# EDGAR Filing Document

**Accession Number:** 0000836906
**File Stem:** 0000836906-25-000132
**Filing Date:** 2025-8
**Character Count:** 233977
**Document Hash:** bc55684a4d23c68d612a57edfea113cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000836906-25-000132.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000836906-25-000132

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05628
- **FILM NUMBER:** 251265010

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

#### Schedule of Investments (unaudited)
As of June 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **U.S. Government and Agency Obligations (7.3%)** | **U.S. Government and Agency Obligations (7.3%)** | **U.S. Government and Agency Obligations (7.3%)** | **U.S. Government and Agency Obligations (7.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 | &nbsp;&nbsp; 9228 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp; 88000 | &nbsp;&nbsp; 88921 |
| <sup>1,2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 119432 | &nbsp;&nbsp; 102185 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 111500 | &nbsp;&nbsp; 97950 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp; 6697 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 19521 | &nbsp;&nbsp; 15683 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 | &nbsp;&nbsp; 8443 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Note/Bond | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 15720 | &nbsp;&nbsp; 15309 |
| **Total U.S. Government and Agency Obligations (Cost $341,714)** | **Total U.S. Government and Agency Obligations (Cost $341,714)** | **Total U.S. Government and Agency Obligations (Cost $341,714)** | **Total U.S. Government and Agency Obligations (Cost $341,714)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**344416** |
| **Corporate Bonds (16.5%)** | **Corporate Bonds (16.5%)** | **Corporate Bonds (16.5%)** | **Corporate Bonds (16.5%)** |  |  |
| **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** |  |  |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Southern Gas Corridor CJSC | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24785 | &nbsp;&nbsp; 25094 |
| **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** | **Bahrain (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bapco Energies BSC Closed | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6975 | &nbsp;&nbsp; 7149 |
| **Brazil (2.1%)** | **Brazil (2.1%)** | **Brazil (2.1%)** | **Brazil (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3631 | &nbsp;&nbsp; 3125 |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6240 | &nbsp;&nbsp; 4842 |
|  | &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/50 | &nbsp;&nbsp;&nbsp;&nbsp; 10273 | &nbsp;&nbsp; 6466 |
|  | &nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/28/30 | &nbsp;&nbsp;&nbsp;&nbsp; 19850 | &nbsp;&nbsp; 21447 |
|  | &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp; 897 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/8/32 | &nbsp;&nbsp;&nbsp;&nbsp; 14900 | &nbsp;&nbsp; 14781 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA | 5.700% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/35 | &nbsp;&nbsp;&nbsp;&nbsp; 9301 | &nbsp;&nbsp; 8713 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/54 | &nbsp;&nbsp;&nbsp;&nbsp; 13910 | &nbsp;&nbsp; 12885 |
| <sup>5,6,7</sup> | &nbsp;&nbsp;&nbsp;Yinson Bergenia Production BV | 8.498% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/45 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25347 |
|  |  |  |  |  | &nbsp;&nbsp; **98503** |
| **Bulgaria (0.7%)** | **Bulgaria (0.7%)** | **Bulgaria (0.7%)** | **Bulgaria (0.7%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Bulgarian Energy Holding EAD | 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp; 19043 |
| <sup>5,8</sup> | &nbsp;&nbsp;&nbsp;Eastern European Electric Co. BV | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 11365 | &nbsp;&nbsp; 13762 |
|  |  |  |  |  | &nbsp;&nbsp; **32805** |
| **Chile (1.3%)** | **Chile (1.3%)** | **Chile (1.3%)** | **Chile (1.3%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;AES Andes SA | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp;&nbsp;&nbsp; 4648 | &nbsp;&nbsp; 4744 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Celulosa Arauco y Constitucion SA | 6.180% | &nbsp;&nbsp;&nbsp;&nbsp; 5/5/32 | &nbsp;&nbsp;&nbsp;&nbsp; 31037 | &nbsp;&nbsp; 31720 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3632 | &nbsp;&nbsp; 3368 |
|  | &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp; 3373 |
|  | &nbsp;&nbsp;&nbsp;Empresa Nacional del Petroleo | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/6/29 | &nbsp;&nbsp;&nbsp;&nbsp; 16915 | &nbsp;&nbsp; 17022 |
|  |  |  |  |  | &nbsp;&nbsp; **60227** |
| **Colombia (1.0%)** | **Colombia (1.0%)** | **Colombia (1.0%)** | **Colombia (1.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/2/31 | &nbsp;&nbsp;&nbsp;&nbsp; 25844 | &nbsp;&nbsp; 21771 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 20842 | &nbsp;&nbsp; 20447 |
|  | &nbsp;&nbsp;&nbsp;Ecopetrol SA | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/18/43 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp; 3023 |
|  |  |  |  |  | &nbsp;&nbsp; **45241** |
| **Indonesia (0.2%)** | **Indonesia (0.2%)** | **Indonesia (0.2%)** | **Indonesia (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Freeport Indonesia PT | 4.763% | &nbsp;&nbsp;&nbsp;&nbsp; 4/14/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp; 6803 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 7/17/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2902 |
|  |  |  |  |  | &nbsp;&nbsp; **9705** |
| **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** | **Kazakhstan (0.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/19/47 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1590 |
|  | &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/48 | &nbsp;&nbsp;&nbsp;&nbsp; 4896 | &nbsp;&nbsp; 4508 |
|  |  |  |  |  | &nbsp;&nbsp; **6098** |
| **Malaysia (1.5%)** | **Malaysia (1.5%)** | **Malaysia (1.5%)** | **Malaysia (1.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 2.480% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4362 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.340% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 25165 | &nbsp;&nbsp; 25829 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. | 5.848% | &nbsp;&nbsp;&nbsp;&nbsp; 4/3/55 | &nbsp;&nbsp;&nbsp;&nbsp; 40330 | &nbsp;&nbsp; 40891 |
|  |  |  |  |  | &nbsp;&nbsp; **71082** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Mexico (5.2%)** | **Mexico (5.2%)** | **Mexico (5.2%)** | **Mexico (5.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 | &nbsp;&nbsp; 3065 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Cemex SAB de CV | 7.200% | Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 15320 | &nbsp;&nbsp; 15499 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/29/36 | &nbsp;&nbsp;&nbsp;&nbsp; 5113 | &nbsp;&nbsp; 4602 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/41 | &nbsp;&nbsp;&nbsp;&nbsp; 5969 | &nbsp;&nbsp; 6051 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17233 | &nbsp;&nbsp; 17202 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11270 | &nbsp;&nbsp; 11113 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50082 | &nbsp;&nbsp; 50055 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.490% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4520 | &nbsp;&nbsp; 4494 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 38489 | &nbsp;&nbsp; 38247 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 14899 | &nbsp;&nbsp; 15430 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp; 1885 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/2/41 | &nbsp;&nbsp;&nbsp;&nbsp; 15115 | &nbsp;&nbsp; 11178 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp;&nbsp;&nbsp; 17360 | &nbsp;&nbsp; 12295 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/46 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 40390 | &nbsp;&nbsp; 29219 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/28/60 | &nbsp;&nbsp;&nbsp;&nbsp; 12048 | &nbsp;&nbsp; 8667 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Saavi Energia Sarl | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp;&nbsp;&nbsp; 12657 | &nbsp;&nbsp; 13167 |
|  |  |  |  |  | &nbsp;&nbsp; **242170** |
| **Morocco (1.0%)** | **Morocco (1.0%)** | **Morocco (1.0%)** | **Morocco (1.0%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;OCP SA | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 34940 | &nbsp;&nbsp; 35393 |
|  | &nbsp;&nbsp;&nbsp;OCP SA | 6.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 7248 | &nbsp;&nbsp; 7285 |
|  | &nbsp;&nbsp;&nbsp;OCP SA | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 6/23/51 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2654 |
|  |  |  |  |  | &nbsp;&nbsp; **45332** |
| **Oman (0.3%)** | **Oman (0.3%)** | **Oman (0.3%)** | **Oman (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;OQ SAOC | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4298 | &nbsp;&nbsp; 4291 |
|  | &nbsp;&nbsp;&nbsp;Oryx Funding Ltd. | 5.800% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 11157 | &nbsp;&nbsp; 11329 |
|  |  |  |  |  | &nbsp;&nbsp; **15620** |
| **Peru (0.5%)** | **Peru (0.5%)** | **Peru (0.5%)** | **Peru (0.5%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Banco de Credito del Peru S.A. | 6.450% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/35 | &nbsp;&nbsp;&nbsp;&nbsp; 9790 | &nbsp;&nbsp; 9993 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp;&nbsp;&nbsp; 13905 | &nbsp;&nbsp; 10742 |
|  | &nbsp;&nbsp;&nbsp;Petroleos del Peru SA | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/19/47 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp; 2126 |
|  |  |  |  |  | &nbsp;&nbsp; **22861** |
| **Poland (0.4%)** | **Poland (0.4%)** | **Poland (0.4%)** | **Poland (0.4%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;ORLEN SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/35 | &nbsp;&nbsp;&nbsp;&nbsp; 16277 | &nbsp;&nbsp; 16678 |
| **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** | **Trinidad & Tobago (0.2%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Port of Spain Waterfront Development | 7.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/40 | &nbsp;&nbsp;&nbsp;&nbsp; 10775 | &nbsp;&nbsp; 10718 |
| **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** | **Turkiye (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;GDZ Elektrik Dagitim A/S | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7137 | &nbsp;&nbsp; 6897 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri A/S | 7.450% | &nbsp;&nbsp;&nbsp;&nbsp; 1/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1730 |
|  |  |  |  |  | &nbsp;&nbsp; **8627** |
| **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** | **United Arab Emirates (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5712 | &nbsp;&nbsp; 5509 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.160% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/34 | &nbsp;&nbsp;&nbsp;&nbsp; 27262 | &nbsp;&nbsp; 24167 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco Ltd. | 2.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/36 | &nbsp;&nbsp;&nbsp;&nbsp; 13710 | &nbsp;&nbsp; 11641 |
|  |  |  |  |  | &nbsp;&nbsp; **41317** |
| **Venezuela (0.2%)** | **Venezuela (0.2%)** | **Venezuela (0.2%)** | **Venezuela (0.2%)** |  |  |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/17/21 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 957 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/22 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp; 1101 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/24 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 | &nbsp;&nbsp; 1272 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12925 | &nbsp;&nbsp; 1628 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp;&nbsp;&nbsp; 22623 | &nbsp;&nbsp; 2884 |
| <sup>7,9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/35 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp; 532 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Petroleos de Venezuela SA | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/37 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp; 429 |
|  |  |  |  |  | &nbsp;&nbsp; **8803** |
| **Zambia (0.1%)** | **Zambia (0.1%)** | **Zambia (0.1%)** | **Zambia (0.1%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. | 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2790 |
| **Total Corporate Bonds (Cost $766,662)** | **Total Corporate Bonds (Cost $766,662)** | **Total Corporate Bonds (Cost $766,662)** | **Total Corporate Bonds (Cost $766,662)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**770820** |
| **Sovereign Bonds (74.8%)** | **Sovereign Bonds (74.8%)** | **Sovereign Bonds (74.8%)** | **Sovereign Bonds (74.8%)** |  |  |
| **Albania (0.4%)** | **Albania (0.4%)** | **Albania (0.4%)** | **Albania (0.4%)** |  |  |
| <sup>5,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Albania | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/35 | &nbsp;&nbsp;&nbsp;&nbsp; 16747 | &nbsp;&nbsp; 19704 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Argentina (3.1%)** | **Argentina (3.1%)** | **Argentina (3.1%)** | **Argentina (3.1%)** |  |  |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Argentina Treasury Bond BONTE | 29.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7253975 | &nbsp;&nbsp; 6625 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2730 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp; 695 |
|  | &nbsp;&nbsp;&nbsp;Republic of Argentina | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/9/38 | &nbsp;&nbsp;&nbsp;&nbsp; 22965 | &nbsp;&nbsp; 16334 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 1.750% coupon rate effective 7/9/27 | 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp;&nbsp;&nbsp; 111015 | &nbsp;&nbsp; 88017 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.375% coupon rate effective 7/9/27 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/46 | &nbsp;&nbsp;&nbsp;&nbsp; 3284 | &nbsp;&nbsp; 2149 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.750% coupon rate effective 7/9/27 | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8531 | &nbsp;&nbsp; 5725 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Argentina, 4.875% coupon rate effective 7/9/29 | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/41 | &nbsp;&nbsp;&nbsp;&nbsp; 35780 | &nbsp;&nbsp; 22228 |
|  |  |  |  |  | &nbsp;&nbsp; **144503** |
| **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** | **Azerbaijan (0.5%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Azerbaijan | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 26035 | &nbsp;&nbsp; 23244 |
| **Benin (0.3%)** | **Benin (0.3%)** | **Benin (0.3%)** | **Benin (0.3%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 7.960% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/38 | &nbsp;&nbsp;&nbsp;&nbsp; 3430 | &nbsp;&nbsp; 3246 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Benin | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/41 | &nbsp;&nbsp;&nbsp;&nbsp; 13100 | &nbsp;&nbsp; 12612 |
|  |  |  |  |  | &nbsp;&nbsp; **15858** |
| **Brazil (1.5%)** | **Brazil (1.5%)** | **Brazil (1.5%)** | **Brazil (1.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 44680 | &nbsp;&nbsp; 45178 |
|  | &nbsp;&nbsp;&nbsp;Federative Republic of Brazil | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/14/50 | &nbsp;&nbsp;&nbsp;&nbsp; 32465 | &nbsp;&nbsp; 22906 |
|  |  |  |  |  | &nbsp;&nbsp; **68084** |
| **Bulgaria (1.1%)** | **Bulgaria (1.1%)** | **Bulgaria (1.1%)** | **Bulgaria (1.1%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/34 | &nbsp;&nbsp;&nbsp;&nbsp; 24515 | &nbsp;&nbsp; 29141 |
|  | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/5/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Bulgaria | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/38 | &nbsp;&nbsp;&nbsp;&nbsp; 20249 | &nbsp;&nbsp; 24247 |
|  |  |  |  |  | &nbsp;&nbsp; **53389** |
| **Cameroon (0.1%)** | **Cameroon (0.1%)** | **Cameroon (0.1%)** | **Cameroon (0.1%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Cameroon | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 | &nbsp;&nbsp; 5693 |
| **Chile (1.3%)** | **Chile (1.3%)** | **Chile (1.3%)** | **Chile (1.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.450% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp; 29541 | &nbsp;&nbsp; 26375 |
|  | &nbsp;&nbsp;&nbsp;Republic of Chile | 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 7/27/33 | &nbsp;&nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp; 4612 |
| <sup>6,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Chile | 3.800% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 25300 | &nbsp;&nbsp; 29647 |
|  |  |  |  |  | &nbsp;&nbsp; **60634** |
| **Colombia (4.5%)** | **Colombia (4.5%)** | **Colombia (4.5%)** | **Colombia (4.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 35282 | &nbsp;&nbsp; 30507 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10350 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 39469 | &nbsp;&nbsp; 32423 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp;&nbsp;&nbsp; 60710 | &nbsp;&nbsp; 63156 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/42 | &nbsp;&nbsp;&nbsp;&nbsp; 26605 | &nbsp;&nbsp; 16877 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp; 27315 | &nbsp;&nbsp; 18287 |
