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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>Aydem Yenilenebilir Enerji A S</name>
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        <name>Azule Energy Finance PLC</name>
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        <name>Banco Davivienda SA</name>
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        <name>Banco de Credito e Inversiones</name>
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        <name>Banco Mercantil Del Norte SA Cayman Islands Branch</name>
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        <name>Booking Holdings Inc</name>
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        <name>Brazil (Federative Republic)</name>
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        <name>Capital Power (US Holdings) Inc</name>
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        <name>CEMEX S.A.B. de C.V.</name>
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        <name>NBK Tier 1 Ltd.</name>
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        <name>NatWest Group 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>Nigeria (Federal Republic of)</name>
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        <name>Nigeria (Federal Republic of)</name>
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        <name>Nigeria (Federal Republic of)</name>
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        <name>Nippon Life Insurance Co.</name>
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        <name>Nomura Holdings Inc.</name>
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        <name>OCP SA</name>
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        <name>Ohi Group SA</name>
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        <name>South Africa (Republic of)</name>
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        <name>South Africa (Republic of)</name>
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        <name>Studio City Finance Limited</name>
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        <name>Belgium (Kingdom Of)</name>
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        <name>Spain (Kingdom of)</name>
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        <name>El Salvador (Republic of)</name>
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        <name>Fondo de Titulizacion de Activos Santander Hipotecario 2</name>
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          <isin value="ES0382042002"/>
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        <name>Country Garden Holdings Co Ltd.</name>
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          <isin value="KYG245241032"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Italy (Republic Of)</name>
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          <isin value="IT0004286966"/>
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        <name>Italy (Republic Of)</name>
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        <name>Lebanese Republic</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>Mexico (United Mexican States)</name>
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        <name>British Columbia (Province Of)</name>
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        <issuerCat>MUN</issuerCat>
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        <name>Volkswagen International Finance N.V.</name>
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        <name>Ivory Coast (Republic Of)</name>
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        <name>Utah Acquisition Sub Inc</name>
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        <name>European Investment Bank</name>
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        <name>France (Republic Of)</name>
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        <name>Allianz SE</name>
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        <name>Secretaria Do Tesouro Nacional</name>
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        <name>JAB Holdings B.V.</name>
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        <name>Ministerio de Hacienda y Credito Publico</name>
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        <name>JAB Holdings B.V.</name>
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        <name>Orange SA</name>
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        <name>Ukraine (Republic of)</name>
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        <name>Ukraine (Republic of)</name>
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        <name>Ukraine (Republic of)</name>
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        <name>Motion Bondco Designated Activity Company</name>
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        <name>Cellnex Finance Company S.A.U.</name>
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        <name>Avenir Issuer Ii (Ireland) Designated Activity Company</name>
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        <name>Airbus SE</name>
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        <name>Grifols S.A.</name>
        <lei>959800HSSNXWRKBK4N60</lei>
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        <cusip>E57009AB3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Czech (Republic of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Virgin Media Vendor Financing Notes III Designated Activity Company</name>
        <lei>635400SSKC2QCGEPIQ43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Poland (Republic of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Malaysia (Government Of)</name>
        <lei>254900GSIL471JOBYY43</lei>
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          <isin value="MYBMO2000028"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Buenos Aires (Province Of)</name>
        <lei>549300L6AYROPOTQ4L07</lei>
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        <invCountry>AR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Eni SpA</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Albion Financing 1 S.a.r.l.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Tk Elevator Midco GmbH</name>
        <lei>254900K869UN2ZWVB351</lei>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Organon &amp; Co</name>
        <lei>549300AMCKY57OK2CO56</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>National Grid PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice Financing S.A.</name>
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        <name>Ardonagh Finco Ltd.</name>
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        <name>Medtronic Global Holdings SCA</name>
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        <name>INEOS Quattro Finance 2 PLC</name>
        <lei>213800V48W4Y5MT5Q131</lei>
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        <name>Spain (Kingdom of)</name>
        <lei>9598007A56S18711AH60</lei>
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        <name>Ukraine (Republic of)</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>UKRAIN 4 02/01/32</title>
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        <invCountry>UA</invCountry>

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        <name>Kleopatra Finco S.a r.l.</name>
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        <name>Tesco Corporate Treasury Services PLC</name>
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        <name>Prologis Euro Finance LLC</name>
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        <name>888 Acquisitions Ltd.</name>
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        <name>United Group B.V.</name>
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        <name>Softbank Group Corp.</name>
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        <name>South Africa (Republic of)</name>
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        <name>Bertelsmann SE &amp; Co. KGaA</name>
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        <name>Italy (Republic Of)</name>
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        <name>Motability Operations Group PLC</name>
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        <name>Telefonica Emisiones S.A.U.</name>
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        <name>South Africa (Republic of)</name>
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        <name>Transurban Finance Company Pty Ltd.</name>
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        <name>Carrefour S.A.</name>
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        <name>Ghana (Republic of)</name>
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        <name>Ghana (Republic of)</name>
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        <name>Romania (Republic Of)</name>
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        <name>Banco Santander SA</name>
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        <name>Total Capital Canada Ltd.</name>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>Autostrade per l'Italia S.p.A.</name>
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        <name>Stellantis N.V</name>
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        <name>Perrigo Finance Unlimited Co.</name>
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        <name>Inter-American Development Bank</name>
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        <name>Sri Lanka (Democratic Socialist Republic of)</name>
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        <name>Sri Lanka (Democratic Socialist Republic of)</name>
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        <name>Sri Lanka (Democratic Socialist Republic of)</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Molson Coors Beverage Company</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
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        <name>Amcor UK Finance PLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Blackrock Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pinewood Finco PLC</name>
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        <name>Poland (Republic of)</name>
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        <name>Indonesia (Republic of)</name>
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        <name>Altice France Lux 3</name>
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        <name>Flutter Treasury Designated Activity Co.</name>
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        <name>Germany (Federal Republic Of)</name>
        <lei>529900AQBND3S6YJLY83</lei>
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        <name>CPI Property Group S.A.</name>
        <lei>222100CO2ZOTEPGJO223</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Motability Operations Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Beach Acquisition Bidco LLC</name>
        <lei>254900F2FNX3GBTB6202</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Bulgaria (Republic Of)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice France SAS</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>SFRFP 7 1/4 11/01/29</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Energo-Pro AS</name>
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        <name>Iron Mountain Inc.</name>
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        <name>Trivium Packaging Finance BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Softbank Group Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Altice Luxembourg FR SA</name>
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        <title>ALTICE FRANCE HLDG CVR</title>
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        <name>Country Garden Holdings Co Ltd.</name>
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        <name>Italy (Republic Of)</name>
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        <name>Canada (Government of)</name>
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        <name>Ontario (Province Of)</name>
        <lei>C7PVKCRGLG18EBQGZV36</lei>
        <title>ONT 2.8 06/02/48</title>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <title>CURRENCY CONTRACT - CLP</title>
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      </invstOrSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <lei>N/A</lei>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>CDX.EM SERIES 44</name>
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        <name>AI Candelaria Spain S.A.</name>
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        <name>Chicago Board of Trade</name>
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        <name>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</name>
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        <name>Bermuda (Government of)</name>
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        <name>China SCE Group Holdings Ltd.</name>
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        <name>INEOS Finance PLC</name>
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        <name>Kosmos Energy GTA Holdings</name>
        <lei>984500ABK08A8BAAHB84</lei>
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        <name>SAB AT1 Ltd.</name>
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        <name>Mc Brazil Downstream Trading Sarl</name>
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        <name>African Export-Import Bank</name>
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        <name>Energean Israel Finance Ltd.</name>
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        <name>Leviathan Bond Limited</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 7 1/8 01/17/33</title>
        <cusip>X7360WCQ3</cusip>
        <identifiers>
          <isin value="XS2571923007"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21886.78000000</valUSD>
        <pctVal>0.018079534435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</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>Export-Import Bank of India</name>
        <lei>335800OFZ8YEIVN1QI11</lei>
        <title>EXIMBK 5 1/2 01/13/35</title>
        <cusip>Y2387VAA1</cusip>
        <identifiers>
          <isin value="USY2387VAA18"/>
        </identifiers>
        <balance>27000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28066.48000000</valUSD>
        <pctVal>0.023184264274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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 3/8 01/30/27</title>
        <cusip>Y56607AA5</cusip>
        <identifiers>
          <isin value="USY56607AA51"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100178.15000000</valUSD>
        <pctVal>0.082751976881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>Y</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>Malaysia Wakala Sukuk Berhad</name>
        <lei>254900MRLMI21YQTK511</lei>
        <title>MALAYS 3.075 04/28/51</title>
        <cusip>Y57542AB1</cusip>
        <identifiers>
          <isin value="USY57542AB15"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11429.53000000</valUSD>
        <pctVal>0.009441342271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.07500000</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>PETRONAS Capital Ltd.</name>
        <lei>549300G7YFX3540OYR85</lei>
        <title>PETMK 2.48 01/28/32</title>
        <cusip>Y6886MAE0</cusip>
        <identifiers>
          <isin value="USY6886MAE04"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12586.33000000</valUSD>
        <pctVal>0.010396914788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.48000000</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>PT Freeport Indonesia</name>
        <lei>549300T4HTQHRKLNE619</lei>
        <title>FRIDPT 5.315 04/14/32</title>
        <cusip>Y7141BAB9</cusip>
        <identifiers>
          <isin value="USY7141BAB90"/>
        </identifiers>
        <balance>181000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>184520.09000000</valUSD>
        <pctVal>0.152422481566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.31500000</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>PT Freeport Indonesia</name>
        <lei>549300T4HTQHRKLNE619</lei>
        <title>FRIDPT 6.2 04/14/52</title>
        <cusip>Y7141BAC7</cusip>
        <identifiers>
          <isin value="USY7141BAC73"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28551.68000000</valUSD>
        <pctVal>0.023585062843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</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>Froneri Lux Finco S.a r.l.</name>
        <lei>9845005YBZ75E5AA3B94</lei>
        <title>ICECR 4 3/4 08/01/32</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3123697453"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84320000"/>
        <valUSD>479005.50000000</valUSD>
        <pctVal>0.395681613824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
      <explntrNote note="Securities in this fund trade in CNY Currency" noteItem="C.11.d.iv"/>
      <explntrNote note="Securities in this fund trade in CNY Currency" noteItem="C.2.b"/>
      <explntrNote note="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
