# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-25-290860
**Filing Date:** 2025-11
**Character Count:** 96496
**Document Hash:** 6ecc76959288e95ce4bf8d815b807b75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-290860.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001193125-25-290860

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251505324

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Gramercy Emerging Markets Debt Fund (Series ID: S000084477)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000248863 | Institutional Class Shares | GFEMX           |
| C000248864 | Class A Shares             | GFEAX           |
| C000248865 | Class C Shares             | GFECX           |

## Nport-Ex

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **COMMON STOCKS — 0.0%** |  |
|  | **CHINA — 0.0%** |  |
| 75564 | Yuzhou Group Holdings Co., Ltd.<br> 0.205%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2476** |
|  | **TOTAL COMMON STOCKS** |  |
|  | (Cost $3,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2476** |
|  | **FIXED INCOME SECURITIES — 95.9%** |  |
|  | **ANGOLA — 0.5%** |  |
| 260000 | Angolan Government International Bond<br> 8.250%, 5/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**260507** |
|  | **ARGENTINA — 0.5%** |  |
| 300000 | YPF S.A.<br> 8.250%, 1/17/2034<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**289350** |
|  | **AZERBAIJAN — 0.5%** |  |
| 320000 | Republic of Azerbaijan International Bond<br> 3.500%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**297200** |
|  | **BAHRAIN — 0.6%** |  |
| 330000 | Bahrain Government International Bond<br> 7.500%, 9/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**351734** |
|  | **BRAZIL — 7.5%** |  |
| 230000 | Braskem Netherlands Finance B.V.<br> 4.500%, 1/31/2030<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86986 |
| 12830 | Brazil Notas do Tesouro Nacional Serie F<br> 10.000%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169992 |
| 780000 | Brazilian Government International Bond<br> 4.750%, 1/14/2050<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582660 |
| 415000 | Embraer Netherlands Finance B.V.<br> 5.400%, 1/9/2038<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412666 |
| 182442 | MC Brazil Downstream Trading Sarl<br> 7.250%, 6/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156352 |
| 275000 | Nexa Resources S.A.<br> 6.750%, 4/9/2034<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291500 |
| 300000 | Raizen Fuels Finance S.A.<br> 5.700%, 1/17/2035<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276330 |
| 269800 | Yinson Boronia Production B.V.<br> 8.947%, 7/31/2042<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4276638** |
|  | **BULGARIA — 0.5%** |  |
| 270000 | Bulgaria Government International Bond<br> 5.000%, 3/5/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**270270** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **CHILE — 3.4%** |  |
| 300000 | Banco de Credito e Inversiones S.A.<br> 7.500% (USD 5 Year Tsy+376.70 basis points), 12/12/2172<sup>2,3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315112 |
| 495000000 | Bonos de la Tesoreria de la Republica en pesos<br> 5.000%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495679 |
| 244376 | Chile Electricity Lux Mpc II Sarl<br> 5.580%, 10/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250486 |
| 410000 | Corp Nacional del Cobre de Chile<br> 3.150%, 1/15/2051<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264110 |
| 330000 | EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A.<br> 5.375%, 12/30/2030<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306900 |
| 305000 | Inversiones La Construccion S.A.<br> 4.750%, 2/7/2032<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1926612** |
|  | **CHINA — 0.4%** |  |
| 700000 | CIFI Holdings Group Co., Ltd.<br> 6.550%, 3/28/2026\*<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68600 |
| 240000 | Country Garden Holdings Co., Ltd.<br> 3.300%, 1/12/2031\*<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24960 |
| 400000 | KWG Group Holdings Ltd.<br> 5.950%, 8/10/2027\*<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| 250000 | Logan Group Co., Ltd.<br> 5.250%, 10/19/2025\*<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 |
|  | Shimao Group Holdings Ltd. |  |
| 160422 | 0.000%, 7/21/2026<sup>2,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823 |
| 1011822 | 5.000%, 7/21/2031<sup>2,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42851 |
| 185214 | 2.000%, 7/21/2032<sup>2,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483 |
| 277821 | 2.000%, 7/21/2033<sup>2,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7571 |
| 277821 | 2.000%, 1/21/2034<sup>2,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5556 |
|  | Yuzhou Group Holdings Co., Ltd. |  |
| 78840 | 7.000%, 6/30/2027<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10052 |
| 66843 | 4.000%, 6/30/2028<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
| 116397 | 4.500%, 6/30/2029<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 |
| 155361 | 5.000%, 6/30/2030<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 |
| 217936 | 5.500%, 6/30/2031<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
| 91789 | 1.000%, 6/30/2034<sup>3,8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**228604** |
|  | **COLOMBIA — 3.4%** |  |
| 325000 | Banco Davivienda S.A.<br> 6.650% (USD 10 Year Tsy+509.70 basis points), 10/22/2072<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299972 |
| 300000 | Colombia Government International Bond<br> 3.125%, 4/15/2031<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **COLOMBIA (Continued)** |  |
| 3072800000 | Colombian TES<br> 6.000%, 4/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$715939 |
| 700000 | Ecopetrol S.A.<br> 4.625%, 11/2/2031<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1905301** |
|  | **CZECH REPUBLIC — 1.7%** |  |
| 22310000 | Czech Republic Government Bond<br> 3.000%, 3/3/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**982680** |
|  | **DOMINICAN REPUBLIC — 1.1%** |  |
| 630000 | Dominican Republic International Bond<br> 4.500%, 1/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**616770** |
|  | **ECUADOR — 0.5%** |  |
| 360000 | Ecuador Government International Bond<br> 6.900%, 7/31/2035<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**268290** |
|  | **EGYPT — 0.8%** |  |
| 500000 | Egypt Government International Bond<br> 5.875%, 2/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**464690** |
|  | **GHANA — 0.9%** |  |
| 234840 | Ghana Government International Bond<br> 5.000%, 7/3/2035<sup>2,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196679 |
| 380000 | Kosmos Energy Ltd.<br> 7.500%, 3/1/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**530486** |
|  | **GUATEMALA — 0.5%** |  |
| 320000 | Guatemala Government Bond<br> 4.650%, 10/7/2041<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**274720** |
|  | **HONG KONG — 0.5%** |  |
| 260000 | AIA Group Ltd.<br> 4.950%, 4/4/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**266664** |
|  | **HUNGARY — 1.5%** |  |
| 210600000 | Hungary Government Bond<br> 3.000%, 8/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545080 |
| 300000 | Magyar Export-Import Bank Zrt<br> 6.125%, 12/4/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**855205** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **INDIA — 2.8%** |  |
| 285978 | India Green Power Holdings<br> 4.000%, 2/22/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$279543 |
| 237600 | India Vehicle Finance<br> 5.850%, 9/25/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239453 |
| 360000 | JSW Steel Ltd.<br> 5.050%, 4/5/2032<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349741 |
| 300000 | Manappuram Finance Ltd.<br> 7.375%, 5/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306750 |
| 400000 | Muthoot Finance Ltd.<br> 6.375%, 4/23/2029<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1581277** |
|  | **INDONESIA — 2.5%** |  |
| 780000 | Indofood CBP Sukses Makmur Tbk P.T.<br> 4.745%, 6/9/2051<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672750 |
| 980000 | Indonesia Government International Bond<br> 3.700%, 10/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1421470** |
|  | **JAMAICA — 1.4%** |  |
| 400000 | Kingston Airport Revenue Finance Ltd.<br> 6.750%, 12/15/2036<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412400 |
| 400000 | Montego Bay Airport Revenue Finance Ltd.<br> 6.600%, 6/15/2035<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**821400** |
|  | **KAZAKSTAN — 1.6%** |  |
| 280000 | Kazakhstan Government International Bond<br> 4.714%, 4/9/2035<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277718 |
| 325000 | KazMunayGas National Co. JSC<br> 3.500%, 4/14/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292705 |
| 380000 | Tengizchevroil Finance Co. International Ltd.<br> 3.250%, 8/15/2030<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**918598** |
|  | **KENYA — 0.5%** |  |
| 270000 | Republic of Kenya Government International Bond<br> 9.500%, 3/5/2036<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**276358** |
|  | **KUWAIT — 2.0%** |  |
| 630000 | MEGlobal B.V.<br> 2.625%, 4/28/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600862 |
| 530000 | NBK Tier 1 Ltd.<br> 6.375% (Constant Maturity Yield Six-Year Tsy+240.30 basis points), 1/10/2174<sup>2,3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1146497** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **MALAYSIA — 1.7%** |  |
| 360000 | Axiata Spv5 Labuan Ltd.<br> 3.064%, 8/19/2050<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$258957 |
| 1050000 | Petronas Capital Ltd.<br> 3.404%, 4/28/2061<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**982081** |
|  | **MEXICO — 7.4%** |  |
| 350000 | Banco Mercantil del Norte S.A./Grand Cayman<br> 6.625% (USD 10 Year Tsy+503.40 basis points), 1/24/2072<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340638 |
| 280000 | BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero<br> 8.125% (USD 5 Year Tsy+421.40 basis points), 1/8/2039<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303968 |
| 415000 | Corp Inmobiliaria Vesta S.A.B. de C.V.<br> 5.500%, 1/30/2033<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418444 |
| 595000 | GCC S.A.B. de C.V.<br> 3.614%, 4/20/2032<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541623 |
|  | Mexican Bonos |  |
| 26380000 | 5.750%, 3/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429541 |
| 9052500 | 10.000%, 11/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534511 |
| 790000 | Petroleos Mexicanos<br> 6.750%, 9/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4222371** |
|  | **MONTENEGRO — 0.7%** |  |
| 350000 | Montenegro Government International Bond<br> 7.250%, 3/12/2031<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371812** |
|  | **MOROCCO — 1.0%** |  |
| 370000 | Morocco Government International Bond<br> 4.000%, 12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271765 |
| 370000 | OCP S.A.<br> 5.125%, 6/23/2051<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**579653** |
|  | **NIGERIA — 2.2%** |  |
| 550000 | IHS Holding Ltd.<br> 7.875%, 5/29/2030<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568221 |
| 350000 | Nigeria Government International Bond<br> 7.375%, 9/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331058 |
| 330000 | SEPLAT Energy PLC<br> 9.125%, 3/21/2030<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1237942** |
|  | **OMAN — 0.8%** |  |
| 460000 | Oman Government International Bond<br> 5.375%, 3/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**465580** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **PAKISTAN — 0.3%** |  |
| 200000 | Pakistan Government International Bond<br> 6.875%, 12/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$199600** |
|  | **PANAMA — 1.4%** |  |
| 291660 | AES Panama Generation Holdings SRL<br> 4.375%, 5/31/2030<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275619 |
| 690000 | Panama Government International Bond<br> 4.500%, 1/19/2063<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**778629** |
|  | **PARAGUAY — 0.6%** |  |
| 360000 | Paraguay Government International Bond<br> 2.739%, 1/29/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**318240** |
|  | **PERU — 0.5%** |  |
| 250000 | Corp Financiera de Desarrollo S.A.<br> 5.500%, 5/6/2030<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**257000** |
|  | **PHILIPPINES — 1.6%** |  |
| 890000 | Philippine Government International Bond<br> 2.650%, 12/10/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598859 |
| 280000 | Rizal Commercial Banking Corp.<br> 5.500%, 1/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**886909** |
|  | **POLAND — 3.6%** |  |
| 640000 | Bank Gospodarstwa Krajowego<br> 6.250%, 7/9/2054<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665274 |
| 6080000 | Republic of Poland Government Bond<br> 1.750%, 4/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2034365** |
|  | **QATAR — 4.3%** |  |
| 730000 | Ooredoo International Finance Ltd.<br> 2.625%, 4/8/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669775 |
| 840000 | Qatar Government International Bond<br> 4.750%, 5/29/2034<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874129 |
| 900000 | QatarEnergy<br> 3.300%, 7/12/2051<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634838 |
| 260000 | QIC Cayman Ltd.<br> 6.150% (Constant Maturity Yield Six-Year Tsy+220.40 basis points), 7/7/2072<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2443419** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **ROMANIA — 1.5%** |  |
| 2555000 | Romania Government Bond<br> 4.850%, 7/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$541485 |
| 300000 | Romanian Government International Bond<br> 6.375%, 1/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**845406** |
|  | **SAUDI ARABIA — 5.0%** |  |
| 800000 | Gaci First Investment Co.<br> 5.375%, 10/13/2122<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705250 |
| 630000 | Greensaif Pipelines Bidco Sarl<br> 6.129%, 2/23/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674730 |
| 1000000 | Saudi Arabian Oil Co.<br> 3.500%, 11/24/2070<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646740 |
|  | Saudi Government International Bond |  |
| 430000 | 5.000%, 1/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439299 |
| 390000 | 5.750%, 1/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2856927** |
|  | **SENEGAL — 0.4%** |  |
| 340000 | Senegal Government International Bond<br> 6.250%, 5/23/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245439** |
|  | **SERBIA — 0.7%** |  |
| 400000 | Telecommunications Co. Telekom Srbija AD Belgrade<br> 7.000%, 10/28/2029<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**405560** |
|  | **SOUTH AFRICA — 4.4%** |  |
| 350000 | Bidvest Group UK PLC<br> 6.200%, 9/17/2032<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351575 |
| 43260000 | Republic of South Africa Government Bond<br> 6.500%, 2/28/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813883 |
| 300000 | Windfall Mining Group, Inc. / Groupe Minier Windfall, Inc.<br> 5.854%, 5/13/2032<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2478058** |
|  | **SOUTH KOREA — 2.9%** |  |
|  | Kookmin Bank |  |
| 490000 | 4.375%, 5/8/2028<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493748 |
| 325000 | 4.625%, 5/8/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331474 |
|  | POSCO Holdings, Inc. |  |
| 325000 | 5.125%, 5/7/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332841 |
| 490000 | 5.750%, 5/7/2035<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1671578** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **SRI LANKA — 0.7%** |  |
| 430000 | Sri Lanka Government International Bond<br> 3.600%, 2/15/2038<sup>2,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$382055** |
|  | **SUPRANATIONAL — 0.7%** |  |
| 400000 | African Development Bank<br> 5.875% (USD 5 Year Tsy+165.30 basis points), 9/30/2125<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**399500** |
|  | **TANZANIA (UNITED REPUBLIC OF) — 0.5%** |  |
| 290000 | HTA Group Ltd./Mauritius<br> 7.500%, 6/4/2029<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**301690** |
|  | **THAILAND — 4.1%** |  |
| 390000 | Bangkok Bank PCL/Hong Kong<br> 5.650%, 7/5/2034<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410686 |
| 280000 | Muangthai Capital PCL<br> 6.875%, 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283500 |
|  | Thailand Government Bond |  |
| 16030000 | 3.650%, 6/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558614 |
| 15100000 | 2.980%, 6/17/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537889 |
| 15500000 | 2.750%, 6/17/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2334612** |
|  | **TRINIDAD AND TOBAGO — 0.4%** |  |
| 250000 | Trinidad & Tobago Government International Bond<br> 6.400%, 6/26/2034<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**254563** |
|  | **TURKEY — 4.5%** |  |
| 300000 | Limak Yenilenebilir Enerji A.S.<br> 9.625%, 8/12/2030<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298892 |
| 525000 | Turkiye Garanti Bankasi A.S.<br> 8.125% (USD 5 Year Tsy+432.50 basis points), 1/8/2036<sup>2,3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541900 |
| 10845000 | Turkiye Government Bond<br> 16.900%, 9/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222920 |
| 260000 | Turkiye Ihracat Kredi Bankasi A.S.<br> 6.875%, 7/3/2028<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265200 |
| 485000 | Turkiye Is Bankasi A.S.<br> 7.375% (USD 5 Year Tsy+362.90 basis points), 4/2/2036<sup>2,3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482151 |
| 300000 | Turkiye Sinai Kalkinma Bankasi A.S.<br> 7.375%, 7/2/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308062 |
| 410000 | Yapi ve Kredi Bankasi A.S.<br> 8.250% (USD 5 Year Tsy+444.20 basis points), 3/4/2072<sup>2,3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2533225** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **FIXED INCOME SECURITIES (Continued)** |  |
|  | **UKRAINE — 0.3%** |  |
| 330000 | Ukraine Government International Bond<br> 0.000%, 2/1/2036<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$158895** |
|  | **UNITED ARAB EMIRATES — 5.1%** |  |
| 615000 | Abu Dhabi National Energy Co. PJSC<br> 4.750%, 3/9/2037<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607159 |
| 340000 | DP World Ltd./United Arab Emirates<br> 4.700%, 9/30/2049<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293888 |
| 300000 | Emirates NBD Bank PJSC<br> 4.250% (Constant Maturity Yield Six-Year Tsy+315.50 basis points), 11/27/2172<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291750 |
| 400000 | Finance Department Government of Sharjah<br> 4.000%, 7/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274500 |
| 810000 | Galaxy Pipeline Assets Bidco Ltd.<br> 3.250%, 9/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658789 |
| 840000 | MDGH GMTN RSC Ltd.<br> 2.500%, 6/3/2031<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2888646** |
|  | **URUGUAY — 1.3%** |  |
| 810000 | Uruguay Government International Bond<br> 4.975%, 4/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**739530** |
|  | **UZBEKISTAN — 1.0%** |  |
| 310000 | Republic of Uzbekistan International Bond<br> 3.900%, 10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284425 |
| 300000 | Uzauto Motors AJ<br> 4.850%, 5/4/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**581425** |
|  | **VENEZUELA — 0.2%** |  |
| 850000 | Petroleos de Venezuela S.A.<br> 6.000%, 5/16/2026\*<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**136213** |
|  | **ZAMBIA — 0.5%** |  |
| 260000 | First Quantum Minerals Ltd.<br> 9.375%, 3/1/2029<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**275028** |
|  | **TOTAL FIXED INCOME SECURITIES** |  |
|  | (Cost $52,042,192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54497272** |

---

------

#### Gramercy Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **U.S. GOVERNMENT — 2.7%** |  |
| 1560000 | United States Treasury Bill<br> 0.000%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1558599 |
|  | **TOTAL U.S. GOVERNMENT** |  |
|  | (Cost $1,558,577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1558599** |
|  | **TOTAL INVESTMENTS — 98.6%** |  |
|  | (Cost $53,604,744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**56058347** |
|  | Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780610 |
|  | **TOTAL NET ASSETS — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$56838957** |

---

PLC – Public Limited Company <br> PCL – Public Company Limited <br> PJSC – Public Joint Stock Company

\* Non-income producing security.

<sup>1</sup> Local currency.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $14,295,210, which represents 25.15% of Net Assets.

<sup>3</sup> Callable.

<sup>4</sup> Perpetual security. Maturity date is not applicable.

<sup>5</sup> Variable rate security.

<sup>6</sup> Security is in default.

<sup>7</sup> Convertible security.

<sup>8</sup> Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

<sup>9</sup> Step rate security.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST

- **b. Investment Company Act file number:** 811-21719

- **c. CIK number of Registrant:** 0001318342

- **d. LEI of Registrant:** 549300ESWU4ZNAH5Y054

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

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** Gramercy Emerging Markets Debt Fund

- **b. EDGAR series identifier (if any):** S000084477

- **c. LEI of Series:** 98450060EI8DFR2DFA43

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $57451704.86

**Total Liabilities:** $485467.92

**Net Assets:** $56966236.94

**Delayed Delivery Securities:** $413638.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3.974426560000 | **1-Year:** 278.638436876179 | **5-Year:** 3404.204678917704 | **10-Year:** 5575.396866102380 | **30-Year:** 7526.583272882737

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

- **3-Month:** 53.298548532826 | **1-Year:** 592.601162806399 | **5-Year:** 3950.760495843733 | **10-Year:** 6423.278437262469 | **30-Year:** 6466.464874923574

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248863 | 0.80%                | 1.99%                | 1.82%                |
| Class ID C000248864 | 0.88%                | 1.87%                | 1.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18741.01               | $243072.32                                 |
| Month 2  | $81666.60                | $743214.76                                 |
| Month 3  | $128107.23               | $658109.06                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIA GROUP LTD                | AIA Group Ltd.                                                              | CUSIP: 00131MAP8<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |     260000 | PA      | $266663.80    | 0.47%             | 2033-04-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG     | Abu Dhabi National Energy Co. PJSC                                          | CUSIP: 00388WAP6<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |     615000 | PA      | $607158.75    | 1.07%             | 2037-03-09      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO     | OCP S.A.                                                                    | CUSIP: 999999999<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     370000 | PA      | $307888.10    | 0.54%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD       | India Green Power Holdings                                                  | CUSIP: 999999999<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |     285978 | PA      | $279543.50    | 0.49%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDOFOOD CBP SUKSES MAKM     | Indofood CBP Sukses Makmur Tbk P.T.                                         | CUSIP: 999999999<br>LEI: 254900YKZW9GRKZZN285 | Long             | DBT              | CORP              | ID        |     780000 | PA      | $672750.00    | 1.18%             | 2051-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO      | KazMunayGas National Co. JSC                                                | CUSIP: 999999999<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     325000 | PA      | $292704.75    | 0.51%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SEPLAT ENERGY PLC            | SEPLAT Energy PLC                                                           | CUSIP: 81733MAA3<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |     330000 | PA      | $338662.50    | 0.59%             | 2030-03-21      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MONTENEGRO       | Montenegro Government International Bond                                    | CUSIP: 857305AA4<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |     350000 | PA      | $371812.00    | 0.65%             | 2031-03-12      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| TELECOMMUNICATIONS CO TE     | Telecommunications Co. Telekom Srbija AD Belgrade                           | CUSIP: 87945BAA8<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |     400000 | PA      | $405560.00    | 0.71%             | 2029-10-28      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE GARANTI BANKASI      | Turkiye Garanti Bankasi A.S.                                                | CUSIP: 900148AH0<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |     525000 | PA      | $541899.75    | 0.95%             | 2036-01-08      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE IS BANKASI A.S       | Turkiye Is Bankasi A.S.                                                     | CUSIP: 900151AN1<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |     485000 | PA      | $482150.63    | 0.85%             | 2036-04-02      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TURK IHRACAT KR BK           | Turkiye Ihracat Kredi Bankasi A.S.                                          | CUSIP: 90015LAK3<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              |  | TR        |     260000 | PA      | $265200.00    | 0.47%             | 2028-07-03      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE SINAI KALKINMA B     | Turkiye Sinai Kalkinma Bankasi A.S.                                         | CUSIP: 90015YAH2<br>LEI: 549300MFCXK5HOOEWP84 | Long             | DBT              | CORP              | TR        |     300000 | PA      | $308062.50    | 0.54%             | 2030-07-02      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TREASURY BILL                | United States Treasury Bill                                                 | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3060000 | PA      | $3057251.20   | 5.37%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WINDFALL MINING GROUP        | Windfall Mining Group, Inc. / Groupe Minier Windfall, Inc.                  | CUSIP: 973244AA4<br>LEI: 984500E4L49391BFF948 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $312600.00    | 0.55%             | 2032-05-13      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA         | YPF S.A.                                                                    | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     300000 | PA      | $289350.00    | 0.51%             | 2034-01-17      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS     | Yapi ve Kredi Bankasi A.S.                                                  | CUSIP: 984848AV3<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |     410000 | PA      | $414100.00    | 0.73%             | 2072-03-04      | Variable      | 8.25%                 | Yes           |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO     | Yinson Boronia Production B.V.                                              | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     269800 | PA      | $300152.22    | 0.53%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL          | Senegal Government International Bond                                       | CUSIP: AN6331648<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     340000 | PA      | $245439.20    | 0.43%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT      | Mexican Bonos                                                               | CUSIP: 999999999<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    9052500 | PA      | $534510.74    | 0.94%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA     | Republic of South Africa Government Bond                                    | CUSIP: 999999999<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   43260000 | PA      | $1813883.03   | 3.18%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND     | Thailand Government Bond                                                    | CUSIP: 999999999<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   16030000 | PA      | $558613.72    | 0.98%             | 2031-06-20      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA         | Colombian TES                                                               | CUSIP: 999999999<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 3072800000 | PA      | $715939.14    | 1.26%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA           | Panama Government International Bond                                        | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     690000 | PA      | $503010.00    | 0.88%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND       | Oman Government International Bond                                          | CUSIP: 999999999<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     460000 | PA      | $465579.80    | 0.82%             | 2027-03-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AFRICAN DEVELOPMENT BANK     | African Development Bank                                                    | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              |  | XX        |     400000 | PA      | $399500.00    | 0.70%             | 2125-09-30      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK          | Bangkok Bank PCL/Hong Kong                                                  | CUSIP: 06000BAC6<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |     390000 | PA      | $410685.60    | 0.72%             | 2034-07-05      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| BANK GOSPODARSTWA KRAJOW     | Bank Gospodarstwa Krajowego                                                 | CUSIP: 06237MAD5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              |  | PL        |     640000 | PA      | $665273.60    | 1.17%             | 2054-07-09      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BIDVEST GROUP UK PLC         | Bidvest Group UK PLC                                                        | CUSIP: 088932AA6<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |     350000 | PA      | $351575.00    | 0.62%             | 2032-09-17      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Yuzhou Group Holdings Co Ltd | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | EC               | CORP              | CN        |     755640 | NS      | $24760.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF COLOMBIA         | Colombia Government International Bond                                      | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     300000 | PA      | $261000.00    | 0.46%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CORPORACION INMOBILIARIA     | Corp Inmobiliaria Vesta S.A.B. de C.V.                                      | CUSIP: 21989DAB8<br>LEI: 4469000001BIRIFZJ959 | Long             | DBT              | CORP              | MX        |     415000 | PA      | $418444.50    | 0.73%             | 2033-01-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA     | Embraer Netherlands Finance B.V.                                            | CUSIP: 29082HAF9<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |     415000 | PA      | $412665.63    | 0.72%             | 2038-01-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN       | Kazakhstan Government International Bond                                    | CUSIP: 291477097<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |     280000 | PA      | $277718.00    | 0.49%             | 2035-04-09      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT     | Shimao Group Holdings Ltd.                                                  | CUSIP: 304709103<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     185214 | PA      | $6482.49      | 0.01%             | 2032-07-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT     | Shimao Group Holdings Ltd.                                                  | CUSIP: 304711400<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     277821 | PA      | $7570.62      | 0.01%             | 2033-07-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT     | Shimao Group Holdings Ltd.                                                  | CUSIP: 304712155<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     277821 | PA      | $5556.42      | 0.01%             | 2034-01-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA        | Indonesia Government International Bond                                     | CUSIP: 455780CN4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     980000 | PA      | $748720.00    | 1.31%             | 2049-10-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AXIATA SPV5 LABUAN LTD       | Axiata Spv5 Labuan Ltd.                                                     | CUSIP: 999999999<br>LEI: 2549002DHJ9LDV9BRC77 | Long             | DBT              | CORP              | MY        |     360000 | PA      | $258957.00    | 0.45%             | 2050-08-19      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L     | First Quantum Minerals Ltd.                                                 | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     260000 | PA      | $275028.00    | 0.48%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| HTA GROUP LTD                | HTA Group Ltd./Mauritius                                                    | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     290000 | PA      | $301689.90    | 0.53%             | 2029-06-04      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IHS HOLDING LTD              | IHS Holding Ltd.                                                            | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     550000 | PA      | $568221.50    | 1.00%             | 2030-05-29      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| INDIA VEHICLE FINANCE        | India Vehicle Finance                                                       | CUSIP: 45410KAA2<br>LEI: 254900FDW5H9JZP2A596 | Long             | DBT              | CORP              | MU        |     237600 | PA      | $239453.28    | 0.42%             | 2030-09-25      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF KENYA            | Republic of Kenya Government International Bond                             | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     270000 | PA      | $276358.50    | 0.49%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| KINGSTON AIRPORT REV FIN     | Kingston Airport Revenue Finance Ltd.                                       | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $412400.00    | 0.72%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| KOOKMIN BANK                 | Kookmin Bank                                                                | CUSIP: 500498AL4<br>LEI: 549300XXMOJSIW8P4769 | Long             | DBT              | CORP              | KR        |     490000 | PA      | $493748.50    | 0.87%             | 2028-05-08      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| KOOKMIN BANK                 | Kookmin Bank                                                                | CUSIP: 500498AM2<br>LEI: 549300XXMOJSIW8P4769 | Long             | DBT              | CORP              | KR        |     325000 | PA      | $331474.00    | 0.58%             | 2030-05-08      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR          | Limak Yenilenebilir Enerji A.S.                                             | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |     300000 | PA      | $298891.98    | 0.52%             | 2030-08-12      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| MONTEGO BAY AIRPORT REVE     | Montego Bay Airport Revenue Finance Ltd.                                    | CUSIP: 61238BAA9<br>LEI: 2549008BQQ5ON8H2UC19 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $409000.00    | 0.72%             | 2035-06-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD          | Muthoot Finance Ltd.                                                        | CUSIP: 62828L2D4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     400000 | PA      | $405789.76    | 0.71%             | 2029-04-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NBK TIER 1 LTD               | NBK Tier 1 Ltd.                                                             | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     530000 | PA      | $545635.00    | 0.96%             | 2174-01-10      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NEXA RESOURCES SA            | Nexa Resources S.A.                                                         | CUSIP: 65290DAB9<br>LEI: 549300QRMRHM7GAU7L47 | Long             | DBT              | CORP              | LU        |     275000 | PA      | $291500.00    | 0.51%             | 2034-04-09      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| POSCO HOLDINGS INC           | POSCO Holdings, Inc.                                                        | CUSIP: 693483AJ8<br>LEI: 988400E5HRVX81AYLM04 | Long             | DBT              | CORP              | KR        |     325000 | PA      | $332840.63    | 0.58%             | 2030-05-07      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| POSCO HOLDINGS INC           | POSCO Holdings, Inc.                                                        | CUSIP: 693483AK5<br>LEI: 988400E5HRVX81AYLM04 | Long             | DBT              | CORP              | KR        |     490000 | PA      | $513515.10    | 0.90%             | 2035-05-07      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS          | Petroleos Mexicanos                                                         | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     790000 | PA      | $653646.00    | 1.15%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES      | Philippine Government International Bond                                    | CUSIP: 718286CL9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     890000 | PA      | $598858.75    | 1.05%             | 2045-12-10      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR               | Qatar Government International Bond                                         | CUSIP: 74738PTP3<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     840000 | PA      | $874129.20    | 1.53%             | 2034-05-29      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY     | Uruguay Government International Bond                                       | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     810000 | PA      | $739530.00    | 1.30%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AZERBAIJAN       | Republic of Azerbaijan International Bond                                   | CUSIP: 999999999<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |     320000 | PA      | $297200.00    | 0.52%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN           | Bahrain Government International Bond                                       | CUSIP: 999999999<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     330000 | PA      | $351734.36    | 0.62%             | 2047-09-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN      | Pakistan Government International Bond                                      | CUSIP: 999999999<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     200000 | PA      | $199600.00    | 0.35%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND      | Hungary Government Bond                                                     | CUSIP: 999999999<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  210600000 | PA      | $545079.78    | 0.96%             | 2030-08-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE             | DP World Ltd./United Arab Emirates                                          | CUSIP: 999999999<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     340000 | PA      | $293887.50    | 0.52%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CIFI HOLDINGS GROUP          | CIFI Holdings Group Co., Ltd.                                               | CUSIP: 999999999<br>LEI: 549300WGKSV867C0JF48 | Long             | DBT              | CORP              | KY        |     700000 | PA      | $68600.00     | 0.12%             | 2026-03-28      | None          | 6.55%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC           | Dominican Republic International Bond                                       | CUSIP: 999999999<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     630000 | PA      | $616770.00    | 1.08%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL       | Brazilian Government International Bond                                     | CUSIP: 999999999<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     780000 | PA      | $582660.00    | 1.02%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UZAUTO MOTORS AJ             | Uzauto Motors AJ                                                            | CUSIP: 999999999<br>LEI: 25490082QA3E2MKBZI88 | Long             | DBT              | CORP              | UZ        |     300000 | PA      | $297000.00    | 0.52%             | 2026-05-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH        | Finance Department Government of Sharjah                                    | CUSIP: 999999999<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     400000 | PA      | $274500.00    | 0.48%             | 2050-07-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN CO IN     | Tengizchevroil Finance Co. International Ltd.                               | CUSIP: 999999999<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |     380000 | PA      | $348175.00    | 0.61%             | 2030-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD            | Kosmos Energy Ltd.                                                          | CUSIP: U5007TAB1<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     380000 | PA      | $333807.20    | 0.59%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD            | MDGH GMTN RSC Ltd.                                                          | CUSIP: 999999999<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |     840000 | PA      | $762560.40    | 1.34%             | 2031-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LOGAN GROUP CO LTD           | Logan Group Co., Ltd.                                                       | CUSIP: 999999999<br>LEI: 549300NJ0E6Q0S1VOG90 | Long             | DBT              | CORP              | KY        |     250000 | PA      | $20000.00     | 0.04%             | 2025-10-19      | None          | 5.25%                 | No            |                  2 | On Loan: No      |
| MEGLOBAL BV                  | MEGlobal B.V.                                                               | CUSIP: 999999999<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |     630000 | PA      | $600862.50    | 1.05%             | 2028-04-28      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD         | Petronas Capital Ltd.                                                       | CUSIP: 999999999<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    1050000 | PA      | $723124.50    | 1.27%             | 2061-04-28      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA        | Sri Lanka Government International Bond                                     | CUSIP: YS0724148<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     430000 | PA      | $382055.00    | 0.67%             | 2038-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT           | Ukraine Government International Bond                                       | CUSIP: YV4644170<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     330000 | PA      | $158895.00    | 0.28%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL        | Muangthai Capital PCL                                                       | CUSIP: YV7999126<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     280000 | PA      | $283500.00    | 0.50%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MANAPPURAM FINANCE LTD       | Manappuram Finance Ltd.                                                     | CUSIP: ZB7473281<br>LEI: 335800JL5WTUSKOSPN77 | Long             | DBT              | CORP              | IN        |     300000 | PA      | $306750.00    | 0.54%             | 2028-05-12      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL     | Brazil Notas do Tesouro Nacional Serie F                                    | CUSIP: ZP2084801<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      12830 | PA      | $2169991.85   | 3.81%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| KWG GROUP HOLDINGS           | KWG Group Holdings Ltd.                                                     | CUSIP: 999999999<br>LEI: 549300LK82ZOM9ZE7H90 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $25000.00     | 0.04%             | 2027-08-10      | None          | 5.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND      | Romania Government Bond                                                     | CUSIP: 999999999<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    2555000 | PA      | $541484.92    | 0.95%             | 2029-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND       | Republic of Poland Government Bond                                          | CUSIP: 999999999<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    6080000 | PA      | $1369091.48   | 2.40%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA          | Banco Davivienda S.A.                                                       | CUSIP: 999999999<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     325000 | PA      | $299971.75    | 0.53%             | 2072-10-22      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC               | Czech Republic Government Bond                                              | CUSIP: 999999999<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   22310000 | PA      | $982679.96    | 1.73%             | 2033-03-03      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL     | AES Panama Generation Holdings SRL                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |     291660 | PA      | $275618.51    | 0.48%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR          | Ecuador Government International Bond                                       | CUSIP: 999999999<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     360000 | PA      | $268290.29    | 0.47%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO           | Morocco Government International Bond                                       | CUSIP: 999999999<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     370000 | PA      | $271765.00    | 0.48%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC     | Greensaif Pipelines Bidco Sarl                                              | CUSIP: 999999999<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     630000 | PA      | $674730.00    | 1.18%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| EMIRATES NBD BANK PJSC       | Emirates NBD Bank PJSC                                                      | CUSIP: BP6224854<br>LEI: 54930029BCN8HF3B1286 | Long             | DBT              | CORP              | AE        |     300000 | PA      | $291750.00    | 0.51%             | 2172-11-27      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SA      | EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A.      | CUSIP: 999999999<br>LEI: 2549002TO75PYMY3VY07 | Long             | DBT              | CORP              | ES        |     330000 | PA      | $306900.00    | 0.54%             | 2030-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S     | Petroleos de Venezuela S.A.                                                 | CUSIP: 999999999<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     850000 | PA      | $136212.50    | 0.24%             | 2026-05-16      | None          | 6.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                      | Romanian Government International Bond                                      | CUSIP: 999999999<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     300000 | PA      | $303920.76    | 0.53%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT       | Egypt Government International Bond                                         | CUSIP: BN9715911<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     500000 | PA      | $464690.00    | 0.82%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS       | Galaxy Pipeline Assets Bidco Ltd.                                           | CUSIP: 999999999<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     810000 | PA      | $658789.20    | 1.16%             | 2040-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN       | Republic of Uzbekistan International Bond                                   | CUSIP: 999999999<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     310000 | PA      | $284425.00    | 0.50%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO         | Saudi Arabian Oil Co.                                                       | CUSIP: 999999999<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    1000000 | PA      | $646740.00    | 1.14%             | 2070-11-24      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM            | MC Brazil Downstream Trading SARL                                           | CUSIP: 999999999<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     182442 | PA      | $156352.60    | 0.27%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                 | Ecopetrol S.A.                                                              | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     700000 | PA      | $628390.00    | 1.10%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OOREDOO INTL FINANCE         | Ooredoo International Finance Ltd.                                          | CUSIP: 999999999<br>LEI: 549300BHXCDJ03WU7N77 | Long             | DBT              | CORP              | BM        |     730000 | PA      | $669775.00    | 1.18%             | 2031-04-08      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND     | Thailand Government Bond                                                    | CUSIP: 999999999<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   15500000 | PA      | $543923.01    | 0.95%             | 2052-06-17      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GCC SAB DE CV                | GCC S.A.B. de C.V.                                                          | CUSIP: 999999999<br>LEI: 254900WY9XL8033CKX68 | Long             | DBT              | CORP              | MX        |     595000 | PA      | $541622.55    | 0.95%             | 2032-04-20      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                 | QatarEnergy                                                                 | CUSIP: 999999999<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |     900000 | PA      | $634837.50    | 1.11%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA          | Nigeria Government International Bond                                       | CUSIP: 999999999<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     350000 | PA      | $331058.00    | 0.58%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO            | Trinidad & Tobago Government International Bond                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     250000 | PA      | $254562.50    | 0.45%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE     | Banco Mercantil del Norte S.A./Grand Cayman                                 | CUSIP: BS5321853<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     350000 | PA      | $340637.50    | 0.60%             | 2072-01-24      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                | JSW Steel Ltd.                                                              | CUSIP: 999999999<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |     360000 | PA      | $349740.90    | 0.61%             | 2032-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND      | Turkiye Government Bond                                                     | CUSIP: 999999999<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   10845000 | PA      | $222919.91    | 0.39%             | 2026-09-02      | Fixed         | 16.90%                | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES     | Banco de Credito e Inversiones S.A.                                         | CUSIP: 999999999<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     300000 | PA      | $315112.50    | 0.55%             | 2172-12-12      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND     | Saudi Government International Bond                                         | CUSIP: 999999999<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     390000 | PA      | $390908.70    | 0.69%             | 2054-01-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND     | Saudi Government International Bond                                         | CUSIP: 999999999<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     430000 | PA      | $439298.75    | 0.77%             | 2034-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT        | Gaci First Investment Co.                                                   | CUSIP: 999999999<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |     800000 | PA      | $705250.00    | 1.24%             | 2122-10-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHILE ELECTRICITY LUX        | Chile Electricity Lux Mpc II Sarl                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              |  | LU        |     244376 | PA      | $250485.66    | 0.44%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS       | BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico | CUSIP: 999999999<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     280000 | PA      | $303968.00    | 0.53%             | 2039-01-08      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA            | Ghana Government International Bond                                         | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     234840 | PA      | $196678.50    | 0.35%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RIZAL COMMERCIAL BANKING     | Rizal Commercial Banking Corp.                                              | CUSIP: 999999999<br>LEI: CIKZWI6KV077KV2E2J69 | Long             | DBT              | CORP              | PH        |     280000 | PA      | $288050.00    | 0.51%             | 2029-01-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN     | Magyar Export-Import Bank Zrt                                               | CUSIP: 999999999<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              |  | HU        |     300000 | PA      | $310125.00    | 0.54%             | 2027-12-04      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT     | Shimao Group Holdings Ltd.                                                  | CUSIP: 304708310<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |    1011822 | PA      | $42850.66     | 0.08%             | 2031-07-21      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND     | Thailand Government Bond                                                    | CUSIP: Y603CLBS2<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   15100000 | PA      | $537889.45    | 0.94%             | 2045-06-17      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE         | Raizen Fuels Finance S.A.                                                   | CUSIP: L7909CAE7<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     300000 | PA      | $276330.00    | 0.49%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SHIMAO GROUP HOLDINGS LT     | Shimao Group Holdings Ltd.                                                  | CUSIP: 999999999<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |     160422 | PA      | $8823.21      | 0.02%             | 2026-07-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      78840 | PA      | $10052.10     | 0.02%             | 2027-06-30      | None          | 7.00%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     116397 | PA      | $2618.93      | 0.00%             | 2029-06-30      | None          | 4.50%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      66843 | PA      | $2005.29      | 0.00%             | 2028-06-30      | None          | 4.00%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     155361 | PA      | $2718.82      | 0.00%             | 2030-06-30      | None          | 5.00%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |     217936 | PA      | $1089.68      | 0.00%             | 2031-06-30      | None          | 5.50%                 | No            |                  2 | On Loan: No      |
| YUZHOU GROUP                 | Yuzhou Group Holdings Co., Ltd.                                             | CUSIP: 999999999<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      91789 | PA      | $275.37       | 0.00%             | 2034-06-30      | None          | 1.00%                 | No            |                  2 | On Loan: No      |
| BULGARIA                     | Bulgaria Government International Bond                                      | CUSIP: 999999999<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |     270000 | PA      | $270270.00    | 0.47%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR     | Corp Financiera de Desarrollo S.A.                                          | CUSIP: 999999999<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              |  | PE        |     250000 | PA      | $257000.00    | 0.45%             | 2030-05-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QIC CAYMAN LTD               | QIC Cayman Ltd.                                                             | CUSIP: 999999999<br>LEI: 549300ZO9661UN55F475 | Long             | DBT              | CORP              | KY        |     260000 | PA      | $264677.40    | 0.46%             | 2072-07-07      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| LA CONSTRUCCION SA           | Inversiones La Construccion S.A.                                            | CUSIP: BU0137564<br>LEI: 254900IMQ8BOPW9UKX13 | Long             | DBT              | CORP              | CL        |     305000 | PA      | $294325.00    | 0.52%             | 2032-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT      | Mexican Bonos                                                               | CUSIP: 999999999<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   26380000 | PA      | $1429541.47   | 2.51%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA           | Angolan Government International Bond                                       | CUSIP: 999999999<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     260000 | PA      | $260507.00    | 0.46%             | 2028-05-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS        | Bonos de la Tesoreria de la Republica en pesos                              | CUSIP: 999999999<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  495000000 | PA      | $495679.61    | 0.87%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN PESOS  /           | COLOMBIAN PESOS  /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CO        |      20948 | OU      | $5.34         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTRY GARDEN HLDGS         | Country Garden Holdings Co., Ltd.                                           | CUSIP: G24524BM4<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |     240000 | PA      | $24960.00     | 0.04%             | 2031-01-12      | None          | 3.30%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS          | Braskem Netherlands Finance B.V.                                            | CUSIP: N15516AD4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     230000 | PA      | $86986.00     | 0.15%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                  | Corp Nacional del Cobre de Chile                                            | CUSIP: P3143NBM5<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     410000 | PA      | $264109.70    | 0.46%             | 2051-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA        | Guatemala Government Bond                                                   | CUSIP: P5015VAN6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     320000 | PA      | $274720.00    | 0.48%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY         | Paraguay Government International Bond                                      | CUSIP: P75744AK1<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     360000 | PA      | $318240.00    | 0.56%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-07

**Name of Applicant:** INVESTMENT MANAGERS SERIES TRUST

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President