|  | &nbsp;&nbsp;&nbsp;Republic of Colombia | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/7/54 | &nbsp;&nbsp;&nbsp;&nbsp; 43452 | &nbsp;&nbsp; 41358 |
|  |  |  |  |  | &nbsp;&nbsp; **212958** |
| **Costa Rica (0.3%)** | **Costa Rica (0.3%)** | **Costa Rica (0.3%)** | **Costa Rica (0.3%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Costa Rica | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/31 | &nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp; 13874 |
| **Dominican Republic (4.5%)** | **Dominican Republic (4.5%)** | **Dominican Republic (4.5%)** | **Dominican Republic (4.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.950% | &nbsp;&nbsp;&nbsp;&nbsp; 1/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 24536 | &nbsp;&nbsp; 24779 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 24909 | &nbsp;&nbsp; 25273 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 48439 | &nbsp;&nbsp; 48184 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 22315 | &nbsp;&nbsp; 21143 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5467 | &nbsp;&nbsp; 5735 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 7.050% | &nbsp;&nbsp;&nbsp;&nbsp; 2/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8424 | &nbsp;&nbsp; 8837 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp;&nbsp;&nbsp; 9546 | &nbsp;&nbsp; 8819 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 43510 | &nbsp;&nbsp; 44333 |
|  | &nbsp;&nbsp;&nbsp;Dominican Republic | 6.950% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 22900 | &nbsp;&nbsp; 23333 |
|  |  |  |  |  | &nbsp;&nbsp; **210436** |
| **Ecuador (0.9%)** | **Ecuador (0.9%)** | **Ecuador (0.9%)** | **Ecuador (0.9%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3670 | &nbsp;&nbsp; 2674 |
|  | &nbsp;&nbsp;&nbsp;Republic of Ecuador | 6.900% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 34831 | &nbsp;&nbsp; 30296 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Ecuador, 5.500% coupon rate effective 7/31/26 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp;&nbsp;&nbsp; 14612 | &nbsp;&nbsp; 9244 |
|  |  |  |  |  | &nbsp;&nbsp; **42214** |
| **Egypt (2.9%)** | **Egypt (2.9%)** | **Egypt (2.9%)** | **Egypt (2.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/47 | &nbsp;&nbsp;&nbsp;&nbsp; 70847 | &nbsp;&nbsp; 57496 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 7.903% | &nbsp;&nbsp;&nbsp;&nbsp; 2/21/48 | &nbsp;&nbsp;&nbsp;&nbsp; 35681 | &nbsp;&nbsp; 27478 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp; 20457 | &nbsp;&nbsp; 16777 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/50 | &nbsp;&nbsp;&nbsp;&nbsp; 21204 | &nbsp;&nbsp; 17617 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/51 | &nbsp;&nbsp;&nbsp;&nbsp; 7328 | &nbsp;&nbsp; 6016 |
|  | &nbsp;&nbsp;&nbsp;Arab Republic of Egypt | 8.150% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp;&nbsp;&nbsp; 15880 | &nbsp;&nbsp; 12216 |
|  |  |  |  |  | &nbsp;&nbsp; **137600** |
| **El Salvador (0.6%)** | **El Salvador (0.6%)** | **El Salvador (0.6%)** | **El Salvador (0.6%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp;&nbsp;&nbsp; 24735 | &nbsp;&nbsp; 25621 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of El Salvador | 9.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3626 |
|  |  |  |  |  | &nbsp;&nbsp; **29247** |
| **Gabon (0.2%)** | **Gabon (0.2%)** | **Gabon (0.2%)** | **Gabon (0.2%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Gabon | 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp;&nbsp;&nbsp; 9483 | &nbsp;&nbsp; 7549 |
|  | &nbsp;&nbsp;&nbsp;Republic of Gabon | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 | &nbsp;&nbsp; 1081 |
|  |  |  |  |  | &nbsp;&nbsp; **8630** |
| **Ghana (1.3%)** | **Ghana (1.3%)** | **Ghana (1.3%)** | **Ghana (1.3%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp; 479 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6808 | &nbsp;&nbsp; 6609 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp;&nbsp;&nbsp; 23385 | &nbsp;&nbsp; 21819 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp;&nbsp;&nbsp; 13818 | &nbsp;&nbsp; 12897 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 7180 | &nbsp;&nbsp; 5557 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Ghana, 6.000% coupon rate effective 7/3/28 | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp;&nbsp;&nbsp; 14340 | &nbsp;&nbsp; 11122 |
|  |  |  |  |  | &nbsp;&nbsp; **58483** |
| **Guatemala (2.1%)** | **Guatemala (2.1%)** | **Guatemala (2.1%)** | **Guatemala (2.1%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 2/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 25117 | &nbsp;&nbsp; 24781 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 | &nbsp;&nbsp; 3609 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 27363 | &nbsp;&nbsp; 27140 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 21938 | &nbsp;&nbsp; 21484 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 6.050% | &nbsp;&nbsp;&nbsp;&nbsp; 8/6/31 | &nbsp;&nbsp;&nbsp;&nbsp; 16310 | &nbsp;&nbsp; 16580 |
|  | &nbsp;&nbsp;&nbsp;Republic of Guatemala | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp; 2974 |
|  |  |  |  |  | &nbsp;&nbsp; **96568** |
| **Hungary (4.6%)** | **Hungary (4.6%)** | **Hungary (4.6%)** | **Hungary (4.6%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Magyar Export-Import Bank Zrt | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 5/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8868 | &nbsp;&nbsp; 11253 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;MFB Magyar Fejlesztesi Bank Zrt | 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 6/27/30 | &nbsp;&nbsp;&nbsp;&nbsp; 13100 | &nbsp;&nbsp; 15604 |
|  | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.125% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 12960 | &nbsp;&nbsp; 13369 |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 5/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;10573510 | &nbsp;&nbsp; 27374 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/33 | &nbsp;&nbsp;&nbsp;&nbsp; 36105 | &nbsp;&nbsp; 45740 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/16/34 | &nbsp;&nbsp;&nbsp;&nbsp; 14598 | &nbsp;&nbsp; 17315 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/40 | &nbsp;&nbsp;&nbsp;&nbsp; 60599 | &nbsp;&nbsp; 69609 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Hungary | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/55 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 | &nbsp;&nbsp; 17180 |
|  |  |  |  |  | &nbsp;&nbsp; **217444** |
| **Indonesia (2.0%)** | **Indonesia (2.0%)** | **Indonesia (2.0%)** | **Indonesia (2.0%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 27900 | &nbsp;&nbsp; 28576 |
|  | &nbsp;&nbsp;&nbsp;Perusahaan Penerbit SBSN Indonesia III | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | &nbsp;&nbsp;&nbsp;&nbsp; 64228 | &nbsp;&nbsp; 62617 |
|  |  |  |  |  | &nbsp;&nbsp; **91193** |
| **Israel (0.9%)** | **Israel (0.9%)** | **Israel (0.9%)** | **Israel (0.9%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;State of Israel | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 8786 | &nbsp;&nbsp; 9706 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1198 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp; 6917 |
|  | &nbsp;&nbsp;&nbsp;State of Israel | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/54 | &nbsp;&nbsp;&nbsp;&nbsp; 26118 | &nbsp;&nbsp; 24239 |
|  |  |  |  |  | &nbsp;&nbsp; **42060** |
| **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** | **Ivory Coast (1.0%)** |  |  |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Ivory Coast | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/31 | &nbsp;&nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp; 13051 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3520 | &nbsp;&nbsp; 3954 |
| <sup>7,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp; 5631 | &nbsp;&nbsp; 5915 |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Cote d'Ivoire | 8.075% | &nbsp;&nbsp;&nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 25234 | &nbsp;&nbsp; 24340 |
|  |  |  |  |  | &nbsp;&nbsp; **47260** |
| **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Jamaica | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 | &nbsp;&nbsp; 5203 |
| **Jordan (0.9%)** | **Jordan (0.9%)** | **Jordan (0.9%)** | **Jordan (0.9%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 7/7/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp; 2076 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Jordan | 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp;&nbsp;&nbsp; 37103 | &nbsp;&nbsp; 37977 |
|  |  |  |  |  | &nbsp;&nbsp; **40053** |
| **Kazakhstan (1.1%)** | **Kazakhstan (1.1%)** | **Kazakhstan (1.1%)** | **Kazakhstan (1.1%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Baiterek National Managing Holding JSC | 5.450% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/28 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5661 |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 10.950% | &nbsp;&nbsp;&nbsp;&nbsp; 5/6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp; 6316 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Development Bank of Kazakhstan JSC | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 8996 | &nbsp;&nbsp; 9074 |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 26484 | &nbsp;&nbsp; 26616 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Republic of Kazakhstan | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/21/45 | &nbsp;&nbsp;&nbsp;&nbsp; 4269 | &nbsp;&nbsp; 4549 |
|  |  |  |  |  | &nbsp;&nbsp; **52216** |
| **Kenya (0.2%)** | **Kenya (0.2%)** | **Kenya (0.2%)** | **Kenya (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Kenya | 9.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp;&nbsp;&nbsp; 10725 | &nbsp;&nbsp; 10873 |
| **Latvia (1.0%)** | **Latvia (1.0%)** | **Latvia (1.0%)** | **Latvia (1.0%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Latvia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/34 | &nbsp;&nbsp;&nbsp;&nbsp; 39045 | &nbsp;&nbsp; 39004 |
|  | &nbsp;&nbsp;&nbsp;Republic of Latvia | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/30/34 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6992 |
|  |  |  |  |  | &nbsp;&nbsp; **45996** |
| **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** | **Lebanon (0.2%)** |  |  |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/12/21 | &nbsp;&nbsp;&nbsp;&nbsp; 9668 | &nbsp;&nbsp; 1813 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 10/4/22 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp; 424 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 4/22/24 | &nbsp;&nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp; 543 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 6310 | &nbsp;&nbsp; 1190 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp; 7238 | &nbsp;&nbsp; 1366 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp; 927 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 7.150% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 272 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.200% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 273 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Lebanon Republic | 8.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/17/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp; 273 |
|  |  |  |  |  | &nbsp;&nbsp; **7081** |
| **Lithuania (0.5%)** | **Lithuania (0.5%)** | **Lithuania (0.5%)** | **Lithuania (0.5%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Lithuania | 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp;&nbsp;&nbsp; 20639 | &nbsp;&nbsp; 25046 |
| **Mexico (4.4%)** | **Mexico (4.4%)** | **Mexico (4.4%)** | **Mexico (4.4%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 2.659% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 8290 | &nbsp;&nbsp; 7175 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/27/32 | &nbsp;&nbsp;&nbsp;&nbsp; 36985 | &nbsp;&nbsp; 35226 |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;United Mexican States | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp;&nbsp;&nbsp; 24220 | &nbsp;&nbsp; 24555 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp;&nbsp;&nbsp; 58068 | &nbsp;&nbsp; 54873 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 6.875% | &nbsp;&nbsp;&nbsp;&nbsp; 5/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 41656 | &nbsp;&nbsp; 43496 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 4.400% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp;&nbsp;&nbsp; 35446 | &nbsp;&nbsp; 24906 |
|  | &nbsp;&nbsp;&nbsp;United Mexican States | 3.771% | &nbsp;&nbsp;&nbsp;&nbsp; 5/24/61 | &nbsp;&nbsp;&nbsp;&nbsp; 26002 | &nbsp;&nbsp; 15319 |
|  |  |  |  |  | &nbsp;&nbsp; **205550** |
| **Morocco (1.0%)** | **Morocco (1.0%)** | **Morocco (1.0%)** | **Morocco (1.0%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 9/8/33 | &nbsp;&nbsp;&nbsp;&nbsp; 22095 | &nbsp;&nbsp; 23280 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1800 |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Morocco | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 30179 | &nbsp;&nbsp; 20529 |
|  |  |  |  |  | &nbsp;&nbsp; **45609** |
| **Nigeria (1.7%)** | **Nigeria (1.7%)** | **Nigeria (1.7%)** | **Nigeria (1.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/24/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 | &nbsp;&nbsp; 5154 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.143% | &nbsp;&nbsp;&nbsp;&nbsp; 2/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 24865 | &nbsp;&nbsp; 23626 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 8.747% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/31 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp; 13555 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 9.625% | &nbsp;&nbsp;&nbsp;&nbsp; 6/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5862 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.375% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp; 3037 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 10.375% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 26290 | &nbsp;&nbsp; 27604 |
|  | &nbsp;&nbsp;&nbsp;Republic of Nigeria | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/28/47 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2790 |
|  |  |  |  |  | &nbsp;&nbsp; **81628** |
| **Oman (2.6%)** | **Oman (2.6%)** | **Oman (2.6%)** | **Oman (2.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 84874 | &nbsp;&nbsp; 84747 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp; 17170 | &nbsp;&nbsp; 17328 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 6.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6646 | &nbsp;&nbsp; 6932 |
|  | &nbsp;&nbsp;&nbsp;Sultanate of Oman | 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 14360 | &nbsp;&nbsp; 14690 |
|  |  |  |  |  | &nbsp;&nbsp; **123697** |
| **Panama (0.6%)** | **Panama (0.6%)** | **Panama (0.6%)** | **Panama (0.6%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Panama | 3.870% | &nbsp;&nbsp;&nbsp;&nbsp; 7/23/60 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 | &nbsp;&nbsp; 26667 |
| **Paraguay (2.7%)** | **Paraguay (2.7%)** | **Paraguay (2.7%)** | **Paraguay (2.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp; 2653 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.700% | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 13044 | &nbsp;&nbsp; 13020 |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 4.950% | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 39099 | &nbsp;&nbsp; 38861 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 2.739% | &nbsp;&nbsp;&nbsp;&nbsp; 1/29/33 | &nbsp;&nbsp;&nbsp;&nbsp; 4194 | &nbsp;&nbsp; 3572 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.850% | &nbsp;&nbsp;&nbsp;&nbsp; 8/21/33 | &nbsp;&nbsp;&nbsp;&nbsp; 13342 | &nbsp;&nbsp; 13655 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.100% | &nbsp;&nbsp;&nbsp;&nbsp; 8/11/44 | &nbsp;&nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp; 4440 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 5.600% | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/48 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 | &nbsp;&nbsp; 4581 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/55 | &nbsp;&nbsp;&nbsp;&nbsp; 23372 | &nbsp;&nbsp; 23488 |
|  | &nbsp;&nbsp;&nbsp;Republic of Paraguay | 6.650% | &nbsp;&nbsp;&nbsp;&nbsp; 3/4/55 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 | &nbsp;&nbsp; 20878 |
|  |  |  |  |  | &nbsp;&nbsp; **125148** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Face<br> Amount<br> ($000)** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Peru (3.8%)** | **Peru (3.8%)** | **Peru (3.8%)** | **Peru (3.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo SA | 2.400% | &nbsp;&nbsp;&nbsp;&nbsp; 9/28/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.844% | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp; 4091 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 2.783% | &nbsp;&nbsp;&nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp; 133882 | &nbsp;&nbsp; 120081 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/8/35 | &nbsp;&nbsp;&nbsp;&nbsp; 6624 | &nbsp;&nbsp; 6614 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 5.875% | &nbsp;&nbsp;&nbsp;&nbsp; 8/8/54 | &nbsp;&nbsp;&nbsp;&nbsp; 25760 | &nbsp;&nbsp; 24885 |
