# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072044
**Filing Date:** 2023-3
**Character Count:** 317093
**Document Hash:** d85f27f3279d21581c56d27046ebddae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072044.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 23774179

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

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

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

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

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

## Series and Classes Contracts Data

### VanEck Emerging Markets High Yield Bond ETF (Series ID: S000036768)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000112445 | VanEck Emerging Markets High Yield Bond ETF | HYEM            |

## Nport-Ex

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 95.5%** |  |  |
| **Argentina: 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generacion Mediterranea SA / Central Termica Roca SA 144A<br> 9.88%, 12/01/27 | $423 | $330910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genneia SA 144A<br> 8.75%, 09/02/27 | 550 | 531245 |
| MercadoLibre, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 01/14/26 | 650 | 589066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 01/14/31 † | 1025 | 817186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSU Energy SA / UGEN SA / UENSA SA 144A<br> 6.88%, 02/01/25 | 875 | 665483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSU Energy SA / UGEN SA / UENSA SA Reg S<br> 6.88%, 02/01/25 | 75 | 57041 |
| Pampa Energia SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/24/27 | 975 | 920585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12%, 04/15/29 | 475 | 451112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Energy LLC 144A<br> 9.12%, 04/30/27 | 475 | 532511 |
| Telecom Argentina SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/18/26 | 625 | 593125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 08/06/25 | 600 | 591786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur SA 144A<br> 6.75%, 05/02/25 | 550 | 520264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur SA Reg S<br> 6.75%, 05/02/25 | 200 | 189187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF Energia Electrica SA 144A<br> 10.00%, 07/25/26 | 650 | 608001 |
| YPF SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/27 | 1300 | 1037226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/33 (s) | 850 | 653557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/47 | 775 | 546991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/23/25 | 516 | 492229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/28/25 | 1825 | 1677914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/27/29 | 587 | 479943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/04/24 | 893 | 856029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/12/26 (s) | 1200 | 1178166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/30/29 (s) | 1175 | 1014747 |
|  |  | 15334304 |
| **Armenia: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardshinbank CJSC Via Dilijan Finance BV 144A<br> 6.50%, 01/28/25 | 425 | 403374 |
| **Austria: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A<br> 5.00%, 05/07/28 | 300 | 251780 |
| **Azerbaijan: 1.0%** |  |  |
| Southern Gas Corridor CJSC 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Azerbaijan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/24/26 † | $3125 | $3228675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Oil Co. of the Azerbaijan Republic Reg S<br> 6.95%, 03/18/30 | 1250 | 1312579 |
|  |  | 4541254 |
| **Bahrain: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBK BSC Reg S<br> 5.50%, 07/09/24 | 900 | 893943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFH Sukuk Ltd. Reg S<br> 7.50%, 01/28/25 | 850 | 855313 |
| Mumtalakat Sukuk Holding Co. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/21/27 | 850 | 813594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 02/27/24 | 950 | 948720 |
| Oil and Gas Holding Co. BSCC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/25/27 | 1500 | 1564607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 11/07/24 | 1125 | 1154160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/07/28 | 650 | 696842 |
|  |  | 6927179 |
| **Barbados: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagicor Financial Co. Ltd. 144A<br> 5.30%, 05/13/28 † | 950 | 923875 |
| **Bermuda: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel Group Holdings Ltd. 144A<br> 8.00%, 04/01/25 | 667 | 166629 |
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/25/24 † | 1800 | 1550592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 12/31/25 | 618 | 309687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A<br> 6.25%, 04/26/29 | 1075 | 1027432 |
|  |  | 3054340 |
| **Brazil: 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adecoagro SA 144A<br> 6.00%, 09/21/27 | 750 | 719385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amaggi Luxembourg International Sarl 144A<br> 5.25%, 01/28/28 | 550 | 517669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. 144A<br> 5.88%, 04/04/27 | 550 | 547054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atento Luxco 1 SA 144A<br> 8.00%, 02/10/26 | 400 | 218800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azul Investments LLP 144A<br> 5.88%, 10/26/24 | 200 | 150870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao 144A<br> 4.12%, 09/20/31 | 500 | 439375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 3.20%, 01/27/25 | 625 | 600000 |
| Banco BTG Pactual SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/11/26 | 350 | 321475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/10/25 | 775 | 747185 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Daycoval SA Reg S<br> 4.25%, 12/13/24 | $300 | $287565 |
| Banco do Brasil SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 01/15/25 | 750 | 733999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/20/24 | 550 | 543504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Nacional de Desenvolvimento Economico e Social 144A<br> 4.75%, 05/09/24 | 375 | 373594 |
| Banco Votorantim SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/29/25 | 450 | 433100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/24/24 | 350 | 341624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI 144A<br> 7.45%, 11/15/29 † | 1400 | 1157180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV 144A<br> 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | 425 | 440772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Minas SPE via State of Minas Gerais 144A<br> 5.33%, 02/15/28 | 606 | 594683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRF GmbH 144A<br> 4.35%, 09/29/26 | 375 | 342620 |
| BRF SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/24/30 | 475 | 401925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/21/50 | 500 | 350848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemig Geracao e Transmissao SA 144A<br> 9.25%, 12/05/24 | 550 | 563084 |
| Centrais Eletricas Brasileiras SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 02/04/25 | 350 | 333777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 02/04/30 | 575 | 503312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan Luxembourg SA 144A<br> 7.00%, 01/20/27 | 450 | 452140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan SA 144A<br> 5.50%, 09/20/29 | 575 | 546172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Inova Ventures 144A<br> 6.75%, 01/28/28 † | 875 | 875020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Resources SA 144A<br> 7.62%, 04/17/26 | 250 | 254369 |
| Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/15/25 | 725 | 716068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/01/27 | 550 | 540386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV 144A<br> 6.95%, 01/17/28 | 500 | 515645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper Corp. 144A<br> 6.50%, 02/15/30 | 250 | 213224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg Sarl 144A<br> 10.00%, 12/15/25 | 450 | 455092 |
| Globo Comunicacao e Participacoes SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/22/30 | 300 | 256065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/14/32 | 350 | 302620 |
| Gol Finance SA 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/31/25 | $500 | $262350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guara Norte Sarl 144A<br> 5.20%, 06/15/34 | 546 | 495204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterCement Financial Operations BV 144A<br> 5.75%, 07/17/24 | 550 | 442065 |
| Itau Unibanco Holding SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/24/25 | 375 | 363705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 400 | 368434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 550 | 526593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 12/31/99 (o) † | 500 | 409711 |
| Klabin Austria GmbH 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 01/12/31 † | 300 | 245783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/03/29 | 575 | 576438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/03/49 | 528 | 535009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Servicos de Eletricidade SA / Light Energia SA 144A<br> 4.38%, 06/18/26 | 425 | 245042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARB BondCo Plc 144A<br> 3.95%, 01/29/31 | 950 | 749526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV24 Capital BV 144A<br> 6.75%, 06/01/34 | 685 | 654517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natura Cosmeticos SA 144A<br> 4.12%, 05/03/28 † | 750 | 619942 |
| NBM US Holdings, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 08/06/29 | 400 | 389625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/14/26 † | 600 | 600270 |
| Nexa Resources SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/04/27 | 600 | 586200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/18/28 | 325 | 322629 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/15/30 | 375 | 354694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/27/25 † | 375 | 375375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/03/31 † | 700 | 674167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 05/20/43 | 200 | 169884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/29 | 325 | 320543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/27/28 | 675 | 675738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/17/24 | 300 | 301069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/27/41 | 425 | 402956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/03/50 | 300 | 267497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 06/05/15 † | 1100 | 954719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/20/40 † | 497 | 480030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 03/19/49 | 525 | 477060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/17/44 | 615 | 602638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/17/27 | 450 | 472788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/23/26 | 250 | 272029 |
| Rede D'or Finance Sarl 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/22/30 | 624 | 546743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/17/28 | 350 | 325132 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Oil Finance Trust Series 2014-1 144A<br> 9.25%, 07/06/24 | $359 | $364357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Oil Finance Trust Series 2014-3 144A<br> 9.75%, 01/06/27 | 299 | 311205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Oil Finance Trust Series 2018-1 144A<br> 8.20%, 04/06/28 | 290 | 292989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 5.25%, 01/10/28 | 450 | 433215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpar Europe SA 144A<br> 5.20%, 01/26/31 | 450 | 328952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tupy Overseas SA 144A<br> 4.50%, 02/16/31 | 300 | 250095 |
| Ultrapar International SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/06/26 | 300 | 290767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/06/29 | 300 | 286352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unigel Luxembourg SA 144A<br> 8.75%, 10/01/26 | 450 | 455241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usiminas International Sarl 144A<br> 5.88%, 07/18/26 | 550 | 541189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. 144A<br> 3.25%, 07/01/26 | 600 | 539672 |
|  |  | 36950340 |
| **British Virgin Islands: 0.8%** |  |  |
| China SCE Group Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/02/25 | 700 | 382095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/09/24 | 750 | 472485 |
| New Metro Global Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/02/26 | 700 | 549717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 10/15/25 | 400 | 323000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino-Ocean Land Treasure Finance I Ltd. Reg S<br> 6.00%, 07/30/24 | 1000 | 867511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sino-Ocean Land Treasure Finance II Ltd. Reg S<br> 5.95%, 02/04/27 | 450 | 351675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City Co. Ltd. 144A<br> 7.00%, 02/15/27 † | 550 | 530661 |
|  |  | 3477144 |
| **Cambodia: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NagaCorp Ltd. Reg S<br> 7.95%, 07/06/24 | 700 | 651000 |
| **Canada: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Solar Energy Private Ltd. 144A<br> 5.65%, 12/24/24 | 565 | 483148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontera Energy Corp. 144A<br> 7.88%, 06/21/28 | 650 | 574815 |
|  |  | 1057963 |
| **Cayman Islands: 2.3%** |  |  |
| Arabian Centres Sukuk II Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Cayman Islands (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 10/07/26 | $1500 | $1428300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 4.38%, 03/18/27 | 350 | 337838 |
| Banco do Brasil SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/30/26 | 550 | 508071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/11/29 | 450 | 426085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CT Trust 144A<br> 5.12%, 02/03/32 | 1350 | 1178644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dar Al-Arkan Sukuk Co. Ltd. Reg S<br> 7.75%, 02/07/26 | 700 | 705289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kt21 T2 Co. Ltd. Reg S<br> 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | 550 | 521579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAF Global Securities Ltd. Reg S<br> 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 12/31/99 (o) | 800 | 834439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nogaholding Sukuk Ltd. 144A<br> 5.25%, 04/08/29 | 1100 | 1099316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oryx Funding Ltd. 144A<br> 5.80%, 02/03/31 | 900 | 887886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PD Sukuk Ltd. Reg S<br> 8.75%, 09/23/25 | 600 | 612000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poinsettia Finance Ltd. Reg S<br> 6.62%, 06/17/31 | 549 | 463254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. 144A<br> 3.95%, 06/16/28 | 375 | 284891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yankuang Group Cayman Ltd. Reg S<br> 2.90%, 11/30/24 | 800 | 761120 |
|  |  | 10048712 |
| **Chile: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agrosuper SA 144A<br> 4.60%, 01/20/32 | 750 | 674063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAP SA 144A<br> 3.90%, 04/27/31 | 450 | 374659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones Latin America Power Ltda 144A<br> 5.12%, 06/15/33 | 726 | 315962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenbourne Invest SA 144A<br> 6.88%, 11/26/24 | 618 | 575327 |
| Latam Airlines Group SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38%, 10/15/27 | 800 | 859000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38%, 10/15/29 | 1000 | 1080845 |
| VTR Comunicaciones SpA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/15/29 | 600 | 396000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/15/28 | 717 | 503477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTR Finance NV 144A<br> 6.38%, 07/15/28 | 825 | 346252 |
|  |  | 5125585 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China: 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agile Group Holdings Ltd. Reg S<br> 5.50%, 04/21/25 | $500 | $310278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd. Reg S<br> 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 12/31/99 (o) | 4050 | 3933563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Hong Kong Ltd. Reg S<br> 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 12/31/99 (o) | 700 | 677250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plaza Development Ltd. Reg S<br> 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 12/31/99 (o) | 650 | 554949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chengdu Economic & Technological Investment Group Co. Ltd. Reg S<br> 5.30%, 12/07/24 | 700 | 679000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. Reg S<br> 6.25%, 06/08/24 | 650 | 640705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China SCE Group Holdings Ltd. Reg S<br> 6.00%, 02/04/26 | 400 | 202086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chong Hing Bank Ltd. Reg S<br> 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 12/31/99 (o) | 600 | 591090 |
| Country Garden Holdings Co. Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 07/12/26 | 1200 | 787994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/22/25 | 1500 | 1035000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/12/31 | 1100 | 645949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/22/30 | 1000 | 585718 |
| eHi Car Services Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/21/26 | 550 | 405872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/14/24 | 600 | 493860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENN Clean Energy International Investment Ltd. 144A<br> 3.38%, 05/12/26 | 1200 | 1093913 |
| Fortune Star BVI Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/19/25 | 1000 | 884325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 07/02/24 | 850 | 794750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glory Health Industry Ltd. Reg S<br> 14.25%, 01/25/24 | 200 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenland Global Investment Ltd. Reg S<br> 5.88%, 07/03/26 | 700 | 338408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greentown China Holdings Ltd. Reg S<br> 4.70%, 04/29/25 | 750 | 701250 |
| Industrial & Commercial Bank of China Ltd. Reg S |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 12/31/99 (o) | $8800 | $8354500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mianyang Investment Holding Group Co. Ltd. Reg S<br> 6.70%, 08/08/25 | 400 | 400025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Metro Global Ltd. Reg S<br> 4.80%, 12/15/24 | 600 | 514263 |
| Powerlong Real Estate Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/30/25 | 900 | 276300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/10/24 | 600 | 188514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiance Holdings Group Co. Ltd. Reg S<br> 7.80%, 03/20/24 | 400 | 318000 |
| RKPF Overseas 2019 A Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/04/25 | 600 | 530221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 09/30/24 | 550 | 511912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKPF Overseas 2019 E Ltd. Reg S<br> 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 12/31/99 (o) | 400 | 259961 |
| Times China Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/14/27 | 500 | 101352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/22/26 | 600 | 120978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/08/25 | 600 | 122728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wanda Properties International Co. Ltd. Reg S<br> 7.25%, 01/29/24 | 875 | 845168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West China Cement Ltd. Reg S<br> 4.95%, 07/08/26 | 800 | 713080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xinhu BVI 2018 Holding Co. Ltd. Reg S<br> 11.00%, 09/28/24 | 650 | 624000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhangzhou Transportation Development Group Co. Ltd. Reg S<br> 4.98%, 06/01/25 | 800 | 772678 |
|  |  | 30025640 |
| **Colombia: 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Mining Corp. 144A<br> 6.88%, 08/09/26 | 450 | 381937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Bogota SA 144A<br> 6.25%, 05/12/26 | 1683 | 1672616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco GNB Sudameris SA 144A<br> 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 | 600 | 472099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancolombia SA<br> 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 900 | 821254 |
| Canacol Energy Ltd. 144A |  |  |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colombia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/24/28 † | $750 | $664835 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/16/25 | 1850 | 1794058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/02/31 | 1925 | 1524629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/26/26 | 2325 | 2249589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/45 | 3075 | 2203387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/02/51 | 1100 | 760136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/30 | 3100 | 2909613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/18/43 † | 1333 | 1168474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresas Publicas de Medellin ESP 144A<br> 4.25%, 07/18/29 | 1600 | 1317494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/31 | 900 | 714201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark Ltd. 144A<br> 5.50%, 01/17/27 | 750 | 666633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aval Ltd. 144A<br> 4.38%, 02/04/30 | 1525 | 1265788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo de Inversiones Suramericana SA 144A<br> 5.50%, 04/29/26 | 800 | 780778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oleoducto Central SA 144A<br> 4.00%, 07/14/27 † | 750 | 667371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orazul Energy Peru SA 144A<br> 5.62%, 04/28/27 | 550 | 501627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecomunicaciones Digitales SA 144A<br> 4.50%, 01/30/30 | 850 | 759730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica Celular del Paraguay SA 144A<br> 5.88%, 04/15/27 | 900 | 838216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termocandelaria Power Ltd. 144A<br> 7.88%, 01/30/29 | 891 | 841443 |
|  |  | 24975908 |
| **Costa Rica: 0.3%** |  |  |
| Instituto Costarricense de Electricidad 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/43 | 825 | 668254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/07/31 | 450 | 436538 |
|  |  | 1104792 |
| **Cyprus: 0.2%** |  |  |
| MHP Lux SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/19/29 | 500 | 244125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 04/03/26 | 850 | 416483 |
| MHP SE 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/10/24 | 750 | 381330 |
|  |  | 1041938 |
| **Czech Republic: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energo-Pro AS 144A<br> 8.50%, 02/04/27 | 650 | 620750 |
| **Dominican Republic: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Generadora de Electricidad Haina SA 144A<br> 5.62%, 11/08/28 | 400 | 361760 |
| **El Salvador: 0.1%** |  |  |
| Grupo Unicomer Co. Ltd. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **El Salvador (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/24 | $625 | $605244 |
| **France: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA 144A<br> 6.75%, 03/30/29 | 500 | 496802 |
| **Georgia: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Capital JSC 144A<br> 6.12%, 03/09/24 | 200 | 194500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Capital JSC Reg S<br> 6.12%, 03/09/24 | 400 | 389000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC 144A<br> 4.00%, 06/17/28 | 850 | 756296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silknet JSC 144A<br> 8.38%, 01/31/27 | 475 | 469063 |
|  |  | 1808859 |
| **Ghana: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. 144A<br> 7.12%, 04/04/26 | 1125 | 1018957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc 144A<br> 7.00%, 03/01/25 | 1150 | 818947 |
|  |  | 1837904 |
| **Greece: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A<br> 10.75%, 07/01/25 | 775 | 765305 |
| **Guatemala: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Industrial SA 144A<br> 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | 525 | 491666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A<br> 5.25%, 04/27/29 † | 1650 | 1586953 |
|  |  | 2078619 |
| **Honduras: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones Atlantida SA 144A<br> 7.50%, 05/19/26 | 575 | 524271 |
| **Hong Kong: 6.2%** |  |  |
| Agile Group Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 10/13/25 † | 650 | 382120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 12/31/99 (o) | 750 | 241729 |
| Bank of East Asia Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 12/31/99 (o) | 1000 | 958190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 12/31/99 (o) | 1100 | 1078000 |
| CAS Capital No 1 Ltd. Reg S |  |  |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Hong Kong (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 12/31/99 (o) | $1250 | $1111787 |
| Champion Path Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/27/26 | 850 | 766232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/27/28 | 650 | 567353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China CITIC Bank International Ltd. Reg S<br> 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 12/31/99 (o) | 1000 | 932500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 12/31/99 (o) | 900 | 878625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Oil & Gas Group Ltd. Reg S<br> 4.70%, 06/30/26 | 700 | 629475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Water Affairs Group Ltd. Reg S<br> 4.85%, 05/18/26 | 500 | 445850 |
| Easy Tactic Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/11/25 | 300 | 103725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/11/27 | 726 | 238020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/11/28 | 781 | 240118 |
| Fortune Star BVI Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/18/26 | 675 | 555343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 01/27/27 | 800 | 625680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franshion Brilliant Ltd. Reg S<br> 6.00% (US Treasury Yield Curve Rate T 5 Year+5.58%), 12/31/99 (o) | 700 | 651155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gemdale Ever Prosperity Investment Ltd. Reg S<br> 4.95%, 08/12/24 | 600 | 561000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hopson Development Holdings Ltd. Reg S<br> 7.00%, 05/18/24 | 400 | 372846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li & Fung Ltd. Reg S<br> 4.50%, 08/18/25 | 500 | 474890 |
| Melco Resorts Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/06/25 † | 1500 | 1417500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/26/26 | 800 | 753000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/29 | 1700 | 1462850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/17/27 | 970 | 884292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/21/28 | 1450 | 1307255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nanyang Commercial Bank Ltd. Reg S<br> 6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 12/31/99 (o) | 500 | 492350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RKPF Overseas 2019 A Ltd. Reg S<br> 5.90%, 03/05/25 | 500 | 445890 |
| RKPF Overseas 2020 A Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/26/26 | 600 | 498000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/12/26 | 700 | 593250 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Hong Kong (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp. 144A<br> 5.50%, 08/01/29 | $1250 | $951538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp. 144A Reg S<br> 6.50%, 04/29/26 | 400 | 399100 |
| Sino-Ocean Land Treasure IV Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/13/25 | 600 | 501000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/05/26 | 700 | 560000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/05/29 | 1000 | 713682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/14/30 | 600 | 431294 |
| Studio City Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/29 † | 1600 | 1302000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/15/25 | 750 | 707812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/28 † | 875 | 791875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yancoal International Resources Development Co. Ltd. Reg S<br> 2.90%, 11/18/24 | 500 | 478946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yanlord Land HK Co. Ltd. Reg S<br> 5.12%, 05/20/26 | 750 | 686775 |
|  |  | 27193047 |
| **India: 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABJA Investment Co. Pte Ltd. Reg S<br> 5.95%, 07/31/24 | 1500 | 1499925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Green Energy Ltd. 144A<br> 4.38%, 09/08/24 | 1100 | 869605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A<br> 6.25%, 12/10/24 | 850 | 794327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A<br> 4.62%, 10/15/39 | 452 | 324547 |
| Delhi International Airport Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/31/26 | 800 | 780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 06/04/29 | 750 | 709500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMR Hyderabad International Airport Ltd. 144A<br> 4.25%, 10/27/27 | 650 | 573625 |
| HPCL-Mittal Energy Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/28/27 | 750 | 708750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 10/22/26 | 400 | 386440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Green Energy Holdings 144A<br> 5.38%, 04/29/24 | 500 | 485397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Hydro Energy Ltd. 144A<br> 4.12%, 05/18/31 | 974 | 829608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Infrastructure Ltd. 144A<br> 4.95%, 01/21/29 | 600 | 532360 |
| JSW Steel Ltd. 144A |  |  |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **India (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/05/27 | $650 | $575317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/05/32 | 850 | 716281 |
| JSW Steel Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/04/25 | 700 | 682850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/18/24 | 750 | 745125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network i2i Ltd. 144A<br> 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 12/31/99 (o) | 1475 | 1425219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Periama Holdings LLC Reg S<br> 5.95%, 04/19/26 | 1150 | 1109980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Power Pvt Ltd. 144A<br> 5.88%, 03/05/27 | 450 | 429750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A<br> 4.50%, 07/14/28 † | 1200 | 1033331 |
| Shriram Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 07/18/25 | 700 | 649635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/13/24 | 1100 | 1061819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Motors Ltd. Reg S<br> 5.88%, 05/20/25 | 400 | 395440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TML Holdings Pte Ltd. Reg S<br> 5.50%, 06/03/24 | 450 | 442575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPL Corp. Ltd. Reg S<br> 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 12/31/99 (o) | 550 | 407467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Finance II Plc 144A<br> 9.25%, 04/23/26 | 875 | 669108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Ltd. 144A<br> 6.12%, 08/09/24 | 1475 | 1117519 |
|  |  | 19955500 |
