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        <name>Gran Tierra Energy Inc</name>
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        <name>Energo-Pro AS</name>
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        <name>Tencent Holdings Ltd.</name>
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        <name>KB Kookmin Bank</name>
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        <name>Suzano Austria GmbH</name>
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        <name>Ecopetrol S.A.</name>
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        <name>Minejesa Capital BV</name>
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        <name>Hanwha Life Insurance Co., Ltd.</name>
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        <name>African Export-Import Bank</name>
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        <name>CSN Inova Ventures</name>
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        <name>Banco de Credito del Peru</name>
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        <name>Aldar Properties PJSC</name>
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        <name>ENN Clean Energy International Investment Ltd.</name>
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        <name>Ohi Group SA</name>
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        <name>Ihs Holding Limited</name>
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        <name>Compania Cervecerias Unidas S.A.</name>
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        <name>United Overseas Bank Ltd.</name>
        <lei>IO66REGK3RCBAMA8HR66</lei>
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        <name>Studio City Finance Limited</name>
        <lei>254900D6R731QAUIG324</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Melco Resorts Finance Limited</name>
        <lei>5493000FQDBWKDBZEF60</lei>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-21</maturityDt>
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        <name>PRIO Luxembourg Holding S.a r.l.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Woori Bank</name>
        <lei>549300VUVMRL6RE7R376</lei>
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          <maturityDt>N/A</maturityDt>
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        <name>Telecom Argentina SA</name>
        <lei>549300MKPIRSJD8SB782</lei>
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        <name>Movida Europe S.A</name>
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        <name>Adani Ports And Special Economic Zone Ltd.</name>
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        <name>Akbank T.A.S.</name>
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        <name>Sierracol Energy Andina LLC / Sierracol Energy Arauca LLC /Colombia Energy Development Co.</name>
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        <name>Raizen Fuels Finance SA</name>
        <lei>52990010NH26VC32Q522</lei>
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        <name>ADANI RENEWABLE ENERGY (RJ) LTD</name>
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        <name>HTA Group Limited (Mauritius)</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 3.15 10/01/26</title>
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        <name>Muthoot Finance Ltd.</name>
        <lei>335800HAMJMBFL4RRF02</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HDFC Bank Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Studio City Company Limited</name>
        <lei>984500V5401EFT095A58</lei>
        <title>STDCTY 7 02/15/27 144A</title>
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          <isin value="US86400GAC33"/>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Abu Dhabi Crude Oil Pipeline LLC</name>
        <lei>549300DONDFW2383FV66</lei>
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        <cusip>00401MAA4</cusip>
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          <isin value="US00401MAA45"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Mong Duong Finance Holdings B V</name>
        <lei>549300995KGQFMWSV879</lei>
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          <isin value="US60935DAA37"/>
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          <maturityDt>2029-05-07</maturityDt>
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        <name>Sasol Financing USA LLC</name>
        <lei>549300XRB1PFMESFEL85</lei>
        <title>SASOL 6.5 09/27/28</title>
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        <balance>70000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-27</maturityDt>
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        <name>TSMC Global Ltd.</name>
        <lei>549300N2ZLI21P85T117</lei>
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        <invCountry>VG</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Star Energy Geothermal (Wayang Windu) Ltd.</name>
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        <invCountry>VG</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-24</maturityDt>
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        <name>Tsmc Arizona Corp.</name>
        <lei>2549005GOBWLCSY63Q97</lei>
        <title>TAISEM 3.875 04/22/27</title>
        <cusip>872898AF8</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Minejesa Capital BV</name>
        <lei>549300KS7ERCP10BKC35</lei>
        <title>MINCAP 4.625 08/10/30 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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          <couponKind>Fixed</couponKind>
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        <name>Ypf Energia Electrica S.A.</name>
        <lei>5493002XN8FRTYQLR778</lei>
        <title>YPFLUZ 7.875 10/16/32 144A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chile Electricity Luxembourg Mpc II S.a.r.l.</name>
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        <title>CHLMPC 5.58 10/20/35 144A</title>
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        <name>OCP SA</name>
        <lei>213800D26TAPVTCVWG40</lei>
        <title>OCPMR 6.875 04/25/44 144A</title>
        <cusip>67091TAB1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>
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        <name>JBS USA HOLDING LUX SARL</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
        <title>JBS 4.375 02/02/52</title>
        <cusip>46590XAQ9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

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        <name>JSC National Company KazMunayGas</name>
        <lei>2138001H1M69RFJCSH88</lei>
        <title>KZOKZ 3.5 04/14/33 144A</title>
        <cusip>48126PAA0</cusip>
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        <name>DP World Ltd.</name>
        <lei>549300M3U2DNF4QVSS04</lei>
        <title>DPWDU 4.7 09/30/49 144a</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <name>Banco de Credito e Inversiones</name>
        <lei>549300E9E5Y3PKW24142</lei>
        <title>BCICI V7.5 PERP 144A</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Ihs Holding Limited</name>
        <lei>213800CLGMKL63VKTD94</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-11-29</maturityDt>
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        <name>Braskem Netherlands Finance B V</name>
        <lei>2549000TLMHFQ74DS330</lei>
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        <valUSD>13280.05000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Mc Brazil Downstream Trading Sarl</name>
        <lei>213800T2A7R9TYNXZI63</lei>
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        <cusip>55292WAA8</cusip>
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        <valUSD>44388.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Reliance Industries Ltd.</name>
        <lei>5493003UOETFYRONLG31</lei>
        <title>RILIN 3.625 01/12/52 REGS</title>
        <cusip>000000000</cusip>
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          <isin value="USY72570AU16"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26289.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>Turk Telekomunikasyon A.S.</name>
        <lei>789000A2TXOI10JZLF90</lei>
        <title>TURKTI 6.95 10/07/32 144A</title>
        <cusip>90011QAE0</cusip>
        <identifiers>
          <isin value="US90011QAE08"/>
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        <curCd>USD</curCd>
        <valUSD>20489.77000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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        <name>Saudi Arabian Oil Company</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>ARAMCO 4.375 04/16/49 144A</title>
        <cusip>80414L2F1</cusip>
        <identifiers>
          <isin value="US80414L2F13"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44222.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>BANGKOK BANK PCL HONG KONG BRANCH</name>
        <lei>549300CCL2BKJGMYXV60</lei>
        <title>BBLTB V3.733 09/25/34 144A</title>
        <cusip>059895AT9</cusip>
        <identifiers>
          <isin value="US059895AT92"/>
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        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38404.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.73300000</annualizedRt>
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      <invstOrSec>
        <name>Telecom Argentina SA</name>
        <lei>549300MKPIRSJD8SB782</lei>
        <title>TECOAR 9.25 05/28/33 144A</title>
        <cusip>879273AV2</cusip>
        <identifiers>
          <isin value="US879273AV26"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37000.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000000</annualizedRt>
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      <invstOrSec>
        <name>Akbank T.A.S.</name>
        <lei>789000TUMN63Z28TJ497</lei>
        <title>AKBNK V7.875 09/04/35 144A</title>
        <cusip>00971YAM2</cusip>
        <identifiers>
          <isin value="US00971YAM21"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54426.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANLN V6.301 01/09/29 144A</title>
        <cusip>853254CS7</cusip>
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          <isin value="US853254CS76"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18666.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30100000</annualizedRt>
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      <invstOrSec>
        <name>JSC National Company KazMunayGas</name>
        <lei>2138001H1M69RFJCSH88</lei>
        <title>KZOKZ 5.75 04/19/47 144A</title>
        <cusip>48667QAP0</cusip>
        <identifiers>
          <isin value="US48667QAP00"/>
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        <curCd>USD</curCd>
        <valUSD>34437.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Simpar Europe</name>
        <lei>54930068BSUST41D5C30</lei>
        <title>SIMHBZ 5.2 01/26/31 144A</title>
        <cusip>82883PAA2</cusip>
        <identifiers>
          <isin value="US82883PAA21"/>
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        <curCd>USD</curCd>
        <valUSD>42620.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Limak Yenilenebilir Enerji AS</name>
        <lei>789000WFO2FHRONHFN18</lei>
        <title>LIMYEN 9.625 08/12/30 144A</title>
        <cusip>53263MAA0</cusip>
        <identifiers>
          <isin value="US53263MAA09"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2030-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</annualizedRt>
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        <name>Banco General S.A.</name>
        <lei>549300B5C08LGDFB7205</lei>
        <title>BANCOG V5.25 PERP 144A</title>
        <cusip>059597AF1</cusip>
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          <isin value="US059597AF16"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2174-11-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Leviathan Bond Limited</name>
        <lei>254900D9T8VKYVQNZ220</lei>
        <title>LVIATH 6.5 06/30/27</title>
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          <isin value="IL0011677825"/>
          <other otherDesc="SEDOL" value="BMF1012"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>NBK Tier 1 Ltd.</name>
        <lei>5493000G4QCCEE8YHF19</lei>
        <title>NTBKKK V6.375 PERP 144A</title>
        <cusip>62879NAB3</cusip>
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          <isin value="US62879NAB38"/>
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        <curCd>USD</curCd>
        <valUSD>52111.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Eldorado International Finance GMBH</name>
        <lei>2549002HQE45WFK9EY03</lei>
        <title>ECELUP 8.5 12/01/32 144A</title>
        <cusip>284697AC3</cusip>
        <identifiers>
          <isin value="US284697AC38"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26003.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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        <name>Melco Resorts Finance Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vedanta Resources Finance II PLC</name>
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        <name>JSW Hydro Energy Ltd.</name>
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        <name>Banco de Chile</name>
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        <name>Investment Energy Resources Ltd.</name>
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        <name>AngloGold Ashanti Holdings PLC</name>
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        <name>Constellation Oil Services Holding SA</name>
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        <invCountry>LU</invCountry>

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        <name>Suzano Austria GmbH</name>
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        <name>BANGKOK BANK PCL HONG KONG BRANCH</name>
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        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
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        <name>Turkcell Iletisim Hizmetleri AS</name>
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        <name>PTT Treasury Center Co Ltd.</name>
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        <name>Standard Chartered PLC</name>
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        <name>CT Trust</name>
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        <name>AI Candelaria Spain S.A.</name>
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        <name>EIG Pearl Holdings S.a r.l.</name>
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        <name>Sasol Financing USA LLC</name>
        <lei>549300XRB1PFMESFEL85</lei>
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        <name>CSN Resources S.A.</name>
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        <name>Adani Ports And Special Economic Zone Ltd.</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <name>Abu Dhabi National Energy Co PJSC (TAQA)</name>
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        <name>ACWA Power Management &amp; Investments One Ltd.</name>
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        <name>Adani Electricity Mumbai Ltd.</name>
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        <name>Thaioil Treasury Center Co Ltd.</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>Fs Luxembourg SARL</name>
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        <name>Sasol Financing USA LLC</name>
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        <name>Ck Hutchison International 24 II Ltd.</name>
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        <name>Samarco Mineracao SA</name>
        <lei>529900U8HKV15GJC4O60</lei>
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        <name>Energean Israel Finance Ltd.</name>
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        <name>Vedanta Resources Finance II PLC</name>
        <lei>8945002DGA3BBXO3N634</lei>
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        <name>IHS Netherlands Holdco BV</name>
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        <name>Leviathan Bond Limited</name>
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      <invstOrSec>
        <name>GeoPark Ltd.</name>
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        <name>Melco Resorts Finance Limited</name>
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        <name>ATP TOWER HOLDINGS LLC</name>
        <lei>254900CIKL1FQZ45N873</lei>
        <title>ATPTOW 7.875 02/03/30 144A</title>
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          <isin value="US00193BAA08"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vfu Funding PLC</name>
        <lei>213800C9OW7RIPPP6Z96</lei>
        <title>VODUKR 9.625 02/11/27 144A</title>
        <cusip>918212AA9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Scotiabank Peru S.A.A.</name>
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        <title>BNSPE V6.1 10/01/35 144A</title>
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        <name>ADANI GREEN ENERGY (UP) LTD</name>
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        <title>ADGREG 6.7 03/12/42 144A</title>
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        <name>JSC National Company KazMunayGas</name>
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        <title>KZOKZ 6.375 10/24/48 144A</title>
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        <name>WE Soda Investments Holding PLC</name>
        <lei>984500SE38C07DB47A90</lei>
        <title>WESODA 9.5 10/06/28 144A</title>
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        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FMCN 8.625 06/01/31 144A</title>
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        <name>MSU Energy S.A.</name>
        <lei>529900D1ZX75KRP2HC66</lei>
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        <name>Studio City Finance Limited</name>
        <lei>254900D6R731QAUIG324</lei>
        <title>STCITY 6.5 01/15/28 144A</title>
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        <name>RENEW WIND ENERGY (AP 2) PRIVATE LTD</name>
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        <name>Greensaif Pipelines Bidco S.a r.l.</name>
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        <name>Sociedad Quimica y Minera de Chile S A</name>
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        <name>Vamos Europe</name>
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        <name>Zorlu Enerji Elektrik Ueretim AS</name>
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        <name>Trident Energy Finance PLC</name>
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        <name>Adani Ports And Special Economic Zone Ltd.</name>
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        <name>CEMEX S.A.B. de C.V.</name>
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        <name>Orbia Advance Corp S A B De Cv</name>
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        <name>Banco Davivienda SA</name>
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        <name>Tsmc Arizona Corp.</name>
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        <name>Tierra Mojada Luxembourg II S.a r.l.</name>
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        <name>PT Cikarang Listrindo Tbk</name>
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        <name>Orazul Energy Peru SA</name>
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        <name>Abu Dhabi National Energy Co PJSC (TAQA)</name>
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        <name>Banco de Credito del Peru</name>
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        <name>Prosus NV</name>
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        <name>Gruma S.A.B.de C.V.</name>
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        <name>Marcobre S.A.C.</name>
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        <name>Energean Israel Finance Ltd.</name>
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        <name>GENM Capital Labuan Ltd.</name>
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        <name>Anglo American Capital PLC</name>
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        <name>YPF Sociedad Anonima</name>
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        <name>Volcan Compania Minera S.A.A.</name>
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        <name>Akbank T.A.S.</name>
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        <name>Grupo Televisa S.A.B.</name>
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        <name>POINSETTIA FINANCE LTD SARL</name>
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        <name>STAR ENERGY GEOTHERMAL DARAJAT II LTD</name>
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        <name>Azule Energy Finance PLC</name>
        <lei>2138006X6O82RJSQDB63</lei>
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        <name>Metinvest B.V.</name>
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        <name>BOC Aviation (USA) Corp.</name>
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        <name>Royal Capital B.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Melco Resorts Finance Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alpek SAB de CV</name>
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        <invCountry>MX</invCountry>
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        <name>Inversiones CMPC SA</name>
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        <name>Orlen SA</name>
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        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
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        <name>Altice Financing S.A.</name>
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        <name>Ihs Holding Limited</name>
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        <name>Kosmos Energy Ltd</name>
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        <name>Aydem Yenilenebilir Enerji A S</name>
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        <name>Raizen Fuels Finance SA</name>
        <lei>52990010NH26VC32Q522</lei>
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        <name>Prosus NV</name>
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        <valUSD>20234.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.06100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medco Bell Pte Ltd</name>
        <lei>2549003PNDCWIWGKC768</lei>
        <title>MEDCIJ 6.375 01/30/27 REGS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USY56607AA51"/>
          <other otherDesc="SEDOL" value="BKRQ8L7"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70000.00000000</valUSD>
        <pctVal>0.992826295308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shinhan Financial Group Co Ltd.</name>
        <lei>988400EB8A6G49E5KO54</lei>
        <title>SHINFN V2.875 PERP 144A</title>
        <cusip>824596AA8</cusip>
        <identifiers>
          <isin value="US824596AA84"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52668.75000000</valUSD>
        <pctVal>0.747013142014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Virtus Opportunities Trust</ncom:nameOfApplicant>
      <ncom:signature>Amy Hackett</ncom:signature>
      <ncom:signerName>Amy Hackett</ncom:signerName>
      <ncom:title>Vice President and Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