|  | &nbsp;&nbsp;&nbsp;Republic of Peru | 6.200% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/55 | &nbsp;&nbsp;&nbsp;&nbsp; 21685 | &nbsp;&nbsp; 21793 |
|  |  |  |  |  | &nbsp;&nbsp; **178923** |
| **Poland (1.8%)** | **Poland (1.8%)** | **Poland (1.8%)** | **Poland (1.8%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/33 | &nbsp;&nbsp;&nbsp;&nbsp; 6083 | &nbsp;&nbsp; 6137 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 34527 | &nbsp;&nbsp; 35422 |
|  | &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/9/34 | &nbsp;&nbsp;&nbsp;&nbsp; 5274 | &nbsp;&nbsp; 5428 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Poland | 3.125% | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/31 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 23692 |
|  | &nbsp;&nbsp;&nbsp;Republic of Poland | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/35 | &nbsp;&nbsp;&nbsp;&nbsp; 14508 | &nbsp;&nbsp; 14792 |
|  |  |  |  |  | &nbsp;&nbsp; **85471** |
| **Romania (0.2%)** | **Romania (0.2%)** | **Romania (0.2%)** | **Romania (0.2%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Romania | 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/14/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 | &nbsp;&nbsp; 2651 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Romania | 2.124% | &nbsp;&nbsp;&nbsp;&nbsp; 7/16/31 | &nbsp;&nbsp;&nbsp;&nbsp; 6360 | &nbsp;&nbsp; 6212 |
|  |  |  |  |  | &nbsp;&nbsp; **8863** |
| **Saudi Arabia (0.6%)** | **Saudi Arabia (0.6%)** | **Saudi Arabia (0.6%)** | **Saudi Arabia (0.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia | 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/21/55 | &nbsp;&nbsp;&nbsp;&nbsp; 39377 | &nbsp;&nbsp; 26765 |
| **Senegal (0.3%)** | **Senegal (0.3%)** | **Senegal (0.3%)** | **Senegal (0.3%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Republic of Senegal | 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/23/33 | &nbsp;&nbsp;&nbsp;&nbsp; 18920 | &nbsp;&nbsp; 12522 |
| **Serbia (1.5%)** | **Serbia (1.5%)** | **Serbia (1.5%)** | **Serbia (1.5%)** |  |  |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 1.000% | &nbsp;&nbsp;&nbsp;&nbsp; 9/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3638 |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Republic of Serbia | 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 6/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 43710 | &nbsp;&nbsp; 46934 |
|  | &nbsp;&nbsp;&nbsp;Republic of Serbia | 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 23458 | &nbsp;&nbsp; 19837 |
|  |  |  |  |  | &nbsp;&nbsp; **70409** |
| **South Africa (3.6%)** | **South Africa (3.6%)** | **South Africa (3.6%)** | **South Africa (3.6%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 4.850% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 32149 | &nbsp;&nbsp; 30964 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.100% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/36 | &nbsp;&nbsp;&nbsp;&nbsp; 14325 | &nbsp;&nbsp; 14206 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.650% | &nbsp;&nbsp;&nbsp;&nbsp; 9/27/47 | &nbsp;&nbsp;&nbsp;&nbsp; 13502 | &nbsp;&nbsp; 10181 |
|  | &nbsp;&nbsp;&nbsp;Republic of South Africa | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/30/49 | &nbsp;&nbsp;&nbsp;&nbsp; 65648 | &nbsp;&nbsp; 49274 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of South Africa | 7.950% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/54 | &nbsp;&nbsp;&nbsp;&nbsp; 68070 | &nbsp;&nbsp; 64901 |
|  |  |  |  |  | &nbsp;&nbsp; **169526** |
| **Sri Lanka (1.0%)** | **Sri Lanka (1.0%)** | **Sri Lanka (1.0%)** | **Sri Lanka (1.0%)** |  |  |
| <sup>5,7</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka | 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 | &nbsp;&nbsp; 3774 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.350% coupon rate effective 7/15/27 | 3.100% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7762 | &nbsp;&nbsp; 6905 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.600% coupon rate effective 9/15/27 | 3.350% | &nbsp;&nbsp;&nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 11217 | &nbsp;&nbsp; 8997 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 3.850% coupon rate effective 11/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp; 19983 | &nbsp;&nbsp; 16122 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 5638 | &nbsp;&nbsp; 3849 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Sri Lanka, 5.100% coupon rate effective 12/15/27 | 3.600% | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 7336 | &nbsp;&nbsp; 5008 |
|  |  |  |  |  | &nbsp;&nbsp; **44655** |
| **Turkiye (4.5%)** | **Turkiye (4.5%)** | **Turkiye (4.5%)** | **Turkiye (4.5%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 8.600% | &nbsp;&nbsp;&nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4871 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2756 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 9.375% | &nbsp;&nbsp;&nbsp;&nbsp; 3/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4597 | &nbsp;&nbsp; 5063 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp; 8240 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.125% | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp;&nbsp;&nbsp; 105308 | &nbsp;&nbsp; 105497 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp;&nbsp;&nbsp; 16579 | &nbsp;&nbsp; 16652 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 4.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/16/43 | &nbsp;&nbsp;&nbsp;&nbsp; 56444 | &nbsp;&nbsp; 39808 |
|  | &nbsp;&nbsp;&nbsp;Republic of Turkiye | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/11/47 | &nbsp;&nbsp;&nbsp;&nbsp; 36234 | &nbsp;&nbsp; 27151 |
|  |  |  |  |  | &nbsp;&nbsp; **210038** |
| **Ukraine (1.7%)** | **Ukraine (1.7%)** | **Ukraine (1.7%)** | **Ukraine (1.7%)** |  |  |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 0.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2547 | &nbsp;&nbsp; 1226 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 14294 | &nbsp;&nbsp; 5564 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 8043 | &nbsp;&nbsp; 3758 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 13265 | &nbsp;&nbsp; 6283 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 16937 | &nbsp;&nbsp; 7923 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 3.000% coupon rate effective 2/1/27 | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 10342 | &nbsp;&nbsp; 4885 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 15149 | &nbsp;&nbsp; 7777 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp; 9495 |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 21494 | &nbsp;&nbsp; 10886 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 7980 | &nbsp;&nbsp; 4058 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>5,11</sup> | &nbsp;&nbsp;&nbsp;Ukraine, 4.500% coupon rate effective 8/1/25 | 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 32733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16207 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **78062** |
| **United Arab Emirates (0.4%)** | **United Arab Emirates (0.4%)** | **United Arab Emirates (0.4%)** | **United Arab Emirates (0.4%)** |  |  |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi | 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp;&nbsp;&nbsp; 17264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17167 |
|  | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah | 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **20089** |
| **Uruguay (0.4%)** | **Uruguay (0.4%)** | **Uruguay (0.4%)** | **Uruguay (0.4%)** |  |  |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay | 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 9/10/60 | &nbsp;&nbsp;&nbsp;&nbsp; 18102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16388 |
| **Uzbekistan (3.2%)** | **Uzbekistan (3.2%)** | **Uzbekistan (3.2%)** | **Uzbekistan (3.2%)** |  |  |
| <sup>5,14</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 15.500% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;78700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6199 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10869 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 7.850% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 46485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49524 |
|  | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.375% | &nbsp;&nbsp;&nbsp;&nbsp; 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 18967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18643 |
| <sup>5,8</sup> | &nbsp;&nbsp;&nbsp;Republic of Uzbekistan | 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; 2/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20733 |
|  | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp; 19561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17938 |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC | 8.750% | &nbsp;&nbsp;&nbsp;&nbsp; 5/7/30 | &nbsp;&nbsp;&nbsp;&nbsp; 26560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27339 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **151245** |
| **Venezuela (0.0%)** | **Venezuela (0.0%)** | **Venezuela (0.0%)** | **Venezuela (0.0%)** |  |  |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 7.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/13/19 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 12.750% | &nbsp;&nbsp;&nbsp;&nbsp; 8/23/22 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 3/31/38 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Republic of Venezuela | 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/9/49 | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2075** |
| **Zambia (0.7%)** | **Zambia (0.7%)** | **Zambia (0.7%)** | **Zambia (0.7%)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Republic of Zambia | 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/53 | &nbsp;&nbsp;&nbsp;&nbsp; 6780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4598 |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Republic of Zambia, 7.500% coupon rate effective 6/30/31 | 5.750% | &nbsp;&nbsp;&nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 32837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30114 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **34712** |
| **Total Sovereign Bonds (Cost $3,388,761)** | **Total Sovereign Bonds (Cost $3,388,761)** | **Total Sovereign Bonds (Cost $3,388,761)** | **Total Sovereign Bonds (Cost $3,388,761)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3503586** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** | **Temporary Cash Investments (2.5%)** |  |  |
| **Money Market Fund (2.5%)** | **Money Market Fund (2.5%)** | **Money Market Fund (2.5%)** | **Money Market Fund (2.5%)** |  |  |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund **(Cost** $**117,877)** | 4.355% |  | &nbsp;&nbsp;&nbsp;&nbsp; 1178885 | &nbsp;&nbsp; **117877** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;Expiration<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;Exercise<br> Price | &nbsp;&nbsp;Notional<br> Value<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Options Purchased (0.0%)** | **Options Purchased (0.0%)** | **Options Purchased (0.0%)** |  |  |  |
| **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** | **Foreign Currency Options (0.0%)** |  |  |  |
| **Call Options** | **Call Options** | **Call Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;USD | JPMC | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | HKD 7.800 | &nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp;USD | JPMC | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | HKD 7.800 | &nbsp;&nbsp;118600 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| **Total Options Purchased (Cost $1,357)** | **Total Options Purchased (Cost $1,357)** | **Total Options Purchased (Cost $1,357)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**794** |
| **Total Investments (101.1%) (Cost $4,616,371)** | **Total Investments (101.1%) (Cost $4,616,371)** | **Total Investments (101.1%) (Cost $4,616,371)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4737493** |
| **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** | **Other Assets and Liabilities—Net (-1.1%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(51980)** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4685513** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| 1 | Securities with a value of $10,210 have been segregated as collateral for open forward currency contracts and over-the-counter swap contracts. |
| 2 | Securities with a value of $20,820 have been segregated as initial margin for open centrally cleared swap contracts. |
| 3 | Securities with a value of $16,937 have been segregated as initial margin for open futures contracts. |
| 4 | Guaranteed by the Republic of Azerbaijan. |
| 5 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the aggregate value was $880,015, representing 18.8% of net assets. |
| 6 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2025. |
| 7 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
| 8 | Face amount denominated in euro. |
| 9 | Non-income-producing security—security in default. |
| 10 | Face amount denominated in Argentine peso. |
| 11 | Step bond. |
| 12 | Face amount denominated in Hungarian forint. |
| 13 | Face amount denominated in Kazakhstan tenge. |
| 14 | Face amount denominated in Uzbekistani Som. |
| 15 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | JPMC—JPMorgan Chase Bank, N.A. |
|  | HKD—Hong Kong dollar. |
|  | USD—U.S. dollar. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| 5-Year U.S. Treasury Note | September 2025 | 1226 | 133634 | &nbsp;&nbsp;1116 |
| 10-Year U.S. Treasury Note | September 2025 | 2488 | 278967 | &nbsp;&nbsp;4728 |
| Long U.S. Treasury Bond | September 2025 | 19 | 2194 | &nbsp;&nbsp;88 |
| Ultra 10-Year U.S. Treasury Note | September 2025 | 127 | 14512 | &nbsp;&nbsp;125 |
| Ultra Long U.S. Treasury Bond | September 2025 | 634 | 75525 | &nbsp;&nbsp;2688 |
|  |  |  |  | &nbsp;&nbsp;8745 |
| Short Futures Contracts |  |  |  |  |
| Euro-Bobl | September 2025 | (1227) | (170088) | &nbsp;&nbsp;542 |
| Euro-Bund | September 2025 | (1223) | (187498) | &nbsp;&nbsp;925 |
| Euro-Schatz | September 2025 | (2) | (253) | &nbsp;&nbsp;— |
|  |  |  |  | &nbsp;&nbsp;1467 |
|  |  |  |  | &nbsp;&nbsp;10212 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Citibank, N.A. | 8/18/25 | &nbsp;&nbsp;&nbsp;ARS | &nbsp;&nbsp;&nbsp;5893750 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(37) |
| Toronto-Dominion Bank | 9/17/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;30241 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;35424 | &nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 9/17/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;18764 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;21837 | &nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;— |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;6725 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;7907 | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 9/17/25 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;270378 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;34701 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(26) |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;84704 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;22871 | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;— |
| HSBC Bank plc | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;23394 | &nbsp;&nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;498812 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(427) |
| JPMorgan Chase Bank, N.A. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;462278 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;396263 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6936) |
| Toronto-Dominion Bank | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;29056 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;24860 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(381) |
| UBS AG | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;24814 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;21459 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(595) |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8) |
| HSBC Bank plc | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;26432 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;9187682 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(538) |
| Barclays Bank plc | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;21326 | &nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;346540166 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(72) |
| Bank of America, N.A. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;23018 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;84896 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(492) |
| State Street Bank & Trust Co. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2) |
| Citibank, N.A. | 9/17/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;(9514) |