| **Indonesia: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaro Indonesia PT 144A<br> 4.25%, 10/31/24 | 1250 | 1201638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APL Realty Holdings Pte Ltd. Reg S<br> 5.95%, 06/02/24 | 400 | 222000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakrie Telecom Pte Ltd. Reg S<br> 11.50%, 05/07/15 (d) \* | 111 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Tabungan Negara Persero Tbk PT Reg S<br> 4.20%, 01/23/25 | 600 | 573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bukit Makmur Mandiri Utama PT 144A<br> 7.75%, 02/10/26 | 600 | 550770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cikarang Listrindo Tbk PT 144A<br> 4.95%, 09/14/26 | 800 | 757915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Prime Capital Pte Ltd. Reg S<br> 5.95%, 01/23/25 | 400 | 389000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indika Energy Capital III Pte Ltd. 144A<br> 5.88%, 11/09/24 | 573 | 567582 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Indonesia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indika Energy Capital IV Pte Ltd. 144A<br> 8.25%, 10/22/25 | $825 | $828611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japfa Comfeed Indonesia Tbk PT Reg S<br> 5.38%, 03/23/26 | 500 | 452500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Bell Pte Ltd. 144A<br> 6.38%, 01/30/27 | 950 | 913451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Oak Tree Pte Ltd. 144A<br> 7.38%, 05/14/26 | 850 | 851912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakuwon Jati Tbk PT Reg S<br> 4.88%, 04/29/28 | 600 | 555000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saka Energi Indonesia PT 144A<br> 4.45%, 05/05/24 | 650 | 632145 |
| Theta Capital Pte Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/31/26 | 600 | 460500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 01/22/25 | 600 | 525300 |
|  |  | 9482226 |
| **Israel: 3.0%** |  |  |
| Leviathan Bond Ltd. 144A Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/30/25 | 900 | 895500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/27 | 925 | 913437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/30 | 875 | 854407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Co. LLC<br> 6.15%, 02/01/36 † | 950 | 879841 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/26 | 4275 | 3840831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/46 | 2448 | 1681411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/24 | 1517 | 1514156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/28 † | 1525 | 1535675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 01/31/25 | 1250 | 1268500 |
|  |  | 13383758 |
| **Kuwait: 0.3%** |  |  |
| Kuwait Projects Co. SPC Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23%, 10/29/26 | 800 | 703134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/23/27 | 750 | 646257 |
|  |  | 1349391 |
| **Luxembourg: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acu Petroleo Luxembourg Sarl 144A<br> 7.50%, 01/13/32 | 447 | 421695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aegea Finance Sarl 144A<br> 6.75%, 05/20/29 | 350 | 348462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Candelaria Spain SA 144A<br> 7.50%, 12/15/28 | 447 | 426199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA 144A<br> 5.62%, 10/15/28 | 800 | 697076 |
| CSN Resources SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/10/31 † | 700 | 590210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/08/32 | 375 | 341239 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Luxembourg (continued)** |  |  |
| Energean Israel Finance Ltd. 144A Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/24 | $925 | $904650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/30/26 | 925 | 867187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/28 | 1050 | 970594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/31 | 950 | 860938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance SA 144A<br> 8.00%, 06/30/26 | 425 | 296002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hidrovias International Finance SARL 144A<br> 4.95%, 02/08/31 | 250 | 192216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenbourne Invest SA 144A<br> 4.70%, 01/22/28 | 400 | 299712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Brazil Downstream Trading Sarl 144A<br> 7.25%, 06/30/31 | 1353 | 1181759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA 144A<br> 4.38%, 03/18/31 † | 975 | 827209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movida Europe SA 144A<br> 5.25%, 02/08/31 † | 550 | 402828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natura & Co. Luxembourg Holdings Sarl 144A<br> 6.00%, 04/19/29 † | 450 | 397699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrorio Luxembourg Trading Sarl 144A<br> 6.12%, 06/09/26 | 475 | 456860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poinsettia Finance Ltd. 144A<br> 6.62%, 06/17/31 | 183 | 154418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 4.20%, 01/18/32 | 300 | 249006 |
|  |  | 10885959 |
| **Macao: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. 144A<br> 4.75%, 02/01/27 † | 1100 | 990296 |
| **Mauritius: 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axian Telecom 144A<br> 7.38%, 02/16/27 † | 625 | 578906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Energy Ltd. 144A<br> 3.58%, 08/19/26 | 605 | 459486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CA Magnum Holdings 144A<br> 5.38%, 10/31/26 | 1525 | 1422062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Renewable Power Mauritius Pte Ltd. 144A<br> 4.25%, 03/25/27 | 478 | 427083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | 1456 | 1258964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Wind Projects Mauritius Ltd. 144A<br> 5.50%, 04/06/25 | 1275 | 1208373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Netherlands Holdco BV 144A<br> 8.00%, 09/18/27 | 1400 | 1267210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Airport Infra 144A<br> 6.25%, 10/25/25 | 625 | 595062 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mauritius (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Clean Energy Holdings 144A<br> 4.50%, 04/18/27 | $550 | $460292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Cleantech Energy 144A<br> 4.70%, 08/10/26 | 521 | 468765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Green Power Holdings 144A<br> 4.00%, 02/22/27 | 700 | 613194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Toll Roads 144A<br> 5.50%, 08/19/24 | 600 | 584293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquid Telecommunications Financing Plc 144A<br> 5.50%, 09/04/26 | 875 | 677066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network i2i Ltd. 144A<br> 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 12/31/99 (o) † | 825 | 750467 |
|  |  | 10771223 |
| **Mexico: 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea SAB de CV 144A<br> 7.75%, 12/14/26 | 775 | 783773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axtel SAB de CV 144A<br> 6.38%, 11/14/24 | 693 | 594248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Nacional de Comercio Exterior SNC 144A<br> 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | 775 | 659971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braskem Idesa SAPI 144A<br> 6.99%, 02/20/32 | 1850 | 1372848 |
| Cemex SAB de CV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/11/31 | 1650 | 1393763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 12/31/99 (o) | 1500 | 1382025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/17/30 | 1225 | 1147203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/19/29 | 1125 | 1087538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/05/27 | 1550 | 1595322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBanco SA Institution de Banca Multiple Trust 144A<br> 4.38%, 07/22/31 | 600 | 468504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cydsa SAB de CV 144A<br> 6.25%, 10/04/27 | 500 | 483595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricidad Firme de Mexico Holdings SA de CV 144A<br> 4.90%, 11/20/26 | 500 | 450278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV 144A<br> 8.50%, 03/17/27 | 1150 | 1043149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Axo SAPI de CV 144A<br> 5.75%, 06/08/26 | 475 | 420321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo KUO SAB De CV 144A<br> 5.75%, 07/07/27 | 650 | 618202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metalsa SAPI de CV 144A<br> 3.75%, 05/04/31 † | 450 | 363314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nemak SAB de CV 144A<br> 3.62%, 06/28/31 | 825 | 666868 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mexico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operadora de Servicios Mega SA de CV Sofom ER Reg S<br> 8.25%, 02/11/25 | $400 | $209681 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/25 | 175 | 167740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/23/26 | 325 | 303568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/28 † | 600 | 523898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/27/44 | 175 | 111062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/23/46 | 175 | 111316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/31 | 1075 | 861982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/12/48 | 450 | 296388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/45 | 325 | 219186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 | 450 | 423180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/13/27 | 1225 | 1158020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/23/29 | 400 | 362361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/02/41 | 475 | 342798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 | 825 | 648701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/38 | 125 | 92194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/32 | 2015 | 1675342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/47 | 1625 | 1129611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/30 | 700 | 609978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/16/25 | 250 | 250694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/04/26 | 725 | 711379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/60 | 1075 | 743072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | 2375 | 1776515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/02/29 | 550 | 536289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 144A<br> 10.00%, 02/07/33 | 200 | 198029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixsigma Networks Mexico SA de CV 144A<br> 7.50%, 05/02/25 | 525 | 490253 |
| Total Play Telecomunicaciones SA de CV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/20/28 | 900 | 763038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/12/25 † | 900 | 840663 |
|  |  | 30087860 |
| **Mongolia: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mongolian Mining Corp./ Energy Resources LLC 144A<br> 9.25%, 04/15/24 | 350 | 301501 |
| **Morocco: 1.1%** |  |  |
| OCP SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/23/31 | 1200 | 1017390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/22/25 | 875 | 855253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/23/51 | 1225 | 966329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/25/24 | 1100 | 1099703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/25/44 | 950 | 925419 |
|  |  | 4864094 |
| **Netherlands: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coruripe Netherlands BV 144A<br> 10.00%, 02/10/27 | 250 | 188675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Dutch BV 144A<br> 3.85%, 03/29/26 | 1337 | 1200332 |
| Petrobras Global Finance BV |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Netherlands (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/10/51 † | $500 | $391830 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/27 | 1250 | 1162500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/09/29 † | 1200 | 1108128 |
|  |  | 4051465 |
| **Nigeria: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Bank Plc 144A<br> 6.12%, 09/21/26 | 725 | 636441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBN Finance Co. BV 144A<br> 7.12%, 02/16/26 | 450 | 406350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Bank Plc 144A<br> 7.62%, 10/28/26 | 550 | 479875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A<br> 8.62%, 10/27/25 | 550 | 516566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEPLAT Energy Plc 144A<br> 7.75%, 04/01/26 | 1075 | 944323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bank for Africa Plc 144A<br> 6.75%, 11/19/26 | 475 | 429191 |
|  |  | 3412746 |
| **Oman: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Muscat SAOG Reg S<br> 4.75%, 03/17/26 | 900 | 872523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Funding Ltd. 144A<br> 3.96%, 05/07/25 | 1575 | 1513903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mazoon Assets Co. SAOC 144A<br> 5.20%, 11/08/27 | 875 | 860776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmGrid Funding Ltd. 144A<br> 5.20%, 05/16/27 | 700 | 687130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OQ SAOC 144A<br> 5.12%, 05/06/28 | 1100 | 1061337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oztel Holdings SPC Ltd. 144A<br> 6.62%, 04/24/28 † | 1025 | 1065266 |
|  |  | 6060935 |
| **Panama: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco General SA 144A<br> 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 12/31/99 (o) | 725 | 624517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banistmo SA 144A<br> 4.25%, 07/31/27 | 600 | 546723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Bank Corp. 144A<br> 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 600 | 573540 |
|  |  | 1744780 |
| **Paraguay: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Continental SAECA 144A<br> 2.75%, 12/10/25 | 500 | 447492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA 144A<br> 7.70%, 07/21/28 | 425 | 342159 |
|  |  | 789651 |
| **Peru: 2.3%** |  |  |
| Auna SAA 144A |  |  |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Peru (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/25 | $575 | $492631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BBVA Peru SA 144A<br> 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 | 500 | 486271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Internacional del Peru SAA Interbank 144A<br> 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 400 | 369548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 500 | 501150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camposol SA 144A<br> 6.00%, 02/03/27 | 550 | 332073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA 144A<br> 5.50%, 07/23/26 | 825 | 723179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InRetail Consumer 144A<br> 3.25%, 03/22/28 | 950 | 821422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InRetail Shopping Malls 144A<br> 5.75%, 04/03/28 | 525 | 500940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minsur SA 144A<br> 4.50%, 10/28/31 † | 750 | 670279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl 144A<br> 5.38%, 03/22/30 | 1425 | 1183990 |
| Petroleos del Peru SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/19/32 | 1450 | 1107437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/19/47 | 3100 | 2071792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A<br> 3.50%, 08/02/28 | 500 | 430718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volcan Cia Minera SAA 144A<br> 4.38%, 02/11/26 | 550 | 486651 |
|  |  | 10178081 |
| **Philippines: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rizal Commercial Banking Corp. Reg S<br> 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 12/31/99 (o) | 400 | 378171 |
| **Poland: 0.4%** |  |  |
| Canpack SA / Canpack US LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/01/25 | 700 | 638050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/29 | 1200 | 997896 |
|  |  | 1635946 |
| **Qatar: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finansbank AS 144A<br> 6.88%, 09/07/24 | 1125 | 1144050 |
| **Saudi Arabia: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arabian Centres Sukuk Ltd. 144A<br> 5.38%, 11/26/24 | 650 | 638405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dar Al-Arkan Sukuk Co. Ltd. Reg S<br> 6.75%, 02/15/25 | 900 | 893160 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Saudi Arabia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/26/27 | $600 | $587559 |
|  |  | 2119124 |
| **Singapore: 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Energy Levanter Pte Ltd. 144A<br> 4.50%, 02/09/27 | 871 | 784963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Pte Ltd. Reg S<br> 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 12/31/99 (o) | 1600 | 1096000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 12/31/99 (o) | 200 | 136000 |
| Greenko Solar Mauritius Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 01/29/25 | 750 | 720938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 07/29/26 | 900 | 849015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Laurel Tree Pte Ltd. 144A<br> 6.95%, 11/12/28 | 500 | 476817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mersin Uluslararasi Liman Isletmeciligi AS 144A<br> 5.38%, 11/15/24 | 900 | 870794 |
| Puma International Financing SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/24/26 | 1000 | 921500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 10/06/24 | 1050 | 1015707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33 | 811 | 790496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TML Holdings Pte Ltd. Reg S<br> 4.35%, 06/09/26 | 700 | 647248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yanlord Land HK Co. Ltd. Reg S<br> 6.80%, 02/27/24 | 600 | 587700 |
|  |  | 8897178 |
| **South Africa: 2.3%** |  |  |
| Eskom Holdings SOC Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 08/10/28 † | 1525 | 1461896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 02/11/25 | 1975 | 1900799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 08/10/28 | 775 | 746110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskom Holdings SOC Ltd. Reg S<br> 4.31%, 07/23/27 | 800 | 723112 |
| MTN Mauritius Investments Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/11/24 | 675 | 660825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/13/26 | 800 | 815200 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/27/24 | 2250 | 2229491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/27/28 † | 1050 | 1014531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. Reg S<br> 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 | 650 | 643500 |
|  |  | 10195464 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **South Korea: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woori Bank 144A<br> 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 12/31/99 (o) | $850 | $820760 |
| **Spain: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Andres BV 144A<br> 5.70%, 05/04/28 † | 500 | 442544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Candelaria Spain SA 144A<br> 5.75%, 06/15/33 | 1000 | 780054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria Colombia SA 144A<br> 4.88%, 04/21/25 | 650 | 635117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones SA ESP 144A<br> 4.95%, 07/17/30 | 775 | 677323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Airport Finance SA 144A<br> 12.00%, 03/15/33 | 620 | 625042 |
|  |  | 3160080 |
| **Tanzania: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings Plc<br> 6.50%, 04/15/40 | 475 | 469497 |
| **Thailand: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL 144A<br> 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 1975 | 1737348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL Reg S<br> 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1200 | 1080540 |
|  |  | 2817888 |
| **Togo: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc. 144A<br> 9.50%, 04/18/24 | 800 | 804848 |
| **Trinidad and Tobago: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Petroleum Co. Ltd. 144A<br> 9.00%, 08/12/29 | 800 | 838080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Gas Co. of Trinidad & Tobago Ltd. 144A<br> 6.05%, 01/15/36 | 600 | 546615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Services of Trinidad & Tobago Ltd. 144A<br> 8.88%, 10/18/29 | 525 | 462150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad Generation Unlimited 144A<br> 5.25%, 11/04/27 | 900 | 871241 |
|  |  | 2718086 |
| **Turkey: 6.0%** |  |  |
| Akbank TAS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/31/25 | 700 | 671930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 02/06/26 † | 725 | 697174 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Turkey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | $850 | $769350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anadolu Efes Biracilik Ve Malt Sanayii AS 144A<br> 3.38%, 06/29/28 | 900 | 707504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aydem Yenilenebilir Enerji AS 144A<br> 7.75%, 02/02/27 | 1100 | 932030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Icecek AS 144A<br> 4.50%, 01/20/29 | 800 | 702176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOC Holding AS 144A<br> 6.50%, 03/11/25 | 1100 | 1088340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A<br> 9.50%, 07/10/36 | 600 | 528457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS 144A<br> 9.25%, 04/30/26 | 550 | 552827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Ziraat Bankasi AS 144A<br> 5.38%, 03/02/26 | 950 | 854511 |
| Turk Telekomunikasyon AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/19/24 | 750 | 710475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/28/25 | 755 | 720665 |
| Turkcell Iletisim Hizmetleri AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/25 | 775 | 732359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/11/28 | 750 | 656250 |
| Turkiye Ihracat Kredi Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/06/26 | 1200 | 1085556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 05/03/24 | 650 | 637812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 01/31/26 | 850 | 850595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS 144A<br> 6.12%, 04/25/24 | 1825 | 1798081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS Reg S<br> 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 1250 | 1180436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri AS 144A<br> 4.50%, 10/18/24 | 1025 | 983570 |
| Turkiye Sinai Kalkinma Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/26 | 450 | 416543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/23/25 | 650 | 625680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari AS 144A<br> 6.95%, 03/14/26 | 1075 | 1048700 |
| Turkiye Vakiflar Bankasi TAO 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/05/25 | 1025 | 969291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/26 | 775 | 689634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/08/26 | 1225 | 1145363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 03/28/24 | 975 | 980815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulker Biskuvi Sanayi AS 144A<br> 6.95%, 10/30/25 | 950 | 851540 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Turkey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS 144A<br> 5.85%, 06/21/24 | $850 | $832742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 775 | 733499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/15/24 | 825 | 834987 |
| Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 | 400 | 335754 |
|  |  | 26324646 |
| **Ukraine: 0.4%** |  |  |
| Kernel Holding SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/17/24 | 450 | 213750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/27/27 | 400 | 170176 |
| Metinvest BV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 10/01/27 | 450 | 238275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/17/29 | 800 | 405116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPC Ukrenergo 144A<br> 6.88%, 11/09/28 | 1100 | 184520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Agency of Roads of Ukraine 144A<br> 6.25%, 06/24/30 | 1000 | 180296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets Plc Reg S<br> 8.25%, 07/09/26 | 1300 | 279500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Ukraine PAT via VFU Funding Plc 144A<br> 6.20%, 02/11/25 | 525 | 298620 |
|  |  | 1970253 |
| **United Arab Emirates: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acwa Power Management And Investments One Ltd. 144A<br> 5.95%, 12/15/39 | 598 | 571778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIB Tier 1 Sukuk 3 Ltd. Reg S<br> 6.25% (CMT USD 6 Year+3.66%), 12/31/99 (o) | 1250 | 1264111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Salaam Reg S<br> 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 12/31/99 (o) | 2350 | 2355875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC Reg S<br> 6.12% (CMT USD 6 Year+3.66%), 12/31/99 (o) | 1650 | 1654265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A<br> 7.12%, 07/31/26 † | 1350 | 1334225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAF Global Securities Ltd. Reg S<br> 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/31/99 (o) | 550 | 544500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings Ltd. 144A<br> 8.25%, 02/15/25 | 1425 | 1348406 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United Arab Emirates (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 11/15/24 | $375 | $376431 |
|  |  | 9449591 |
| **United Kingdom: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bidvest Group UK Plc 144A<br> 3.62%, 09/23/26 | 1225 | 1129021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining Plc 144A<br> 5.00%, 10/14/26 † | 775 | 690254 |
| IHS Holding Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 11/29/26 | 775 | 657975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/29/28 | 800 | 657752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc 144A<br> 10.25%, 05/15/26 | 2645 | 2284830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Finance II Plc 144A<br> 8.95%, 03/11/25 | 1900 | 1527591 |
|  |  | 6947423 |
| **United States: 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Andes SA 144A<br> 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 650 | 617198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 800 | 775588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Argentina Generacion SA 144A<br> 7.75%, 02/02/24 | 450 | 384903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azul Investments LLP 144A<br> 7.25%, 06/15/26 † | 450 | 272323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Electrica Cochrane SpA 144A<br> 5.50%, 05/14/27 | 382 | 364642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energuate Trust 144A<br> 5.88%, 05/03/27 | 500 | 480535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A<br> 5.38%, 12/30/30 | 1050 | 751141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guacolda Energia SA 144A<br> 4.56%, 04/30/25 | 850 | 310250 |
| Kosmos Energy Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/01/28 | 650 | 555977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/27 † | 600 | 534747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Chile Holdco LLC 144A<br> 6.50%, 01/24/27 † | 500 | 482875 |
| MGM China Holdings Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/18/25 † | 750 | 713272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/15/24 † | 1125 | 1093837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/15/26 † | 1275 | 1207852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV 144A<br> 5.12%, 05/07/29 | 1100 | 984500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp. 144A<br> 4.25%, 03/15/29 † | 1000 | 831620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 4.38%, 09/18/26 † | 1175 | 1082757 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** | **Value** |
| **United States (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/31 | $| 1300 | $| 1135862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SierraCol Energy Andina LLC 144A<br> 6.00%, 06/15/28 |  | 900 |  | 743674 |
| Stillwater Mining Co. 144A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/16/26 |  | 1025 |  | 949662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/16/29 |  | 850 |  | 732861 |
| Wynn Macau Ltd. 144A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/24 † |  | 850 |  | 818134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/29 † |  | 1575 |  | 1315353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/26 |  | 1600 |  | 1493546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/27 |  | 1250 |  | 1120469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/26/28 |  | 2050 |  | 1808771 |
|  |  |  |  | 21562349 |
| **Uruguay: 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV 144A<br> 6.12%, 05/27/29 |  | 550 |  | 540557 |
| **Uzbekistan: 0.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ipoteka-Bank ATIB Reg S<br> 5.50%, 11/19/25 |  | 400 |  | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Uzbekistan Reg S<br> 4.85%, 10/21/25 |  | 600 |  | 564000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzauto Motors AJ 144A<br> 4.85%, 05/04/26 |  | 550 |  | 476993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbek Industrial and Construction Bank ATB Reg S<br> 5.75%, 12/02/24 |  | 450 |  | 436500 |
|  |  |  |  | 1852493 |
| **Zambia: 1.6%** |  |  |  |  |
| First Quantum Minerals Ltd. 144A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/24 |  | 1425 |  | 1424708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/26 † |  | 1525 |  | 1484847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/27 |  | 2300 |  | 2232564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/25 |  | 2000 |  | 1971866 |
|  |  |  |  | 7113985 |
| **Total Corporate Bonds**<br> (Cost: $473,771,547) |  |  |  | 421419544 |
| **GOVERNMENT OBLIGATIONS: 1.5%** | **GOVERNMENT OBLIGATIONS: 1.5%** | **GOVERNMENT OBLIGATIONS: 1.5%** | **GOVERNMENT OBLIGATIONS: 1.5%** | **GOVERNMENT OBLIGATIONS: 1.5%** |
| **Argentina: 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires 144A<br> 7.50%, 06/01/27 |  | 1359 |  | 1276394 |
| Provincia de Cordoba 144A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/29 |  | 682 |  | 480644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 06/01/27 (s) |  | 832 |  | 644711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Mendoza 144A<br> 4.25%, 03/19/29 (s) |  | 900 |  | 731404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Neuquen 144A<br> 6.62%, 04/27/30 (s) |  | 575 |  | 442750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia del Chubut 144A<br> 7.75%, 07/26/30 (s) |  | 678 |  | 598967 |
| Provincia del Chubut Reg S |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **Argentina (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 07/26/30 (s) | $| 169 | $149742 |
|  |  |  | 4324612 |
| **Pakistan: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Water & Power Development Authority Reg S<br> 7.50%, 06/04/31 |  | 650 | 217505 |
| **Turkey: 0.3%** |  |  |  |
| Istanbul Metropolitan Municipality 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 12/09/25 |  | 900 | 814856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 04/12/27 |  | 450 | 445670 |
|  |  |  | 1260526 |
| **Uzbekistan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC 144A<br> 4.75%, 11/16/28 |  | 1000 | 844030 |
| **Total Government Obligations**<br> (Cost: $7,317,139) | **Total Government Obligations**<br> (Cost: $7,317,139) |  | 6646673 |
| **Total Investments Before Collateral for Securities Loaned: 97.0%**<br> (Cost: $481,088,686) | **Total Investments Before Collateral for Securities Loaned: 97.0%**<br> (Cost: $481,088,686) | **Total Investments Before Collateral for Securities Loaned: 97.0%**<br> (Cost: $481,088,686) | 428066217 |
|  |  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.9%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.9%** |  |
| **Money Market Fund: 5.9%**<br> (Cost: $25,848,585) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 25848585 | 25848585 |
| **Total Investments: 102.9%**<br> (Cost: $506,937,271) |  |  | 453914802 |
| **Liabilities in excess of other assets: (2.9)%** | **Liabilities in excess of other assets: (2.9)%** | **Liabilities in excess of other assets: (2.9)%** | (12786349) |
| **NET ASSETS: 100.0%** |  |  | $441128453 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

------

**Definitions:**

LIBOR London Interbank Offered Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $26,377,625. |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (o) | Perpetual Maturity — the date shown is the next call date |
| \* | Non-income producing |
| (d) | Security in default |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $285,628,469, or 64.7% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br> Investments** | **Value** |
| Financials | 32.5% | $139210993 |
| Energy | 19.8 | 84834392 |
| Basic Materials | 10.1 | 43431487 |
| Industrials | 8.7 | 37222876 |
| Utilities | 7.9 | 33835963 |
| Technology | 4.5 | 19130265 |
| Consumer Cyclicals | 4.2 | 17969694 |
| Consumer Non-Cyclicals | 3.9 | 16818369 |
| Real Estate | 3.5 | 15087822 |
| Healthcare | 3.4 | 14355548 |
| Government Activity | 1.4 | 5765434 |
| Institutions, Associations & Organizations | 0.1 | 403374 |
|  | 100.0% | $428066217 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

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

- **b. EDGAR series identifier (if any):** S000036768

- **c. LEI of Series:** 5493000XZY6IPF1JRM25

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $471481101.53

**Total Liabilities:** $30365695.15

**Net Assets:** $441115406.38

**Cash Not Reported:** $5512774.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -33.24000000 | **1-Year:** -1376.70000000 | **5-Year:** -4740.30000000 | **10-Year:** -6124.25000000 | **30-Year:** -2063.88000000

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

- **3-Month:** -686.89000000 | **1-Year:** -38993.50000000 | **5-Year:** -72010.69000000 | **10-Year:** -29375.19000000 | **30-Year:** -9650.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112445 | 8.53%                | 2.90%                | 3.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4068036.94             | $33365312.58                               |
| Month 2  | $-3057033.25             | $12455870.16                               |
| Month 3  | $-3532126.05             | $17733416.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADANIREN KODSOPAR WARSOM     | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |    451875 | PA      | $324546.70    | 0.07%             | 2039-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD              | IHS Holding Ltd                                                                  | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    775000 | PA      | $657975.00    | 0.15%             | 2026-11-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)     | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |    525000 | PA      | $298620.00    | 0.07%             | 2025-02-11      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FRONTERA ENERGY CORP         | Frontera Energy Corp                                                             | CUSIP: 35905BAC1<br>LEI: A25574TZFLBNK7NWQT47 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $574814.50    | 0.13%             | 2028-06-21      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $523898.22    | 0.12%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: —       |
| EMIRATES NBD BANK PJSC       | Emirates NBD Bank PJSC                                                           | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | DBT              | CORP              | AE        |   1650000 | PA      | $1654265.25   | 0.38%             | 2025-03-20      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BONO GAR PROV DEL CHUBUT     | Provincia del Chubut Argentina                                                   | CUSIP: 17127LAA3<br>LEI: 529900V5CYYSD8ADKQ03 | Long             | DBT              | NUSS              | AR        |    677867 | PA      | $598967.06    | 0.14%             | 2030-07-26      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| BANCO BRADESCO (CAYMAN)      | Banco Bradesco SA/Cayman Islands                                                 | CUSIP: 05947KAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    625000 | PA      | $600000.00    | 0.14%             | 2025-01-27      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM              | DP World Salaam                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |   2350000 | PA      | $2355875.00   | 0.53%             | 2025-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $423180.00    | 0.10%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    950000 | PA      | $860937.50    | 0.20%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                     | CUSIP: 90015WAH6<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    975000 | PA      | $980814.90    | 0.22%             | 2024-03-28      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Azul Investments LLP         | Azul Investments LLP                                                             | CUSIP: 05502FAA6<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $150869.53    | 0.03%             | 2024-10-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MHP LUX SA                   | MHP Lux SA                                                                       | CUSIP: 59318YAB4<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $244125.00    | 0.06%             | 2029-09-19      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK MUSCAT SAOG             | Bank Muscat SAOG                                                                 | CUSIP: 000000000<br>LEI: 549300HC6W6OEXV7SY67 | Long             | DBT              | CORP              | OM        |    900000 | PA      | $872523.00    | 0.20%             | 2026-03-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC       | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    475000 | PA      | $469496.63    | 0.11%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                   | Akbank TAS                                                                       | CUSIP: 00971YAG5<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    725000 | PA      | $697174.50    | 0.16%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    325000 | PA      | $320542.63    | 0.07%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BBVA BANCO CONTINENTAL       | Banco BBVA Peru SA                                                               | CUSIP: 05537GAD7<br>LEI: 549300H1JNU0HLNFU552 | Long             | DBT              | CORP              | PE        |    500000 | PA      | $486270.69    | 0.11%             | 2029-09-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC             | MercadoLibre Inc                                                                 | CUSIP: 58733RAE2<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |    650000 | PA      | $589065.75    | 0.13%             | 2026-01-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| INDIKA ENERGY CAPITAL IV     | Indika Energy Capital IV Pte Ltd                                                 | CUSIP: 45569GAA0<br>LEI: 254900LQ197HY24XVH34 | Long             | DBT              | CORP              | SG        |    825000 | PA      | $828611.28    | 0.19%             | 2025-10-22      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COSAN LUXEMBOURG SA          | Cosan Luxembourg SA                                                              | CUSIP: 22112EAC2<br>LEI: 222100ZY943WERK7RZ38 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $452139.75    | 0.10%             | 2027-01-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS     | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAC4<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    755000 | PA      | $720664.87    | 0.16%             | 2025-02-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    700000 | PA      | $609977.90    | 0.14%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| ELECTRICIDAD FIRME DE ME     | Electricidad Firme de Mexico Holdings SA de CV                                   | CUSIP: 28504MAA1<br>LEI: 549300B9KK10OSYRIY06 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $450278.39    | 0.10%             | 2026-11-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US        | Canpack SA / Canpack US LLC                                                      | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1200000 | PA      | $997896.00    | 0.23%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SA      | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA                  | CUSIP: 29280LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |   1050000 | PA      | $751141.07    | 0.17%             | 2030-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VOLCAN CIA MINERA SAA-CM     | Volcan Cia Minera SAA                                                            | CUSIP: 92863UAB2<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |    550000 | PA      | $486651.00    | 0.11%             | 2026-02-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| QNB Finansbank AS/Turkey     | QNB Finansbank AS                                                                | CUSIP: 31772DAD4<br>LEI: 789000Q21SW842S9IJ58 | Long             | DBT              | CORP              | TR        |   1125000 | PA      | $1144049.63   | 0.26%             | 2024-09-07      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA        | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   1450000 | PA      | $1107437.50   | 0.25%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD              | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $657752.00    | 0.15%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RADIANCE HOLDINGS GRP        | Radiance Holdings Group Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300487COLIJOB7F68 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $318000.00    | 0.07%             | 2024-03-20      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD              | Network i2i Ltd                                                                  | CUSIP: 64132NAC0<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    825000 | PA      | $750466.63    | 0.17%             | 2026-03-03      | Fixed         | 3.98%                 | No            |                  2 | On Loan: —       |
| LATAM AIRLINES GROUP SA      | Latam Airlines Group SA                                                          | CUSIP: 51818LAA6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    800000 | PA      | $859000.00    | 0.19%             | 2027-10-15      | Fixed         | 13.38%                | No            |                  2 | On Loan: No      |
| GRUPO AVAL LTD               | Grupo Aval Ltd                                                                   | CUSIP: 40053FAC2<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |   1525000 | PA      | $1265788.13   | 0.29%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MAZOON ASSETS CO SAOC        | Mazoon Assets Co SAOC                                                            | CUSIP: 57886LAA0<br>LEI: 6354003TDIRN5Y6LJP91 | Long             | DBT              | CORP              | OM        |    875000 | PA      | $860776.00    | 0.20%             | 2027-11-08      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TRANSPORT DE GAS DEL SUR     | Transportadora de Gas del Sur SA                                                 | CUSIP: 893870AX3<br>LEI: 5299002TRC7IFQYSW596 | Long             | DBT              | CORP              | AR        |    550000 | PA      | $520264.25    | 0.12%             | 2025-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA          | Kenbourne Invest SA                                                              | CUSIP: 48855KAC4<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $299712.30    | 0.07%             | 2028-01-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL     | Digicel International Finance Ltd/Digicel international Holdings Ltd             | CUSIP: 25381XAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    925000 | PA      | $796832.37    | 0.18%             | 2024-05-25      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| THETA CAPITAL PTE LTD        | Theta Capital Pte Ltd                                                            | CUSIP: 000000000<br>LEI: 2549003I5QVCGQHCYJ52 | Long             | DBT              | CORP              | SG        |    600000 | PA      | $525300.00    | 0.12%             | 2025-01-22      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES            | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAA9<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    875000 | PA      | $669107.83    | 0.15%             | 2026-04-23      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| METALSA SA DE CV             | Metalsa S A P I De Cv                                                            | CUSIP: 59132VAB4<br>LEI: 549300F2FONGJR575V67 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $363313.69    | 0.08%             | 2031-05-04      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| BANCO INTERNAC DEL PERU      | Banco Internacional del Peru SAA Interbank                                       | CUSIP: 05968DAD2<br>LEI: 5493001TRCGXJLRLHN14 | Long             | DBT              | CORP              | PE        |    400000 | PA      | $369548.24    | 0.08%             | 2030-07-08      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIGEL LUXEMBOURG SA         | Unigel Luxembourg SA                                                             | CUSIP: 904752AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    450000 | PA      | $455240.87    | 0.10%             | 2026-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd       | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAC0<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |   1525000 | PA      | $1461895.50   | 0.33%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: —       |
| CSN RESOURCES SA             | CSN Resources SA                                                                 | CUSIP: 12644VAE8<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    375000 | PA      | $341239.20    | 0.08%             | 2032-04-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DAR AL-ARKAN SUKUK CO LT     | Dar Al-Arkan Sukuk Co Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000UYHRBXEIYUQ69 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $705288.50    | 0.16%             | 2026-02-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2020 A LTD     | RKPF Overseas 2020 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900LKOLISWWIE7W36 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $498000.00    | 0.11%             | 2026-07-26      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA             | Pampa Energia SA                                                                 | CUSIP: 697660AB4<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    475000 | PA      | $451112.25    | 0.10%             | 2029-04-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| LIMAK ISKENDERUN             | Limak Iskenderun Uluslararasi Liman Isletmeciligi AS                             | CUSIP: 53263TAA5<br>LEI: 5299001DUZ9PI7TCRC47 | Long             | DBT              | CORP              | TR        |    599838 | PA      | $528457.14    | 0.12%             | 2036-07-10      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GREENKO POWER II LTD         | Greenko Power II Ltd                                                             | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |   1456375 | PA      | $1258964.07   | 0.29%             | 2028-12-13      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ACU PETROLEO LUXEMBOURG      | Acu Petroleo Luxembourg Sarl                                                     | CUSIP: 00110RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    447246 | PA      | $421694.81    | 0.10%             | 2032-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC      | Sasol Financing USA LLC                                                          | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1135862.00   | 0.26%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METINVEST BV                 | Metinvest BV                                                                     | CUSIP: 591555AG2<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $238275.00    | 0.05%             | 2027-10-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA               | Gol Finance SA                                                                   | CUSIP: 36254VAA6<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $262350.00    | 0.06%             | 2025-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2375000 | PA      | $1776514.73   | 0.40%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PT BANK TABUNGAN NEGARA      | Bank Tabungan Negara Persero Tbk PT                                              | CUSIP: 000000000<br>LEI: 2549009BLYOGL9ZLAW17 | Long             | DBT              | CORP              | ID        |    600000 | PA      | $573000.00    | 0.13%             | 2025-01-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| EBN FINANCE CO BV            | EBN Finance Co BV                                                                | CUSIP: 26824MAB6<br>LEI: 549300YQYR5NQR743D34 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $406350.00    | 0.09%             | 2026-02-16      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1400000 | PA      | $1323000.00   | 0.30%             | 2025-06-06      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| POINSETTIA FINANCE LTD       | Poinsettia Finance Ltd                                                           | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |    549000 | PA      | $463254.44    | 0.11%             | 2031-06-17      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Energuate Trust              | Energuate Trust                                                                  | CUSIP: 29277RAA3<br>LEI: 549300RVM37LH8GY7E41 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $480535.00    | 0.11%             | 2027-05-03      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MHP SE                       | MHP SE                                                                           | CUSIP: 55302TAD7<br>LEI: 213800D7DXFXGA292757 | Long             | DBT              | CORP              | CY        |    750000 | PA      | $381330.00    | 0.09%             | 2024-05-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KUWAIT PROJECTS CO SPC L     | Kuwait Projects Co SPC Ltd                                                       | CUSIP: 000000000<br>LEI: 254900BQTJEWBK1TAN59 | Long             | DBT              | CORP              | AE        |    800000 | PA      | $703134.40    | 0.16%             | 2026-10-29      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| BANCO INTERNAC DEL PERU      | Banco Internacional del Peru SAA Interbank                                       | CUSIP: 05968DAA8<br>LEI: 5493001TRCGXJLRLHN14 | Long             | DBT              | CORP              | PE        |    500000 | PA      | $501150.00    | 0.11%             | 2029-03-19      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   3100000 | PA      | $2909613.50   | 0.66%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HERITAGE PETROL CO LTD       | Heritage Petroleum Co Ltd                                                        | CUSIP: 42727GAA6<br>LEI: 25490055MYPABN06OA04 | Long             | DBT              | CORP              | TT        |    800000 | PA      | $838080.00    | 0.19%             | 2029-08-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ULTRAPAR INTERNATIONL SA     | Ultrapar International SA                                                        | CUSIP: 90401CAA7<br>LEI: 222100CXHWBP3H3SK244 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $290767.12    | 0.07%             | 2026-10-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PERIAMA HOLDINGS LLC/DE      | Periama Holdings LLC/DE                                                          | CUSIP: 000000000<br>LEI: 254900NINXO00BLT2Z47 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1109980.00   | 0.25%             | 2026-04-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAN1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1250000 | PA      | $1268500.00   | 0.29%             | 2025-01-31      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| YANLORD LAND HK CO LTD       | Yanlord Land HK Co Ltd                                                           | CUSIP: 000000000<br>LEI: 549300O56H3950RDWG19 | Long             | DBT              | CORP              | HK        |    750000 | PA      | $686775.00    | 0.16%             | 2026-05-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD         | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    850000 | PA      | $794750.00    | 0.18%             | 2024-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1075000 | PA      | $743072.04    | 0.17%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QBV3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    175000 | PA      | $167740.13    | 0.04%             | 2025-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CANACOL ENERGY LTD           | Canacol Energy Ltd                                                               | CUSIP: 134808AD6<br>LEI: 549300X5MNRWPMSM9N14 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $664834.89    | 0.15%             | 2028-11-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| PUMA INTERNATIONAL FINAN     | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |   1050000 | PA      | $1015707.00   | 0.23%             | 2024-10-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                     | CUSIP: 90015WAL7<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    775000 | PA      | $689633.75    | 0.16%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAP SA                       | CAP SA                                                                           | CUSIP: 13911YAA4<br>LEI: 54930079GPG23NTBB003 | Long             | DBT              | CORP              | CL        |    450000 | PA      | $374658.75    | 0.08%             | 2031-04-27      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    925000 | PA      | $867187.50    | 0.20%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KT21 T2 CO LTD               | Kt21 T2 Co Ltd                                                                   | CUSIP: 000000000<br>LEI: 549300A7OP1JIVHGH118 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $521578.75    | 0.12%             | 2031-12-16      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ENERGO PRO AS                | Energo-Pro AS                                                                    | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    650000 | PA      | $620750.00    | 0.14%             | 2027-02-04      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CORURIPE NETHERLANDS BV      | Coruripe Netherlands BV                                                          | CUSIP: 22088DAA8<br>LEI: 724500EL5MDC9RD0FW48 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $188675.00    | 0.04%             | 2027-02-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAV1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    375000 | PA      | $375375.00    | 0.09%             | 2025-01-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| JSW INFRASTRUCTURE           | JSW Infrastructure Ltd                                                           | CUSIP: 46654XAA7<br>LEI: 3358003E3YFK92C9WX80 | Long             | DBT              | CORP              | IN        |    600000 | PA      | $532359.74    | 0.12%             | 2029-01-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANCO VOTORANTIM             | Banco Votorantim SA                                                              | CUSIP: 05967CAF0<br>LEI: X2EUTZGMHS8RBQFIUS93 | Long             | DBT              | CORP              | BR        |    450000 | PA      | $433100.25    | 0.10%             | 2025-07-29      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                           | CUSIP: 67091TAC9<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    875000 | PA      | $855253.00    | 0.19%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MTN MAURITIUS INVSTMENTS     | MTN Mauritius Investments Ltd                                                    | CUSIP: 55377XAB2<br>LEI: 2549009PQD415OQIR074 | Long             | DBT              | CORP              | MU        |    800000 | PA      | $815200.00    | 0.18%             | 2026-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AR1<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    775000 | PA      | $546991.13    | 0.12%             | 2047-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD            | Kosmos Energy Ltd                                                                | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    600000 | PA      | $534747.00    | 0.12%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| YAPI VE KREDI BANKASI AS     | Yapi ve Kredi Bankasi AS                                                         | CUSIP: 984848AN1<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    775000 | PA      | $733498.75    | 0.17%             | 2031-01-22      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd       | MGM China Holdings Ltd                                                           | CUSIP: 55300RAA9<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |   1125000 | PA      | $1093837.50   | 0.25%             | 2024-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                        | CUSIP: 059578AE4<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    550000 | PA      | $543504.50    | 0.12%             | 2024-03-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAA7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $169884.15    | 0.04%             | 2043-05-20      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BANCO NACIONAL COM EXT       | Banco Nacional de Comercio Exterior SNC/Cayman Islands                           | CUSIP: 05973JAA8<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |    775000 | PA      | $659971.44    | 0.15%             | 2031-08-11      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1200000 | PA      | $787994.05    | 0.18%             | 2026-07-12      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |   1050000 | PA      | $970593.75    | 0.22%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL     | Digicel International Finance Ltd/Digicel international Holdings Ltd             | CUSIP: 25381XAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    617873 | PA      | $309686.54    | 0.07%             | 2025-12-31      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   3075000 | PA      | $2203386.79   | 0.50%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH          | Klabin Austria GmbH                                                              | CUSIP: 49836AAA2<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    575000 | PA      | $576437.50    | 0.13%             | 2029-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Theta Capital Pte Ltd        | Theta Capital Pte Ltd                                                            | CUSIP: 000000000<br>LEI: 2549003I5QVCGQHCYJ52 | Long             | DBT              | CORP              | SG        |    600000 | PA      | $460500.00    | 0.10%             | 2026-10-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD       | Eskom Holdings SOC Ltd                                                           | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    800000 | PA      | $723112.00    | 0.16%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV             | Greenko Dutch BV                                                                 | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |   1337000 | PA      | $1200331.86   | 0.27%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA       | VTR Comunicaciones SpA                                                           | CUSIP: 918367AC7<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    600000 | PA      | $396000.00    | 0.09%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CIBANCO SA INS DE BANCA      | CIBANCO SA Institucion de Banca Multiple Trust CIB/3332                          | CUSIP: 171653AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    600000 | PA      | $468504.00    | 0.11%             | 2031-07-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TULLOW OIL PLC               | Tullow Oil PLC                                                                   | CUSIP: 899415AG8<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |   2545000 | PA      | $2198447.35   | 0.50%             | 2026-05-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| BANK OF COMMUNICATIONS       | Bank of Communications Co Ltd                                                    | CUSIP: 000000000<br>LEI: 549300AX1UM10U30HK09 | Long             | DBT              | CORP              | CN        |   4050000 | PA      | $3933562.50   | 0.89%             | 2025-11-18      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2019 E LTD     | RKPF Overseas 2019 E Ltd                                                         | CUSIP: 000000000<br>LEI: 254900XA3OBXDNCGJ520 | Long             | DBT              | CORP              | VG        |    400000 | PA      | $259961.27    | 0.06%             | 2024-11-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SEPLAT ENERGY PL             | SEPLAT Energy PLC                                                                | CUSIP: 81733LAB3<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |   1075000 | PA      | $944323.00    | 0.21%             | 2026-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| COLOMBIA TELECOMUNICACIO     | Colombia Telecomunicaciones SA ESP                                               | CUSIP: 19533PAC4<br>LEI: 549300CK4YN0V1C3MN55 | Long             | DBT              | CORP              | CO        |    775000 | PA      | $677322.88    | 0.15%             | 2030-07-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD        | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |   1075000 | PA      | $1027431.93   | 0.23%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRF SA                       | BRF SA                                                                           | CUSIP: 10552TAG2<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |    475000 | PA      | $401925.44    | 0.09%             | 2030-01-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA          | Kenbourne Invest SA                                                              | CUSIP: 48855KAA8<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |    618000 | PA      | $575327.10    | 0.13%             | 2024-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors | State Street Navigator Securities Lending Government Money Market Portfolio      | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |  25765712 | NS      | $25765712.50  | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SINO OCEAN LND TRS FIN I     | Sino-Ocean Land Treasure Finance I Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |   1000000 | PA      | $867510.99    | 0.20%             | 2024-07-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AT7<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    515625 | PA      | $492228.52    | 0.11%             | 2025-03-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| METINVEST BV                 | Metinvest BV                                                                     | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $405115.44    | 0.09%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TATA MOTORS LTD              | Tata Motors Ltd                                                                  | CUSIP: 000000000<br>LEI: 335800BO2LHWJJ8TZI32 | Long             | DBT              | CORP              | IN        |    400000 | PA      | $395440.00    | 0.09%             | 2025-05-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Grupo KUO SAB De CV          | Grupo KUO SAB De CV                                                              | CUSIP: 40052CAC0<br>LEI: 549300WIYIAVCFZI6Z04 | Long             | DBT              | CORP              | MX        |    650000 | PA      | $618202.00    | 0.14%             | 2027-07-07      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD          | ReNew Power Pvt Ltd                                                              | CUSIP: 75975AAA8<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |    450000 | PA      | $429750.00    | 0.10%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KUWAIT PROJECTS CO SPC L     | Kuwait Projects Co SPC Ltd                                                       | CUSIP: 000000000<br>LEI: 254900BQTJEWBK1TAN59 | Long             | DBT              | CORP              | AE        |    750000 | PA      | $646257.00    | 0.15%             | 2027-02-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIO OIL FINANCE TRUST        | Rio Oil Finance Trust Series 2018-1                                              | CUSIP: 76716XAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290150 | PA      | $292989.12    | 0.07%             | 2028-04-06      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                           | CUSIP: 46556LAM6<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    550000 | PA      | $526592.75    | 0.12%             | 2029-11-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHONG HING BANK LTD          | Chong Hing Bank Ltd                                                              | CUSIP: 000000000<br>LEI: 549300UE27D3HDTZET39 | Long             | DBT              | CORP              | HK        |    600000 | PA      | $591090.00    | 0.13%             | 2024-07-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                     | CUSIP: 90015WAJ2<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |   1025000 | PA      | $969291.25    | 0.22%             | 2025-02-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO         | Sagicor Financial Co Ltd                                                         | CUSIP: 78669QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    950000 | PA      | $923875.00    | 0.21%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| CNTL AMR BOTTLING CORP       | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL        | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |   1650000 | PA      | $1586953.50   | 0.36%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| MERCURY CHILE HOLDCO LLC     | Mercury Chile Holdco LLC                                                         | CUSIP: 58937CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $482875.00    | 0.11%             | 2027-01-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| TURKIYE SINAI KALKINMA B     | Turkiye Sinai Kalkinma Bankasi AS                                                | CUSIP: 90015YAA7<br>LEI: 549300MFCXK5HOOEWP84 | Long             | DBT              | CORP              | TR        |    650000 | PA      | $625680.25    | 0.14%             | 2025-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $472788.00    | 0.11%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAB8<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $540386.00    | 0.12%             | 2027-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CHAMPION PATH HOLDINGS       | Champion Path Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 549300QWJFPV5413KI88 | Long             | DBT              | CORP              | VG        |    850000 | PA      | $766232.50    | 0.17%             | 2026-01-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd               | Wynn Macau Ltd                                                                   | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1250000 | PA      | $1120468.75   | 0.25%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAS CAPITAL NO1 LTD          | CAS Capital No 1 Ltd                                                             | CUSIP: 000000000<br>LEI: 254900REJZW5L9QRTD85 | Long             | DBT              | CORP              | VG        |   1250000 | PA      | $1111787.50   | 0.25%             | 2026-07-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE IS BANKASI A.S       | Turkiye Is Bankasi AS                                                            | CUSIP: 000000000<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |   1250000 | PA      | $1180436.25   | 0.27%             | 2030-01-22      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AGROSUPER SA                 | Agrosuper SA                                                                     | CUSIP: 00857LAA5<br>LEI: 5493006KNWOGYPTZZ371 | Long             | DBT              | CORP              | CL        |    750000 | PA      | $674062.50    | 0.15%             | 2032-01-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1225000 | PA      | $1158019.68   | 0.26%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2015000 | PA      | $1675342.41   | 0.38%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                                  | CUSIP: 151290BZ5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1650000 | PA      | $1393763.25   | 0.32%             | 2031-07-11      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INSTITUTO COSTARRICENSE      | Instituto Costarricense de Electricidad                                          | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | CORP              | CR        |    450000 | PA      | $436538.51    | 0.10%             | 2031-10-07      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1200000 | PA      | $1178166.00   | 0.27%             | 2026-02-12      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR     | Cia de Minas Buenaventura SAA                                                    | CUSIP: 204448AA2<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    825000 | PA      | $723178.50    | 0.16%             | 2026-07-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY       | India Cleantech Energy                                                           | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |    520850 | PA      | $468765.00    | 0.11%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd                                                                    | CUSIP: 46635UAC3<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    650000 | PA      | $575317.01    | 0.13%             | 2027-04-05      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Medco Oak Tree Pte Ltd       | Medco Oak Tree Pte Ltd                                                           | CUSIP: 58405FAA3<br>LEI: 254900AU06KP3JTGZL51 | Long             | DBT              | CORP              | SG        |    850000 | PA      | $851912.50    | 0.19%             | 2026-05-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TELECOM OF TRIN & TOBAGO     | Telecommunications Services of Trinidad & Tobago Ltd                             | CUSIP: 87929TAA9<br>LEI: 5299007N4G3EZWXAMB76 | Long             | DBT              | CORP              | TT        |    525000 | PA      | $462149.63    | 0.10%             | 2029-10-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GLORY LAND                   | Glory Health Industry Ltd                                                        | CUSIP: 000000000<br>LEI: 213800RH1GJT3SVZ7176 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $16000.00     | 0.00%             | 2024-01-25      | Fixed         | 14.25%                | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE     | Continuum Energy Levanter Pte Ltd                                                | CUSIP: 21218MAB1<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |    870750 | PA      | $784962.60    | 0.18%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $645948.66    | 0.15%             | 2031-01-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| UKRAINE RAIL (RAIL CAPL)     | Ukraine Railways Via Rail Capital Markets PLC                                    | CUSIP: 000000000<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $279500.00    | 0.06%             | 2026-07-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN     | Banco BTG Pactual SA/Cayman Islands                                              | CUSIP: 05971AAE1<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    775000 | PA      | $747185.25    | 0.17%             | 2025-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UZAUTO MOTORS AJ             | Uzauto Motors AJ                                                                 | CUSIP: 46653NAA0<br>LEI: 25490082QA3E2MKBZI88 | Long             | DBT              | CORP              | UZ        |    350000 | PA      | $303541.00    | 0.07%             | 2026-05-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AZUL INVESTMENTS LLP         | Azul Investments LLP                                                             | CUSIP: 05502FAC2<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |    450000 | PA      | $272323.23    | 0.06%             | 2026-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| APL REALTY HLDG PTE LTD      | APL Realty Holdings Pte Ltd                                                      | CUSIP: 000000000<br>LEI: 2549002FEDJKTISCJV28 | Long             | DBT              | CORP              | SG        |    400000 | PA      | $222000.00    | 0.05%             | 2024-06-02      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA     | Generacion Mediterranea SA / Central Termica Roca SA                             | CUSIP: 36875KAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |    422888 | PA      | $330909.47    | 0.08%             | 2027-12-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CAMPOSOL SA                  | Camposol SA                                                                      | CUSIP: 134638AE5<br>LEI: 5493008B0STMH3JFSW17 | Long             | DBT              | CORP              | PE        |    550000 | PA      | $332073.50    | 0.08%             | 2027-02-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NBG3<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $267496.50    | 0.06%             | 2050-06-03      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2019 A LTD     | RKPF Overseas 2019 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900P8BXRCW5458103 | Long             | DBT              | CORP              | VG        |    550000 | PA      | $511912.50    | 0.12%             | 2024-09-30      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BANCO NAC DE DESEN ECONO     | Banco Nacional de Desenvolvimento Economico e Social                             | CUSIP: 059614AP2<br>LEI: 254900DCL95WTK6VYD35 | Long             | DBT              | NUSS              | BR        |    375000 | PA      | $373593.94    | 0.08%             | 2024-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HPCL-MITTAL ENERGY LTD       | HPCL-Mittal Energy Ltd                                                           | CUSIP: 000000000<br>LEI: 3358008CSQJBZUGQXP26 | Long             | DBT              | CORP              | IN        |    750000 | PA      | $708750.00    | 0.16%             | 2027-04-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARABIAN CENTRES SUKUK II     | Arabian Centres Sukuk II Ltd                                                     | CUSIP: 03847QAA1<br>LEI: 549300X92PKHJD8UYG94 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1428300.00   | 0.32%             | 2026-10-07      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| STANDARD BANK GROUP LTD      | Standard Bank Group Ltd                                                          | CUSIP: 000000000<br>LEI: 2549003PEZXUT7MDBU41 | Long             | DBT              | CORP              | ZA        |    650000 | PA      | $643500.00    | 0.15%             | 2029-05-31      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL     | Digicel International Finance Ltd/Digicel international Holdings Ltd             | CUSIP: 25381VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    875000 | PA      | $753760.35    | 0.17%             | 2024-05-25      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD      | Studio City Finance Ltd                                                          | CUSIP: 86389QAF9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    875000 | PA      | $791875.00    | 0.18%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| ARIS MINING CORP             | Aris Mining Corp                                                                 | CUSIP: 38501DAR6<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $381937.50    | 0.09%             | 2026-08-09      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL BANK CORPORATION      | Global Bank Corp                                                                 | CUSIP: 37954JAC0<br>LEI: 5493005ROG3FS85TE513 | Long             | DBT              | CORP              | PA        |    600000 | PA      | $573540.00    | 0.13%             | 2029-04-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD         | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    675000 | PA      | $555342.75    | 0.13%             | 2026-05-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADANI GREEN ENERGY UP        | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ | CUSIP: 00654AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |    850000 | PA      | $794326.81    | 0.18%             | 2024-12-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE IS BANKASI A.S       | Turkiye Is Bankasi AS                                                            | CUSIP: 90016BAE8<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |   1825000 | PA      | $1798081.25   | 0.41%             | 2024-04-25      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO       | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $1267210.00   | 0.29%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PRIME CAPITAL         | Global Prime Capital Pte Ltd                                                     | CUSIP: 000000000<br>LEI: 254900BOZNNFPDZAEZ24 | Long             | DBT              | CORP              | SG        |    400000 | PA      | $389000.00    | 0.09%             | 2025-01-23      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1100000 | PA      | $760136.41    | 0.17%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AV2<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1175000 | PA      | $1014747.46   | 0.23%             | 2029-06-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| EMPRESA ELECTRICA COCHRA     | Empresa Electrica Cochrane SpA                                                   | CUSIP: 29246XAB6<br>LEI: 5493000S11JF8TJHYT07 | Long             | DBT              | CORP              | CL        |    381570 | PA      | $364641.65    | 0.08%             | 2027-05-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD      | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |   1600000 | PA      | $1302000.00   | 0.30%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Rio Oil Finance Trust        | Rio Oil Finance Trust Series 2014-3                                              | CUSIP: 76716XAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    299392 | PA      | $311205.47    | 0.07%             | 2027-01-06      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                           | CUSIP: 46556L2A1<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $368434.00    | 0.08%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AZURE POWER SOLAR ENERGY     | Azure Power Solar Energy Pvt Ltd                                                 | CUSIP: 05502TAA6<br>LEI: 549300N77HEXIINE3X94 | Long             | DBT              | CORP              | MU        |    565000 | PA      | $483148.45    | 0.11%             | 2024-12-24      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GRUPO AXO SA DE CV           | Grupo Axo SAPI de CV                                                             | CUSIP: 40054MAA0<br>LEI: 4469000001BNKIG58H20 | Long             | DBT              | CORP              | MX        |    475000 | PA      | $420321.28    | 0.10%             | 2026-06-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE MENDOZA         | Provincia de Mendoza Argentina                                                   | CUSIP: 586805AJ2<br>LEI: 529900FD2SD2M48A6753 | Long             | DBT              | NUSS              | AR        |    900000 | PA      | $731403.59    | 0.17%             | 2029-03-19      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    525000 | PA      | $477059.56    | 0.11%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| BANCO GENERAL SA             | Banco General SA                                                                 | CUSIP: 059597AF1<br>LEI: 549300B5C08LGDFB7205 | Long             | DBT              | CORP              | PA        |    725000 | PA      | $624517.28    | 0.14%             | 2031-05-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SARL             | Guara Norte Sarl                                                                 | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    546342 | PA      | $495204.39    | 0.11%             | 2034-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AMAGGI LUX INTL SARL         | Amaggi Luxembourg International Sarl                                             | CUSIP: 02265WAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    550000 | PA      | $517669.21    | 0.12%             | 2028-01-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COSAN SA                     | Cosan SA                                                                         | CUSIP: 22113AAB1<br>LEI: 549300PGFCX2JMKKLC96 | Long             | DBT              | CORP              | BR        |    575000 | PA      | $546172.38    | 0.12%             | 2029-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CON     | Uzbek Industrial and Construction Bank ATB                                       | CUSIP: 000000000<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |    450000 | PA      | $436500.00    | 0.10%             | 2024-12-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    175000 | PA      | $111315.75    | 0.03%             | 2046-01-23      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LI & FUNG LTD                | Li & Fung Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900B5ACVOJC6VNM71 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $474890.31    | 0.11%             | 2025-08-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENN CLEAN ENERGY             | ENN Clean Energy International Investment Ltd                                    | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |   1200000 | PA      | $1093912.75   | 0.25%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHINA HONGQIAO GROUP LTD     | China Hongqiao Group Ltd                                                         | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | DBT              | CORP              | KY        |    650000 | PA      | $640705.00    | 0.15%             | 2024-06-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF NEUQUEN          | Provincia de Neuquen Argentina                                                   | CUSIP: 64131GAA0<br>LEI: 549300X5HUL4FRDNBN35 | Long             | DBT              | NUSS              | AR        |    575000 | PA      | $442750.00    | 0.10%             | 2030-04-27      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AL4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1825000 | PA      | $1677914.13   | 0.38%             | 2025-07-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BIDVEST GROUP UK PLC         | Bidvest Group UK PLC/The                                                         | CUSIP: 88332EAA1<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |   1225000 | PA      | $1129021.25   | 0.26%             | 2026-09-23      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| EASY TACTIC LTD              | Easy Tactic Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300WYFMC41MKE6E16 | Long             | DBT              | CORP              | VG        |    780871 | PA      | $240117.83    | 0.05%             | 2028-07-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                           | CUSIP: 67091TAA3<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   1100000 | PA      | $1099703.00   | 0.25%             | 2024-04-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAZA DEV LTD        | Central Plaza Development Ltd                                                    | CUSIP: 000000000<br>LEI: 254900HLDKFNM2WUVJ54 | Long             | DBT              | CORP              | VG        |    650000 | PA      | $554949.41    | 0.13%             | 2024-11-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAK5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    615000 | PA      | $602638.50    | 0.14%             | 2044-03-17      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LD TRS FIN II     | Sino-Ocean Land Treasure Finance II Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    450000 | PA      | $351675.00    | 0.08%             | 2027-02-04      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS           | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |   1525000 | PA      | $1422062.50   | 0.32%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM           | Total Play Telecomunicaciones SA de CV                                           | CUSIP: 89157FAC4<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    900000 | PA      | $763038.00    | 0.17%             | 2028-09-20      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD      | Studio City Finance Ltd                                                          | CUSIP: 86389QAE2<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    750000 | PA      | $707812.50    | 0.16%             | 2025-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NBM US HOLDINGS INC          | NBM US Holdings Inc                                                              | CUSIP: 62877VAB7<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389625.07    | 0.09%             | 2029-08-06      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| AES GENER SA                 | AES Andes SA                                                                     | CUSIP: 00105DAF2<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    800000 | PA      | $775588.00    | 0.18%             | 2079-03-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NATURA &CO LUX HLD SARL      | Natura &Co Luxembourg Holdings Sarl                                              | CUSIP: 63884WAA6<br>LEI: 54930074AZRQQPMINM11 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $397698.75    | 0.09%             | 2029-04-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AK6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    892500 | PA      | $856029.16    | 0.19%             | 2024-04-04      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD            | Kosmos Energy Ltd                                                                | CUSIP: 500688AD8<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    650000 | PA      | $555977.50    | 0.13%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $303567.88    | 0.07%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL GAS CO              | National Gas Co of Trinidad & Tobago Ltd                                         | CUSIP: 636203AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    600000 | PA      | $546615.00    | 0.12%             | 2036-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| TELFON CELUAR DEL PARAGU     | Telefonica Celular del Paraguay SA                                               | CUSIP: 87936VAB3<br>LEI: 254900R8A8IKGF4THL54 | Long             | DBT              | CORP              | PY        |    900000 | PA      | $838216.07    | 0.19%             | 2027-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1035000.00   | 0.23%             | 2025-10-22      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EMPRESAS PUBLIC MEDELLIN     | Empresas Publicas de Medellin ESP                                                | CUSIP: 29246BAF5<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    900000 | PA      | $714201.35    | 0.16%             | 2031-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA UK INVESTMENTS       | Vedanta Resources Ltd                                                            | CUSIP: 92241TAM4<br>LEI: 2138007MYEKPEAZQTW83 | Long             | DBT              | CORP              | GB        |   1475000 | PA      | $1117519.00   | 0.25%             | 2024-08-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NBM US Holdings Inc          | NBM US Holdings Inc                                                              | CUSIP: 62877VAA9<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600270.00    | 0.14%             | 2026-05-14      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| GLP PTE LTD                  | GLP Pte Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $136000.00    | 0.03%             | 2027-06-29      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NPC UKRENERGO                | NPC Ukrenergo                                                                    | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | CORP              | UA        |   1100000 | PA      | $201745.94    | 0.05%             | 2028-11-09      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Peru LNG Srl                 | Peru LNG Srl                                                                     | CUSIP: 715604AA2<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |   1425000 | PA      | $1183989.75   | 0.27%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TERMOCANDELARIA POWER        | Termocandelaria Power Ltd                                                        | CUSIP: 880879AA9<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | KY        |    891250 | PA      | $841442.64    | 0.19%             | 2029-01-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEW METRO GLOBAL LTD         | New Metro Global Ltd                                                             | CUSIP: 000000000<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |    400000 | PA      | $323000.00    | 0.07%             | 2025-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GEMDALE EVER PROSPERITY      | Gemdale Ever Prosperity Investment Ltd                                           | CUSIP: 000000000<br>LEI: 3003006EHCB4UYM62865 | Long             | DBT              | CORP              | HK        |    600000 | PA      | $561000.00    | 0.13%             | 2024-08-12      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PUMA INTERNATIONAL FINAN     | Puma International Financing SA                                                  | CUSIP: 000000000<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $921500.00    | 0.21%             | 2026-01-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOGAHOLDING SUKUK            | Nogaholding Sukuk Ltd                                                            | CUSIP: 65526QAA8<br>LEI: 54930062R6OFRHBRAI29 | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $1099315.80   | 0.25%             | 2029-04-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $954719.48    | 0.22%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: —       |
| GEORGIAN RAILWAY JSC         | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    850000 | PA      | $756296.00    | 0.17%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PT ADARO INDONESIA           | Adaro Indonesia PT                                                               | CUSIP: 69368KAB2<br>LEI: 2549009Z0YED3S2BID40 | Long             | DBT              | CORP              | ID        |   1250000 | PA      | $1201637.50   | 0.27%             | 2024-10-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD         | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |   1000000 | PA      | $884325.00    | 0.20%             | 2025-10-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd            | Kosmos Energy Ltd                                                                | CUSIP: 500688AC0<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1018957.50   | 0.23%             | 2026-04-04      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NATURA COSMETICOS SA         | Natura Cosmeticos SA                                                             | CUSIP: 63883KAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    750000 | PA      | $619942.05    | 0.14%             | 2028-05-03      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| TEVA PHARMACEUTICAL INDU     | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1250000 | PA      | $1162500.00   | 0.26%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA SPAIN SLU      | AI Candelaria Spain SA                                                           | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $780053.62    | 0.18%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Oztel Holdings SPC Ltd       | Oztel Holdings SPC Ltd                                                           | CUSIP: 692733AB4<br>LEI: 549300RABIG0RH4JYT64 | Long             | DBT              | CORP              | AE        |   1025000 | PA      | $1065266.10   | 0.24%             | 2028-04-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| ENDEAVOR MINING PLC          | Endeavour Mining PLC                                                             | CUSIP: 29261HAA3<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |    775000 | PA      | $690253.75    | 0.16%             | 2026-10-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| ADANI GREEN ENERGY LTD       | Adani Green Energy Ltd                                                           | CUSIP: 00653XAA5<br>LEI: 335800ZBBU81OH211H17 | Long             | DBT              | CORP              | IN        |   1100000 | PA      | $869605.51    | 0.20%             | 2024-09-08      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP              | ERO Copper Corp                                                                  | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $213224.41    | 0.05%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW METRO GLOBAL LTD         | New Metro Global Ltd                                                             | CUSIP: 000000000<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $549717.00    | 0.12%             | 2026-05-02      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAQ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $272028.75    | 0.06%             | 2026-05-23      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                                  | CUSIP: 151290BW2<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1550000 | PA      | $1595322.00   | 0.36%             | 2027-06-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CT TRUST                     | CT Trust                                                                         | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |   1350000 | PA      | $1178644.18   | 0.27%             | 2032-02-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1700000 | PA      | $1462850.00   | 0.33%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OIL & GAS HOLDING            | Oil and Gas Holding Co BSCC/The                                                  | CUSIP: 67778M2D1<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    650000 | PA      | $696842.25    | 0.16%             | 2028-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    750000 | PA      | $745125.00    | 0.17%             | 2024-04-18      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IPOTEKA-BANK ATIB            | Ipoteka-Bank ATIB                                                                | CUSIP: 000000000<br>LEI: 213800UWVX5JSNXJS434 | Long             | DBT              | CORP              | UZ        |    400000 | PA      | $375000.00    | 0.09%             | 2025-11-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TURKIYE VAKIFLAR BANKASI     | Turkiye Vakiflar Bankasi TAO                                                     | CUSIP: 90015WAK9<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |   1225000 | PA      | $1145362.75   | 0.26%             | 2026-01-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORAZUL ENERGY PERU SA        | Orazul Energy Peru SA                                                            | CUSIP: 68559BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    550000 | PA      | $501627.50    | 0.11%             | 2027-04-28      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Provincia de Cordoba         | Provincia de Cordoba                                                             | CUSIP: 74408DAD6<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    832201 | PA      | $644711.21    | 0.15%             | 2027-06-01      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| BANISTMO SA                  | Banistmo SA                                                                      | CUSIP: 06034LAB6<br>LEI: 549300E94AMW3HSSMU17 | Long             | DBT              | CORP              | PA        |    600000 | PA      | $546723.00    | 0.12%             | 2027-07-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                        | CUSIP: 05959LAF0<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    750000 | PA      | $733998.75    | 0.17%             | 2025-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| EHI CAR SERVICES LTD         | eHi Car Services Ltd                                                             | CUSIP: 000000000<br>LEI: 549300S8KJWK9EJS6Z44 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $493860.00    | 0.11%             | 2024-11-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                                  | CUSIP: 151290BV4<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1125000 | PA      | $1087537.50   | 0.25%             | 2029-11-19      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC        | Teva Pharmaceutical Finance Co LLC                                               | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |    950000 | PA      | $879841.42    | 0.20%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: —       |
| KERNEL HOLDING SA            | Kernel Holding SA                                                                | CUSIP: 49229QAB0<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $213750.00    | 0.05%             | 2024-10-17      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KOC Holding AS               | KOC Holding AS                                                                   | CUSIP: 49989AAC3<br>LEI: 7890005U0H950VH19H45 | Long             | DBT              | CORP              | TR        |   1100000 | PA      | $1088340.00   | 0.25%             | 2025-03-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA       | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $743673.98    | 0.17%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PD SUKUK LTD                 | PD Sukuk Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300HHJBXEVFTBRI94 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $612000.00    | 0.14%             | 2025-09-23      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BUKIT MAKMUR MANDIRI UTA     | Bukit Makmur Mandiri Utama PT                                                    | CUSIP: 74445NAB3<br>LEI: 254900Z05E8W7X31K395 | Long             | DBT              | CORP              | ID        |    600000 | PA      | $550770.00    | 0.12%             | 2026-02-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CHINA SCE GRP HLDGS LTD      | China SCE Group Holdings Ltd                                                     | CUSIP: 000000000<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $472485.00    | 0.11%             | 2024-04-09      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA             | CSN Resources SA                                                                 | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    700000 | PA      | $590210.11    | 0.13%             | 2031-06-10      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $296388.00    | 0.07%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                 | Seaspan Corp                                                                     | CUSIP: 000000000<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    400000 | PA      | $399100.00    | 0.09%             | 2026-04-29      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD         | Times China Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $120978.50    | 0.03%             | 2026-03-22      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ECOBANK TRANSNATIONAL        | Ecobank Transnational Inc                                                        | CUSIP: 27889PAA1<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |    800000 | PA      | $804848.00    | 0.18%             | 2024-04-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL           | Aegea Finance Sarl                                                               | CUSIP: 00775CAB2<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $348461.75    | 0.08%             | 2029-05-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK BAHRAIN & KUWAIT        | BBK BSC                                                                          | CUSIP: 000000000<br>LEI: 549300MCPF5HTBF8ZR90 | Long             | DBT              | CORP              | BH        |    900000 | PA      | $893943.00    | 0.20%             | 2024-07-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM            | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |   1352759 | PA      | $1181758.66   | 0.27%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA         | Provincia de Cordoba                                                             | CUSIP: 74408DAE4<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    681927 | PA      | $480643.92    | 0.11%             | 2029-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ULTRAPAR INTERNATIONL SA     | Ultrapar International SA                                                        | CUSIP: 90401CAC3<br>LEI: 222100CXHWBP3H3SK244 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $286351.50    | 0.06%             | 2029-06-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC      | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1014531.00   | 0.23%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| CSN ISLANDS XI CORP          | CSN Inova Ventures                                                               | CUSIP: 12642KAB0<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |    875000 | PA      | $875020.21    | 0.20%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| USIMINAS INTERNATIONAL       | Usiminas International Sarl                                                      | CUSIP: 91734JAA8<br>LEI: 529900KLYX6QPXVIVP43 | Long             | DBT              | CORP              | LU        |    550000 | PA      | $541188.75    | 0.12%             | 2026-07-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MN MINING/ENERGY RESOURC     | Mongolian Mining Corp/Energy Resources LLC                                       | CUSIP: 60938LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    350000 | PA      | $301500.65    | 0.07%             | 2024-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEW METRO GLOBAL LTD         | New Metro Global Ltd                                                             | CUSIP: 000000000<br>LEI: 549300HJRNTCANEH0D47 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $514263.00    | 0.12%             | 2024-12-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ZHANGZHOU TRANS DVLP CO      | Zhangzhou Transportation Development Group Co Ltd                                | CUSIP: 000000000<br>LEI: 254900BXWGGQ9UHVFT77 | Long             | DBT              | CORP              | CN        |    800000 | PA      | $772677.90    | 0.18%             | 2025-06-01      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| EMPRESA GEN ELEC HAINA       | Empresa Generadora de Electricidad Haina SA                                      | CUSIP: 29249FAA4<br>LEI: 549300Y36L5LRW5RH373 | Long             | DBT              | CORP              | DO        |    400000 | PA      | $361760.00    | 0.08%             | 2028-11-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1525000 | PA      | $1535675.00   | 0.35%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Pampa Energia SA             | Pampa Energia SA                                                                 | CUSIP: 697660AA6<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    975000 | PA      | $920585.25    | 0.21%             | 2027-01-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA     | B3 SA - Brasil Bolsa Balcao                                                      | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |    500000 | PA      | $439375.00    | 0.10%             | 2031-09-20      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ JSC            | Uzbekneftegaz JSC                                                                | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |   1000000 | PA      | $844030.00    | 0.19%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES        | MAF Global Securities Ltd                                                        | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $834439.20    | 0.19%             | 2027-06-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARDSHININVESTBK (DILIJAN     | Ardshinbank CJSC Via Dilijan Finance BV                                          | CUSIP: 254032AC9<br>LEI: 549300DCGXFXAP2FEV07 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $403374.30    | 0.09%             | 2025-01-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO         | Stillwater Mining Co                                                             | CUSIP: 86074QAP7<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $949662.50    | 0.22%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INVERSIONES ATLANTIDA SA     | Inversiones Atlantida SA                                                         | CUSIP: 46137GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | HN        |    575000 | PA      | $524270.63    | 0.12%             | 2026-05-19      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY CO LTD           | Studio City Co Ltd                                                               | CUSIP: 86400GAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    550000 | PA      | $530661.37    | 0.12%             | 2027-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| MARB BONDCO PLC              | MARB BondCo PLC                                                                  | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |    950000 | PA      | $749526.25    | 0.17%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Rede D'or Finance Sarl       | Rede D'or Finance Sarl                                                           | CUSIP: 75735KAA7<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $325132.50    | 0.07%             | 2028-01-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TRANSPORT DE GAS DEL SUR     | Transportadora de Gas del Sur SA                                                 | CUSIP: 000000000<br>LEI: 5299002TRC7IFQYSW596 | Long             | DBT              | CORP              | AR        |    200000 | PA      | $189187.00    | 0.04%             | 2025-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA         | Telecom Argentina SA                                                             | CUSIP: 879273AR1<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    625000 | PA      | $593125.00    | 0.13%             | 2026-07-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PAKISTAN WATER & POWER       | Pakistan Water & Power Development Authority                                     | CUSIP: 000000000<br>LEI: 213800UA74QOTK6IES10 | Long             | DBT              | NUSS              | PK        |    650000 | PA      | $217505.60    | 0.05%             | 2031-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ZORLU YENILENEBILIR          | Zorlu Yenilenebilir Enerji AS                                                    | CUSIP: 98980HAA8<br>LEI: 7890003XL281DFSLEQ74 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $335754.00    | 0.08%             | 2026-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL INDUSTRIAS        | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA                       | CUSIP: 79911QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    500000 | PA      | $430717.50    | 0.10%             | 2028-08-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd                                                                    | CUSIP: 46635UAD1<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    850000 | PA      | $716281.02    | 0.16%             | 2032-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                           | CUSIP: 46556JAB5<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    375000 | PA      | $363705.00    | 0.08%             | 2025-01-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI           | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |   1850000 | PA      | $1372848.00   | 0.31%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI           | Braskem Idesa SAPI                                                               | CUSIP: 10554NAA6<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |   1400000 | PA      | $1157180.22   | 0.26%             | 2029-11-15      | Fixed         | 7.45%                 | No            |                  2 | On Loan: —       |
| BANCO BRADESCO (CAYMAN)      | Banco Bradesco SA/Cayman Islands                                                 | CUSIP: 05947KBA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    350000 | PA      | $337838.24    | 0.08%             | 2027-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FIRST BNK NIGERIA (FBN F     | First Bank of Nigeria Ltd Via FBN Finance Co BV                                  | CUSIP: 302406AC7<br>LEI: 213800WYQV2Q3TA9J649 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $516565.50    | 0.12%             | 2025-10-27      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CITY OF BUENOS AIRES         | Ciudad Autonoma De Buenos Aires/Government Bonds                                 | CUSIP: 11942GAD4<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |   1359000 | PA      | $1276394.07   | 0.29%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                           | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   1225000 | PA      | $966329.00    | 0.22%             | 2051-06-23      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BANK OF EAST ASIA LTD        | Bank of East Asia Ltd/The                                                        | CUSIP: 000000000<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |   1000000 | PA      | $958190.00    | 0.22%             | 2025-10-21      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| TURKIYE SINAI KALKINMA B     | Turkiye Sinai Kalkinma Bankasi AS                                                | CUSIP: 90015YAB5<br>LEI: 549300MFCXK5HOOEWP84 | Long             | DBT              | CORP              | TR        |    450000 | PA      | $416542.50    | 0.09%             | 2026-01-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DAR AL-ARKAN SUKUK CO LT     | Dar Al-Arkan Sukuk Co Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000UYHRBXEIYUQ69 | Long             | DBT              | CORP              | KY        |    900000 | PA      | $893160.00    | 0.20%             | 2025-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| YANCOAL INTL RES DEV         | Yancoal International Resources Development Co Ltd                               | CUSIP: 000000000<br>LEI: 549300NE3BHU1LVO3622 | Long             | DBT              | CORP              | HK        |    500000 | PA      | $478946.09    | 0.11%             | 2024-11-18      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd       | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAB2<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |   1975000 | PA      | $1900799.25   | 0.43%             | 2025-02-11      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AS9<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    587000 | PA      | $479942.94    | 0.11%             | 2029-06-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DELHI INTL AIRPORT           | Delhi International Airport Ltd                                                  | CUSIP: 246725AB1<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    800000 | PA      | $780000.00    | 0.18%             | 2026-10-31      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DELHI INTL AIRPORT           | Delhi International Airport Ltd                                                  | CUSIP: 246724AA6<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    750000 | PA      | $709500.00    | 0.16%             | 2029-06-04      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DAR AL-ARKAN SUKUK CO LT     | Dar Al-Arkan Sukuk Co Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000UYHRBXEIYUQ69 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $587558.40    | 0.13%             | 2027-02-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SIMPAR EUROPE SA             | Simpar Europe SA                                                                 | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $328952.25    | 0.07%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR BK           | Turkiye Ihracat Kredi Bankasi AS                                                 | CUSIP: 90015LAG2<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    850000 | PA      | $850595.00    | 0.19%             | 2026-01-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GFH SUKUK LTD                | GFH Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    850000 | PA      | $855312.50    | 0.19%             | 2025-01-28      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2448000 | PA      | $1681410.86   | 0.38%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS     | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAB6<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    750000 | PA      | $710475.00    | 0.16%             | 2024-06-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HPCL-MITTAL ENERGY LTD       | HPCL-Mittal Energy Ltd                                                           | CUSIP: 000000000<br>LEI: 3358008CSQJBZUGQXP26 | Long             | DBT              | CORP              | IN        |    400000 | PA      | $386440.00    | 0.09%             | 2026-10-22      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS HOLDINGS I     | Arcos Dorados Holdings Inc                                                       | CUSIP: 03965UAC4<br>LEI: 54930023P2MIZN13DQ85 | Long             | DBT              | CORP              | VG        |    550000 | PA      | $547053.67    | 0.12%             | 2027-04-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ULKER BISKUVI SANAYI AS      | Ulker Biskuvi Sanayi AS                                                          | CUSIP: 903742AA2<br>LEI: 7890009HEU9BS7J3DA93 | Long             | DBT              | CORP              | TR        |    950000 | PA      | $851540.10    | 0.19%             | 2025-10-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   4275000 | PA      | $3840831.00   | 0.87%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NEMAK SAB DE CV              | Nemak SAB de CV                                                                  | CUSIP: 64045DAC8<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    825000 | PA      | $666868.13    | 0.15%             | 2031-06-28      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD     | Agile Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $241728.57    | 0.05%             | 2024-07-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC              | Access Bank PLC                                                                  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |    725000 | PA      | $636441.25    | 0.14%             | 2026-09-21      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TRINIDAD GEN UNLTD           | Trinidad Generation UnLtd                                                        | CUSIP: 89636DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    900000 | PA      | $871241.00    | 0.20%             | 2027-11-04      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WOORI BANK                   | Woori Bank                                                                       | CUSIP: 981058AF7<br>LEI: 549300VUVMRL6RE7R376 | Long             | DBT              | CORP              | KR        |    850000 | PA      | $820760.00    | 0.19%             | 2024-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAC6<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $515645.00    | 0.12%             | 2028-01-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| XINHU BVI 2018 HOLDNG        | Xinhu BVI 2018 Holding Co Ltd                                                    | CUSIP: 000000000<br>LEI: 549300DQVG47LOO0JR23 | Long             | DBT              | CORP              | VG        |    650000 | PA      | $624000.00    | 0.14%             | 2024-09-28      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS      | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AC0<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    500000 | PA      | $496802.50    | 0.11%             | 2029-03-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LAND IV           | Sino-Ocean Land Treasure IV Ltd                                                  | CUSIP: 000000000<br>LEI: 213800EAGXDYG9QWS896 | Long             | DBT              | CORP              | VG        |   1000000 | PA      | $713681.86    | 0.16%             | 2029-08-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AES ARGENTINA GENERACION     | AES Argentina Generacion SA                                                      | CUSIP: 00107VAA1<br>LEI: 529900B8V2PQYTG6L754 | Long             | DBT              | CORP              | AR        |    450000 | PA      | $384903.00    | 0.09%             | 2024-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    825000 | PA      | $648701.46    | 0.15%             | 2035-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $250693.75    | 0.06%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANADOLU EFES BIR             | Anadolu Efes Biracilik Ve Malt Sanayii AS                                        | CUSIP: 032523AB8<br>LEI: 7890006LGARYVIPOJX03 | Long             | DBT              | CORP              | TR        |    900000 | PA      | $707503.72    | 0.16%             | 2028-06-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JSC GEORGIA CAPITAL          | Georgia Capital JSC                                                              | CUSIP: 000000000<br>LEI: 635400VNH3KVFQNWDH25 | Long             | DBT              | CORP              | GE        |    400000 | PA      | $389000.00    | 0.09%             | 2024-03-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD       | MGM China Holdings Ltd                                                           | CUSIP: 55300RAG6<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |   1100000 | PA      | $990295.61    | 0.22%             | 2027-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NBH1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $674166.57    | 0.15%             | 2031-01-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| INTL AIRPORT FINANCE SA      | International Airport Finance SA                                                 | CUSIP: 45900TAA0<br>LEI: 959800M9M5LP0KXUP789 | Long             | DBT              | CORP              | ES        |    620033 | PA      | $625042.14    | 0.14%             | 2033-03-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| SOUTHERN GAS CORRIDOR        | Southern Gas Corridor CJSC                                                       | CUSIP: 84302LAA0<br>LEI: 213800DG58KG59XY6318 | Long             | DBT              | CORP              | AZ        |   3125000 | PA      | $3228675.00   | 0.73%             | 2026-03-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| INVERSIONES LATAM POWER      | Inversiones Latin America Power Ltda                                             | CUSIP: 46137NAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    726473 | PA      | $315962.21    | 0.07%             | 2033-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                       | CUSIP: 335934AP0<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1425000 | PA      | $1424707.88   | 0.32%             | 2024-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Yapi ve Kredi Bankasi AS     | Yapi ve Kredi Bankasi AS                                                         | CUSIP: 984848AJ0<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    850000 | PA      | $832741.60    | 0.19%             | 2024-06-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cydsa SAB de CV              | Cydsa SAB de CV                                                                  | CUSIP: 232553AA5<br>LEI: 4469000001BNTACN9916 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $483595.00    | 0.11%             | 2027-10-04      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY     | Itau Unibanco Holding SA/Cayman Island                                           | CUSIP: 465562AA4<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    500000 | PA      | $409710.74    | 0.09%             | 2025-02-27      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| CENTRAIS ELETRICAS BRASI     | Centrais Eletricas Brasileiras SA                                                | CUSIP: 15236FAA8<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    350000 | PA      | $333777.50    | 0.08%             | 2025-02-04      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| PEGASUS HAVA TASIMACILIG     | Pegasus Hava Tasimaciligi AS                                                     | CUSIP: 705567AA3<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |    550000 | PA      | $552827.00    | 0.13%             | 2026-04-30      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHINA OIL & GAS GROUP        | China Oil & Gas Group Ltd                                                        | CUSIP: 000000000<br>LEI: 52990063CVI7GDV4JZ06 | Long             | DBT              | CORP              | BM        |    700000 | PA      | $629475.00    | 0.14%             | 2026-06-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                  | GLP Pte Ltd                                                                      | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |   1600000 | PA      | $1096000.00   | 0.25%             | 2026-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LAND IV           | Sino-Ocean Land Treasure IV Ltd                                                  | CUSIP: 000000000<br>LEI: 213800EAGXDYG9QWS896 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $431293.54    | 0.10%             | 2030-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1925000 | PA      | $1524628.88   | 0.35%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP        | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $831620.00    | 0.19%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| LATAM AIRLINES GROUP SA      | Latam Airlines Group SA                                                          | CUSIP: 51818LAB4<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   1000000 | PA      | $1080845.00   | 0.25%             | 2029-10-15      | Fixed         | 13.38%                | No            |                  2 | On Loan: No      |
| NANYANG COMMERCIAL BANK      | Nanyang Commercial Bank Ltd                                                      | CUSIP: 000000000<br>LEI: SC4P6WZO702RYEIU7J93 | Long             | DBT              | CORP              | HK        |    500000 | PA      | $492350.02    | 0.11%             | 2027-04-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LAND IV           | Sino-Ocean Land Treasure IV Ltd                                                  | CUSIP: 000000000<br>LEI: 213800EAGXDYG9QWS896 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $560000.00    | 0.13%             | 2026-05-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    900000 | PA      | $895500.00    | 0.20%             | 2025-06-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    925000 | PA      | $913437.50    | 0.21%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INRETAIL CONSUMER            | InRetail Consumer                                                                | CUSIP: 45790TAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    950000 | PA      | $821422.32    | 0.19%             | 2028-03-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                   | Akbank TAS                                                                       | CUSIP: 00971YAF7<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    700000 | PA      | $671930.00    | 0.15%             | 2025-03-31      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC      | Sasol Financing USA LLC                                                          | CUSIP: 80386WAA3<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2229491.25   | 0.51%             | 2024-03-27      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALSEA S.A.                   | Alsea SAB de CV                                                                  | CUSIP: 021151AA3<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |    775000 | PA      | $783773.00    | 0.18%             | 2026-12-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OmGrid Funding Ltd           | OmGrid Funding Ltd                                                               | CUSIP: 68217JAA2<br>LEI: 549300L1HIVZ83RMAP18 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $687130.50    | 0.16%             | 2027-05-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance BV                                                   | CUSIP: 29082HAA0<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    725000 | PA      | $716068.00    | 0.16%             | 2025-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    725000 | PA      | $711379.06    | 0.16%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KASIKORNBANK PCL HK          | Kasikornbank PCL/Hong Kong                                                       | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | DBT              | CORP              | TH        |   1200000 | PA      | $1080540.01   | 0.24%             | 2031-10-02      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD       | Poinsettia Finance Ltd                                                           | CUSIP: 73050QAA6<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |    183000 | PA      | $154418.15    | 0.04%             | 2031-06-17      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CABLE ONDA SA                | Telecomunicaciones Digitales SA                                                  | CUSIP: 12686LAA7<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    850000 | PA      | $759730.00    | 0.17%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA         | Telecom Argentina SA                                                             | CUSIP: 879273AT7<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    600000 | PA      | $591786.00    | 0.13%             | 2025-08-06      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $402955.63    | 0.09%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AZURE POWER ENERGY LTD       | Azure Power Energy Ltd                                                           | CUSIP: 05502VAA1<br>LEI: 54930051LQDFHGQMHF47 | Long             | DBT              | CORP              | MU        |    604825 | PA      | $459485.55    | 0.10%             | 2026-08-19      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Banco de Bogota SA           | Banco de Bogota SA                                                               | CUSIP: 059514AC3<br>LEI: 549300LYHE7LWSKDZT53 | Long             | DBT              | CORP              | CO        |   1683000 | PA      | $1672615.60   | 0.38%             | 2026-05-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $585717.76    | 0.13%             | 2030-10-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TURK SISE VE CAM FABRIKA     | Turkiye Sise ve Cam Fabrikalari AS                                               | CUSIP: 90016AAB6<br>LEI: 789000KWOK751Q6R8875 | Long             | DBT              | CORP              | TR        |   1075000 | PA      | $1048700.13   | 0.24%             | 2026-03-14      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US        | Canpack SA / Canpack US LLC                                                      | CUSIP: 13805AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    700000 | PA      | $638050.00    | 0.14%             | 2025-11-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO         | Stillwater Mining Co                                                             | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    850000 | PA      | $732861.50    | 0.17%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN      | Consolidated Energy Finance SA                                                   | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $697076.00    | 0.16%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AW0<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    850000 | PA      | $653556.50    | 0.15%             | 2033-09-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| EMPRESAS PUBLIC MEDELLIN     | Empresas Publicas de Medellin ESP                                                | CUSIP: 29246BAE8<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |   1600000 | PA      | $1317493.62   | 0.30%             | 2029-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GREENTOWN CHINA HLDGS        | Greentown China Holdings Ltd                                                     | CUSIP: 000000000<br>LEI: 529900BLBC6YDNWS8530 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $701250.00    | 0.16%             | 2025-04-29      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER     | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |   1100000 | PA      | $932030.00    | 0.21%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ORYX FUNDING LTD             | Oryx Funding Ltd                                                                 | CUSIP: 67114NAA9<br>LEI: 549300S728CF0BBRC295 | Long             | DBT              | CORP              | KY        |    900000 | PA      | $887886.00    | 0.20%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MEDCO LAUREL TREE            | Medco Laurel Tree Pte Ltd                                                        | CUSIP: 58406RAA6<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |    500000 | PA      | $476817.25    | 0.11%             | 2028-11-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD               | Wynn Macau Ltd                                                                   | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1600000 | PA      | $1493545.78   | 0.34%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD       | India Green Power Holdings                                                       | CUSIP: 45410LAA0<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |    700000 | PA      | $613193.92    | 0.14%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABJA Investment Co           | ABJA Investment Co Pte Ltd                                                       | CUSIP: 000000000<br>LEI: 254900E6OE5YJ9WCCU19 | Long             | DBT              | CORP              | SG        |   1500000 | PA      | $1499925.00   | 0.34%             | 2024-07-31      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2020 A LTD     | RKPF Overseas 2020 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900LKOLISWWIE7W36 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $593250.00    | 0.13%             | 2026-01-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NEXA RESOURCES SA            | Nexa Resources SA                                                                | CUSIP: 65290DAA1<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    325000 | PA      | $322629.13    | 0.07%             | 2028-01-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSN Resources SA             | CSN Resources SA                                                                 | CUSIP: 12644VAC2<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $254368.75    | 0.06%             | 2026-04-17      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                                  | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1382025.00   | 0.31%             | 2026-06-08      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                        | CUSIP: 05959LAH6<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    450000 | PA      | $426084.78    | 0.10%             | 2029-01-11      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                       | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2300000 | PA      | $2232564.00   | 0.51%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GMR HYDERABAD INTERNATIO     | GMR Hyderabad International Airport Ltd                                          | CUSIP: 36256WAA2<br>LEI: 335800NSPGIN89SVOU83 | Long             | DBT              | CORP              | IN        |    650000 | PA      | $573625.00    | 0.13%             | 2027-10-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU     | Istanbul Metropolitan Municipality                                               | CUSIP: 46522TAB4<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    450000 | PA      | $445670.10    | 0.10%             | 2027-04-12      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| FIDELITY BANK PLC            | Fidelity Bank PLC                                                                | CUSIP: 316044AC0<br>LEI: 029200298A5K5WI0F567 | Long             | DBT              | CORP              | NG        |    550000 | PA      | $479875.00    | 0.11%             | 2026-10-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH          | Klabin Austria GmbH                                                              | CUSIP: 49836AAC8<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    300000 | PA      | $245782.61    | 0.06%             | 2031-01-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: —       |
| OIL & GAS HOLDING            | Oil and Gas Holding Co BSCC/The                                                  | CUSIP: 67778M2A7<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |   1500000 | PA      | $1564606.50   | 0.35%             | 2027-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD          | Shriram Finance Ltd                                                              | CUSIP: 825547AD4<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |   1100000 | PA      | $1061819.00   | 0.24%             | 2024-03-13      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BAKRIE TELECOM PTE LTD       | Bakrie Telecom Pte Ltd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    111000 | PA      | $901.88       | 0.00%             | 2015-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd       | Eskom Holdings SOC Ltd                                                           | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    775000 | PA      | $746110.33    | 0.17%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                   | Akbank TAS                                                                       | CUSIP: 00971YAJ9<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    850000 | PA      | $769350.48    | 0.17%             | 2031-06-22      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd               | Wynn Macau Ltd                                                                   | CUSIP: 98313RAC0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $818133.77    | 0.19%             | 2024-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| RKPF OVERSEAS 2019 A LTD     | RKPF Overseas 2019 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900P8BXRCW5458103 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $530220.59    | 0.12%             | 2025-09-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AXIAN TELECOM                | Axian Telecom                                                                    | CUSIP: 05466AAA1<br>LEI: 984500C6FIA50FZSE337 | Long             | DBT              | CORP              | MU        |    625000 | PA      | $578906.25    | 0.13%             | 2027-02-16      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| YPF ENERGIA ELECTRICA SA     | YPF Energia Electrica SA                                                         | CUSIP: 98424MAA1<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |    650000 | PA      | $608000.67    | 0.14%             | 2026-07-25      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| STATE OF MINAS GERAIS        | Brazil Minas SPE via State of Minas Gerais                                       | CUSIP: 105860AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    516000 | PA      | $506363.70    | 0.11%             | 2028-02-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NBE8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    375000 | PA      | $354693.75    | 0.08%             | 2030-01-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                 | Seaspan Corp                                                                     | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |   1250000 | PA      | $951537.50    | 0.22%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANCO DAYCOVAL SA            | Banco Daycoval SA                                                                | CUSIP: 000000000<br>LEI: 2549006RWNEW44CYFF59 | Long             | DBT              | CORP              | BR        |    300000 | PA      | $287565.00    | 0.07%             | 2024-12-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET     | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AA3<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    775000 | PA      | $732359.50    | 0.17%             | 2025-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1450000 | PA      | $1307255.03   | 0.30%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GREENLAND GLB INVST          | Greenland Global Investment Ltd                                                  | CUSIP: 000000000<br>LEI: 549300RR3CIGB2A33O28 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $338408.00    | 0.08%             | 2026-07-03      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIANYANG INVEST HOLD         | Mianyang Investment Holding Group Co Ltd                                         | CUSIP: 000000000<br>LEI: 3003004GLFUPO1M43910 | Long             | DBT              | CORP              | CN        |    400000 | PA      | $400024.95    | 0.09%             | 2025-08-08      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD               | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1575000 | PA      | $1315353.38   | 0.30%             | 2029-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| JSW HYDRO ENERGY LTD         | JSW Hydro Energy Ltd                                                             | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    973500 | PA      | $829608.35    | 0.19%             | 2031-05-18      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK OF CHINA       | Industrial & Commercial Bank of China Ltd                                        | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |   8800000 | PA      | $8354500.00   | 1.89%             | 2026-09-24      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| DIB Tier 1 Sukuk 3 Ltd       | DIB Tier 1 Sukuk 3 Ltd                                                           | CUSIP: 000000000<br>LEI: 5493003VEAI5Y13OH244 | Long             | DBT              | CORP              | KY        |   1250000 | PA      | $1264111.25   | 0.29%             | 2025-01-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE OIL CO OF THE AZER     | State Oil Co of the Azerbaijan Republic                                          | CUSIP: 000000000<br>LEI: 2549002HARR1VE257O76 | Long             | DBT              | CORP              | AZ        |   1250000 | PA      | $1312578.75   | 0.30%             | 2030-03-18      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL           | FS Luxembourg Sarl                                                               | CUSIP: 30315XAB0<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $455091.90    | 0.10%             | 2025-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    800000 | PA      | $753000.00    | 0.17%             | 2026-04-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS          | Coca-Cola Icecek AS                                                              | CUSIP: 1912ERAA8<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |    800000 | PA      | $702176.00    | 0.16%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHINA CITIC BANK INTL        | China CITIC Bank International Ltd                                               | CUSIP: 000000000<br>LEI: 54930034UPFJV0NHXV95 | Long             | DBT              | CORP              | HK        |    900000 | PA      | $878625.00    | 0.20%             | 2027-04-22      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1075000 | PA      | $861981.84    | 0.20%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                      | OQ SAOC                                                                          | CUSIP: 67624L2A5<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | CORP              | OM        |   1100000 | PA      | $1061337.20   | 0.24%             | 2028-05-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAL5<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1517000 | PA      | $1514155.63   | 0.34%             | 2024-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EASY TACTIC LTD              | Easy Tactic Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300WYFMC41MKE6E16 | Long             | DBT              | CORP              | VG        |    726250 | PA      | $238019.88    | 0.05%             | 2027-07-11      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Guacolda Energia SA          | Guacolda Energia SA                                                              | CUSIP: 29244UAF5<br>LEI: 5299008J94I4A64AEC04 | Long             | DBT              | CORP              | CL        |    850000 | PA      | $310250.00    | 0.07%             | 2025-04-30      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD               | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   2050000 | PA      | $1808770.51   | 0.41%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BBVA COLOMBIA SA             | Banco Bilbao Vizcaya Argentaria Colombia SA                                      | CUSIP: 05890JAA8<br>LEI: 5493009W53901OCHI065 | Long             | DBT              | CORP              | CO        |    650000 | PA      | $635116.98    | 0.14%             | 2025-04-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $362360.72    | 0.08%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD          | Shriram Finance Ltd                                                              | CUSIP: 825547AE2<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |    700000 | PA      | $649635.57    | 0.15%             | 2025-07-18      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1850000 | PA      | $1794057.68   | 0.41%             | 2025-01-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| POWERLONG REAL ESTATE        | Powerlong Real Estate Holdings Ltd                                               | CUSIP: 000000000<br>LEI: 549300R3K12EPXCGDP22 | Long             | DBT              | CORP              | KY        |    900000 | PA      | $276300.00    | 0.06%             | 2025-04-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AES ANDRES BV                | AES Andres BV                                                                    | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $442544.36    | 0.10%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| CHINA SCE GRP HLDGS LTD      | China SCE Group Holdings Ltd                                                     | CUSIP: 000000000<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $202086.00    | 0.05%             | 2026-02-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| XP INC                       | XP Inc                                                                           | CUSIP: 98379XAA2<br>LEI: 5493008KDA8NBZRJST80 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $539671.94    | 0.12%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UPL CORP LTD                 | UPL Corp Ltd                                                                     | CUSIP: 000000000<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |    550000 | PA      | $407467.50    | 0.09%             | 2025-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SINO OCEAN LAND IV           | Sino-Ocean Land Treasure IV Ltd                                                  | CUSIP: 000000000<br>LEI: 213800EAGXDYG9QWS896 | Long             | DBT              | CORP              | VG        |    600000 | PA      | $501000.00    | 0.11%             | 2025-01-13      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MINSUR SA                    | Minsur SA                                                                        | CUSIP: 60447KAB6<br>LEI: 254900C69MVC7SXO2G61 | Long             | DBT              | CORP              | PE        |    750000 | PA      | $670278.75    | 0.15%             | 2031-10-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Petroleos del Peru SA        | Petroleos del Peru SA                                                            | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   3100000 | PA      | $2071792.00   | 0.47%             | 2047-06-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| UNITED BANK FOR AFRICA P     | United Bank for Africa PLC                                                       | CUSIP: 91339U2A1<br>LEI: 0292002067E3RH4D8768 | Long             | DBT              | CORP              | NG        |    475000 | PA      | $429191.00    | 0.10%             | 2026-11-19      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR              | Turkiye Ihracat Kredi Bankasi AS                                                 | CUSIP: 90016LAA4<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |   1200000 | PA      | $1085556.00   | 0.25%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM           | Total Play Telecomunicaciones SA de CV                                           | CUSIP: 89157FAA8<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    900000 | PA      | $840663.00    | 0.19%             | 2025-11-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71645WAQ4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    497000 | PA      | $480029.94    | 0.11%             | 2040-01-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| INDIA CLEAN ENERGY HLDG      | India Clean Energy Holdings                                                      | CUSIP: 45409MAA1<br>LEI: 254900XQFJ9593DCY022 | Long             | DBT              | CORP              | MU        |    550000 | PA      | $460292.02    | 0.10%             | 2027-04-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REDE D'OR FINANCE SARL       | Rede D'or Finance Sarl                                                           | CUSIP: 75735GAA6<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |    624000 | PA      | $546742.56    | 0.12%             | 2030-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLDINGS LTD       | MGM China Holdings Ltd                                                           | CUSIP: 55300RAE1<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $713271.62    | 0.16%             | 2025-06-18      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| BANCO BTG PACTUAL/CAYMAN     | Banco BTG Pactual SA/Cayman Islands                                              | CUSIP: 05971AAG6<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    350000 | PA      | $321475.00    | 0.07%             | 2026-01-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD     | Agile Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $310277.82    | 0.07%             | 2025-04-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRF GmbH                     | BRF GmbH                                                                         | CUSIP: 05583BAA7<br>LEI: 5299002S6DY5RA2IOQ11 | Long             | DBT              | CORP              | AT        |    375000 | PA      | $342619.74    | 0.08%             | 2026-09-29      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| GENNEIA SA                   | Genneia SA                                                                       | CUSIP: 372319AB9<br>LEI: 529900YZ70LX0XWS9P67 | Long             | DBT              | CORP              | AR        |    550000 | PA      | $531245.00    | 0.12%             | 2027-09-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FRANSHION BRILLIANT LTD      | Franshion Brilliant Ltd                                                          | CUSIP: 000000000<br>LEI: 549300E3ZP4GOU3D4G57 | Long             | DBT              | CORP              | VG        |    700000 | PA      | $651155.21    | 0.15%             | 2026-02-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRUPO INVERSIONES SURAME     | Grupo de Inversiones Suramericana SA                                             | CUSIP: 40052XAB6<br>LEI: 549300AC1Q176TZL0305 | Long             | DBT              | CORP              | CO        |    800000 | PA      | $780777.52    | 0.18%             | 2026-04-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TC ZIRAAT BANKASI AS         | TC Ziraat Bankasi AS                                                             | CUSIP: 90014TAG6<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    950000 | PA      | $854510.75    | 0.19%             | 2026-03-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CIKARANG LISTRINDO PT        | Cikarang Listrindo Tbk PT                                                        | CUSIP: 536576AD3<br>LEI: 254900NPCIO562Z7FN53 | Long             | DBT              | CORP              | ID        |    800000 | PA      | $757914.60    | 0.17%             | 2026-09-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GEMS MENASA KY LTD/GEMS      | GEMS MENASA Cayman Ltd / GEMS Education Delaware LLC                             | CUSIP: 36166LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1350000 | PA      | $1334224.62   | 0.30%             | 2026-07-31      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| GREENKO SOLAR MAURITIUS      | Greenko Solar Mauritius Ltd                                                      | CUSIP: 39530VAA6<br>LEI: 2138007S1PL541B3KP92 | Long             | DBT              | CORP              | MU        |    750000 | PA      | $720937.50    | 0.16%             | 2025-01-29      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU     | Istanbul Metropolitan Municipality                                               | CUSIP: 46522TAA6<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    900000 | PA      | $814855.91    | 0.18%             | 2025-12-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHINA CITIC BANK INTL        | China CITIC Bank International Ltd                                               | CUSIP: 000000000<br>LEI: 54930034UPFJV0NHXV95 | Long             | DBT              | CORP              | HK        |   1000000 | PA      | $932499.98    | 0.21%             | 2026-07-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE        | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    970000 | PA      | $884291.84    | 0.20%             | 2027-07-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                       | CUSIP: 335934AR6<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1525000 | PA      | $1484846.75   | 0.34%             | 2026-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| MUMTALAKAT SUKUK HOLDING     | Mumtalakat Sukuk Holding Co                                                      | CUSIP: 000000000<br>LEI: 549300EN7U0YPUUKDX15 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $813594.50    | 0.18%             | 2027-01-21      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| INDIA TOLL ROADS             | India Toll Roads                                                                 | CUSIP: 454096AA6<br>LEI: 2549008B7KEAHCL64D19 | Long             | DBT              | CORP              | MU        |    600000 | PA      | $584293.20    | 0.13%             | 2024-08-19      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Saka Energi Indonesia PT     | Saka Energi Indonesia PT                                                         | CUSIP: 69371EAA3<br>LEI: 25490049636XFM5KBR83 | Long             | DBT              | CORP              | ID        |    650000 | PA      | $632144.50    | 0.14%             | 2024-05-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE       | Liquid Telecommunications Financing Plc                                          | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |    875000 | PA      | $677066.25    | 0.15%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VTR FINANCE BV               | VTR Finance NV                                                                   | CUSIP: 918374AA7<br>LEI: 213800F4XI4RJB82XM19 | Long             | DBT              | CORP              | NL        |    825000 | PA      | $346252.50    | 0.08%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES            | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAE1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1527590.50   | 0.35%             | 2025-03-11      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| India Airport Infra          | India Airport Infra                                                              | CUSIP: 18684LAA6<br>LEI: 254900N1JEUJFV1S3E87 | Long             | DBT              | CORP              | MU        |    625000 | PA      | $595062.50    | 0.13%             | 2025-10-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD         | Fortune Star BVI Ltd                                                             | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    800000 | PA      | $625680.00    | 0.14%             | 2027-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| LIGHT SERVICOS ENERGIA       | Light Servicos de Eletricidade SA/Light Energia SA                               | CUSIP: 53227QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BR        |    425000 | PA      | $245042.25    | 0.06%             | 2026-06-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MSU Energy SA / UGEN SA      | MSU Energy SA / UGEN SA / UENSA SA                                               | CUSIP: 76706AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |    875000 | PA      | $665482.72    | 0.15%             | 2025-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HIDROVIAS INT FIN SARL       | Hidrovias International Finance SARL                                             | CUSIP: 42953LAB8<br>LEI: 222100RBWNBUZOTA9381 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $192216.25    | 0.04%             | 2031-02-08      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| RKPF OVERSEAS 2019 A LTD     | RKPF Overseas 2019 A Ltd                                                         | CUSIP: 000000000<br>LEI: 254900P8BXRCW5458103 | Long             | DBT              | CORP              | VG        |    500000 | PA      | $445890.13    | 0.10%             | 2025-03-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES        | MAF Global Securities Ltd                                                        | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $544500.00    | 0.12%             | 2026-03-20      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHAMPION PATH HOLDINGS       | Champion Path Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 549300QWJFPV5413KI88 | Long             | DBT              | CORP              | VG        |    650000 | PA      | $567352.50    | 0.13%             | 2028-01-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JAPFA COMFEED TBK PT         | Japfa Comfeed Indonesia Tbk PT                                                   | CUSIP: 000000000<br>LEI: 549300VJMRP8O87R3147 | Long             | DBT              | CORP              | ID        |    500000 | PA      | $452500.00    | 0.10%             | 2026-03-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANCO CONTINENTAL S.A.E.     | Banco Continental SAECA                                                          | CUSIP: 059490AB8<br>LEI: 8945005Q0D60A6FCEM55 | Long             | DBT              | CORP              | PY        |    500000 | PA      | $447492.50    | 0.10%             | 2025-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TML HOLDINGS PTE LTD         | TML Holdings Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 254900EBGMM47QH02V57 | Long             | DBT              | CORP              | SG        |    450000 | PA      | $442575.00    | 0.10%             | 2024-06-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA            | Atento Luxco 1 SA                                                                | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $218800.00    | 0.05%             | 2026-02-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1625000 | PA      | $1129611.08   | 0.26%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QBE1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    175000 | PA      | $111062.00    | 0.03%             | 2044-06-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CEMIG GERACAO E TRANSM       | Cemig Geracao e Transmissao SA                                                   | CUSIP: 12517MAA0<br>LEI: 529900ZT0AVI5W1VFB58 | Long             | DBT              | CORP              | BR        |    550000 | PA      | $563084.50    | 0.13%             | 2024-12-05      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AGILE GROUP HOLDINGS LTD     | Agile Group Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |    650000 | PA      | $382120.00    | 0.09%             | 2025-10-13      | Fixed         | 6.05%                 | No            |                  2 | On Loan: —       |
| PAN AMERICAN ENERGY LLC      | Pan American Energy LLC/Argentina                                                | CUSIP: 69784DAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |    475000 | PA      | $532510.63    | 0.12%             | 2027-04-30      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| NAVIOS SA LOGIST/FIN US      | Navios South American Logistics Inc / Navios Logistics Finance US Inc            | CUSIP: 63938NAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    775000 | PA      | $765304.75    | 0.17%             | 2025-07-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAY5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    675000 | PA      | $675737.91    | 0.15%             | 2028-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| POWERLONG REAL ESTATE        | Powerlong Real Estate Holdings Ltd                                               | CUSIP: 000000000<br>LEI: 549300R3K12EPXCGDP22 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $188514.00    | 0.04%             | 2024-08-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST        | Acwa Power Management And Investments One Ltd                                    | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |    597500 | PA      | $571778.22    | 0.13%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| RUMO LUXEMBOURG SARL         | Rumo Luxembourg Sarl                                                             | CUSIP: 781467AE5<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $249006.00    | 0.06%             | 2032-01-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB         | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1150000 | PA      | $1043149.27   | 0.24%             | 2027-03-17      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Axtel SAB de CV              | Axtel SAB de CV                                                                  | CUSIP: 05462GAJ3<br>LEI: 549300BVRDR8XTSXAD13 | Long             | DBT              | CORP              | MX        |    693000 | PA      | $594247.50    | 0.13%             | 2024-11-14      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    950000 | PA      | $925418.75    | 0.21%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Nexa Resources SA            | Nexa Resources SA                                                                | CUSIP: 91832CAA4<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $586200.00    | 0.13%             | 2027-05-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD         | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AG9<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $376430.63    | 0.09%             | 2024-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC             | MercadoLibre Inc                                                                 | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $817186.38    | 0.19%             | 2031-01-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| STATE AGE ROADS              | State Agency of Roads of Ukraine                                                 | CUSIP: 857329AA4<br>LEI: 254900FGEO8P5USHG994 | Long             | DBT              | CORP              | UA        |   1000000 | PA      | $186720.00    | 0.04%             | 2030-06-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Turk Ihracat KR BK           | Turkiye Ihracat Kredi Bankasi AS                                                 | CUSIP: 90015LAD9<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    650000 | PA      | $637812.50    | 0.14%             | 2024-05-03      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MHP Lux SA                   | MHP Lux SA                                                                       | CUSIP: 59318YAA6<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |    850000 | PA      | $416483.00    | 0.09%             | 2026-04-03      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CHINA SCE GRP HLDGS LTD      | China SCE Group Holdings Ltd                                                     | CUSIP: 000000000<br>LEI: 549300Q8UEI2ERAP6P49 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $382095.00    | 0.09%             | 2025-05-02      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE PETROL RAFINERI      | Turkiye Petrol Rafinerileri AS                                                   | CUSIP: 90015MAB1<br>LEI: 789000RCNG97UV50EE03 | Long             | DBT              | CORP              | TR        |   1025000 | PA      | $983569.50    | 0.22%             | 2024-10-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BONO GAR PROV DEL CHUBUT     | Provincia del Chubut Argentina                                                   | CUSIP: 000000000<br>LEI: 529900V5CYYSD8ADKQ03 | Long             | DBT              | NUSS              | AR        |    169467 | PA      | $149741.77    | 0.03%             | 2030-07-26      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| YANKUANG GROUP CAYMAN        | Yankuang Group Cayman Ltd                                                        | CUSIP: 000000000<br>LEI: 549300TM4QBVI14AXM65 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $761120.00    | 0.17%             | 2024-11-30      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| EHI CAR SERVICES LTD         | eHi Car Services Ltd                                                             | CUSIP: 000000000<br>LEI: 549300S8KJWK9EJS6Z44 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $405872.50    | 0.09%             | 2026-09-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   2325000 | PA      | $2249588.63   | 0.51%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                              | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    550000 | PA      | $536289.21    | 0.12%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SIXSIGMA NETWORKS MEXICO     | Sixsigma Networks Mexico SA de CV                                                | CUSIP: 83006LAB9<br>LEI: 5493000VGOF3UCTUXW26 | Long             | DBT              | CORP              | MX        |    525000 | PA      | $490252.88    | 0.11%             | 2025-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NAM1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $301069.20    | 0.07%             | 2024-03-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FRIGORIFICO CONCEPCION       | Frigorifico Concepcion SA                                                        | CUSIP: 358648AA1<br>LEI: 529900Q6VZVL47QJCQ91 | Long             | DBT              | CORP              | PY        |    425000 | PA      | $342159.00    | 0.08%             | 2028-07-21      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE      | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    925000 | PA      | $904650.00    | 0.21%             | 2024-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    475000 | PA      | $342798.00    | 0.08%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GREENKO SOLAR MAURITIUS      | Greenko Solar Mauritius Ltd                                                      | CUSIP: 39530VAB4<br>LEI: 2138007S1PL541B3KP92 | Long             | DBT              | CORP              | MU        |    900000 | PA      | $849015.00    | 0.19%             | 2026-07-29      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL       | Star Energy Geothermal Wayang Windu Ltd                                          | CUSIP: 85511XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    810800 | PA      | $790496.32    | 0.18%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN ENERGY HLDNG     | India Green Energy Holdings                                                      | CUSIP: 45410FAA3<br>LEI: 2549005BFUXXT5HWAG36 | Long             | DBT              | CORP              | MU        |    500000 | PA      | $485396.58    | 0.11%             | 2024-04-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IOCHPE-MAX/MAX WHEELS MX     | Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV               | CUSIP: 46188AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AT        |    300000 | PA      | $251779.64    | 0.06%             | 2028-05-07      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rio Oil Finance Trust        | Rio Oil Finance Trust Series 2014-1                                              | CUSIP: 76716XAA0<br>LEI: 549300V5D1W52HY8NO65 | Long             | DBT              | CORP              | US        |    359238 | PA      | $364357.34    | 0.08%             | 2024-07-06      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHINA WATER AFFAIRS GRP      | China Water Affairs Group Ltd                                                    | CUSIP: 000000000<br>LEI: 529900XTSVH0DH4CEX74 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $445850.00    | 0.10%             | 2026-05-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD         | Times China Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $122728.15    | 0.03%             | 2025-07-08      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd                                                       | CUSIP: 335934AL9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1971866.58   | 0.45%             | 2025-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOL FINANCE SA               | Gol Finance SA                                                                   | CUSIP: 36254VAC2<br>LEI: 5299007RH8MA67ZC6J07 | Long             | DBT              | CORP              | LU        |    425000 | PA      | $296001.88    | 0.07%             | 2026-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA       | VTR Comunicaciones SpA                                                           | CUSIP: 918367AA1<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    717000 | PA      | $503477.40    | 0.11%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS          | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAF2<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $440771.75    | 0.10%             | 2081-01-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HOPSON DEVELOPMENT HLDGS     | Hopson Development Holdings Ltd                                                  | CUSIP: 000000000<br>LEI: 549300HYMKPTC1DTZS42 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $372846.01    | 0.08%             | 2024-05-18      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV              | MV24 Capital BV                                                                  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    685200 | PA      | $654516.74    | 0.15%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD           | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    875000 | PA      | $854406.88    | 0.19%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA                 | Adecoagro SA                                                                     | CUSIP: 00676LAA4<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |    750000 | PA      | $719384.93    | 0.16%             | 2027-09-21      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER        | Clean Renewable Power Mauritius Pte Ltd                                          | CUSIP: 18452NAB0<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |    477500 | PA      | $427082.98    | 0.10%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AES GENER SA                 | AES Andes SA                                                                     | CUSIP: 00105DAG0<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    650000 | PA      | $617197.75    | 0.14%             | 2079-10-07      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SILKNET JSC                  | Silknet JSC                                                                      | CUSIP: 47972FAA9<br>LEI: 635400QGWS2BG73SGG55 | Long             | DBT              | CORP              | GE        |    475000 | PA      | $469062.50    | 0.11%             | 2027-01-31      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| OIL & GAS HOLDING            | Oil and Gas Holding Co BSCC/The                                                  | CUSIP: 67778M2C3<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |   1125000 | PA      | $1154160.00   | 0.26%             | 2024-11-07      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |   1200000 | PA      | $1017390.00   | 0.23%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TUPY OVERSEAS SA             | Tupy Overseas SA                                                                 | CUSIP: 89990BAB6<br>LEI: 222100ZREIYU6AS2OO19 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $250094.66    | 0.06%             | 2031-02-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JSC GEORGIA CAPITAL          | Georgia Capital JSC                                                              | CUSIP: 373143AA4<br>LEI: 635400VNH3KVFQNWDH25 | Long             | DBT              | CORP              | GE        |    200000 | PA      | $194500.00    | 0.04%             | 2024-03-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| YANLORD LAND HK CO LTD       | Yanlord Land HK Co Ltd                                                           | CUSIP: 000000000<br>LEI: 549300O56H3950RDWG19 | Long             | DBT              | CORP              | HK        |    600000 | PA      | $587700.00    | 0.13%             | 2024-02-27      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| INRETAIL SHOPPIN             | InRetail Shopping Malls                                                          | CUSIP: 45780UAB0<br>LEI: 254900340JT2D5SHMA49 | Long             | DBT              | CORP              | PE        |    525000 | PA      | $500940.15    | 0.11%             | 2028-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MTN MAURITIUS INVSTMENTS     | MTN Mauritius Investments Ltd                                                    | CUSIP: 55377XAA4<br>LEI: 2549009PQD415OQIR074 | Long             | DBT              | CORP              | MU        |    675000 | PA      | $660825.00    | 0.15%             | 2024-11-11      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 706451BR1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $92194.10     | 0.02%             | 2038-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK          | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |   1975000 | PA      | $1737348.17   | 0.39%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| OP SERVICIOS MEGA            | Operadora de Servicios Mega SA de CV Sofom ER                                    | CUSIP: 000000000<br>LEI: 4469000001BP4DCM0P31 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $209680.80    | 0.05%             | 2025-02-11      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                  | Geopark Ltd                                                                      | CUSIP: 37255BAB5<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    750000 | PA      | $666632.76    | 0.15%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 10 RENEW POWER SUBSIDIAR     | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries                 | CUSIP: 75973PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |   1200000 | PA      | $1033331.03   | 0.23%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| SHELF DRILL HOLD LTD         | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AE4<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   1425000 | PA      | $1348406.25   | 0.31%             | 2025-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GREENKO WIND PROJECTS MU     | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 39531JAA2<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |   1275000 | PA      | $1208372.59   | 0.27%             | 2025-04-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANCO GNB SUDAMERIS SA       | Banco GNB Sudameris SA                                                           | CUSIP: 059593AE3<br>LEI: 549300SO7QUETMQD9D84 | Long             | DBT              | CORP              | CO        |    600000 | PA      | $472098.70    | 0.11%             | 2031-04-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MUMTALAKAT SUKUK HOLDING     | Mumtalakat Sukuk Holding Co                                                      | CUSIP: 000000000<br>LEI: 549300EN7U0YPUUKDX15 | Long             | DBT              | CORP              | KY        |    950000 | PA      | $948720.35    | 0.22%             | 2024-02-27      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS BV             | Arcos Dorados BV                                                                 | CUSIP: 03965TAB9<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $540556.50    | 0.12%             | 2029-05-27      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LAMAR FUNDING LTD            | Lamar Funding Ltd                                                                | CUSIP: 513063AA5<br>LEI: 549300TSXHL7X0727895 | Long             | DBT              | CORP              | KY        |   1575000 | PA      | $1513902.60   | 0.34%             | 2025-05-07      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| BANCO INDUSTRIAL SA          | Banco Industrial SA/Guatemala                                                    | CUSIP: 05991CAA1<br>LEI: 529900GF99QF67JEQU85 | Long             | DBT              | CORP              | GT        |    525000 | PA      | $491665.57    | 0.11%             | 2031-01-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS BRASI     | Centrais Eletricas Brasileiras SA                                                | CUSIP: 15236FAB6<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    575000 | PA      | $503311.88    | 0.11%             | 2030-02-04      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOLDINGS       | Digicel Group Holdings Ltd                                                       | CUSIP: 25381YAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    666515 | PA      | $166628.75    | 0.04%             | 2025-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PT PAKUWON JATI              | Pakuwon Jati Tbk PT                                                              | CUSIP: 000000000<br>LEI: 254900GUXQAQB065PM73 | Long             | DBT              | CORP              | ID        |    600000 | PA      | $555000.00    | 0.13%             | 2028-04-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MERSIN ULUSLARARASI LIMA     | Mersin Uluslararasi Liman Isletmeciligi AS                                       | CUSIP: 590454AB0<br>LEI: 635400DAFN6NT43HM530 | Long             | DBT              | CORP              | TR        |    900000 | PA      | $870794.14    | 0.20%             | 2024-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA / UGEN SA      | MSU Energy SA / UGEN SA / UENSA SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     75000 | PA      | $57041.38     | 0.01%             | 2025-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARABIAN CENTRES SUKUK        | Arabian Centres Sukuk Ltd                                                        | CUSIP: 03847PAA3<br>LEI: 5493003T55GS691ILI42 | Long             | DBT              | CORP              | KY        |    650000 | PA      | $638405.30    | 0.14%             | 2024-11-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    700000 | PA      | $682850.00    | 0.15%             | 2025-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETRORIO LUX TRAD SARL       | Petrorio Luxembourg Trading Sarl                                                 | CUSIP: 71677WAA0<br>LEI: 222100466T5WZDU1B498 | Long             | DBT              | CORP              | LU        |    475000 | PA      | $456859.75    | 0.10%             | 2026-06-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BANK OF COMMUNICATION HK     | Bank of Communications Hong Kong Ltd                                             | CUSIP: 000000000<br>LEI: 254900BIDL79UKUMX541 | Long             | DBT              | CORP              | HK        |    700000 | PA      | $677250.00    | 0.15%             | 2025-03-03      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF SA                                                                           | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1300000 | PA      | $1037225.96   | 0.24%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OLEODUCTO CENTRAL SA         | Oleoducto Central SA                                                             | CUSIP: 680617AC1<br>LEI: 254900W4CPYCQFVH5E92 | Long             | DBT              | CORP              | CO        |    750000 | PA      | $667370.81    | 0.15%             | 2027-07-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| GLOBO COMMUNICACOES PART     | Globo Comunicacao e Participacoes SA                                             | CUSIP: 37959DAB0<br>LEI: 52990054HEKS017PVR75 | Long             | DBT              | CORP              | BR        |    300000 | PA      | $256065.00    | 0.06%             | 2030-01-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE     | Petrobras Global Finance BV                                                      | CUSIP: 71647NBJ7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $391830.00    | 0.09%             | 2051-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| CEMEX SAB DE CV              | Cemex SAB de CV                                                                  | CUSIP: 151290BX0<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1225000 | PA      | $1147203.14   | 0.26%             | 2030-09-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| INTERCEMENT FIN OP BV        | InterCement Financial Operations BV                                              | CUSIP: 17186LAA1<br>LEI: 213800IVMAMWIHPCZJ07 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $442065.25    | 0.10%             | 2024-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANCO DO BRASIL (CAYMAN)     | Banco do Brasil SA/Cayman                                                        | CUSIP: 059578AF1<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    550000 | PA      | $508070.75    | 0.12%             | 2026-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TML HOLDINGS PTE LTD         | TML Holdings Pte Ltd                                                             | CUSIP: 000000000<br>LEI: 254900EBGMM47QH02V57 | Long             | DBT              | CORP              | SG        |    700000 | PA      | $647248.00    | 0.15%             | 2026-06-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                 | Ecopetrol SA                                                                     | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1333000 | PA      | $1168474.48   | 0.26%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| AI CANDELARIA SPAIN SLU      | AI Candelaria Spain SA                                                           | CUSIP: 001355AA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    447291 | PA      | $426199.42    | 0.10%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RUMO LUXEMBOURG SARL         | Rumo Luxembourg Sarl                                                             | CUSIP: 781467AC9<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    450000 | PA      | $433215.00    | 0.10%             | 2028-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bancolombia SA               | Bancolombia SA                                                                   | CUSIP: 05968LAL6<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |    900000 | PA      | $821254.50    | 0.19%             | 2029-12-18      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC      | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1082756.63   | 0.25%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| AUNA SA                      | Auna SAA                                                                         | CUSIP: 05151VAA5<br>LEI: 549300C3XBVL3X4TME11 | Long             | DBT              | CORP              | PE        |    575000 | PA      | $492631.30    | 0.11%             | 2025-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET     | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AB1<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    750000 | PA      | $656250.00    | 0.15%             | 2028-04-11      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANK OF EAST ASIA LTD        | Bank of East Asia Ltd/The                                                        | CUSIP: 000000000<br>LEI: CO6GC26LCGGRTUESIP55 | Long             | DBT              | CORP              | HK        |   1100000 | PA      | $1078000.00   | 0.24%             | 2024-09-19      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Banco Votorantim             | Banco Votorantim SA                                                              | CUSIP: 05967CAE3<br>LEI: X2EUTZGMHS8RBQFIUS93 | Long             | DBT              | CORP              | BR        |    350000 | PA      | $341624.18    | 0.08%             | 2024-09-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd       | MGM China Holdings Ltd                                                           | CUSIP: 55300RAB7<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |   1275000 | PA      | $1207852.13   | 0.27%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| TEVA PHARMACEUTICALS NE      | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1200000 | PA      | $1108128.00   | 0.25%             | 2029-05-09      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| INSTITUTO COSTARRICENSE      | Instituto Costarricense de Electricidad                                          | CUSIP: 45777VAD9<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | CORP              | CR        |    825000 | PA      | $668253.59    | 0.15%             | 2043-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRF SA                       | BRF SA                                                                           | CUSIP: 10552TAH0<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |    500000 | PA      | $350847.73    | 0.08%             | 2050-09-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDIKA ENERGY III PTE        | Indika Energy Capital III Pte Ltd                                                | CUSIP: 45569FAA2<br>LEI: 254900QWI3R1VQN4X672 | Long             | DBT              | CORP              | SG        |    573000 | PA      | $567582.49    | 0.13%             | 2024-11-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MEDCO BELL PTE LTD           | Medco Bell Pte Ltd                                                               | CUSIP: 58406LAA9<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |    950000 | PA      | $913451.00    | 0.21%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA        | Minerva Luxembourg SA                                                            | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    975000 | PA      | $827209.11    | 0.19%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| MONG DUONG FIN HLDGS BV      | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $984500.09    | 0.22%             | 2029-05-07      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Tullow Oil PLC               | Tullow Oil PLC                                                                   | CUSIP: 899415AE3<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |   1150000 | PA      | $818946.81    | 0.19%             | 2025-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STONECO LTD                  | StoneCo Ltd                                                                      | CUSIP: 861787AA7<br>LEI: 549300O1A9LEF0XZCR35 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $284891.25    | 0.06%             | 2028-06-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF UZBEKIS     | National Bank of Uzbekistan                                                      | CUSIP: 000000000<br>LEI: 253400TZJ7T1YULTGN68 | Long             | DBT              | NUSS              | UZ        |    600000 | PA      | $564000.00    | 0.13%             | 2025-10-21      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NAGACORP LTD                 | NagaCorp Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300MMNKN0RBJELS20 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $651000.00    | 0.15%             | 2024-07-06      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| KERNEL HOLDING SA            | Kernel Holding SA                                                                | CUSIP: 49229QAC8<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $170175.84    | 0.04%             | 2027-10-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RIZAL COMMERCIAL BANKING     | Rizal Commercial Banking Corp                                                    | CUSIP: 000000000<br>LEI: CIKZWI6KV077KV2E2J69 | Long             | DBT              | CORP              | PH        |    400000 | PA      | $378170.92    | 0.09%             | 2025-08-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TIMES CHINA HLDG LTD         | Times China Holdings Ltd                                                         | CUSIP: 000000000<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $101352.08    | 0.02%             | 2027-01-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Yapi ve Kredi Bankasi AS     | Yapi ve Kredi Bankasi AS                                                         | CUSIP: 984848AM3<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    825000 | PA      | $834986.63    | 0.19%             | 2024-10-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CHENGDU JINGKAI GUOTOU       | Chengdu Economic & Technological Investment Group Co Ltd                         | CUSIP: 000000000<br>LEI: 549300TRNFCP44PFEO26 | Long             | DBT              | CORP              | CN        |    700000 | PA      | $679000.00    | 0.15%             | 2024-12-07      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GLOBO COMMUNICACOES PART     | Globo Comunicacao e Participacoes SA                                             | CUSIP: 37959DAC8<br>LEI: 52990054HEKS017PVR75 | Long             | DBT              | CORP              | BR        |    350000 | PA      | $302620.42    | 0.07%             | 2032-01-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA             | Movida Europe SA                                                                 | CUSIP: 62459LAA7<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    550000 | PA      | $402828.25    | 0.09%             | 2031-02-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Grupo Unicomer Co Ltd        | Grupo Unicomer Co Ltd                                                            | CUSIP: 40053VAA1<br>LEI: 254900ZFAODJ4363L688 | Long             | DBT              | CORP              | VG        |    625000 | PA      | $605243.75    | 0.14%             | 2024-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WEST CHINA CEMENT LTD        | West China Cement Ltd                                                            | CUSIP: 000000000<br>LEI: 529900MMG3NBTIWPPR63 | Long             | DBT              | CORP              | JE        |    800000 | PA      | $713080.00    | 0.16%             | 2026-07-08      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WANDA PROPERTIES INTL        | Wanda Properties International Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    875000 | PA      | $845167.75    | 0.19%             | 2024-01-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos          | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $219186.24    | 0.05%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH          | Klabin Austria GmbH                                                              | CUSIP: 49836AAB0<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    528000 | PA      | $535009.20    | 0.12%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD              | Network i2i Ltd                                                                  | CUSIP: 64132NAA4<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |   1475000 | PA      | $1425218.75   | 0.32%             | 2025-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** VanEck ETF Trust

**Signature:** James Parker

**Name of Signer:** James Parker

**Title:** Assistant Treasurer