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        <name>Volkswagen International Finance N.V.</name>
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        <name>Ecuador (Republic Of)</name>
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        <name>Egypt (Arab Republic of)</name>
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        <name>Chicago Board of Trade</name>
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        <name>Altice France Holdings S A</name>
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        <name>Chile (Republic of)</name>
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        <name>Metinvest B.V.</name>
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        <name>Lebanese Republic</name>
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        <name>Energizer Gamma Acquisition B.V.</name>
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        <name>NatWest Group PLC</name>
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        <name>Dominican Republic</name>
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        <name>Bellis Finco PLC</name>
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        <name>Ecuador (Republic Of)</name>
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        <name>Mc Brazil Downstream Trading Sarl</name>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ardagh Packaging Finance plc / Ardagh Holdings USA Inc.</name>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ziggo B.V.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ziggo Bond Company B.V.</name>
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        <name>Comision Federal de Electricidad</name>
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        <name>HSBC Holdings PLC</name>
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        <name>Fondo de Titulizacion de Activos Santander Hipotecario 2</name>
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        <name>Ukraine (Republic of)</name>
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        <name>Gran Tierra Energy International Holdings Ltd.</name>
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        <name>Pemex Project Funding Master Trust</name>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>JSC UzAuto Motors</name>
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        <name>Loxam SAS</name>
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        <name>Poinsettia Finance Ltd.</name>
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        <name>Ghana (Republic of)</name>
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        <name>Theta Capital Pte. Ltd.</name>
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        <name>Nissan Motor Acceptance Co LLC</name>
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        <name>ZF Finance GmbH</name>
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        <name>Investment Energy Resources Ltd.</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <invCountry>CA</invCountry>

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          <maturityDt>2026-03-01</maturityDt>
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        <name>Gabonese (Republic of)</name>
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          <maturityDt>2032-06-15</maturityDt>
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        <name>INEOS Quattro Finance 1 PLC</name>
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        <name>Indika Energy Capital IV Pte Ltd</name>
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        <title>INDYIJ 8 1/4 10/22/25</title>
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        <name>Trivium Packaging Finance BV</name>
        <lei>724500GMZWW3PVYET548</lei>
        <title>TRIVIU 3 3/4 08/15/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Saudi Arabia (Kingdom of)</name>
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        <title>KSA 5 1/2 10/25/32</title>
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          <maturityDt>2032-10-25</maturityDt>
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        <name>Ghana (Republic of)</name>
        <lei>213800PP4399SNNXZ126</lei>
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        <name>Stonegate Pub Company Financing 2019 PLC</name>
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        <name>LMIRT Capital Pte Ltd.</name>
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        <name>Banijay Group SAS</name>
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        <name>Wanda Properties International Co Ltd.</name>
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        <name>Egypt (Arab Republic of)</name>
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        <name>Abertis Infraestructuras SA</name>
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        <name>Mercedes-Benz Group AG</name>
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        <name>Medtronic Global Holdings SCA</name>
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        <name>ENEL Finance International N.V.</name>
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        <name>GlaxoSmithKline Capital PLC</name>
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        <name>Egypt (Arab Republic of)</name>
        <lei>529900GFIVH4086NMH82</lei>
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        <name>Network I2I Ltd.</name>
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        <name>International Consolidated Airlines Group S.A.</name>
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        <name>Barclays PLC</name>
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        <name>JSC National Company KazMunayGas</name>
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        <name>Eskom Holdings SOC Limited</name>
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        <name>Pemex Project Funding Master Trust</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-11</maturityDt>
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          <annualizedRt>1.62100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UPCB Finance VII Limited</name>
        <lei>5493006V3WX8F38SQ991</lei>
        <title>UPCB 3 5/8 06/15/29</title>
        <cusip>G929ZQAA5</cusip>
        <identifiers>
          <isin value="XS1634252628"/>
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        <balance>200000.00000000</balance>
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        <valUSD>167971.35000000</valUSD>
        <pctVal>0.483649376887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PEMEX 6 1/2 01/23/29</title>
        <cusip>71654QCP5</cusip>
        <identifiers>
          <isin value="US71654QCP54"/>
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        <balance>67000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54301.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMGB 5 02/12/29</title>
        <cusip>X5S007EN3</cusip>
        <identifiers>
          <isin value="ROVRZSEM43E4"/>
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        <balance>430000.00000000</balance>
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        <currencyConditional curCd="RON" exchangeRt="4.96900000"/>
        <valUSD>69690.89000000</valUSD>
        <pctVal>0.200664908171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC</name>
        <lei>635400YUJMWFYRBL5293</lei>
        <title>AMPBEV 3 09/01/29</title>
        <cusip>G05210AA0</cusip>
        <identifiers>
          <isin value="XS2310511717"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.01220000"/>
        <valUSD>141879.08000000</valUSD>
        <pctVal>0.408520433010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PEMEX 6.7 02/16/32</title>
        <cusip>71643VAB1</cusip>
        <identifiers>
          <isin value="US71643VAB18"/>
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        <balance>329000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249352.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 4 1/8 03/11/39</title>
        <cusip>X7360WAX0</cusip>
        <identifiers>
          <isin value="XS1892127470"/>
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        <balance>4000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.01220000"/>
        <valUSD>2628.49000000</valUSD>
        <pctVal>0.007568359429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nigeria (Federal Republic of)</name>
        <lei>549300GSBZD84TNEQ285</lei>
        <title>NGERIA 8 3/8 03/24/29</title>
        <cusip>65412JAU7</cusip>
        <identifiers>
          <isin value="US65412JAU79"/>
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        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3631.95000000</valUSD>
        <pctVal>0.010457678374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Angola (Republic of)</name>
        <lei>549300QHR2R3J8JSGK83</lei>
        <title>ANGOL 8 3/4 04/14/32</title>
        <cusip>035198AF7</cusip>
        <identifiers>
          <isin value="US035198AF76"/>
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        <balance>337000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>272932.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Italy (Republic Of)</name>
        <lei>815600DE60799F5A9309</lei>
        <title>BTPS 4 1/2 03/01/24</title>
        <cusip>T6247AWT9</cusip>
        <identifiers>
          <isin value="IT0004953417"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="1.01220000"/>
        <valUSD>242821.10000000</valUSD>
        <pctVal>0.699168481470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Grifols S.A.</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>GRFSM 2 1/4 11/15/27</title>
        <cusip>E5706XAQ1</cusip>
        <identifiers>
          <isin value="XS2077646391"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.01220000"/>
        <valUSD>81878.38000000</valUSD>
        <pctVal>0.235757035158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ireland (Republic Of)</name>
        <lei>549300KXBEJAOJ9OVF93</lei>
        <title>IRISH 5.4 03/13/25</title>
        <cusip>G4935KAW0</cusip>
        <identifiers>
          <isin value="IE00B4TV0D44"/>
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        <balance>76000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.01220000"/>
        <valUSD>80814.91000000</valUSD>
        <pctVal>0.232694926037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>South Africa (Republic of)</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>SOAF 5 3/4 09/30/49</title>
        <cusip>836205BB9</cusip>
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          <isin value="US836205BB97"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14026.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Benin (The Republic of)</name>
        <lei>635400Q11P6AE5A5Y230</lei>
        <title>BENIN 4 7/8 01/19/32</title>
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          <isin value="XS2278994681"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BJ</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Gabonese (Republic of)</name>
        <lei>213800XA7X746GRPXA35</lei>
        <title>GABON 6 3/8 12/12/24</title>
        <cusip>362420AB7</cusip>
        <identifiers>
          <isin value="US362420AB78"/>
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        <balance>37000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34160.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Colombia (Republic of)</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>COLOM 3 01/30/30</title>
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          <isin value="US195325DR36"/>
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        <valUSD>89888.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Informa PLC</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>INFLN 2 1/8 10/06/25</title>
        <cusip>G4770LAY2</cusip>
        <identifiers>
          <isin value="XS2240507801"/>
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        <balance>250000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-06</maturityDt>
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          <annualizedRt>2.12500000</annualizedRt>
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      <invstOrSec>
        <name>China SCE Group Holdings Limited</name>
        <lei>549300Q8UEI2ERAP6P49</lei>
        <title>CHINSC 7 3/8 04/09/24</title>
        <cusip>G21190AB2</cusip>
        <identifiers>
          <isin value="XS1974405893"/>
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        <balance>636000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85860.00000000</valUSD>
        <pctVal>0.247221538075</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Studio City Finance Limited</name>
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        <name>Softbank Group Corp.</name>
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        <name>Banco Bilbao Vizcaya Argentaria, S.A.</name>
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        <name>Bankinter 10 Fondo de Titulizacion de Activos</name>
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        <name>Studio City Finance Limited</name>
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        <name>Bellis Acquisition Co PLC</name>
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            <curPur>USD</curPur>
            <settlementDt>2023-01-27</settlementDt>
            <unrealizedAppr>208.36000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-11-28</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>
</edgarSubmission>