---

---

| |
|:---|
| ARS—Argentina Peso. |
| CZK—Czech koruna. |
| EUR—euro. |
| HKD—Hong Kong dollar. |
| HUF—Hungarian forint. |
| IDR—Indonesian rupiah. |
| PLN—Polish zloty. |
| SGD—Singapore dollar. |
| THB—Thai baht. |
| USD—U.S. dollar. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps | Centrally Cleared Credit Default Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Notional Amount<br> (000) | &nbsp;&nbsp;&nbsp;Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold | Credit Protection Sold |
| Republic of Argentina | 12/21/29 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;19758 | &nbsp;&nbsp;&nbsp;5.000 | &nbsp;&nbsp;&nbsp;(1941) | &nbsp;&nbsp;&nbsp;1326 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps | Over-the-Counter Credit Default Swaps |
| Reference<br> Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value<br> ($000) | Remaining<br> Up-Front<br> Premium<br> Paid<br> (Received)<br> ($000) | Unrealized<br> Appreciation<br> ($000) | Unrealized<br> Depreciation<br> ($000) |
| Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating | Credit Protection Sold/Moody's Rating |
| Republic of Indonesia/Baa2 | &nbsp;&nbsp;&nbsp;6/21/30 | BANA | 35825 | &nbsp;&nbsp;&nbsp;1.000 | 371 | (314) | 685 |  |
| Republic of Indonesia/Baa2 | &nbsp;&nbsp;&nbsp;6/21/30 | BARC | 9930 | &nbsp;&nbsp;&nbsp;1.000 | 103 | 35 | 68 |  |
| Republic of Indonesia/Baa2 | &nbsp;&nbsp;&nbsp;6/21/30 | DBAG | 10000 | &nbsp;&nbsp;&nbsp;1.000 | 103 | (107) | 210 |  |
| Republic of Indonesia/Baa2 | &nbsp;&nbsp;&nbsp;6/21/30 | MSCS | 15065 | &nbsp;&nbsp;&nbsp;1.000 | 157 | (157) | 314 |  |
| Republic of Turkiye/B1 | &nbsp;&nbsp;&nbsp;6/22/27 | BANA | 14440 | &nbsp;&nbsp;&nbsp;1.000 | (240) | (338) | 98 |  |
| Republic of Turkiye/B1 | &nbsp;&nbsp;&nbsp;6/21/30 | BARC | 34870 | &nbsp;&nbsp;&nbsp;1.000 | (2788) | (3100) | 312 |  |
| Republic of Turkiye/B1 | &nbsp;&nbsp;&nbsp;6/21/30 | JPMC | 16480 | &nbsp;&nbsp;&nbsp;1.000 | (1318) | (1466) | 148 |  |
|  |  |  |  |  | (3612) | (5447) | 1835 |  |
| Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased | Credit Protection Purchased |
| Republic of Colombia | &nbsp;&nbsp;&nbsp;6/21/30 | BANA | 40333 | (1.000) | 2079 | 2107 |  | (28) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) | Over-the-Counter Credit Default Swaps (continued) |
| Reference<br> Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Periodic<br> Premium<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value<br> ($000) | Remaining<br> Up-Front<br> Premium<br> Paid<br> (Received)<br> ($000) | Unrealized<br> Appreciation<br> ($000) | Unrealized<br> Depreciation<br> ($000) |
| Republic of Malaysia | &nbsp;&nbsp;&nbsp;6/21/30 | JPMC | 16337 | (1.000) | (406) | (353) |  | (53) |
| Republic of Panama | 12/21/29 | MSCS | 15699 | (1.000) | 455 | 421 | 34 |  |
|  |  |  |  |  | 2128 | 2175 | 34 | (81) |
|  |  |  |  |  | (1484) | (3272) | 1869 | (81) |

