 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/8/54 | 400 | 403 |
|  |  | 966 |
|  |  | 2954 |
| **Philippines (1.6%)** |  |  |
| **Sovereign (1.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Philippine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/5/35 | 1200 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/17/33 | 800 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 1/17/48 | 500 | 511 |
|  |  | 2549 |
| **Romania (5.3%)** |  |  |
| **Sovereign (5.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Romanian Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 7/13/30 | 148 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/14/33 | 118 | 109 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Sovereign (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/2/40 | 218 | $165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 4/14/41 | 117 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 4/13/42 | 125 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 1/28/50 | 73 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/29/35 | 768 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 4/3/49 | 661 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 6/15/48 | $72 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/22/36 | 221 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/24/35 | $2074 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/11/32 | 288 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/25/34 | $72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/24/44 | 620 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/10/34 | 148 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/11/39 | 728 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/10/37 | $1466 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 1/17/53 | 144 | 154 |
|  |  | 8250 |
| **Saudi Arabia (0.8%)** |  |  |
| **Corporate Bonds (0.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Riyad Sukuk Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21%, 7/14/35 | 390 | 399 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/4/35 | 400 | 405 |
| &nbsp;&nbsp;&nbsp;SNB Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 6/24/35 | 390 | 400 |
|  |  | 1204 |
| **Senegal (0.2%)** |  |  |
| **Sovereign (0.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Senegal Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/8/37 | 347 | 269 |
| **Serbia (0.4%)** |  |  |
| **Sovereign (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Serbia International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 9/23/36 | 432 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/1/30 | $300 | 263 |
|  |  | 660 |
| **Sri Lanka (2.2%)** |  |  |
| **Sovereign (2.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 1/15/30 (a)(b) | 795 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 3/15/33 (a)(b) | 700 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 6/15/35 - 2/15/38 (a)(b) | 1590 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/15/28 (a) | 778 | 746 |
|  |  | 3479 |
| **Suriname (4.3%)** |  |  |
| **Senior Loan Interests (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Staatsolie Maatschappij Suriname NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Revolver, 1.93%, 4/25/32 | 2700 | 2700 |
| **Sovereign (2.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;Suriname Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(g) | 2172 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/31/50 (a)(e) | 1517 | 1791 |
|  |  | 3957 |
|  |  | 6657 |
| **Tanzania, United Republic Of (4.2%)** |  |  |
| **Senior Loan Interests (4.2%)** |  |  |
| &nbsp;&nbsp;&nbsp;HTA Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan Tranche A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 8.73%, 9/13/28 (e) | 120 | 120 |
| &nbsp;&nbsp;&nbsp;2024 Tranche C Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.31%, 8.71%, 9/13/28 (e) | 760 | 756 |
| &nbsp;&nbsp;&nbsp;Tanzania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e) | 5600 | 5600 |
|  |  | 6476 |
| **Togo (0.5%)** |  |  |
| **Corporate Bonds (0.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13%, 10/15/29 (a) | 787 | 838 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount**<br>**(000)** | **Value**<br>**(000)** |
| **Corporate Bonds (cont'd)** |  |  |
| **Trinidad And Tobago (0.1%)** |  |  |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 1/14/31 | $200 | $204 |
| **Turkey (1.1%)** |  |  |
| **Corporate Bonds (1.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 7/10/36 | 282 | 286 |
| &nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 8/12/30 (a) | 519 | 517 |
| &nbsp;&nbsp;&nbsp;WE Soda Investments Holding PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/6/28 | 250 | 243 |
| &nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 4/23/30 | 675 | 622 |
|  |  | 1668 |
| **Ukraine (2.0%)** |  |  |
| **Corporate Bond (0.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Kernel Holding SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | 613 | 559 |
| **Sovereign (1.7%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/30 - 2/1/36 (b) | 1842 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/29 - 2/1/36 (b) | 3022 | 1744 |
|  |  | 2619 |
|  |  | 3178 |
| **United Arab Emirates (1.9%)** |  |  |
| **Corporate Bond (0.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Ittihad International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/9/28 | 590 | 620 |
| **Sovereign (1.5%)** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 4/16/30 | 700 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/16/50 | 700 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/30/34 | 1000 | 1062 |
|  |  | 2318 |
|  |  | 2938 |
| **Uruguay (1.4%)** |  |  |
| **Sovereign (1.4%)** |  |  |
| &nbsp;&nbsp;&nbsp;Uruguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 6/18/50 | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 2/14/37 | 1600 | 1676 |
|  |  | 2151 |
| **Uzbekistan (2.0%)** |  |  |
| **Corporate Bonds (1.3%)** |  |  |
| &nbsp;&nbsp;&nbsp;Jscb Agrobank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/2/29 | 1250 | 1359 |
| &nbsp;&nbsp;&nbsp;Uzbek Industrial & Construction Bank ATB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 7/24/29 | 550 | 597 |
|  |  | 1956 |
| **Senior Loan Interests (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month SOFR + 4.76%, 9.09%, 4/23/27 (e) | 110 | 110 |
| **Sovereign (0.6%)** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Uzbekistan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 7/5/29 | 920 | 989 |
|  |  | 3055 |
| **Venezuela (3.8%)** |  |  |
| **Sovereign (3.8%)** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 4/12/27 (c)(d) | 2666 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/12/37 (c)(d) | 1084 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/28/22 - 11/15/26 (c)(d) | 6485 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/27/20 - 10/20/27 (c)(d) | 1230 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/17/21 (c)(d) | 1235 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 5/17/35 (c)(d) | 1600 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 2/17/22 (c)(d) | 881 | 163 |
| &nbsp;&nbsp;&nbsp;Venezuela Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/9/20 (c)(d) | 864 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/1/18 - 3/31/38 (c)(d) | 681 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 4/21/25 (c)(d) | 800 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/13/49 (c)(d) | 1402 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/13/24 (c)(d) | 1214 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 5/7/23 (c)(d) | 779 | 163 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

*(Showing Percentage of Total Value of Investments)*

---

| | | |
|:---|:---|:---|
|  | **Face Amount<br> (000)** | **Value<br> (000)** |
| **Sovereign (cont'd)** |  |  |
| &nbsp;&nbsp;&nbsp;9.25%, 9/15/27 - 5/7/28 (c)(d) | $1933 | $470 |
| &nbsp;&nbsp;&nbsp;9.38%, 1/13/34 (c)(d) | 132 | 36 |
| &nbsp;&nbsp;&nbsp;11.75%, 10/21/26 (c)(d) | 443 | 107 |
| &nbsp;&nbsp;&nbsp;11.95%, 8/5/31 (c)(d) | 812 | 196 |
| &nbsp;&nbsp;&nbsp;12.75%, 8/23/22 (c)(d) | 1200 | 284 |
| &nbsp;&nbsp;&nbsp;13.63%, 8/15/18 - 8/15/49 (c)(d) | 252 | 59 |
|  |  | 5908 |
| **Zambia (0.1%)** |  |  |
| **Sovereign (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;Zambia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/30/33 (b) | 202 | 194 |
| &nbsp;&nbsp;&nbsp;**TOTAL FIXED INCOME SECURITIES (COST $153,750)** |  | 153137 |

---

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Warrants** | |
| **WARRANTS (2.8%)** | | |
| **Ukraine (2.8%)** | | |
| &nbsp;&nbsp;&nbsp;Ukraine Government International Bond expires 8/1/41 (c)(d)(i) | 5479000 | 4392 |
| **Venezuela (0.0%)‡** |  |  |
| &nbsp;&nbsp;&nbsp;Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (e)(h)(i) | 5450 | 33 |
| &nbsp;&nbsp;&nbsp;**TOTAL WARRANTS (COST** $4,060)** |  | 4425 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENTS (3.3%)** |  |  |
| **Investment Company (3.0%)** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (j) **(Cost $4,596)** | 4596150 | 4596 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount<br> (000)** | **Value<br> (000)** |
| **United States (0.3%)** | |  |
| **U.S. Treasury Security (0.3%)** | |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3%, 11/20/25 (k) **(Cost $482)** | $485 | 482 |
| &nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (COST $5,078)** |  | 5078 |
| **Total Investments (104.5%) (Cost $162,888)(l)(m)(n)** |  | 162640 |
| Liabilities in Excess of Other Assets (-4.5%) |  | (7031) |
| **Net Assets (100.0%)** |  | $155609 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2025. Maturity date disclosed is the ultimate maturity date. |
| (c) | Issuer in bankruptcy. |
| (d) | Non-income producing security; bond in default. |
| (e) | Floating or variable rate securities: The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (f) | When-issued security. |
| (g) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (h) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of September 30, 2025. |
| (i) | Non-income producing security. |
| (j) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund. |
| (k) | Rate shown is the yield to maturity at September 30, 2025. |
| (l) | Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (m) | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 (aka the "Valuation Rule"), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a **"readily available market quotation"** for the security. The Fund's **Rule 17a-7** policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions. |
| (n) | At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,345,000 and the aggregate gross unrealized depreciation is approximately $10,853,000, resulting in net unrealized appreciation of approximately $492,000. |
| CMT | Constant Maturity Treasury Note Rate. |
| EUR | EURO |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Foreign Currency Forward Exchange Contracts:** 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver<br> (000)** | **In<br> Exchange<br> For<br> (000)** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC | 2000 | $2340 | 10/10/25 | $(10) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| Barclays Bank PLC | 1000 | $1170 | 10/10/25 | (5) |
| HSBC Bank PLC | $194 | 166 | 10/10/25 | 1 |
| HSBC Bank PLC | $1541 | 1300 | 10/10/25 | (14) |
| State Street Bank and Trust Co. | 235 | $275 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 314 | $368 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 293 | $342 | 10/10/25 | (1) |
| State Street Bank and Trust Co. | 539 | $630 | 10/10/25 | (3) |
| State Street Bank and Trust Co. | 313 | $366 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 1719 | $2010 | 10/10/25 | (9) |
| State Street Bank and Trust Co. | 595 | $696 | 10/10/25 | (3) |
| State Street Bank and Trust Co. | 505 | $591 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 63 | $73 | 10/10/25 | (— |
| State Street Bank and Trust Co. | 500 | $585 | 10/10/25 | (2) |
| State Street Bank and Trust Co. | 727 | $850 | 10/10/25 | (4) |
| State Street Bank and Trust Co. | 714 | $835 | 10/10/25 | (4) |
| State Street Bank and Trust Co. | $369 | 313 | 10/10/25 | (1 |
|  |  |  |  | $(87 |

---

---

| |
|:---|
| **Futures Contracts:** |
| The Fund had the following futures contracts open at September 30, 2025: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| **Long:** |  |  | | | |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 yr. Note (United States) | 14 | Dec-25 | $2800 | $2918 | $3 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 yr. Note (United States) | 25 | Dec-25 | 2500 | 2730 | 4 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Ultra Note (United States) | 117 | Dec-25 | 11700 | 13464 | 160 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond (United States) | 98 | Dec-25 | 9800 | 11426 | 232 |
| &nbsp;&nbsp;&nbsp;Ultra U.S. Treasury Bond (United States) | 118 | Dec-25 | 11800 | 14167 | 375 |
| **Short:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro-Buxl 30 yr. Bond Index (Germany) | 3 | Dec-25 | (300) | (403) | (9) |
| &nbsp;&nbsp;&nbsp;German Euro-Schatz Index (Germany) | 23 | Dec-25 | (2300) | (2889) | 3 |
| &nbsp;&nbsp;&nbsp;German Euro-Bobl Index (Germany) | 31 | Dec-25 | (3100) | (4288) | 1 |
| &nbsp;&nbsp;&nbsp;German Euro-Bund Index (Germany) | 51 | Dec-25 | (5100) | (7698) | (34) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 yr. Note (United States) | 80 | Dec-25 | $(8000) | (9000) | 5 |
|  |  |  |  |  | $740 |

---

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty<br> and Reference<br> Obligation** | **Credit<br> Rating of<br> Reference<br> Obligation** | **Buy/Sell<br> Protection** | **Pay/<br> Received<br> Fixed<br> Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Value<br> (000)** | **Upfront<br> Payment<br> Paid<br> (Received)<br> (000)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (000)** |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benin Government International Bonds | NR | Sell | 1.00% | Quarterly | 6/20/27 | $100 | $(2) | $(5) | $3 |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benin Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (2) | (5) | 3 |
| Morgan Stanley & Co. LLC\* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Egypt Government International Bonds | NR | Sell | 1.00 | Quarterly | 12/20/28 | 303 | (19) | (59) | 40 |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pan American Energy LLC | NR | Sell | 1.00 | Quarterly | 12/20/25 | 340 |  | (1) | 1 |
| Goldman Sachs International |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 370 | (1) | (10) | 9 |
| Morgan Stanley & Co. LLC\* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | NR | Buy | 1.00 | Quarterly | 12/20/30 | 2896 | 64 | 73 | (9) |
| Goldman Sachs International |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 1030 | (11) | (24) | 13 |
| JPMorgan Chase Bank NA |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 456 | (5) | (12) | 7 |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 914 | (5) | (14) | 9 |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 686 | (8) | (17) | 9 |
| Barclays Bank PLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 150 | (2 | (4) | 2 |
|  |  |  |  |  |  |  | $9 | $(78) | $87 |

---

NR Not rated.

---

| | |
|:---|:---|
| @ | Value is less than $500. |
| \* | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
| EUR | Euro |

---

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| <br>**Classification** | **Percentage of**<br>**Total Investments** |  |
| Sovereign | 57.7 | % |
| Corporate Bonds | 27.9 |  |
| Senior Loan Interests | 8.6 |  |
| Other\* | 5.8 |  |
| Total Investments | 100.0 | %\*\* |

---

\* Industries and/or investment types representing less than 5% of total investments.

\*\* Does not include open futures contracts with a value of approximately $68,983,000 and net unrealized appreciation of approximately $740,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $87,000. Also does not include open swap agreements with net unrealized appreciation of approximately $87,000.

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Notes to the Portfolio of Investments

**Security Valuation:** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Directors (the "Directors"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If the Adviser and/or the Sub-Adviser determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value (NAV) as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Directors have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Fund's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

**Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – unadjusted quoted prices
in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – other significant observable
inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – significant unobservable inputs including the Fund ' s
own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not
limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities),
analysis of the issuer ' s financial statements or other available
documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report - September 30, 2025 (unaudited)

Notes to the Portfolio of Investments (cont'd)

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investment Type** |<br>**Level 1**<br>**Unadjusted**<br>**Quoted**<br>**Prices**<br>**(000)** | **Level 2**<br>**Other**<br>**Significant**<br>**Observable**<br>**Inputs**<br>**(000)** |<br>**Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(000)** |<br><br>**Total**<br>**(000)** |
| **Assets:** |  |  |  |  |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $45373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $45373 |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 14008 |  | 14008 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 93756 |  | 93756 |
| **Total Fixed Income Securities** | **—** | **153137** | **—** | **153137** |
| **Warrants** |  | 4425 |  | 4425 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 482 |  | 482 |
| &nbsp;&nbsp;&nbsp;Investment Company | 4596 |  |  | 4596 |
| **Total Short-Term Investments** | **4596** | **482** | **—** | **5078** |
| **Foreign Currency Forward Exchange Contract** |  | 1 |  | 1 |
| **Futures Contracts** | 783 |  |  | 783 |
| **Credit Default Swap Agreements** |  | 96 |  | 96 |
| **Total Assets** | **5379** | **158141** | **—** | **163520** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (88) |  | (88) |
| **Futures Contracts** | (43) |  |  | (43) |
| **Credit Default Swap Agreement** |  | (9) |  | (9) |
| **Total Liabilities** | **(43)** | **(97)** | **—** | **(140)** |
| **Total** | $**5336** | $**158044** | $**—** | $**163380** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MORGAN STANLEY EMERGING MARKETS DEBT FUND INC

- **b. Investment Company Act file number:** 811-07694

- **c. CIK number of Registrant:** 0000904112

- **d. LEI of Registrant:** 879N34XPZOOCKFD26737

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

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-231-2608

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

- **a. Name of Series:** MORGAN STANLEY EMERGING MARKETS DEBT FUND INC

- **c. LEI of Series:** 879N34XPZOOCKFD26737

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $165305866.00

**Total Liabilities:** $9692273.25

**Net Assets:** $155613592.75

**Delayed Delivery Securities:** $1785513.60

**Cash Not Reported:** $1043122.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -61.20000000 | **1-Year:** -1424.81000000 | **5-Year:** -7330.88000000 | **10-Year:** -16251.62000000 | **30-Year:** -5481.55000000

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

- **3-Month:** -363.02000000 | **1-Year:** -6977.51000000 | **5-Year:** -20840.20000000 | **10-Year:** -18208.39000000 | **30-Year:** -4847.92000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -3.62%               | 0.94%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $209239.50               | $297601.22                                 |
| Month 2  | $1003394.59              | $1197233.36                                |
| Month 3  | $154101.93               | $721176.16                                 |

**Designated Index Information**

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

- **Index Identifier:** JPMEMBGDI

### Schedule of Portfolio Investments

| Name                                              | Title                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SAUDI AWWAL BANK                                  | Saudi Awwal Bank                                                                                                                       | CUSIP: 000000000<br>LEI: 558600TQS0WENZUC5190 | Long             | DBT              | CORP              | SA        |    400000 | PA      | $405086.30    | 0.26%             | 2035-09-04      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| FIDEIC IRR ADMIN 4323                             | Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    803980 | PA      | $462288.50    | 0.30%             | 2030-09-12      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2666200 | PA      | $434590.60    | 0.28%             | 2027-04-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                          | Shimao Group Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    290306 | PA      | $9434.95      | 0.01%             | 2033-07-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3660.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BOBL FUTURE DEC25                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -31 | NC      | $1091.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                          | Shimao Group Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    193537 | PA      | $6289.95      | 0.00%             | 2032-07-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD                              | Times China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |   2015000 | PA      | $75562.50     | 0.05%             | 2024-06-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| VMOS SA                                           | VMOS SA 1st Lien Term Loan                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |    321300 | PA      | $321300.00    | 0.21%             | 2030-07-08      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    892000 | PA      | $493914.80    | 0.32%             | 2035-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    700000 | PA      | $601681.77    | 0.39%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1083600 | PA      | $176626.80    | 0.11%             | 2037-04-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   2074000 | PA      | $2002085.17   | 1.29%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                          | Azule Energy Finance Plc                                                                                                               | CUSIP: 000000000<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    238000 | PA      | $240273.35    | 0.15%             | 2030-01-23      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    125000 | PA      | $94922.75     | 0.06%             | 2042-04-13      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    252000 | PA      | $256482.58    | 0.16%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds               | Peru Government International Bonds                                                                                                    | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    500000 | PA      | $389500.00    | 0.25%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    777690 | PA      | $745999.30    | 0.48%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    300000 | PA      | $169950.00    | 0.11%             | 2038-01-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    151000 | PA      | $34251.51     | 0.02%             | 2037-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1603.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MBH BANK NYRT                                     | MBH Bank Nyrt                                                                                                                          | CUSIP: 000000000<br>LEI: 3H0Q3U74FVFED2SHZT16 | Long             | DBT              | CORP              | HU        |    383000 | PA      | $459852.09    | 0.30%             | 2030-01-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                          | Yinson Boronia Production BV                                                                                                           | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    197199 | PA      | $219808.48    | 0.14%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| LI & FUNG LTD                                     | Li & Fung Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 254900B5ACVOJC6VNM71 | Long             | DBT              | CORP              | BM        |    390000 | PA      | $406734.64    | 0.26%             | 2029-02-05      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    500000 | PA      | $512531.67    | 0.33%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA TSA                     | PETROLEOS DE VENEZUELA SA TSA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | US        |    685500 | PA      | $788325.00    | 0.51%             | 2027-10-20      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 86886PAC6<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |   1800608 | PA      | $1796106.50   | 1.15%             | 2033-07-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                              | Constellation Oil Services Holding SA                                                                                                  | CUSIP: 000000000<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    229000 | PA      | $234954.00    | 0.15%             | 2029-11-07      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Hungary Government International Bonds            | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    800000 | PA      | $858944.58    | 0.55%             | 2032-09-22      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                          | Shimao Group Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    290306 | PA      | $6531.89      | 0.00%             | 2034-01-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                              | Republic of Cameroon International Bond                                                                                                | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    209000 | PA      | $201301.45    | 0.13%             | 2031-07-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                          | Azule Energy Finance Plc                                                                                                               | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    895000 | PA      | $903548.93    | 0.58%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                              | Petronas Capital Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    520000 | PA      | $461048.92    | 0.30%             | 2050-04-21      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    544000 | PA      | $534480.00    | 0.34%             | 2020-10-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-2587.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds  | Republic of Kenya Government International Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    347000 | PA      | $315194.55    | 0.20%             | 2048-02-28      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                          | Shimao Group Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    167631 | PA      | $9638.78      | 0.01%             | 2026-07-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                              | Raizen Fuels Finance SA                                                                                                                | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    286000 | PA      | $278135.00    | 0.18%             | 2037-02-25      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $-1457.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-2759.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                               | Banco Davivienda SA                                                                                                                    | CUSIP: 000000000<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |    208000 | PA      | $193531.33    | 0.12%             | 2031-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                               | ABRA Global Finance                                                                                                                    | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |    894700 | PA      | $872332.50    | 0.56%             | 2029-10-22      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     99000 | PA      | $23522.40     | 0.02%             | 2049-08-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH OF THE BAHAMAS                       | Commonwealth of The Bahamas 2024 EUR Term Loan                                                                                         | CUSIP: 000000000<br>LEI: 549300W13SXC7EKNJC20 | Long             | LON              | CORP              | BS        |   1312500 | PA      | $1591330.28   | 1.02%             | 2028-11-24      | Floating      | 8.89%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    863500 | PA      | $154652.85    | 0.10%             | 2020-12-09      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OCEANICA LUX                                      | Oceanica Lux                                                                                                                           | CUSIP: 67525AAA0<br>LEI: 635400VU48WVABC1TO64 | Long             | DBT              | CORP              | LU        |    540000 | PA      | $550476.00    | 0.35%             | 2029-10-02      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    474000 | PA      | $327275.16    | 0.21%             | 2029-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    400000 | PA      | $356349.40    | 0.23%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                            | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                           | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $343953.75    | 0.22%             | 2033-01-18      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT                          | Shimao Group Holdings Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |   1057358 | PA      | $48215.52     | 0.03%             | 2031-07-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1202.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    158000 | PA      | $35530.25     | 0.02%             | 2022-05-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-8807.98     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                             | Costa Rica Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |   1100000 | PA      | $1181157.75   | 0.76%             | 2034-04-03      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BUND FUTURE DEC25                                                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -51 | NC      | $-34129.65    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                              | YPF SA                                                                                                                                 | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    467970 | PA      | $451766.12    | 0.29%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Iraq International Bonds                          | Iraq International Bonds                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | IQ        |    128125 | PA      | $127567.69    | 0.08%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs International                       | Long: BMIF9NA65 CDS USD R F  1.00000 II7694360250801 CORPORATE / Short: BMIF9NA65 CDS USD P V 03MEVENT II0610150250801 CORPORATE       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | GB        |   1030000 | OU      | $-11849.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    510431 | PA      | $452958.24    | 0.29%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    400000 | PA      | $167348.50    | 0.11%             | 2034-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                              | Constellation Oil Services Holding SA                                                                                                  | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    615000 | PA      | $630990.00    | 0.41%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Navoi Mining and Metallurgical Company            | Navoi Mining and Metallurgical Company 2024 Term Loan                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    109989 | PA      | $109439.33    | 0.07%             | 2027-04-23      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bonds            | Morocco Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    500000 | PA      | $442904.85    | 0.28%             | 2032-12-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1200300 | PA      | $283990.98    | 0.18%             | 2022-08-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                              | Raizen Fuels Finance SA                                                                                                                | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $195450.00    | 0.13%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                                 | Trinidad & Tobago Government International Bond                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    200000 | PA      | $204360.00    | 0.13%             | 2031-01-14      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| HTA GROUP LTD                                     | HTA Group Ltd 2024 Tranche C Term Loan                                                                                                 | CUSIP: 000000000<br>LEI: 213800WEFU8O8X6EPU13 | Long             | LON              | CORP              | US        |    760000 | PA      | $756200.00    | 0.49%             | 2028-09-13      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    811500 | PA      | $196058.40    | 0.13%             | 2031-08-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-9710.12     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SECURE INTERNATIONAL FIN                          | Secure International Finance Co Inc                                                                                                    | CUSIP: 81373LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GY        |    185294 | PA      | $186220.59    | 0.12%             | 2029-06-03      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                                                                                  | CUSIP: 698299BX1<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    800000 | PA      | $880480.00    | 0.57%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 86886PAD4<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    563301 | PA      | $664695.18    | 0.43%             | 2050-12-31      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        14 | NC      | $3281.27      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PIRAMAL FINANCE LTD                               | Piramal Capital & Housing Finance Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 335800M751HM7MSTFQ19 | Long             | DBT              | CORP              | IN        |    550000 | PA      | $563436.48    | 0.36%             | 2028-01-29      | Fixed         | 7.80%                 | Yes           |                  2 | On Loan: No      |
| Mexico Government International Bonds             | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $299720.00    | 0.19%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bonds           | Romanian Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    288000 | PA      | $346833.34    | 0.22%             | 2032-07-11      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AUNA SA                                           | Auna SA                                                                                                                                | CUSIP: 05151AAA1<br>LEI: 254900SOGP7YC0N9I368 | Long             | DBT              | CORP              | LU        |    731000 | PA      | $775419.22    | 0.50%             | 2029-12-18      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       118 | NC      | $375203.07    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Kenya Government International Bonds  | Republic of Kenya Government International Bonds                                                                                       | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    600000 | PA      | $616943.65    | 0.40%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| KWG GROUP HOLDINGS                                | KWG Group Holdings Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 549300LK82ZOM9ZE7H90 | Long             | DBT              | CORP              | KY        |    653783 | PA      | $40125.93     | 0.03%             | 2024-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAS CAPITAL NO1 LTD                               | CAS Capital No 1 Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 254900REJZW5L9QRTD85 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $594181.90    | 0.38%             | 2026-07-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MBH BANK NYRT                                     | MBH Bank Nyrt                                                                                                                          | CUSIP: 000000000<br>LEI: 3H0Q3U74FVFED2SHZT16 | Long             | DBT              | CORP              | HU        |    200000 | PA      | $251638.62    | 0.16%             | 2035-11-08      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                               | Ecuador Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1829394 | PA      | $1406346.64   | 0.90%             | 2030-07-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                               | Honduras Government International Bond                                                                                                 | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    300000 | PA      | $329625.00    | 0.21%             | 2034-11-27      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BANCO LATINOAMERICANO SA                          | Banco Latinoamericano de Comercio Exterior SA                                                                                          | CUSIP: 05968CAD4<br>LEI: 549300CN3134K4LC0651 | Long             | DBT              | NUSS              | PA        |    205000 | PA      | $210596.07    | 0.14%             | 2032-09-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    703000 | PA      | $754606.67    | 0.48%             | 2052-01-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                           | Bahamas Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    200000 | PA      | $222510.00    | 0.14%             | 2032-10-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    880700 | PA      | $162929.50    | 0.10%             | 2022-02-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                              | Provincia de Cordoba                                                                                                                   | CUSIP: 000000000<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    268000 | PA      | $256409.00    | 0.16%             | 2032-07-02      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    600000 | PA      | $293488.79    | 0.19%             | 2035-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    443200 | PA      | $107077.12    | 0.07%             | 2026-10-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Jordan Government International Bonds             | Jordan Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |   1006000 | PA      | $1004913.16   | 0.65%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                           | Bahamas Government International Bond                                                                                                  | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    707000 | PA      | $764662.92    | 0.49%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                           | WE Soda Investments Holding PLC                                                                                                        | CUSIP: 000000000<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $242825.84    | 0.16%             | 2028-10-06      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1200000 | PA      | $1060717.18   | 0.68%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds            | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    500000 | PA      | $519275.00    | 0.33%             | 2045-01-27      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                           | Ethiopia International Bond                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |   2960000 | PA      | $2845300.00   | 1.83%             | 2024-12-11      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| NCB FINANCIAL GROUP                               | NCB Financial Group Ltd                                                                                                                | CUSIP: 639935AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | JM        |    620000 | PA      | $620000.00    | 0.40%             | 2030-07-31      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMIEQ8LH6 CDS USD R F  1.00000 II0736330250331 CORPORATE / Short: BMIEQ8LH6 CDS USD P V 03MEVENT II0638200250331 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    340000 | OU      | $47.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FED OF BOSNIA&HERZ                                | Federation of Bosnia & Herzegovina Eurobond                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | BA        |    314000 | PA      | $381741.28    | 0.25%             | 2030-07-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                 | Vedanta Resources Finance II PLC                                                                                                       | CUSIP: 92243XAJ0<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $217256.28    | 0.14%             | 2028-06-03      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds            | Hungary Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1600000 | PA      | $1615773.26   | 1.04%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    221000 | PA      | $253109.56    | 0.16%             | 2036-02-22      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Mexico Government International Bonds             | Mexico Government International Bonds                                                                                                  | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $423408.00    | 0.27%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance Limited             | Digicel International Finance Limited 2025 Term Loan B                                                                                 | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | LON              | CORP              | BM        |    200000 | PA      | $200292.00    | 0.13%             | 2032-08-06      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| PDD HOLDINGS INC                                  | PDD Holdings Inc                                                                                                                       | CUSIP: 722304AC6<br>LEI: 5493000573DS7005T657 | Long             | DBT              | CORP              | KY        |    143000 | PA      | $142070.50    | 0.09%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: S92XVTUE9 CDS USD R F  1.00000 II8079650240208 CCPSOVEREIGN / Short: S92XVTUE9 CDS USD P V 03MEVENT II6778370240208 CCPSOVEREIGN | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    303000 | OU      | $-19518.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    150000 | PA      | $167691.71    | 0.11%             | 2032-01-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    130000 | PA      | $29724.50     | 0.02%             | 2025-06-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BANCO DE OCCIDENTE SA                             | Banco de Occidente SA                                                                                                                  | CUSIP: 000000000<br>LEI: 54930072MY36044H8N63 | Long             | DBT              | CORP              | CO        |    650000 | PA      | $733200.00    | 0.47%             | 2034-08-13      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                                | Morocco Government International Bond                                                                                                  | CUSIP: 617726AM6<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    400000 | PA      | $294437.57    | 0.19%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMID8BJE1 CDS USD R F  1.00000 II5385540240320 CORPORATE / Short: BMID8BJE1 CDS USD P V 03MEVENT II4425180240320 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    100000 | OU      | $-1632.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tanzania                                          | Tanzania 2024 Term Loan A2                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | TZ        |   5600000 | PA      | $5600000.00   | 3.60%             | 2031-02-27      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| H WORLD GROUP LTD                                 | H World Group Ltd                                                                                                                      | CUSIP: 44332NAB2<br>LEI: 549300Y5ML31FVN83730 | Long             | DBT              | CORP              | KY        |    140000 | PA      | $155444.64    | 0.10%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR ULTRA FUT DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       117 | NC      | $159960.89    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Uruguay Government International Bonds            | Uruguay Government International Bonds                                                                                                 | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    500000 | PA      | $474625.00    | 0.31%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    118000 | PA      | $109061.71    | 0.07%             | 2033-04-14      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                            | Long: BMIFA9JR9 CDS USD R F  1.00000 II4248790250806 CORPORATE / Short: BMIFA9JR9 CDS USD P V 03MEVENT II6470560250806 CORPORATE       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | GB        |    456000 | OU      | $-5246.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-321.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    207000 | PA      | $220111.12    | 0.14%             | 2030-02-04      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| PROVINCIA DE NEUQUEN                              | Provincia De Neuquen Tranche B Term Loan                                                                                               | CUSIP: 000000000<br>LEI: 549300X5HUL4FRDNBN35 | Long             | LON              | CORP              | AR        |    168908 | PA      | $170596.59    | 0.11%             | 2027-05-28      | Floating      | 11.58%                | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                                                                                    | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    485000 | PA      | $482329.13    | 0.31%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    311000 | PA      | $309380.47    | 0.20%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-2561.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                              | Grupo Aeromexico SAB de CV                                                                                                             | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    695000 | PA      | $695799.25    | 0.45%             | 2031-11-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-SCHATZ FUT DEC25                                                                                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -23 | NC      | $2970.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    300000 | PA      | $219935.78    | 0.14%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   2809000 | PA      | $635536.25    | 0.41%             | 2023-05-26      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    137000 | PA      | $30921.93     | 0.02%             | 2024-11-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMIFC2P38 CDS USD R F  1.00000 II7608790250818 CORPORATE / Short: BMIFC2P38 CDS USD P V 03MEVENT II4384480250818 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    150000 | OU      | $-1725.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio                                                           | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |   4596150 | NS      | $4596149.97   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     11000 | PA      | $2482.05      | 0.00%             | 2026-11-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chile Government International Bonds              | Chile Government International Bonds                                                                                                   | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   1100000 | PA      | $803385.00    | 0.52%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORTEBANK JSC                                     | ForteBank JSC                                                                                                                          | CUSIP: 34955XAB7<br>LEI: 529900TH5WJ6KE8N8Z35 | Long             | DBT              | CORP              | KZ        |   1030000 | PA      | $1055190.04   | 0.68%             | 2030-02-04      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Venezuela Government International Bonds          | Venezuela Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    240000 | PA      | $53184.00     | 0.03%             | 2038-03-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OCEANICA LUX                                      | Oceanica Lux                                                                                                                           | CUSIP: 000000000<br>LEI: 635400VU48WVABC1TO64 | Long             | DBT              | CORP              | LU        |    287000 | PA      | $292567.80    | 0.19%             | 2029-10-02      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SA                           | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA                                                                        | CUSIP: 000000000<br>LEI: 2549002TO75PYMY3VY07 | Long             | DBT              | CORP              | ES        |    411000 | PA      | $382970.05    | 0.25%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1610.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1326026 | PA      | $185643.64    | 0.12%             | 2022-10-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                      | Peru LNG Srl                                                                                                                           | CUSIP: 000000000<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |    318792 | PA      | $306164.75    | 0.20%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    160000 | PA      | $116688.00    | 0.07%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE NEUQUEN                              | Provincia De Neuquen Tranche A Term Loan                                                                                               | CUSIP: 000000000<br>LEI: 549300X5HUL4FRDNBN35 | Long             | LON              | CORP              | AR        |    132713 | PA      | $134039.91    | 0.09%             | 2027-05-28      | Floating      | 11.58%                | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                              | Samarco Mineracao SA                                                                                                                   | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   1527590 | PA      | $1536472.94   | 0.99%             | 2031-06-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ALBANIA                               | Albania Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |    100000 | PA      | $115400.20    | 0.07%             | 2031-11-23      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Abu Dhabi Government International Bonds          | Abu Dhabi Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    700000 | PA      | $680977.95    | 0.44%             | 2030-04-16      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    800000 | PA      | $165280.00    | 0.11%             | 2025-04-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HDFC BANK LTD                                     | HDFC Bank Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    516000 | PA      | $507787.86    | 0.33%             | 2026-08-25      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                                | Braskem Idesa SAPI                                                                                                                     | CUSIP: 000000000<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    309000 | PA      | $183675.20    | 0.12%             | 2032-02-20      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Staatsolie Maatschappij Suriname NV               | Staatsolie Maatschappij Suriname NV 2025 Revolver                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   2700000 | PA      | $2700000.00   | 1.74%             | 2032-04-25      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| ALPHA BANK SA                                     | Alpha Bank SA                                                                                                                          | CUSIP: 000000000<br>LEI: 213800DBQIB6VBNU5C64 | Long             | DBT              | CORP              | GR        |    715000 | PA      | $922205.45    | 0.59%             | 2030-06-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     24000 | PA      | $5415.15      | 0.00%             | 2020-06-19      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 86886PAD4<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    871699 | PA      | $1028604.82   | 0.66%             | 2050-12-31      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    644000 | PA      | $352221.05    | 0.23%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    867000 | PA      | $196635.60    | 0.13%             | 2029-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                          | Digicel International Finance Ltd / Difl US LLC                                                                                        | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    390000 | PA      | $401258.61    | 0.26%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds           | Colombia Government International Bonds                                                                                                | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    600000 | PA      | $629700.00    | 0.40%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    300000 | PA      | $283923.90    | 0.18%             | 2033-09-30      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Philippines Government International Bonds        | Philippines Government International Bonds                                                                                             | CUSIP: 718286DC8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   1200000 | PA      | $1210276.80   | 0.78%             | 2035-03-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    105340 | PA      | $15851.56     | 0.01%             | 2025-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ecuador Government International Bonds            | Ecuador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1046345 | PA      | $783450.82    | 0.50%             | 2035-07-31      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds            | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $271950.00    | 0.17%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| CANACOL ENERGY LTD                                | Canacol Energy Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 549300X5MNRWPMSM9N14 | Long             | DBT              | CORP              | CA        |    548000 | PA      | $189745.00    | 0.12%             | 2028-11-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TBC BANK JSC                                      | TBC Bank JSC                                                                                                                           | CUSIP: 000000000<br>LEI: 2138001MSA39Q44QTA18 | Long             | DBT              | CORP              | GE        |    830000 | PA      | $852334.75    | 0.55%             | 2029-07-30      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                                                                                  | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    802000 | PA      | $848756.60    | 0.55%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                            | Mozambique International Bond                                                                                                          | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    637000 | PA      | $569493.42    | 0.37%             | 2031-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US LONG BOND(CBT) DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        98 | NC      | $231476.52    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1000000 | PA      | $833287.69    | 0.54%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| MV24 CAPITAL BV                                   | MV24 Capital BV                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    609290 | PA      | $605304.20    | 0.39%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1803000 | PA      | $439661.55    | 0.28%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    700000 | PA      | $705950.88    | 0.45%             | 2032-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds            | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $196420.00    | 0.13%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MONTENEGRO                            | Montenegro Government International Bond                                                                                               | CUSIP: 000000000<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |   1550000 | PA      | $1830571.60   | 1.18%             | 2032-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    509000 | PA      | $114647.16    | 0.07%             | 2049-04-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Pakistan Government International Bonds           | Pakistan Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    407000 | PA      | $408485.02    | 0.26%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bonds               | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |   1200000 | PA      | $1399138.22   | 0.90%             | 2032-10-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Lebanon Government International Bonds            | Lebanon Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   1248000 | PA      | $280748.52    | 0.18%             | 2027-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| KERNEL HOLDING SA                                 | Kernel Holding SA                                                                                                                      | CUSIP: 000000000<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |    613000 | PA      | $559374.76    | 0.36%             | 2027-10-27      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                          | Banco Mercantil del Norte SA/Grand Cayman                                                                                              | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    550000 | PA      | $579810.00    | 0.37%             | 2031-05-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    300000 | PA      | $157350.00    | 0.10%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    473000 | PA      | $512027.35    | 0.33%             | 2035-01-22      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                               | Avianca Midco 2 PLC                                                                                                                    | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    936000 | PA      | $938340.00    | 0.60%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                              | Telecom Argentina SA 1st Lien Term Loan                                                                                                | CUSIP: 000000000<br>LEI: 549300MKPIRSJD8SB782 | Long             | LON              | CORP              | AR        |    278072 | PA      | $283285.49    | 0.18%             | 2029-02-23      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds            | Ecuador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   2308748 | PA      | $2051899.79   | 1.32%             | 2030-07-31      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    211704 | PA      | $32284.86     | 0.02%             | 2027-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JSC KASPI.KZ                                      | JSC Kaspi.kz                                                                                                                           | CUSIP: 000000000<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |    395000 | PA      | $406972.89    | 0.26%             | 2030-03-26      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    319098 | PA      | $49460.19     | 0.03%             | 2029-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                              | Petronas Capital Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    600000 | PA      | $541022.59    | 0.35%             | 2032-01-28      | Fixed         | 2.48%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    150257 | PA      | $23090.41     | 0.01%             | 2030-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Coral-US Co-Borrower, LLC                         | Coral-US Co-Borrower LLC 2025 Term Loan B7                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    312998 | PA      | $310325.00    | 0.20%             | 2032-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    240000 | PA      | $162360.00    | 0.10%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| MONGOLIAN MINING CORP                             | Mongolian Mining Corp                                                                                                                  | CUSIP: 000000000<br>LEI: 254900XQ2EY5O3SAYL47 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $202971.76    | 0.13%             | 2030-04-03      | Fixed         | 8.44%                 | Yes           |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                 | Vedanta Resources Finance II PLC                                                                                                       | CUSIP: 92243XAK7<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    410000 | PA      | $440216.61    | 0.28%             | 2031-12-03      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     72000 | PA      | $71677.57     | 0.05%             | 2034-05-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     33000 | PA      | $7489.09      | 0.00%             | 2028-11-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bonds           | Colombia Government International Bonds                                                                                                | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $212150.00    | 0.14%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIMAK ISKENDERUN                                  | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS                                                                                   | CUSIP: 000000000<br>LEI: 5299001DUZ9PI7TCRC47 | Long             | DBT              | CORP              | TR        |    281971 | PA      | $286271.82    | 0.18%             | 2036-07-10      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                               | Avianca Midco 2 PLC                                                                                                                    | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    304000 | PA      | $302668.48    | 0.19%             | 2030-02-14      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    148000 | PA      | $153153.98    | 0.10%             | 2030-07-13      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                 | Vedanta Resources Finance II PLC                                                                                                       | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202080.01    | 0.13%             | 2030-07-24      | Fixed         | 9.48%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                             | Mexico Government International Bond                                                                                                   | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    300000 | PA      | $310095.00    | 0.20%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    665000 | PA      | $149636.64    | 0.10%             | 2023-01-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ITTIHAD INTERNATIONAL                             | Ittihad International Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 2549003ERUOB9GHDTJ15 | Long             | DBT              | CORP              | KY        |    590000 | PA      | $620263.76    | 0.40%             | 2028-11-09      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        45 | NC      | $9156.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Peru Government International Bonds               | Peru Government International Bonds                                                                                                    | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $173900.00    | 0.11%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHINA OIL & GAS GROUP                             | China Oil & Gas Group Ltd                                                                                                              | CUSIP: 000000000<br>LEI: 52990063CVI7GDV4JZ06 | Long             | DBT              | CORP              | BM        |   1101000 | PA      | $1093879.11   | 0.70%             | 2026-06-30      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| El Salvador Government International Bonds        | El Salvador Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    212000 | PA      | $231875.00    | 0.15%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                              | Abu Dhabi Government International Bond                                                                                                | CUSIP: 29135LAW0<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    493000 | PA      | $489693.86    | 0.31%             | 2035-10-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                          | Embraer Netherlands Finance BV                                                                                                         | CUSIP: 29082HAF9<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    360000 | PA      | $359326.80    | 0.23%             | 2038-01-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                           | El Salvador Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    450000 | PA      | $479474.28    | 0.31%             | 2032-04-10      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3049.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Peru Government International Bonds               | Peru Government International Bonds                                                                                                    | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    400000 | PA      | $402600.00    | 0.26%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EMP DIST ELEC MENDOZA SA                          | Empresa Distribuidora de Electricidad de Mendoza SA                                                                                    | CUSIP: 29245HAG1<br>LEI: 254900L7KLS0HQJ56Y35 | Long             | DBT              | CORP              | AR        |    670000 | PA      | $615692.31    | 0.40%             | 2031-07-28      | Variable      | 9.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    186000 | PA      | $188576.29    | 0.12%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                               | Braskem Netherlands Finance BV                                                                                                         | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   1155000 | PA      | $436139.55    | 0.28%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                             | Alibaba Group Holding Ltd                                                                                                              | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    183000 | PA      | $336628.50    | 0.22%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     17000 | PA      | $3831.76      | 0.00%             | 2021-04-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Zambia Government International Bonds             | Zambia Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    202219 | PA      | $193815.37    | 0.12%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                              | Provincia de Cordoba                                                                                                                   | CUSIP: 74408DAF1<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    659000 | PA      | $630498.25    | 0.41%             | 2032-07-02      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds              | Chile Government International Bonds                                                                                                   | CUSIP: 168863DT2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    700000 | PA      | $602455.00    | 0.39%             | 2033-07-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                            | Egypt Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    900000 | PA      | $1014641.27   | 0.65%             | 2031-04-11      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                             | Guatemala Government Bond                                                                                                              | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    500000 | PA      | $528768.22    | 0.34%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| BANK OF GEORGIA JSC                               | Bank of Georgia JSC                                                                                                                    | CUSIP: 000000000<br>LEI: 549300RPLD8RXL49Z691 | Long             | DBT              | CORP              | GE        |    830000 | PA      | $842833.34    | 0.54%             | 2029-07-16      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Pakistan Government International Bonds           | Pakistan Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    728000 | PA      | $715040.50    | 0.46%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                                                                                      | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    300000 | PA      | $145515.00    | 0.09%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds             | Angola Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $191551.03    | 0.12%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1213600 | PA      | $250729.76    | 0.16%             | 2024-10-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $670.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    778900 | PA      | $162673.27    | 0.10%             | 2023-05-07      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    350000 | PA      | $325149.24    | 0.21%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                               | Senegal Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    347000 | PA      | $268859.72    | 0.17%             | 2037-06-08      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                               | Braskem Netherlands Finance BV                                                                                                         | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    518000 | PA      | $85470.00     | 0.05%             | 2081-01-23      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 922646AT1<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    153000 | PA      | $36352.80     | 0.02%             | 2018-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 86886PAC6<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     65247 | PA      | $65083.88     | 0.04%             | 2033-07-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -61 | NC      | $6015.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    132000 | PA      | $36313.20     | 0.02%             | 2034-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SNB FUNDING LTD                                   | SNB Funding Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 549300PT73WJRNMAKE44 | Long             | DBT              | CORP              | KY        |    390000 | PA      | $400213.62    | 0.26%             | 2035-06-24      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    661000 | PA      | $603378.53    | 0.39%             | 2049-04-03      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Frigorifico Concepcion SA                         | Frigorifico Concepcion SA Term Loan B                                                                                                  | CUSIP: 000000000<br>LEI: 529900Q6VZVL47QJCQ91 | Long             | LON              | CORP              | PY        |    842874 | PA      | $856570.70    | 0.55%             | 2026-12-08      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                             | Zorlu Enerji Elektrik Uretim AS                                                                                                        | CUSIP: 000000000<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |    675000 | PA      | $622028.90    | 0.40%             | 2030-04-23      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                           | El Salvador Government International Bond                                                                                              | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    229000 | PA      | $248465.00    | 0.16%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    306022 | PA      | $305256.95    | 0.20%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| JSCB AGROBANK                                     | Jscb Agrobank                                                                                                                          | CUSIP: 000000000<br>LEI: 254900JPMU0LFCP18673 | Long             | DBT              | CORP              | UZ        |   1250000 | PA      | $1358979.66   | 0.87%             | 2029-10-02      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1235300 | PA      | $203824.50    | 0.13%             | 2021-11-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chile Government International Bonds              | Chile Government International Bonds                                                                                                   | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   1500000 | PA      | $1509075.00   | 0.97%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL                                  | Ambipar Lux Sarl                                                                                                                       | CUSIP: 000000000<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $33622.00     | 0.02%             | 2033-02-05      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                | Dominican Republic International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1700000 | PA      | $1628260.00   | 1.05%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BANCO MACRO SA                                    | Banco Macro SA                                                                                                                         | CUSIP: 05963GAK4<br>LEI: 579100KKDKKIFEBKK040 | Long             | DBT              | CORP              | AR        |    508000 | PA      | $497586.00    | 0.32%             | 2029-06-23      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    144000 | PA      | $154218.81    | 0.10%             | 2053-01-17      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                            | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                           | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    398000 | PA      | $441921.69    | 0.28%             | 2038-06-29      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     73000 | PA      | $54029.56     | 0.03%             | 2050-01-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1466000 | PA      | $1576483.24   | 1.01%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OHI GROUP SA                                      | OHI Group SA                                                                                                                           | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |   1254000 | PA      | $1328926.50   | 0.85%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                     | Veon Midco BV                                                                                                                          | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |    635000 | PA      | $596674.53    | 0.38%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bonds                        | Serbia International Bonds                                                                                                             | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    300000 | PA      | $262830.86    | 0.17%             | 2030-12-01      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| OTP BANK NYRT                                     | OTP Bank Nyrt                                                                                                                          | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    305000 | PA      | $325123.70    | 0.21%             | 2035-07-30      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    768000 | PA      | $769625.61    | 0.49%             | 2035-10-29      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                               | Benin Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    200000 | PA      | $210009.38    | 0.13%             | 2041-01-23      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ADECOAGRO SA                                      | Adecoagro SA                                                                                                                           | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |    302000 | PA      | $296126.10    | 0.19%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    148000 | PA      | $179806.96    | 0.12%             | 2034-09-10      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TULLOW OIL PLC                                    | Tullow Oil PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    378000 | PA      | $324607.50    | 0.21%             | 2026-05-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    129500 | PA      | $29992.20     | 0.02%             | 2028-05-07      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMIFBP3M0 CDS USD R F  1.00000 II5952610250814 CORPORATE / Short: BMIFBP3M0 CDS USD P V 03MEVENT II2690750250814 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    685714 | OU      | $-7888.77     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC                                   | Access Bank PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |    625000 | PA      | $624448.28    | 0.40%             | 2026-09-21      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1600200 | PA      | $292036.50    | 0.19%             | 2035-05-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   1000000 | PA      | $893549.28    | 0.57%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi Government International Bonds          | Abu Dhabi Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    700000 | PA      | $574672.47    | 0.37%             | 2050-04-16      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                                | Total Play Telecomunicaciones SA de CV                                                                                                 | CUSIP: 89157PAD0<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    479000 | PA      | $473656.90    | 0.30%             | 2032-12-31      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    441000 | PA      | $84385.35     | 0.05%             | 2018-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    318326 | PA      | $49340.53     | 0.03%             | 2028-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                | Mongolia Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    400000 | PA      | $407102.18    | 0.26%             | 2030-02-25      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Philippines Government International Bonds        | Philippines Government International Bonds                                                                                             | CUSIP: 718286CW5<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    800000 | PA      | $827421.52    | 0.53%             | 2033-07-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi Government International Bonds          | Abu Dhabi Government International Bonds                                                                                               | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |   1000000 | PA      | $1062215.00   | 0.68%             | 2034-04-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HTA GROUP LTD                                     | HTA Group Ltd 2024 Term Loan Tranche A                                                                                                 | CUSIP: 000000000<br>LEI: 213800WEFU8O8X6EPU13 | Long             | LON              | CORP              | US        |    120000 | PA      | $119400.00    | 0.08%             | 2028-09-13      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| STATE BANK JSC                                    | State Bank LLC                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MN        |    410000 | PA      | $408638.32    | 0.26%             | 2028-09-25      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     72000 | PA      | $58112.21     | 0.04%             | 2048-06-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    194000 | PA      | $44043.82     | 0.03%             | 2028-03-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    129000 | PA      | $29137.88     | 0.02%             | 2025-02-26      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bonds               | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    500000 | PA      | $550066.31    | 0.35%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                            | Egypt Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    241000 | PA      | $257540.50    | 0.17%             | 2033-02-04      | Fixed         | 9.45%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | N/A              | DE               |  | VE        |      5450 | NS      | $32700.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                               | Limak Yenilenebilir Enerji AS                                                                                                          | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    519000 | PA      | $517097.12    | 0.33%             | 2030-08-12      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE                                       | Gol Finance Inc                                                                                                                        | CUSIP: 36254VAN8<br>LEI: 549300FRXVB8W0960Y03 | Long             | DBT              | CORP              | KY        |    839000 | PA      | $864086.10    | 0.56%             | 2030-06-06      | Fixed         | 14.38%                | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD                              | Times China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    410000 | PA      | $14456.60     | 0.01%             | 2023-07-16      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                                                                                    | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    685000 | PA      | $565762.67    | 0.36%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN                          | Puma International Financing SA                                                                                                        | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $207367.98    | 0.13%             | 2029-04-25      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMID8JKP7 CDS USD R F  1.00000 II5643250240322 CORPORATE / Short: BMID8JKP7 CDS USD P V 03MEVENT II4514500240322 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    100000 | OU      | $-1632.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                | Mongolia Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    280000 | PA      | $297234.27    | 0.19%             | 2029-06-05      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FORESEA HOLDING SA                                | FORESEA Holding SA                                                                                                                     | CUSIP: 000000000<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |    946000 | PA      | $926655.81    | 0.60%             | 2030-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ALBANIA                               | Albania Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |   1141000 | PA      | $1352827.13   | 0.87%             | 2035-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    123970 | PA      | $16735.95     | 0.01%             | 2032-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                            | Egypt Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    600000 | PA      | $671418.84    | 0.43%             | 2030-04-16      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Philippines Government International Bonds        | Philippines Government International Bonds                                                                                             | CUSIP: 718286CX3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    500000 | PA      | $511211.70    | 0.33%             | 2048-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                             | Sri Lanka Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    794636 | PA      | $745964.55    | 0.48%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| VMOS SA                                           | VMOS SA TERM LOAN                                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |    868700 | PA      | $868700.00    | 0.56%             | 2030-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2851346 | PA      | $464769.40    | 0.30%             | 2024-05-16      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CON                          | Uzbek Industrial and Construction Bank ATB                                                                                             | CUSIP: 000000000<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |    550000 | PA      | $597119.72    | 0.38%             | 2029-07-24      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                          | Suriname Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |     82000 | PA      | $96760.00     | 0.06%             | 2050-12-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   1107000 | PA      | $248735.98    | 0.16%             | 2022-10-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA                          | Generacion Mediterranea SA / Central Termica Roca SA                                                                                   | CUSIP: 36875KAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |    426420 | PA      | $236663.10    | 0.15%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                             | Petroleos del Peru SA                                                                                                                  | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    800000 | PA      | $592224.00    | 0.38%             | 2047-06-19      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | Long: BMIFBP1Y6 CDS USD R F  1.00000 II6423820250814 CORPORATE / Short: BMIFBP1Y6 CDS USD P V 03MEVENT II6429810250814 CORPORATE       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |    914286 | OU      | $-5139.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic                                | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PCF3<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $219950.00    | 0.14%             | 2044-04-30      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| UNIGEL LUXEMBOURG SA                              | Unigel Luxembourg SA                                                                                                                   | CUSIP: 000000000<br>LEI: 213800Y16R77O7LH7X62 | Long             | DBT              | CORP              | LU        |     34165 | PA      | $26307.05     | 0.02%             | 2027-12-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   1070000 | PA      | $239974.25    | 0.15%             | 2020-04-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CAMPOSOL SA                                       | Camposol SA                                                                                                                            | CUSIP: 000000000<br>LEI: 5493008B0STMH3JFSW17 | Long             | DBT              | CORP              | PE        |    318000 | PA      | $314062.87    | 0.20%             | 2027-02-03      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1500.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                               | Republic of Armenia International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    200000 | PA      | $204431.31    | 0.13%             | 2035-03-12      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                             | Venezuela Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   1402300 | PA      | $265174.93    | 0.17%             | 2049-10-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     60000 | PA      | $13684.32     | 0.01%             | 2032-03-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds            | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $219950.00    | 0.14%             | 2044-04-30      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bonds               | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |   1000000 | PA      | $1080189.95   | 0.69%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                          | Petroleos de Venezuela SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2307227 | PA      | $376078.00    | 0.24%             | 2026-11-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    800000 | PA      | $391324.57    | 0.25%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                 | Gabon Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    300000 | PA      | $242384.06    | 0.16%             | 2031-02-06      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Republic of Azerbaijan International Bonds        | Republic of Azerbaijan International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |    340000 | PA      | $317148.45    | 0.20%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                | Ukraine Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   5479000 | PA      | $4391856.82   | 2.82%             | 2041-08-01      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    117000 | PA      | $89098.15     | 0.06%             | 2041-04-14      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds            | Dominican Republic International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $204900.00    | 0.13%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ECOBANK TRANSNATIONAL                             | Ecobank Transnational Inc                                                                                                              | CUSIP: 000000000<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |    259000 | PA      | $275705.89    | 0.18%             | 2029-10-15      | Fixed         | 10.13%                | Yes           |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                               | Banco Davivienda SA                                                                                                                    | CUSIP: 059501AG1<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |    507000 | PA      | $526794.41    | 0.34%             | 2035-07-02      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds            | Nigeria Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1716000 | PA      | $1911348.17   | 1.23%             | 2034-12-09      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Uruguay Government International Bonds            | Uruguay Government International Bonds                                                                                                 | CUSIP: 760942BH4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   1600000 | PA      | $1676000.00   | 1.08%             | 2037-02-14      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds             | Panama Government International Bonds                                                                                                  | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1924000 | PA      | $1411831.20   | 0.91%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF UZBEKIS                          | National Bank of Uzbekistan                                                                                                            | CUSIP: 000000000<br>LEI: 253400TZJ7T1YULTGN68 | Long             | DBT              | NUSS              | UZ        |    920000 | PA      | $989385.97    | 0.64%             | 2029-07-05      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    728000 | PA      | $874707.73    | 0.56%             | 2039-07-11      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                | Dominican Republic International Bond                                                                                                  | CUSIP: 25714PCW6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    300000 | PA      | $311565.00    | 0.20%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                 | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4855.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OI S.A.                                           | OI S.A.                                                                                                                                | CUSIP: 67117EAE8<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |    480887 | PA      | $317385.42    | 0.20%             | 2027-06-30      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    620000 | PA      | $694577.79    | 0.45%             | 2044-09-24      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     41850 | PA      | $22157.85     | 0.01%             | 2030-02-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GOLAR LNG LTD                                     | Golar LNG Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |    600000 | PA      | $608638.66    | 0.39%             | 2029-09-19      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| El Salvador Government International Bonds        | El Salvador Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    216000 | PA      | $220051.27    | 0.14%             | 2035-06-15      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                     | PURCHASED USD / SOLD EUR                                                                                                               | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3724.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOBANK TRANSNATIONAL                             | Ecobank Transnational Inc                                                                                                              | CUSIP: 27889PAC7<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |    528000 | PA      | $562056.80    | 0.36%             | 2029-10-15      | Fixed         | 10.13%                | No            |                  2 | On Loan: No      |
| Goldman Sachs International                       | Long: BMIES8NP4 CDS USD R F  1.00000 II2131630250411 CORPORATE / Short: BMIES8NP4 CDS USD P V 03MEVENT II9006010250411 CORPORATE       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCR              |  | GB        |    370000 | OU      | $-640.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bonds               | Oman Government International Bonds                                                                                                    | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    300000 | PA      | $316354.42    | 0.20%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bonds            | Ukraine Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1012000 | PA      | $570937.27    | 0.37%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FRIGORIFICO CONCEPCION                            | Frigorifico Concepcion SA                                                                                                              | CUSIP: 000000000<br>LEI: 529900Q6VZVL47QJCQ91 | Long             | DBT              | CORP              | PY        |    229000 | PA      | $170227.20    | 0.11%             | 2028-07-21      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| POLARIS RENEWABLE ENERGY                          | Polaris Renewable Energy Inc                                                                                                           | CUSIP: 000000000<br>LEI: 254900IRAKXV4MM4QF30 | Long             | DBT              | CORP              | CA        |    375000 | PA      | $392812.50    | 0.25%             | 2029-12-03      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BUXL 30Y BND DEC25                                                                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -3 | NC      | $-8805.38     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: B92XUV2D8 CDS USD R V 03MEVENT II9656940250918 CCPCORPORATE / Short: B92XUV2D8 CDS USD P F  1.00000 II5257030250918 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   2896000 | OU      | $64240.26     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                                 | Kosmos Energy Ltd                                                                                                                      | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    976000 | PA      | $757885.18    | 0.49%             | 2031-10-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| SUNAC CHINA HOLDINGS LTD                          | Sunac China Holdings Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |    105596 | PA      | $16235.39     | 0.01%             | 2026-09-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    547000 | PA      | $123722.53    | 0.08%             | 2031-04-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED EUR / SOLD USD                                                                                                               | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-13740.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                | Serbia International Bond                                                                                                              | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    432000 | PA      | $397446.67    | 0.26%             | 2036-09-23      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Bulgaria Government International Bonds           | Bulgaria Government International Bonds                                                                                                | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |    280000 | PA      | $280629.05    | 0.18%             | 2037-03-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    218000 | PA      | $164947.56    | 0.11%             | 2040-12-02      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                               | Honduras Government International Bond                                                                                                 | CUSIP: 000000000<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |   1316000 | PA      | $1445955.00   | 0.93%             | 2034-11-27      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| RIYAD SUKUK                                       | Riyad Sukuk Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 549300P8GI2KKEMZUH97 | Long             | DBT              | CORP              | KY        |    390000 | PA      | $398990.45    | 0.26%             | 2035-07-14      | Fixed         | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                 | Lebanon Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     72000 | PA      | $16191.00     | 0.01%             | 2049-03-09      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GOLOMT BANK OF MONGOLIA                           | Golomt Bank                                                                                                                            | CUSIP: 000000000<br>LEI: 549300QLH7BRA4EIZO16 | Long             | DBT              | CORP              | MN        |    263000 | PA      | $272461.85    | 0.18%             | 2027-05-20      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** MORGAN STANLEY EMERGING MARKETS DEBT FUND INC

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer