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        <name>Chile (Republic Of)</name>
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        <name>Colombia (Republic Of)</name>
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        <name>Movida Europe S.A</name>
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        <name>Nbk Tier 1 Financing 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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        <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>Nissan Motor Co Ltd.</name>
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        <name>Nomura Holdings Inc.</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>Pakistan (Islamic Republic of)</name>
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        <name>Turkey (Republic of)</name>
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          <maturityDt>2022-10-04</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mexico (United Mexican States)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-13</maturityDt>
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      <invstOrSec>
        <name>South Africa (Republic of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>British Columbia (Province Of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Volkswagen International Finance N.V.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Utah Acquisition Sub Inc</name>
        <lei>254900JOFV74IJ7H9933</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-15</maturityDt>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <cusip>E11805PZ0</cusip>
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        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-10</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Smiths Group PLC</name>
        <lei>213800MJL6IPZS3ASA11</lei>
        <title>SMINLN 2 02/23/27</title>
        <cusip>G82401MZ3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ireland (Republic Of)</name>
        <lei>549300KXBEJAOJ9OVF93</lei>
        <title>IRISH 0.9 05/15/28</title>
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        <balance>50000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.90000000</annualizedRt>
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        <name>Orsted A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>ORSTED 1 1/2 11/26/29</title>
        <cusip>K7653QAB1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
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        <cusip>D0R6AWQA3</cusip>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Czech (Republic of)</name>
        <lei>3157007EFDLQABN47912</lei>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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        <name>Italy (Republic Of)</name>
        <lei>815600DE60799F5A9309</lei>
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        <name>Nigeria (Federal Republic of)</name>
        <lei>549300GSBZD84TNEQ285</lei>
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        <name>Iron Mountain UK PLC</name>
        <lei>213800OT3BUEZ7P7XW26</lei>
        <title>IRM 3 7/8 11/15/25</title>
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        <name>Naturgy Finance Iberia SA</name>
        <lei>2138005FTXOJUBQ5J563</lei>
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        <name>Spain (Kingdom of)</name>
        <lei>9598007A56S18711AH60</lei>
        <title>SPGB 2.7 10/31/48</title>
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        <name>Motion Bondco Designated Activity Company</name>
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        <name>Holcim Finance (Luxembourg) S.A.</name>
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        <name>VMED O2 UK Financing I PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intesa Sanpaolo S.p.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cellnex Finance Company S.A.U.</name>
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        <invCountry>ES</invCountry>

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        <name>Avenir Issuer Ii (Ireland) Designated Activity Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Unilever Finance Netherlands B.V</name>
        <lei>549300SWJ4YK4LLNT176</lei>
        <title>UNANA 1 3/4 03/25/30</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Takeda Pharmaceutical Co Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>TACHEM 1 07/09/29</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Grifols S.A.</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>GRFSM 3 7/8 10/15/28</title>
        <cusip>E57009AB3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Czech (Republic of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Grupo Antolin-Irausa SA</name>
        <lei>213800OILC5Q9AR63B63</lei>
        <title>ATLNSA 3 1/2 04/30/28</title>
        <cusip>E5700QAD1</cusip>
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        <name>Malaysia (Government Of)</name>
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        <name>Buenos Aires (Province Of)</name>
        <lei>549300L6AYROPOTQ4L07</lei>
        <title>BUENOS 6 3/8 09/01/37</title>
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        <name>Eni SpA</name>
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        <name>Hungary (Republic Of)</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>HGB 4 3/4 11/24/32</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TK Elevator Holdco GmbH</name>
        <lei>2549008GCHWX9EEMIS56</lei>
        <title>THYELE 6 5/8 07/15/28</title>
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      <invstOrSec>
        <name>Tk Elevator Midco GmbH</name>
        <lei>254900K869UN2ZWVB351</lei>
        <title>THYELE 4 3/8 07/15/27</title>
        <cusip>D8T73WAB5</cusip>
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          <isin value="XS2199597456"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altice France Holdings S A</name>
        <lei>5299000JVHXKJPOE6H40</lei>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
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        <cusip>D07112UM1</cusip>
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          <isin value="XS2199266698"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-06</maturityDt>
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          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NGGLN 0.163 01/20/28</title>
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          <isin value="XS2289408440"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-20</maturityDt>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
        <title>LEBAN 6.15 06/19/20</title>
        <cusip>M6S21BAZ6</cusip>
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          <isin value="XS0944226637"/>
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        <curCd>USD</curCd>
        <valUSD>26812.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-19</maturityDt>
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          <annualizedRt>6.15000000</annualizedRt>
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      <invstOrSec>
        <name>Altice Financing S.A.</name>
        <lei>549300DIYGW8HVDF7Q17</lei>
        <title>ALTICE 4 1/4 08/15/29</title>
        <cusip>L01787AF4</cusip>
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          <isin value="XS2373430425"/>
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        <balance>480000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
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      <invstOrSec>
        <name>Medtronic Global Holdings SCA</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>MDT 0 3/4 10/15/32</title>
        <cusip>58507LAU3</cusip>
        <identifiers>
          <isin value="XS2238792175"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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      <invstOrSec>
        <name>INEOS Quattro Finance 2 PLC</name>
        <lei>213800V48W4Y5MT5Q131</lei>
        <title>STYRO 8 1/2 03/15/29</title>
        <cusip>G4772GAD7</cusip>
        <identifiers>
          <isin value="XS2719090636"/>
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        <balance>130000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Glencore Capital Finance Designated Activity Company</name>
        <lei>213800HCUCI1HC7X6Q34</lei>
        <title>GLENLN 1 1/8 03/10/28</title>
        <cusip>G39146AA6</cusip>
        <identifiers>
          <isin value="XS2228892860"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-10</maturityDt>
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          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>Kleopatra Finco S.a r.l.</name>
        <lei>222100M6T1N8VIC8M726</lei>
        <title>KPERST 4 1/4 03/01/26</title>
        <cusip>L5841FAA3</cusip>
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          <isin value="XS2298381307"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Diageo Capital BV</name>
        <lei>213800YHFC48VOL6JY40</lei>
        <title>DGELN 1 1/2 06/08/29</title>
        <cusip>N2771SAC0</cusip>
        <identifiers>
          <isin value="XS2466368938"/>
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        <balance>150000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-08</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>Hungary (Republic Of)</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>HGB 9 1/2 10/21/26</title>
        <cusip>X51627ZX2</cusip>
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          <isin value="HU0000406160"/>
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        <balance>28700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-21</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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        <name>Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC</name>
        <lei>N/A</lei>
        <title>AMPBEV 3 09/01/29</title>
        <cusip>G05210AA0</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Prologis Euro Finance LLC</name>
        <lei>549300MI5D1784PRQH06</lei>
        <title>PLD 4 5/8 05/23/33</title>
        <cusip>74341EAR3</cusip>
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          <isin value="XS2625194811"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-23</maturityDt>
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      <invstOrSec>
        <name>Secretaria Do Tesouro Nacional</name>
        <lei>N/A</lei>
        <title>BNTNF 10 01/01/33</title>
        <cusip>P8T60NKJ9</cusip>
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          <isin value="BRSTNCNTF212"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>888 Acquisitions Ltd.</name>
        <lei>254900RFD0BP3JOPZU89</lei>
        <title>GAMHOL 10 3/4 05/15/30</title>
        <cusip>X1957XAE2</cusip>
        <identifiers>
          <isin value="XS2817891984"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GI</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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          <annualizedRt>10.75000000</annualizedRt>
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      <invstOrSec>
        <name>Softbank Group Corp.</name>
        <lei>5493003BZYYYCDIO0R13</lei>
        <title>SOFTBK 3 7/8 07/06/32</title>
        <cusip>J75963BW7</cusip>
        <identifiers>
          <isin value="XS2362416617"/>
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        <balance>210000.00000000</balance>
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        <valUSD>215001.79000000</valUSD>
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        <name>Bertelsmann SE &amp; Co. KGaA</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>Danone SA</name>
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        <name>Poland (Republic of)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Peru (Republic Of)</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Telefonica Europe B V</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>Ghana (Republic of)</name>
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        <name>Total Capital Canada Ltd.</name>
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        <name>Teva Pharmaceutical Finance Netherlands II B.V</name>
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        <name>Caixabank S.A.</name>
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      <invstOrSec>
        <name>Canada (Government of)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Indonesia (Republic of)</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
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            <amtCurSold>-655168.50000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>500000.00000000</amtCurPur>
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          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTGBP__00220314"/>
        </identifiers>
        <balance>8887.96000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87802353"/>
        <valUSD>142.81000000</valUSD>
        <pctVal>0.000217108362</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-8887.96000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>7700.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2025-07-11</settlementDt>
            <unrealizedAppr>142.81000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTGBP__00220449"/>
        </identifiers>
        <balance>132181.41000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1136.81000000</valUSD>
        <pctVal>0.001728247026</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
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            <amtCurSold>-132181.41000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>100000.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2025-07-11</settlementDt>
            <unrealizedAppr>1136.81000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTGBP__00221305"/>
        </identifiers>
        <balance>116615.97000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87802368"/>
        <valUSD>501.79000000</valUSD>
        <pctVal>0.000762851378</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
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            <amtCurSold>-116615.97000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>100000.00000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2025-07-11</settlementDt>
            <unrealizedAppr>501.79000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTHUF__00221548"/>
        </identifiers>
        <balance>35578.20000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-285.63000000</valUSD>
        <pctVal>-0.00043423192</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-35578.20000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>12600000.00000000</amtCurPur>
            <curPur>HUF</curPur>
            <settlementDt>2025-05-06</settlementDt>
            <unrealizedAppr>-285.63000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - IDR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTIDR__00216791"/>
        </identifiers>
        <balance>45490.39000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-298.39000000</valUSD>
        <pctVal>-0.00045363044</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-45490.39000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>750000000.00000000</amtCurPur>
            <curPur>IDR</curPur>
            <settlementDt>2025-05-06</settlementDt>
            <unrealizedAppr>-298.39000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - INR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTINR__00221204"/>
        </identifiers>
        <balance>78397.51000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>788.88000000</valUSD>
        <pctVal>0.001199302886</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-78397.51000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>6700000.00000000</amtCurPur>
            <curPur>INR</curPur>
            <settlementDt>2025-05-05</settlementDt>
            <unrealizedAppr>788.88000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00219906"/>
        </identifiers>
        <balance>70200.65000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>786.10000000</valUSD>
        <pctVal>0.001195076563</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-70200.65000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>10064000.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2025-07-11</settlementDt>
            <unrealizedAppr>786.10000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00220171"/>
        </identifiers>
        <balance>84786.82000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>187.08000000</valUSD>
        <pctVal>0.000284410282</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
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            <amtCurSold>-84786.82000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>12047000.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2025-07-11</settlementDt>
            <unrealizedAppr>187.08000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - JPY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTJPY__00221130"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt="0.82263150"/>
        <valUSD>-886.67000000</valUSD>
        <pctVal>-0.00134796913</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
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            <amtCurSold>-170000.00000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>29319305.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2025-05-28</settlementDt>
            <unrealizedAppr>-886.67000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - KZT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KZT"/>
        </identifiers>
        <balance>46191.67000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-874.60000000</valUSD>
        <pctVal>-0.00132961959</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-46191.67000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>23300000.00000000</amtCurPur>
            <curPur>KZT</curPur>
            <settlementDt>2025-05-06</settlementDt>
            <unrealizedAppr>-874.60000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - MXN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTMXN__00219785"/>
        </identifiers>
        <balance>171011.01000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9355.21000000</valUSD>
        <pctVal>0.014222353664</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
              <counterpartyLei>6BYL5QZYBDK8S7L73M02</counterpartyLei>
            </counterparties>
            <amtCurSold>-171011.01000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3540000.00000000</amtCurPur>
            <curPur>MXN</curPur>
            <settlementDt>2025-05-08</settlementDt>
            <unrealizedAppr>9355.21000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - MXN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTMXN__00221024"/>
        </identifiers>
        <balance>15814.40000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-30.78000000</valUSD>
        <pctVal>-0.00004679360</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
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            <amtCurSold>-15814.40000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>310000.00000000</amtCurPur>
            <curPur>MXN</curPur>
            <settlementDt>2025-05-13</settlementDt>
            <unrealizedAppr>-30.78000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - MXN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTMXN__00221027"/>
        </identifiers>
        <balance>531350.14000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2478.36000000</valUSD>
        <pctVal>0.003767752132</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
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            <amtCurSold>-531350.14000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>10510000.00000000</amtCurPur>
            <curPur>MXN</curPur>
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            <unrealizedAppr>2478.36000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT - PEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CCTPEN__00219156"/>
        </identifiers>
        <balance>56959.97000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>257.00000000</valUSD>
        <pctVal>0.000390706877</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>US BANK NATIONAL ASSOCIATION</counterpartyName>
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            <amtCurSold>-56959.97000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>210000.00000000</amtCurPur>
            <curPur>PEN</curPur>
            <settlementDt>2025-06-04</settlementDt>
            <unrealizedAppr>257.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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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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        <payoffProfile>N/A</payoffProfile>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="USD"/>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <isRestrictedSec>N</isRestrictedSec>

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      <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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      <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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        <name>N/A</name>
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        <name>N/A</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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        <title>CHINSC 7 05/02/25</title>
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        <name>Country Garden Holdings Co Ltd.</name>
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        <name>Energean PLC</name>
        <lei>549300RVMKU0CYUZBB05</lei>
        <title>ENOGLN 6 1/2 04/30/27</title>
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        <name>Melco Resorts Finance Limited</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MPEL 5 5/8 07/17/27</title>
        <cusip>G5975LAD8</cusip>
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        <name>Melco Resorts Finance Limited</name>
        <lei>5493000FQDBWKDBZEF60</lei>
        <title>MPEL 5 3/4 07/21/28</title>
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        <name>MAF Global Securities Ltd.</name>
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        <name>ITRAXX EUROPE CROSSOVER SERIES 43</name>
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        <name>Mc Brazil Downstream Trading Sarl</name>
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        <name>Energean Israel Finance Ltd.</name>
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        <name>Leviathan Bond Limited</name>
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        <name>Leviathan Bond Limited</name>
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        <name>Leviathan Bond Limited</name>
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        <name>EUREX DEUTSCHLAND</name>
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        </identifiers>
        <balance>6.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88200000"/>
        <valUSD>-25435.63000000</valUSD>
        <pctVal>-0.03866877659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Eurex 30 Year Euro BUXL Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-09</expDate>
            <notionalAmt>800416.10000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-25435.63000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USM5 COMDTY"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3906.24000000</valUSD>
        <pctVal>-0.00593850130</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT US Treasure Bond Futures</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-19</expDate>
            <notionalAmt>-462593.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3906.24000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPL Corp Ltd.</name>
        <lei>213800AQLATW4WEEH674</lei>
        <title>UPLLIN 5 1/4 PERP</title>
        <cusip>V96177AC0</cusip>
        <identifiers>
          <isin value="XS2125139464"/>
        </identifiers>
        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388136.51000000</valUSD>
        <pctVal>0.590068498211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2170-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 5 1/8 06/15/48</title>
        <cusip>X7360WAV4</cusip>
        <identifiers>
          <isin value="XS1837994794"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8780.29000000</valUSD>
        <pctVal>0.013348325655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>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>20202.22000000</valUSD>
        <pctVal>0.030712631532</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>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>99322.07000000</valUSD>
        <pctVal>0.150995392533</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>11138.18000000</valUSD>
        <pctVal>0.016932932038</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>11981.73000000</valUSD>
        <pctVal>0.018215347551</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>Philippines (Republic Of)</name>
        <lei>529900RAHBALMYIJ3T08</lei>
        <title>PHILIP 4.2 03/29/47</title>
        <cusip>Y6972HLP9</cusip>
        <identifiers>
          <isin value="USY6972HLP91"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6525.19000000</valUSD>
        <pctVal>0.009919986820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</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>PT Freeport Indonesia</name>
        <lei>549300T4HTQHRKLNE619</lei>
        <title>FRIDPT 5.315 04/14/32</title>
        <cusip>Y7141BAB9</cusip>
        <identifiers>
          <isin value="USY7141BAB90"/>
        </identifiers>
        <balance>151000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>149178.46000000</valUSD>
        <pctVal>0.226790079237</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>
    </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="ISO country code is not applicable for supra/multinational securities." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-28</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>