---

1 Periodic premium received/paid quarterly.

---

| |
|:---|
| BANA—Bank of America, N.A. |
| BARC—Barclays Bank plc. |
| DBAG—Deutsche Bank AG. |
| JPMC—JPMorgan Chase Bank, N.A. |
| MSCS—Morgan Stanley Capital Services LLC. |

---

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

At June 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $2,974 in connection with open forward currency contracts and open over-the-counter swap contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps | Centrally Cleared Interest Rate Swaps |
| Termination<br> Date | Future<br> Effective<br> Date | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> Received<br> (%) | &nbsp;&nbsp;&nbsp;Interest<br> Rate<br> (Paid)<br> (%) | &nbsp;&nbsp;&nbsp;Value<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> (Depreciation)<br> ($000) |
| 1/2/29 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113834<sup>1</sup> | &nbsp;&nbsp;&nbsp;12.280<sup>2</sup> | &nbsp;&nbsp;&nbsp;(14.740)<sup>3</sup> | &nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;42 |
| 12/18/29 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340482<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.080<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.510)<sup>6</sup> | &nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;(112) |
| 3/19/30 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384143<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.317<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(7.715)<sup>9</sup> | &nbsp;&nbsp;&nbsp;(391) | &nbsp;&nbsp;&nbsp;(391) |
| 3/19/30 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122065<sup>10</sup> | &nbsp;&nbsp;&nbsp;5.790<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.930)<sup>5</sup> | &nbsp;&nbsp;&nbsp;(887) | &nbsp;&nbsp;&nbsp;(884) |
| 6/18/30 | N/A | &nbsp;&nbsp;&nbsp;68000000<sup>12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.482<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.560)<sup>13</sup> | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;7 |
| 6/18/30 | N/A | &nbsp;&nbsp;&nbsp;26000000<sup>12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.382<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.560)<sup>13</sup> | &nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;(89) |
| 6/18/30 | N/A | &nbsp;&nbsp;&nbsp;11500000<sup>14</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.316<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.500)<sup>15</sup> | &nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;292 |
| 6/18/30 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046825<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.315<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.510)<sup>6</sup> | &nbsp;&nbsp;&nbsp;(734) | &nbsp;&nbsp;&nbsp;(791) |
| 6/18/30 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59750<sup>10</sup> | &nbsp;&nbsp;&nbsp;5.040<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.760)<sup>5</sup> | &nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;&nbsp;(394) |
| 12/18/34 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189381<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.510<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.269)<sup>5</sup> | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;269 |
| 3/19/35 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;4975679<sup>14</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.777<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.510)<sup>15</sup> | &nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;290 |
| 6/18/35 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;5700000<sup>14</sup> | &nbsp;&nbsp;&nbsp;6.500<sup>15</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.636)<sup>5</sup> | &nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;(108) |
| 6/18/35 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;3613700<sup>14</sup> | &nbsp;&nbsp;&nbsp;6.500<sup>15</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.600)<sup>5</sup> | &nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;(41) |
| 6/18/35 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000<sup>10</sup> | &nbsp;&nbsp;&nbsp;5.040<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.415)<sup>5</sup> | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;90 |
| 6/18/35 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000<sup>10</sup> | &nbsp;&nbsp;&nbsp;5.040<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.404)<sup>5</sup> | &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;98 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;(1882) | &nbsp;&nbsp;&nbsp;(1722) |

---

---

| | |
|:---|:---|
| 1 | Notional amount denominated in Brazilian real. |
| 2 | Interest payment received/paid at maturity. |
| 3 | Based on Brazil Interbank Deposit Certificate (CDI) as of the most recent reset date. Interest payment received/paid at maturity. |
| 4 | Notional amount denominated in Czech koruna. |
| 5 | Interest payment received/paid annually. |
| 6 | Based on Prague Interbank Offered Rate as of the most recent reset date. Interest payment received/paid semiannually. |
| 7 | Notional amount denominated in South African rand. |
| 8 | Based on Johannesburg Interbank Average Rate (JIBAR) as of the most recent reset date. Interest payment received/paid quarterly. |
| 9 | Interest payment received/paid quarterly. |
| 10 | Notional amount denominated in Polish zloty. |
| 11 | Based on Warsaw Interbank Offered Rate as of the most recent reset date. Interest payment received/paid semiannually. |
| 12 | Notional amount denominated in Korean won. |
| 13 | Based on South Korean Won 3 Month Certificate of Deposit Rate as of the most recent reset date. Interest payment received/paid quarterly. |
| 14 | Notional amount denominated in Hungarian forint. |
| 15 | Based on Budapest Interbank Offered Rate as of the most recent reset date. Interest payment received/paid semiannually. |

---

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using
the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in
Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the
fund's pricing time but after the close of the securities' primary markets, are valued by

------

methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, fixed income benchmark curves, foreign exchange rates, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.

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

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

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

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

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

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

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

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

------

the seller agrees to pay the buyer an amount equal to the notional amount and take delivery of a debt instrument of the reference issuer with a par amount equal to such notional amount. If the swap is cash settled, the seller agrees to pay the buyer the difference between the notional amount and the final price for the relevant debt instrument, as determined either in a market auction or pursuant to a pre-agreed-upon valuation procedure.

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

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

The primary risk associated with selling credit protection is that, upon the occurrence of a defined credit event, the market value of the debt instrument received by the fund (or, in a cash settled swap, the debt instruments used to determine the settlement payment by the fund) will be significantly less than the amount paid by the fund and, in a physically settled swap, the fund may receive an illiquid debt instrument. A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

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

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

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

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

------

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;344416 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;344416 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;770820 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;770820 |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3503586 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3503586 |
| Temporary Cash Investments | 117877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;117877 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
| Total | 117877 | &nbsp;&nbsp;&nbsp;4619616 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4737493 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 10212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10212 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| Swap Contracts | &nbsp;&nbsp;2414<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 |
| Total | 12626 | &nbsp;&nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15905 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9514) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9514) |
| Swap Contracts | &nbsp;&nbsp;(2810)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2891) |
| Total | &nbsp;&nbsp;(2810) | &nbsp;&nbsp;&nbsp;(9595) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12405) |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $4848252363.07

**Total Liabilities:** $181085528.68

**Net Assets:** $4667166834.39

**Cash Not Reported:** $345543.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2097.77195135 | **1-Year:** -56820.11105363 | **5-Year:** -387948.14323070 | **10-Year:** -597112.04638241 | **30-Year:** -354433.86692433

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

- **3-Month:** -5584.57702426 | **1-Year:** -141539.53073957 | **5-Year:** -412932.00399861 | **10-Year:** -447979.60655491 | **30-Year:** -177399.71323736

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166998 | 0.05%                | 0.83%                | 2.62%                |
| Class ID C000166997 | 0.09%                | 0.80%                | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13627423.99            | $-3157062.10                               |
| Month 2  | $-3146267.44             | $27223838.98                               |
| Month 3  | $3969545.78              | $100040552.82                              |

**Designated Index Information**

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

- **Index Identifier:** JPGCCOMP

### Schedule of Portfolio Investments

| Name                                                                            | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Petrobras Global Finance BV                                                     | PETROBRAS                          | CUSIP: 71647NAQ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |      866000 | PA      | $897343.31    | 0.02%             | 2026-05-23      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                           | PETROLEOS DEL PE                   | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | CORP              | PE        |     3366000 | PA      | $2126526.04   | 0.05%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |    27363000 | PA      | $27140334.96  | 0.58%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $6023.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | US 5YR NOTE (CBT) Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        1226 | NC      | $1115820.99   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HV5<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |    35780000 | PA      | $22227586.86  | 0.48%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | ICE: (ARGENT)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -19757500 | NC      | $-1971260.52  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Morocco Government International Bond                                           | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |     1525000 | PA      | $1799566.71   | 0.04%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    40390000 | PA      | $29218554.13  | 0.63%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Angolan Government International Bond                                           | ANGOLA REP OF                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AO        |     2789000 | PA      | $2163706.48   | 0.05%             | 2049-11-26      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: 374422AL7<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |      495168 | PA      | $479104.84    | 0.01%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BAM2<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |     8290000 | PA      | $7174838.57   | 0.15%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Lithuania Government International Bond                                         | LITHUANIA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LT        |    20639000 | PA      | $25045560.66  | 0.54%             | 2031-07-03      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | ARS/USD FWD 20250818               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-37400.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morocco Government International Bond                                           | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |    22095000 | PA      | $23280485.13  | 0.50%             | 2033-09-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-380999.44   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |    26290000 | PA      | $27603903.22  | 0.59%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325EQ4<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    43452000 | PA      | $41358161.96  | 0.89%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (TURKEY)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -16480000 | NC      | $-1322960.77  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: 25714PFB9<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |    43510000 | PA      | $44333345.82  | 0.95%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    22623000 | PA      | $2883679.15   | 0.06%             | 2027-04-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HU7<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |    22964637 | PA      | $16334138.42  | 0.35%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                          | REPUBLIC OF PERU                   | CUSIP: 715638EB4<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |     6624000 | PA      | $6614178.79   | 0.14%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325ES0<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    60710000 | PA      | $63156503.11  | 1.35%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CA8<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    15148579 | PA      | $7776603.32   | 0.17%             | 2034-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     5637956 | PA      | $3848657.07   | 0.08%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Gabon Government International Bond                                             | REPUBLIC OF GABO                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |     9483000 | PA      | $7548775.25   | 0.16%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                                    | REPUB URUGUAY                      | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    18101992 | PA      | $16387556.68  | 0.35%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | BUFFALO ENERGY                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |     2980000 | PA      | $3064646.39   | 0.07%             | 2039-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                                           | HUNGARY                            | CUSIP: 445545AX4<br>LEI: N/A                  | Long             | DBT              | NUSS              | HU        |    17050000 | PA      | $17179443.77  | 0.37%             | 2055-09-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Chile Government International Bond                                             | CHILE                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CL        |    25300000 | PA      | $29646736.17  | 0.64%             | 2035-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                                          | SBSN INDO III                      | CUSIP: N/A<br>LEI: 254900G208H6Q0L5B953       | Long             | DBT              | NUSS              | ID        |    64228000 | PA      | $62616425.71  | 1.34%             | 2054-11-25      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                       | UZBEK INTL BOND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    17210000 | PA      | $20732672.51  | 0.44%             | 2029-02-25      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Port Of Spain Waterfront Development                                            | PORT OF SPAIN                      | CUSIP: 73500YAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    10775000 | PA      | $10717638.21  | 0.23%             | 2040-02-19      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-24260.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                          | REPUBLIC OF PERU                   | CUSIP: 715638DF6<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |   133882000 | PA      | $120081555.90 | 2.57%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    12048000 | PA      | $8667300.00   | 0.19%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    70847000 | PA      | $57496152.07  | 1.23%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Albania Government International Bond                                           | ALBANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AL        |    16747000 | PA      | $19704405.96  | 0.42%             | 2035-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                         | RAIZEN FUELS                       | CUSIP: 75102XAD8<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     9301000 | PA      | $8713346.92   | 0.19%             | 2035-01-17      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                                    | ECOPETROL SA                       | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     3630000 | PA      | $3022839.99   | 0.06%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                          | REPUBLIC OF PERU                   | CUSIP: 715638EC2<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |    25760000 | PA      | $24884734.19  | 0.53%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                                     | BANK GOSPODARSTW                   | CUSIP: 06237MAC7<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    34527000 | PA      | $35422070.70  | 0.76%             | 2034-07-09      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |    19982871 | PA      | $16122202.30  | 0.35%             | 2036-05-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | SWP: HUF 6.635900 18-JUN-2035 BUB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  5700000000 | NC      | $-108010.47   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Kenya Government International Bond                                 | KENYA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | KE        |    10725000 | PA      | $10873122.98  | 0.23%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | PLN/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $585323.80    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: 65412AFC1<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |     5600000 | PA      | $5861903.10   | 0.13%             | 2031-06-09      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (INDON)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -15065000 | NC      | $151527.05    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Government International Bond                                            | STATE OF ISRAEL                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IL        |     8786000 | PA      | $9706093.11   | 0.21%             | 2029-01-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123DP2<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |   105308000 | PA      | $105497431.19 | 2.26%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123DH0<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |     4597000 | PA      | $5062817.69   | 0.11%             | 2029-03-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $29530.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                                               | UZBEKNEFTEGAZ                      | CUSIP: 91825MAC7<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |    26560000 | PA      | $27338956.73  | 0.59%             | 2030-05-07      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                                    | ECOPETROL SA                       | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    25844000 | PA      | $21770916.85  | 0.47%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kazakhstan Government International Bond                                        | KAZAKHSTAN                         | CUSIP: 486661BN0<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |    26484000 | PA      | $26615577.54  | 0.57%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-127690.80   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: PLN 4.404000 18-JUN-2035 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |    32000000 | NC      | $95721.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KazMunayGas National Co JSC                                                     | KAZMUNAYGAS NAT                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |     1840000 | PA      | $1590087.34   | 0.03%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BBC3<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    41656000 | PA      | $43495905.11  | 0.93%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HW3<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |     3283636 | PA      | $2149473.16   | 0.05%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |    13818000 | PA      | $12896998.52  | 0.28%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                          | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     3104000 | PA      | $2650909.12   | 0.06%             | 2031-02-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325DR3<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    35282000 | PA      | $30507340.22  | 0.65%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: KRW 2.482000 18-JUN-2030 KRW  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | 68000000000 | NC      | $8120.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     4900000 | PA      | $926972.69    | 0.02%             | 2030-02-26      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                                 | TURKCELL ILETISI                   | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     1700000 | PA      | $1730139.23   | 0.04%             | 2030-01-24      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Corp Financiera de Desarrollo SA                                                | COFIDE                             | CUSIP: N/A<br>LEI: 254900BOM7T4MG6T0J30       | Long             | DBT              | NUSS              | PE        |     1543000 | PA      | $1459189.46   | 0.03%             | 2027-09-28      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                                     | BANK GOSPODARSTW                   | CUSIP: N/A<br>LEI: 259400BCOV9JJIGLYF05       | Long             | DBT              | NUSS              | PL        |     5274000 | PA      | $5427898.48   | 0.12%             | 2034-07-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bond                                            | ZAMBIA REP OF                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ZM        |    32837281 | PA      | $30114331.13  | 0.65%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                       | UZBEK INTL BOND                    | CUSIP: 91824PAD9<br>LEI: N/A                  | Long             | DBT              | NUSS              | UZ        | 78700000000 | PA      | $6199305.71   | 0.13%             | 2028-02-25      | Fixed         | 15.50%                | Yes           |                  2 | On Loan: No      |
| Abu Dhabi Government International Bond                                         | ABU DHABI GOVT                     | CUSIP: 29135LAU4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    17264000 | PA      | $17167565.71  | 0.37%             | 2054-04-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325ER2<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    10000000 | PA      | $10349744.40  | 0.22%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                                         | BRAZIL REP OF                      | CUSIP: 105756CL2<br>LEI: N/A                  | Long             | DBT              | NUSS              | BR        |    44680000 | PA      | $45177866.11  | 0.97%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                       | REPUB UZBEKISTAN                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    18967000 | PA      | $18643328.15  | 0.40%             | 2029-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bond                                        | COSTA RICA GOVT                    | CUSIP: ZQ5851725<br>LEI: N/A                  | Long             | DBT              | NUSS              | CR        |    13477000 | PA      | $13873979.32  | 0.30%             | 2031-02-19      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |     5129000 | PA      | $4581533.51   | 0.10%             | 2048-03-13      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                       | IVORY COAST-PDI                    | CUSIP: AR6697171<br>LEI: N/A                  | Long             | DBT              | NUSS              | CI        |     3520000 | PA      | $3953585.95   | 0.08%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                          | OCP SA                             | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | CORP              | MA        |     3500000 | PA      | $2653703.50   | 0.06%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | PLN/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-492335.29   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bulgarian Energy Holding EAD                                                    | BULG ENRGY HLD                     | CUSIP: N/A<br>LEI: 635400E1RWKJXPSBCV07       | Long             | DBT              | CORP              | BG        |    16300000 | PA      | $19043158.37  | 0.41%             | 2030-06-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: HUF 6.600000 18-JUN-2035 BUB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  3613700000 | NC      | $-40916.81    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HT0<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |     8530500 | PA      | $5725074.47   | 0.12%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bond                                            | JORDAN                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | JO        |     2080000 | PA      | $2075591.86   | 0.04%             | 2025-07-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                                          | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |    24515000 | PA      | $29141036.28  | 0.62%             | 2034-05-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123CT5<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |     7885000 | PA      | $8239819.24   | 0.18%             | 2029-04-26      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                                                      | FIRST QUANTUM                      | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     2720000 | PA      | $2789745.42   | 0.06%             | 2033-03-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                       | IVORY COAST-PDI                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CI        |     5631000 | PA      | $5915073.87   | 0.13%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |    24865000 | PA      | $23625778.13  | 0.51%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $19556.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Cameroon International Bond                                         | REP OF CAMEROON                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | CM        |     6192000 | PA      | $5692542.02   | 0.12%             | 2032-07-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                                                         | OQ SAOC                            | CUSIP: N/A<br>LEI: 549300YK417GKI6EQ392       | Long             | DBT              | CORP              | OM        |     4298000 | PA      | $4291212.60   | 0.09%             | 2028-05-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Angolan Government International Bond                                           | ANGOLA REP OF                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AO        |     1965000 | PA      | $1563905.38   | 0.03%             | 2048-05-08      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                                  | BRASKEM NL                         | CUSIP: AP4289843<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     3631000 | PA      | $3124384.07   | 0.07%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: 374422AP8<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |     7179936 | PA      | $5556860.92   | 0.12%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | SWP: HUF 6.316250 18-JUN-2030 BUB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | 11500000000 | NC      | $295508.98    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6798600 | PA      | $6696886.55   | 0.14%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bond                                       | EL SALVADOR REP                    | CUSIP: 283875CG5<br>LEI: N/A                  | Long             | DBT              | NUSS              | SV        |    24735000 | PA      | $25621080.92  | 0.55%             | 2054-11-21      | Fixed         | 9.65%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                              | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    84874000 | PA      | $84746655.05  | 1.82%             | 2026-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Romanian Government International Bond                                          | ROMANIA                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RO        |     6360000 | PA      | $6212429.44   | 0.13%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325EA9<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    26605000 | PA      | $16876646.56  | 0.36%             | 2042-02-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: 25714PET1<br>LEI: N/A                  | Long             | DBT              | NUSS              | DO        |     5467000 | PA      | $5734932.42   | 0.12%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond                          | SOUTH AFRICA                       | CUSIP: 836205BG8<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    68070000 | PA      | $64900820.08  | 1.39%             | 2054-11-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: AS8295618<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     1445000 | PA      | $272805.74    | 0.01%             | 2034-05-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: CZK 3.269000 18-DEC-2034 PRI  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   189380975 | NC      | $417350.69    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    21204000 | PA      | $17616544.01  | 0.38%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |    14340000 | PA      | $11122492.61  | 0.24%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                                           | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    12960000 | PA      | $13368907.44  | 0.29%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bond                                           | ECUA 0 7/31/2030                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EC        |     3670000 | PA      | $2674206.79   | 0.06%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PEMEX MASTER TR                    | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2415000 | PA      | $1885385.19   | 0.04%             | 2038-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (COLOM)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    40333000 | NC      | $2091708.51   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                         | RAIZEN FUELS                       | CUSIP: 75102XAC0<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    13910000 | PA      | $12885213.44  | 0.28%             | 2054-03-05      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Venezuela Government International Bond                                         | VENEZUELA                          | CUSIP: EI3500440<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |     3660000 | PA      | $654239.82    | 0.01%             | 2022-08-23      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                                                | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |     3630000 | PA      | $3373275.22   | 0.07%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Gabon Government International Bond                                             | REPUBLIC OF GABO                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |     1367000 | PA      | $1081040.96   | 0.02%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | CZK/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-427058.33   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    48439000 | PA      | $48183769.10  | 1.03%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    35681000 | PA      | $27478177.16  | 0.59%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     7320000 | PA      | $1100936.42   | 0.02%             | 2022-02-17      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                                          | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |        1000 | PA      | $978.03       | 0.00%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BAK6<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    36985000 | PA      | $35226238.98  | 0.75%             | 2032-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Latvia Government International Bond                                            | REP OF LATVIA                      | CUSIP: 518417AD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | LV        |    39045000 | PA      | $39003544.36  | 0.84%             | 2034-07-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Southern Gas Corridor CJSC                                                      | STHRN GAS CRIDOR                   | CUSIP: N/A<br>LEI: 213800DG58KG59XY6318       | Long             | DBT              | CORP              | AZ        |    24785000 | PA      | $25094140.83  | 0.54%             | 2026-03-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |     3500000 | PA      | $2789445.05   | 0.06%             | 2047-11-28      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |     4634000 | PA      | $4439961.44   | 0.10%             | 2044-08-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $380906.35    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                                         | VENEZUELA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VE        |     1500000 | PA      | $259340.36    | 0.01%             | 2038-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                                                | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |     5712316 | PA      | $5508693.83   | 0.12%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                       | IVORY COAST-PDI                    | CUSIP: 221625AV8<br>LEI: N/A                  | Long             | DBT              | NUSS              | CI        |    25234000 | PA      | $24340526.89  | 0.52%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $377374.13    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hungary Government Bond                                                         | HUNGARY GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        | 10573510000 | PA      | $27373707.28  | 0.59%             | 2032-05-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Benin Government International Bond                                             | BENIN INTL BOND                    | CUSIP: 08205QAC2<br>LEI: N/A                  | Long             | DBT              | NUSS              | BJ        |    13100000 | PA      | $12611723.70  | 0.27%             | 2041-01-23      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                | FIEMEX ENERGI-BA                   | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     5969479 | PA      | $6051395.32   | 0.13%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     7335992 | PA      | $5007793.16   | 0.11%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BBE9<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    24220000 | PA      | $24554689.40  | 0.53%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd                                                            | PETRONAS CAP LTD                   | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    40330000 | PA      | $40890659.59  | 0.88%             | 2055-04-03      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                                   | EMPRESA NACIONAL                   | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | CORP              | CL        |    16915000 | PA      | $17022401.45  | 0.36%             | 2029-11-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond                          | SOUTH AFRICA                       | CUSIP: 836205BA1<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    32149000 | PA      | $30963973.39  | 0.66%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    17233000 | PA      | $17202204.80  | 0.37%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| State of Israel                                                                 | STATE OF ISRAEL                    | CUSIP: 46513JXM8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     1327000 | PA      | $1198091.69   | 0.03%             | 2030-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Serbia International Bond                                                       | SERBIA REPUBLIC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RS        |    23458000 | PA      | $19837133.37  | 0.43%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |     2656000 | PA      | $2653036.83   | 0.06%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CB6<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    21493558 | PA      | $10885749.90  | 0.23%             | 2035-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Israel Government International Bond                                            | STATE OF ISRAEL                    | CUSIP: 46514Y8A8<br>LEI: N/A                  | Long             | DBT              | NUSS              | IL        |     6770000 | PA      | $6916579.50   | 0.15%             | 2030-02-19      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BAT7<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    58068000 | PA      | $54872661.39  | 1.18%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    13265000 | PA      | $6282785.52   | 0.13%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |     3050000 | PA      | $2974190.57   | 0.06%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    38489000 | PA      | $38247527.33  | 0.82%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HS2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |   111015080 | PA      | $88017267.08  | 1.89%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |     4194000 | PA      | $3572267.56   | 0.08%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    11695000 | PA      | $8442784.93   | 0.18%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Magyar Export-Import Bank Zrt                                                   | MAGYAR EXPORT-IM                   | CUSIP: N/A<br>LEI: 529900O4UGETQ9Q3AA63       | Long             | DBT              | NUSS              | HU        |     8868000 | PA      | $11253116.90  | 0.24%             | 2029-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                                           | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    36105000 | PA      | $45740380.36  | 0.98%             | 2033-09-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond                          | SOUTH AFRICA                       | CUSIP: 836205AX2<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    13502000 | PA      | $10180906.98  | 0.22%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MFB Magyar Fejlesztesi Bank Zrt                                                 | HUNGARIAN DEVEL                    | CUSIP: N/A<br>LEI: 549300KCFVCFTUJZYT59       | Long             | DBT              | NUSS              | HU        |    13100000 | PA      | $15604016.36  | 0.33%             | 2030-06-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BAS9<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    35446000 | PA      | $24906281.84  | 0.53%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                          | OCP SA                             | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | CORP              | MA        |     7248000 | PA      | $7284823.46   | 0.16%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |    16310000 | PA      | $16579583.75  | 0.36%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |    20457000 | PA      | $16777542.61  | 0.36%             | 2049-03-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     3660000 | PA      | $532199.21    | 0.01%             | 2035-05-17      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (INDON)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    -9930000 | NC      | $99878.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | HUF/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-538047.58   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: AQ5804622<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     1445000 | PA      | $272192.19    | 0.01%             | 2031-11-20      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: KRW 2.382000 18-JUN-2030 KRW  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       | 26000000000 | NC      | $-87989.57    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |        1000 | PA      | $663.08       | 0.00%             | 2046-01-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (MALAYS)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    16337000 | NC      | $-401692.99   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (TURKEY)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -14440000 | NC      | $-244190.06   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: 374422AM5<br>LEI: N/A                  | Long             | DBT              | NUSS              | GH        |    23384944 | PA      | $21819043.25  | 0.47%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland Government International Bond                                | REP OF POLAND                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PL        |    20000000 | PA      | $23692413.53  | 0.51%             | 2031-10-22      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: AV6717814<br>LEI: N/A                  | Long             | DBT              | NUSS              | NG        |     7260000 | PA      | $7289624.43   | 0.16%             | 2031-01-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan International Bond                                       | REPUBLIC OF AZER                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AZ        |    26035000 | PA      | $23244048.00  | 0.50%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AES Andes SA                                                                    | AES ANDES SA                       | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |     4648000 | PA      | $4743811.18   | 0.10%             | 2032-03-14      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Freeport Indonesia PT                                                           | FREEPORT INDONES                   | CUSIP: N/A<br>LEI: 549300T4HTQHRKLNE619       | Long             | DBT              | CORP              | ID        |     6800000 | PA      | $6802931.96   | 0.15%             | 2027-04-14      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                                           | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    14598000 | PA      | $17315278.55  | 0.37%             | 2034-06-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: CZK 3.080000 19-DEC-2029 PRI  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   340482276 | NC      | $-361168.04   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GDZ ELEKTRIK DAGITIM AS                                                         | GDZ ELEKTRIK DA                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | TR        |     7137000 | PA      | $6896469.54   | 0.15%             | 2029-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    22315000 | PA      | $21142592.66  | 0.45%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund                               | Vanguard Market Liquidity Fund     | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   128611226 | NS      | $128598364.98 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile Government International Bond                                             | CHILE                              | CUSIP: 168863DP0<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |    29541000 | PA      | $26374997.39  | 0.57%             | 2031-01-31      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325DQ5<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    27315000 | PA      | $18287142.57  | 0.39%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     7761820 | PA      | $6905212.35   | 0.15%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| ORLEN SA                                                                        | ORLEN SA                           | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |    16277000 | PA      | $16678174.01  | 0.36%             | 2035-01-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Israel Government International Bond                                            | STATE OF ISRAEL                    | CUSIP: 46514BRM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | IL        |    26118000 | PA      | $24238709.87  | 0.52%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: HUF 6.777000 19-MAR-2035 BUB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  4975679000 | NC      | $257328.01    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                             | SGD/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1823.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    20775000 | PA      | $20878149.74  | 0.45%             | 2055-03-04      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond                          | SOUTH AFRICA                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ZA        |    14325000 | PA      | $14205566.75  | 0.30%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Bulgaria Government International Bond                                          | BGARIA-FLIRB-REG                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BG        |    20249000 | PA      | $24246897.35  | 0.52%             | 2038-05-07      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | IDR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-71679.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | US 10YR NOTE (CBT)Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |        2432 | NC      | $4721488.37   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecuador Government International Bond                                           | REPUBLIC OF ECUA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EC        |    14612000 | PA      | $9243733.85   | 0.20%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: 401494AV1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GT        |     3639000 | PA      | $3609387.82   | 0.08%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | USD C HKD P @7.800000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   493000000 | NC      | $640407.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Celulosa Arauco y Constitucion SA                                               | CELULOSA ARAUCO                    | CUSIP: 151191BR3<br>LEI: 549300QEKV8G0AMNQD28 | Long             | DBT              | CORP              | CL        |    31037000 | PA      | $31719786.38  | 0.68%             | 2032-05-05      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                                              | KAZAKH DEVELOPME                   | CUSIP: 48129VAB2<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |     8996000 | PA      | $9074457.71   | 0.19%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: 699149BY5<br>LEI: N/A                  | Long             | DBT              | NUSS              | PY        |    23372000 | PA      | $23488044.08  | 0.50%             | 2055-03-04      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Kazakhstan Government International Bond                                        | KAZAKHSTAN                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | KZ        |     4269000 | PA      | $4548472.65   | 0.10%             | 2045-07-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    15720000 | PA      | $15308578.05  | 0.33%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     7238000 | PA      | $1366332.46   | 0.03%             | 2028-11-03      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                       | UZBEK INTL BOND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UZ        |    46485000 | PA      | $49523733.75  | 1.06%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |     7980000 | PA      | $4058485.16   | 0.09%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: ZAR 7.715000 19-MAR-2030 JIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   384143000 | NC      | $-388462.40   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-8343.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                                                | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |    27262077 | PA      | $24167687.14  | 0.52%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | THB/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2.66         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Panama Government International Bond                                            | PANAMA                             | CUSIP: 698299BL7<br>LEI: N/A                  | Long             | DBT              | NUSS              | PA        |    46990000 | PA      | $26666825.00  | 0.57%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123CP3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |     2810000 | PA      | $2755979.69   | 0.06%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     9097000 | PA      | $9228480.03   | 0.20%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    24536000 | PA      | $24779195.43  | 0.53%             | 2027-01-25      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    22900000 | PA      | $23333339.91  | 0.50%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |     9546000 | PA      | $8818774.26   | 0.19%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jamaica Government International Bond                                           | JAMAICA GOVT                       | CUSIP: 470160CA8<br>LEI: N/A                  | Long             | DBT              | NUSS              | JM        |     5020000 | PA      | $5203285.32   | 0.11%             | 2028-04-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |    11216682 | PA      | $8997009.43   | 0.19%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $5435.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                           | PETROLEOS DEL PE                   | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | CORP              | PE        |    13905000 | PA      | $10741990.72  | 0.23%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oryx Funding Ltd                                                                | ORYX FUNDING                       | CUSIP: N/A<br>LEI: 549300S728CF0BBRC295       | Long             | DBT              | CORP              | KY        |    11157000 | PA      | $11328804.41  | 0.24%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: CZK 3.315000 18-JUN-2030 PRI  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |  1046825000 | NC      | $-730037.30   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Credito del Peru S.A.                                                  | BANCO DE CREDITO                   | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     9790000 | PA      | $9992920.27   | 0.21%             | 2035-07-30      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    10342000 | PA      | $4884836.86   | 0.10%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                                       | BAPCO ENERGIES                     | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |     6975000 | PA      | $7149021.37   | 0.15%             | 2027-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    18400430 | PA      | $9495324.78   | 0.20%             | 2034-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (INDON)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -35825000 | NC      | $360335.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Serbia International Bond                                                       | SERBIA REPUBLIC                    | CUSIP: AZ2286302<br>LEI: N/A                  | Long             | DBT              | NUSS              | RS        |    43710000 | PA      | $46934460.25  | 1.01%             | 2029-06-26      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | US 10yr Ultra Fut Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         127 | NC      | $125255.34    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                             | SCDS: (INDON)                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -10000000 | NC      | $100582.18    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                                         | VENEZUELA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VE        |     3660000 | PA      | $537784.04    | 0.01%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     9668000 | PA      | $1812767.40   | 0.04%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd                                                | GALAXY PIPELINE                    | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |    13710000 | PA      | $11640978.66  | 0.25%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    13044000 | PA      | $13019609.15  | 0.28%             | 2027-03-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bond                                           | HUNGARY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | HU        |    60599000 | PA      | $69608665.89  | 1.49%             | 2040-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bond                                         | REP OF SRI LANKA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LK        |     4027711 | PA      | $3774301.71   | 0.08%             | 2028-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CG5<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    16937181 | PA      | $7923052.20   | 0.17%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     4520000 | PA      | $4494434.07   | 0.10%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co JSC                                                     | KAZMUNAYGAS NAT                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |     4896000 | PA      | $4507570.94   | 0.10%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    50082000 | PA      | $50054632.19  | 1.07%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EG        |     7328000 | PA      | $6016170.75   | 0.13%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |     3403000 | PA      | $3037132.58   | 0.07%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Serbia International Bond                                                       | SERBIA REPUBLIC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | RS        |     3350000 | PA      | $3637787.66   | 0.08%             | 2028-09-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                                  | BRASKEM NL                         | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |    10273000 | PA      | $6466260.54   | 0.14%             | 2050-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: BRL 12.820000 02-JAN-2029 BZD | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   113833733 | NC      | $-136865.44   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Oman Government International Bond                                              | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |     6646000 | PA      | $6932604.10   | 0.15%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bond                                       | EL SALVADOR REP                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SV        |     3500000 | PA      | $3625380.36   | 0.08%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| Baiterek National Managing Holding JSC                                          | BAITEREK NATIONA                   | CUSIP: 05709VAA2<br>LEI: N/A                  | Long             | DBT              | NUSS              | KZ        |     5600000 | PA      | $5660932.48   | 0.12%             | 2028-05-08      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Embraer Netherlands Finance BV                                                  | EMBRAER NL FINAN                   | CUSIP: N/A<br>LEI: 724500PBR8LR26XBSP67       | Long             | DBT              | CORP              | NL        |    19850000 | PA      | $21447045.65  | 0.46%             | 2030-07-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bond                                           | REPUBLIC OF ECUA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | EC        |    34831370 | PA      | $30296325.63  | 0.65%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                              | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    17170000 | PA      | $17328171.76  | 0.37%             | 2027-03-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: PLN 4.415000 18-JUN-2035 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |    32000000 | NC      | $87938.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    15115000 | PA      | $11177598.27  | 0.24%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EURO-BOBL FUTURE  Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -1253 | NC      | $551653.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                             | SWP: PLN 4.930000 19-MAR-2030 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |   122064555 | NC      | $-966740.33   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Venezuela Government International Bond                                         | VENEZUELA                          | CUSIP: EF1877168<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |     3660000 | PA      | $496847.01    | 0.01%             | 2020-12-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (TURKEY)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |   -34870000 | NC      | $-2799250.12  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123CB4<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    56444000 | PA      | $39807893.56  | 0.85%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    24909000 | PA      | $25273335.22  | 0.54%             | 2028-07-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   111500000 | PA      | $97950136.44  | 2.10%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bond                                       | IVORY COAST-PDI                    | CUSIP: ZQ0748892<br>LEI: N/A                  | Long             | DBT              | NUSS              | CI        |    11750000 | PA      | $13051132.31  | 0.28%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                                  | BRASKEM NL                         | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |     6240000 | PA      | $4841897.42   | 0.10%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 912810QZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    19521000 | PA      | $15683140.95  | 0.34%             | 2043-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTION BV                                                   | YPMQBR 8.497999999999999 1/31/2045 | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | BR        |    25000000 | PA      | $25347108.00  | 0.54%             | 2045-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                          | OCP SA                             | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    34940000 | PA      | $35393564.18  | 0.76%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CF7<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |     8042616 | PA      | $3758513.75   | 0.08%             | 2035-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                                          | SBSN INDO III                      | CUSIP: 71567TAA0<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    27900000 | PA      | $28576376.07  | 0.61%             | 2029-07-02      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Petronas Capital Ltd                                                            | PETRONAS CAP LTD                   | CUSIP: 716743AW9<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    30137000 | PA      | $30932335.92  | 0.66%             | 2035-04-03      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    14898929 | PA      | $15429675.63  | 0.33%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                                    | ECOPETROL SA                       | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    20842000 | PA      | $20447141.64  | 0.44%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | US ULTRA BOND CBT Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |         634 | NC      | $2688454.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                                                                 | CEMEX SAB                          | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    15320000 | PA      | $15498799.87  | 0.33%             | 2173-09-10      | Variable      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Eastern European Electric Co BV                                                 | EASTERN EUROPEAN                   | CUSIP: N/A<br>LEI: 8945004UQXDLRHI1KJ27       | Long             | DBT              | CORP              | NL        |    15054000 | PA      | $18228591.42  | 0.39%             | 2030-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    12925000 | PA      | $1628428.12   | 0.03%             | 2026-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bond                                           | MOROCCO KINGDOM                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MA        |    30179000 | PA      | $20529219.48  | 0.44%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-8872.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Argentine Republic Government International Bond                                | ARGENTINA                          | CUSIP: 040114HX1<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |      833191 | PA      | $695065.40    | 0.01%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-595349.80   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ghana Government International Bond                                             | GHANA REP OF                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GH        |     6807600 | PA      | $6608643.12   | 0.14%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Brazilian Government International Bond                                         | BRAZIL REP OF                      | CUSIP: 105756CB4<br>LEI: N/A                  | Long             | DBT              | NUSS              | BR        |    32465000 | PA      | $22906151.17  | 0.49%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: ZS8419047<br>LEI: N/A                  | Long             | DBT              | NUSS              | GT        |    21938000 | PA      | $21483588.33  | 0.46%             | 2030-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    88000000 | PA      | $88921250.00  | 1.91%             | 2031-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | PERUSAHAAN LISTR                   | CUSIP: 71568QAJ6<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     3000000 | PA      | $2902173.81   | 0.06%             | 2029-07-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd                                                            | PETRONAS CAP LTD                   | CUSIP: N/A<br>LEI: 549300G7YFX3540OYR85       | Long             | DBT              | CORP              | MY        |     5000000 | PA      | $4362607.50   | 0.09%             | 2032-01-28      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: AS8296236<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     1445000 | PA      | $273308.17    | 0.01%             | 2033-05-17      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123DQ0<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    16579000 | PA      | $16651892.39  | 0.36%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                                | US TREASURY N/B                    | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   119432400 | PA      | $102184682.22 | 2.19%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Latvia Government International Bond                                            | REP OF LATVIA                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LV        |     7000000 | PA      | $6991997.60   | 0.15%             | 2034-07-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | SWP: PLN 4.760000 18-JUN-2030 WIB  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |    59750000 | NC      | $-395537.02   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Raizen Fuels Finance SA                                                         | RAIZEN FUELS                       | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    14900000 | PA      | $14780520.77  | 0.32%             | 2032-07-08      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-20459.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    17360000 | PA      | $12294668.65  | 0.26%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                              | OMAN INTRNL BOND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | OM        |    14360000 | PA      | $14689780.27  | 0.31%             | 2028-01-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Benin Government International Bond                                             | BENIN INTL BOND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BJ        |     3430000 | PA      | $3246173.95   | 0.07%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                             | PETROLEOS MEXICA                   | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    11270000 | PA      | $11113133.10  | 0.24%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                                | COMISION FEDERAL                   | CUSIP: QZ7462430<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     5112800 | PA      | $4601976.57   | 0.10%             | 2036-09-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |    10075476 | PA      | $1272309.65   | 0.03%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     7320000 | PA      | $956736.88    | 0.02%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                       | UZBEK INTL BOND                    | CUSIP: 91822QVX2<br>LEI: N/A                  | Long             | DBT              | NUSS              | UZ        |    10210000 | PA      | $10868881.93  | 0.23%             | 2028-10-12      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CC4<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |    32732868 | PA      | $16206603.66  | 0.35%             | 2036-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa Government International Bond                          | SOUTH AFRICA                       | CUSIP: 836205BB9<br>LEI: N/A                  | Long             | DBT              | NUSS              | ZA        |    65648000 | PA      | $49274476.95  | 1.06%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Venezuela Government International Bond                                         | VENEZUELA                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VE        |      640000 | PA      | $126661.75    | 0.00%             | 2026-10-21      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Dominican Republic International Bond                                           | DOMINICAN REPUBL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |     8424000 | PA      | $8836852.15   | 0.19%             | 2031-02-03      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: 900123CM0<br>LEI: N/A                  | Long             | DBT              | NUSS              | TR        |    36234000 | PA      | $27150860.88  | 0.58%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | HKD/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-26334.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (IVYCST)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    -7690000 | NC      | $-933930.42   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | SCDS: (PANAMA)                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |    15699076 | NC      | $460322.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                             | US LONG BOND(CBT) Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          19 | NC      | $87680.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleos de Venezuela SA                                                       | PETROLEOS DE VEN                   | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |     3360000 | PA      | $428973.22    | 0.01%             | 2037-04-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     2890000 | PA      | $543235.61    | 0.01%             | 2024-04-22      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    13342000 | PA      | $13654533.68  | 0.29%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Finance Department Government of Sharjah                                        | FIN DEPT SHARJAH                   | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |     3400000 | PA      | $2921646.52   | 0.06%             | 2033-03-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: 903724CD2<br>LEI: N/A                  | Long             | DBT              | NUSS              | UA        |     2546827 | PA      | $1225795.12   | 0.03%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bond                                          | COLOMBIA REP OF                    | CUSIP: 195325DS1<br>LEI: N/A                  | Long             | DBT              | NUSS              | CO        |    39469000 | PA      | $32422602.59  | 0.69%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                                                | CODELCO INC                        | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | CORP              | CL        |     3632000 | PA      | $3367728.13   | 0.07%             | 2029-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-450985.50   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                                               | UZBEKNEFTEGAZ                      | CUSIP: N/A<br>LEI: 213800LUZJZFLJD4MJ51       | Long             | DBT              | NUSS              | UZ        |    19561000 | PA      | $17937898.64  | 0.38%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                          | REPUBLIC OF PERU                   | CUSIP: 715638DA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |     4470000 | PA      | $4090597.66   | 0.09%             | 2030-06-20      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bond                                             | CHILE                              | CUSIP: 168863DT2<br>LEI: N/A                  | Long             | DBT              | NUSS              | CL        |     5470000 | PA      | $4612460.00   | 0.10%             | 2033-07-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Guatemala Government Bond                                                       | REP OF GUATEMALA                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GT        |    25117000 | PA      | $24780640.42  | 0.53%             | 2028-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bond                                            | UNITED MEXICAN                     | CUSIP: 91087BAN0<br>LEI: N/A                  | Long             | DBT              | NUSS              | MX        |    26002000 | PA      | $15319627.98  | 0.33%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Jordan Government International Bond                                            | JORDAN                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | JO        |    37103000 | PA      | $37977525.13  | 0.81%             | 2029-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | LB        |     6310000 | PA      | $1189888.69   | 0.03%             | 2028-03-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Peruvian Government International Bond                                          | REPUBLIC OF PERU                   | CUSIP: 715638FD9<br>LEI: N/A                  | Long             | DBT              | NUSS              | PE        |    21685000 | PA      | $21793090.40  | 0.47%             | 2055-06-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EURO-BUND FUTURE  Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       -1223 | NC      | $924977.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                                     | BANK GOSPODARSTW                   | CUSIP: N/A<br>LEI: 259400BCOV9JJIGLYF05       | Long             | DBT              | NUSS              | PL        |     6083000 | PA      | $6136895.38   | 0.13%             | 2033-05-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bond                                           | REP OF NIGERIA                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | NG        |     5105000 | PA      | $5154220.88   | 0.11%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bond                                             | ARAB REP EGYPT                     | CUSIP: ZQ5986240<br>LEI: N/A                  | Long             | DBT              | NUSS              | EG        |    15880000 | PA      | $12215690.00  | 0.26%             | 2059-11-20      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | EURO-SCHATZ FUT   Sep25            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |          -2 | NC      | $340.22       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkiye Government International Bond                                           | TURKIYE REP OF                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TR        |     4600000 | PA      | $4871572.73   | 0.10%             | 2027-09-24      | Fixed         | 8.60%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bond                                            | ZAMBIA REP OF                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ZM        |     6780000 | PA      | $4597895.65   | 0.10%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Ciudad Autonoma De Buenos Aires/Government Bonds                                | CITY OF BUENOS                     | CUSIP: LW2239967<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |     2700135 | PA      | $2730106.50   | 0.06%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                             | USD C HKD P @7.800000 EO           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |   118600000 | NC      | $154061.40    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONTE                                                                           | BONTE                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AR        |  7253975000 | PA      | $6624620.40   | 0.14%             | 2030-05-30      | Fixed         | 29.50%                | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                          | PARAGUAY                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | PY        |    39099000 | PA      | $38860823.75  | 0.83%             | 2031-04-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lebanon Government International Bond                                           | LEBANESE REP                       | CUSIP: EI4629115<br>LEI: N/A                  | Long             | DBT              | NUSS              | LB        |     2250000 | PA      | $423653.85    | 0.01%             | 2022-10-04      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                                              | KAZAKH DEVELOPME                   | CUSIP: N/A<br>LEI: 213800LCDPGJ1BI7KX98       | Long             | DBT              | NUSS              | KZ        |  3450000000 | PA      | $6316384.71   | 0.14%             | 2026-05-06      | Fixed         | 10.95%                | No            |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                              | SAAVI ENERGIA                      | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    12657000 | PA      | $13167344.67  | 0.28%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                             | EUR/USD FWD 20250917               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-6303886.44  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Ukraine Government International Bond                                           | UKRAINE GOVT                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | UA        |    14294000 | PA      | $5563683.64   | 0.12%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bond                                | REP OF POLAND                      | CUSIP: 857524AH5<br>LEI: N/A                  | Long             | DBT              | NUSS              | PL        |    14508000 | PA      | $14791759.22  | 0.32%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bond                                             | SAUDI INT BOND                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SA        |    39377000 | PA      | $26764767.41  | 0.57%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Senegal Government International Bond                                           | SENEGAL REP OF                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | SN        |    18920000 | PA      | $12522321.20  | 0.27%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** VANGUARD MALVERN FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer