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      <invstOrSec>
        <name>Slovak Republic</name>
        <lei>097900BHFM0000074794</lei>
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          <isin value="US831588AB47"/>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Russian Federation</name>
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        <title>Russian Federation</title>
        <cusip>N/A</cusip>
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          <isin value="XS0088543193"/>
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        <invCountry>RU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-24</maturityDt>
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      <invstOrSec>
        <name>Republic of Turkey</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Power Sector Assets &amp; Liabilities Management Corp.</name>
        <lei>N/A</lei>
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          <isin value="US73933BAB09"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-02</maturityDt>
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          <annualizedRt>7.39000000</annualizedRt>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
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          <isin value="US91086QAV05"/>
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        <valUSD>128843.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Republic of Uruguay</title>
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          <isin value="US760942BD38"/>
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        <valUSD>135304.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-20</maturityDt>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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          <isin value="US105756BS83"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-01-22</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
        <cusip>900123CB4</cusip>
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          <isin value="US900123CB40"/>
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        <curCd>USD</curCd>
        <valUSD>197656.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Republic of Colombia</name>
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        <curCd>USD</curCd>
        <valUSD>251573.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>Republic of the Philippines</name>
        <lei>529900RAHBALMYIJ3T08</lei>
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        <valUSD>276168.75000000</valUSD>
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        <invCountry>PH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-16</maturityDt>
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          <annualizedRt>10.62500000</annualizedRt>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <invCountry>BR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-07</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Ukraine</name>
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        <invCountry>UA</invCountry>
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        <name>State Oil Co. of the Azerbaijan Republic</name>
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        <name>Russian Federation</name>
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        <title>Russian Federation</title>
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        <name>Republic of Turkey</name>
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        <title>Republic of Turkey</title>
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        <invCountry>TR</invCountry>
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        <name>State of Qatar</name>
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        <name>Republic of South Africa</name>
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        <invCountry>ZA</invCountry>
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        <name>Kingdom of Morocco</name>
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        <invCountry>MA</invCountry>
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      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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          <isin value="US195325BK01"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-18</maturityDt>
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      <invstOrSec>
        <name>Oman Government International Bond</name>
        <lei>549300SZ20F0QTKNQC75</lei>
        <title>Oman Government International Bond</title>
        <cusip>68205LAB9</cusip>
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          <isin value="US68205LAB99"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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          <isin value="US195325DL65"/>
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        <balance>216000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-25</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Islamic Republic of Pakistan</name>
        <lei>529900LOP29R5WKHOD86</lei>
        <title>Republic of Pakistan</title>
        <cusip>695847AK9</cusip>
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          <isin value="US695847AK91"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>438000.00000000</valUSD>
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        <invCountry>PK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-15</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Emirate of Abu Dhabi United Arab Emirates</name>
        <lei>213800FER4348CINTA77</lei>
        <title>Abu Dhabi Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="XS1696892295"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313875.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-11</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Panama</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Republic of Panama</title>
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          <isin value="US698299BF03"/>
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        <balance>200000.00000000</balance>
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        <valUSD>217750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Cote d'Ivoire</name>
        <lei>254900ICW11T82O6H590</lei>
        <title>Republic of Cote d'Ivoire</title>
        <cusip>221625AK2</cusip>
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          <isin value="XS0496608984"/>
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        <balance>176880.00000000</balance>
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        <valUSD>173452.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.74999900</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Kazakhstan</name>
        <lei>5493007OEK8EF02UO833</lei>
        <title>Republic of Kazakhstan</title>
        <cusip>486661AE1</cusip>
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          <isin value="US486661AE13"/>
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        <balance>350000.00000000</balance>
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        <valUSD>373712.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KZ</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Kingdom of Bahrain</name>
        <lei>549300RODM1WN85LFQ95</lei>
        <title>Kingdom of Bahrain</title>
        <cusip>05674RAC8</cusip>
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          <isin value="US05674RAC88"/>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262800.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Development Bank of Kazakhstan JSC</name>
        <lei>213800LCDPGJ1BI7KX98</lei>
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        <cusip>25159XAB9</cusip>
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        <invCountry>KZ</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-10</maturityDt>
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      <invstOrSec>
        <name>Republic of South Africa</name>
        <lei>N/A</lei>
        <title>Republic of South Africa</title>
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        <valUSD>192525.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <name>Hazine Mustesarligi Varlik Kiralama A/S</name>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-25</maturityDt>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
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        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-01-31</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
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        <balance>275000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Abu Dhabi Crude Oil Pipeline LLC</name>
        <lei>549300DONDFW2383FV66</lei>
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        <balance>400000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-02</maturityDt>
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          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
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        <valUSD>145531.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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      <invstOrSec>
        <name>Corp. Nacional del Cobre de Chile</name>
        <lei>549300UVMBCBCIPSUI70</lei>
        <title>Corp. Nacional del Cobre de Chile</title>
        <cusip>21987BAW8</cusip>
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          <isin value="US21987BAW81"/>
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        <balance>372000.00000000</balance>
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        <valUSD>387693.75000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <name>Sharjah Sukuk Program Ltd.</name>
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        <name>United Mexican States</name>
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        <name>Republic of Azerbaijan</name>
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        <name>Federative Republic of Brazil</name>
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        <name>Oman Government International Bond</name>
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        <name>Oriental Republic of Uruguay</name>
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        <name>Sinopec Group Overseas Development 2015 Ltd.</name>
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        <name>CNAC HK Finbridge Co. Ltd.</name>
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      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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          <isin value="US903724BM37"/>
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        <valUSD>864875.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-25</maturityDt>
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          <annualizedRt>7.37500000</annualizedRt>
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      <invstOrSec>
        <name>Hazine Mustesarligi Varlik Kiralama A/S</name>
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        <title>Hazine Mustesarligi Varlik Kiralama A/S</title>
        <cusip>421790AE6</cusip>
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          <isin value="US421790AE63"/>
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        <curCd>USD</curCd>
        <valUSD>201500.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-06</maturityDt>
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          <annualizedRt>5.00400000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
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          <isin value="US900123CM05"/>
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        <curCd>USD</curCd>
        <valUSD>171125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
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          <isin value="US900123CJ75"/>
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        <balance>582000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>535258.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Republic of Uruguay</title>
        <cusip>760942BA9</cusip>
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          <isin value="US760942BA98"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QBB7</cusip>
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          <isin value="US71654QBB77"/>
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        <balance>165000.00000000</balance>
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        <valUSD>170723.44000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>N/A</lei>
        <title>Government of Dominican Republic</title>
        <cusip>N/A</cusip>
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          <isin value="USP3579EBV85"/>
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        <balance>234000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254182.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banque Centrale de Tunisie International Bond</name>
        <lei>254900B5LFB16S9T2T11</lei>
        <title>Banque Centrale de Tunisie International Bond</title>
        <cusip>066716AH4</cusip>
        <identifiers>
          <isin value="US066716AH49"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-30</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of Chile</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Republic of Chile</title>
        <cusip>168863CF3</cusip>
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          <isin value="US168863CF36"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.24000000</annualizedRt>
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      <invstOrSec>
        <name>KazMunayGas National Co. JSC</name>
        <lei>2138001H1M69RFJCSH88</lei>
        <title>KazMunayGas National Co. JSC</title>
        <cusip>48667QAQ8</cusip>
        <identifiers>
          <isin value="US48667QAQ82"/>
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        <balance>211000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243496.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-24</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
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        <balance>200000.00000000</balance>
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        <valUSD>239062.50000000</valUSD>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-17</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CNOOC Curtis Funding No. 1 Pty. Ltd.</name>
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        <cusip>12626HAA9</cusip>
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          <isin value="US12626HAA95"/>
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        <valUSD>214500.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-03</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>KazMunayGas National Co. JSC</name>
        <lei>2138001H1M69RFJCSH88</lei>
        <title>KazMunayGas National Co. JSC</title>
        <cusip>48667QAS4</cusip>
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          <isin value="US48667QAS49"/>
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        <valUSD>253600.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-24</maturityDt>
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        <name>State of Qatar</name>
        <lei>52990074F6OJOAXK4P65</lei>
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        <invCountry>QA</invCountry>
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          <annualizedRt>5.10300000</annualizedRt>
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        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Republic of Ukraine</title>
        <cusip>903724AP7</cusip>
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          <isin value="US903724AP76"/>
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        <balance>375000.00000000</balance>
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        <valUSD>397500.00000000</valUSD>
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        <invCountry>UA</invCountry>
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        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Oman Government International Bond</name>
        <lei>549300SZ20F0QTKNQC75</lei>
        <title>Oman Government International Bond</title>
        <cusip>682051AC1</cusip>
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          <isin value="US682051AC17"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296175.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>OM</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Corp. Nacional del Cobre de Chile</name>
        <lei>549300UVMBCBCIPSUI70</lei>
        <title>Corp. Nacional del Cobre de Chile</title>
        <cusip>21987BAX6</cusip>
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          <isin value="US21987BAX64"/>
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        <curCd>USD</curCd>
        <valUSD>221037.19000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
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        <name>Republic of Colombia</name>
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        <name>Sinopec Group Overseas Development 2017 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vnesheconombank Via VEB Finance plc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-22</maturityDt>
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          <annualizedRt>6.80000000</annualizedRt>
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      <invstOrSec>
        <name>Eskom Holdings SOC Ltd.</name>
        <lei>3789001900ED06F65111</lei>
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          <isin value="US29646AAB26"/>
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        <valUSD>294735.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-11</maturityDt>
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        <name>Third Pakistan International Sukuk Co. Ltd. (The)</name>
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          <isin value="US88429JAB26"/>
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        <valUSD>202500.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Republic of the Philippines</name>
        <lei>529900RAHBALMYIJ3T08</lei>
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        <invCountry>PH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-02</maturityDt>
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          <annualizedRt>9.50000000</annualizedRt>
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        <name>Republic of Peru</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Kingdom of Bahrain</name>
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        <cusip>05674RAF1</cusip>
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          <isin value="US05674RAF10"/>
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        <valUSD>370554.38000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-26</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-12</maturityDt>
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        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
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          <isin value="US195325BD67"/>
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        <invCountry>CO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-21</maturityDt>
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          <annualizedRt>8.12500000</annualizedRt>
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        <name>Republic of Poland</name>
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        <invCountry>PL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-17</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Comision Federal de Electricidad</name>
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        <invCountry>MX</invCountry>
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          <maturityDt>2027-02-23</maturityDt>
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        <name>Plurinational State of Bolivia</name>
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        <name>JPMorgan U.S. Government Money Market Fund</name>
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        <name>Emirate of Abu Dhabi United Arab Emirates</name>
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        <name>Republic of Indonesia</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
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        <name>Republic of Kenya</name>
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        <name>Pertamina Persero PT</name>
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        <invCountry>ID</invCountry>
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        <name>Romania</name>
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        <name>Republic of Turkey</name>
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        <name>Eskom Holdings SOC Ltd.</name>
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        <name>Federative Republic of Brazil</name>
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          <maturityDt>2034-01-20</maturityDt>
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        <name>Republic of Indonesia</name>
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        <name>Republic of Croatia</name>
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        <invCountry>HR</invCountry>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>State of Qatar</name>
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        <name>Saudi Arabian Oil Co.</name>
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        <name>Ukraine</name>
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        <name>Republic of the Philippines</name>
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        <name>Dominican Republic</name>
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        <name>Republic of Azerbaijan</name>
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        <invCountry>AZ</invCountry>
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        <name>Republic of Ecuador</name>
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        <name>State Grid Overseas Investment 2016 Ltd.</name>
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        <name>Oman Government International Bond</name>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Qatar</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>State of Qatar</title>
        <cusip>74727PAE1</cusip>
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          <isin value="US74727PAE16"/>
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        <balance>97000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159504.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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          <annualizedRt>9.75000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Oman Government International Bond</name>
        <lei>549300SZ20F0QTKNQC75</lei>
        <title>Oman Government International Bond</title>
        <cusip>682051AF4</cusip>
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          <isin value="US682051AF48"/>
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        <balance>777000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727223.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>OM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-08</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Petronas Capital Ltd.</name>
        <lei>549300G7YFX3540OYR85</lei>
        <title>Petronas Capital Ltd.</title>
        <cusip>716743AJ8</cusip>
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          <isin value="US716743AJ85"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262109.38000000</valUSD>
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        <invCountry>MY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-18</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91086QBG2</cusip>
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          <isin value="US91086QBG29"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775070.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petronas Capital Ltd.</name>
        <lei>549300G7YFX3540OYR85</lei>
        <title>Petronas Capital Ltd.</title>
        <cusip>716743AL3</cusip>
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          <isin value="US716743AL32"/>
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        <balance>231000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>283480.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>MY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gabonese Republic</name>
        <lei>N/A</lei>
        <title>Gabonese Republic</title>
        <cusip>362420AB7</cusip>
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          <isin value="US362420AB78"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>439450.00000000</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>
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          <annualizedRt>6.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QBX9</cusip>
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          <isin value="US71654QBX97"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485718.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Socialist Republic of Vietnam</name>
        <lei>5493008AE7RS4XK4BZ08</lei>
        <title>Republic of Vietnam</title>
        <cusip>92671CAA6</cusip>
        <identifiers>
          <isin value="US92671CAA62"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218537.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>VN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kuwait International Government Bond</name>
        <lei>549300FSC1YD0D9XX589</lei>
        <title>Kuwait Government Bond</title>
        <cusip>501499AB3</cusip>
        <identifiers>
          <isin value="US501499AB36"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429125.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petronas Capital Ltd.</name>
        <lei>549300G7YFX3540OYR85</lei>
        <title>Petronas Capital Ltd.</title>
        <cusip>716743AB5</cusip>
        <identifiers>
          <isin value="US716743AB59"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
        <cusip>900123AY6</cusip>
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          <isin value="US900123AY60"/>
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        <balance>172000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172537.50000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Romania</name>
        <lei>N/A</lei>
        <title>Republic of Romania</title>
        <cusip>77586RAC4</cusip>
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          <isin value="US77586RAC43"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129750.00000000</valUSD>
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        <invCountry>RO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-22</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Emirate of Abu Dhabi United Arab Emirates</name>
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        <title>Abu Dhabi Government Bond</title>
        <cusip>29135LAC4</cusip>
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          <isin value="US29135LAC46"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303375.00000000</valUSD>
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        <invCountry>AE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-11</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>State of Qatar</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>State of Qatar</title>
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          <isin value="US74727PBA84"/>
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        <balance>214000.00000000</balance>
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        <invCountry>QA</invCountry>
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          <maturityDt>2029-03-14</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
        <cusip>038461AL3</cusip>
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          <isin value="US038461AL31"/>
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        <balance>330000.00000000</balance>
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        <valUSD>359700.00000000</valUSD>
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        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-31</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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        <name>Republic of Cote d'Ivoire</name>
        <lei>254900ICW11T82O6H590</lei>
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          <isin value="XS1632632037"/>
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        <balance>200000.00000000</balance>
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        <valUSD>195625.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Dominican Republic</name>
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        <title>Government of Dominican Republic</title>
        <cusip>25714PBY3</cusip>
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          <isin value="US25714PBY34"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352171.88000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-18</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>715638AP7</cusip>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>181225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Southern Gas Corridor CJSC</name>
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        <name>Hungary</name>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>OM</invCountry>
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        <name>Export-Import Bank of China (The)</name>
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        <name>Perusahaan Penerbit SBSN Indonesia III</name>
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        <lei>N/A</lei>
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          <isin value="US25714PDZ80"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Arab Republic of Egypt</name>
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          <maturityDt>2047-01-31</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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        <name>Republic of Panama</name>
        <lei>549300SHS4T08CL0LP14</lei>
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          <isin value="US698299AW45"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-26</maturityDt>
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          <annualizedRt>6.70000000</annualizedRt>
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        <name>Saudi Arabian Oil Co.</name>
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        <title>Saudi Arabian Oil Co.</title>
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          <isin value="US80414L2C81"/>
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        <balance>337000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>341718.00000000</valUSD>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-16</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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        <name>Oriental Republic of Uruguay</name>
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          <isin value="US760942AS16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-21</maturityDt>
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        <name>Jamaica</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-28</maturityDt>
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          <annualizedRt>7.87500000</annualizedRt>
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        <name>Russian Federation</name>
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        <cusip>N/A</cusip>
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        <invCountry>RU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-23</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Republic of Uruguay</title>
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        <invCountry>UY</invCountry>
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          <maturityDt>2024-08-14</maturityDt>
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        <name>United Mexican States</name>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2110-10-12</maturityDt>
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        <name>Republic of Turkey</name>
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        <invCountry>TR</invCountry>
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          <maturityDt>2040-05-30</maturityDt>
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        <name>Kingdom of Bahrain</name>
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        <name>Federative Republic of Brazil</name>
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        <name>Oriental Republic of Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Republic of Uruguay</title>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
        <cusip>900123BG4</cusip>
        <identifiers>
          <isin value="US900123BG46"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97718.75000000</valUSD>
        <pctVal>0.129864370931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QBH4</cusip>
        <identifiers>
          <isin value="US71654QBH48"/>
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        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114510.00000000</valUSD>
        <pctVal>0.152179281001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
        <title>Republic of Ukraine</title>
        <cusip>903724AR3</cusip>
        <identifiers>
          <isin value="US903724AR33"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253560.00000000</valUSD>
        <pctVal>0.336971255704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>Republic of the Philippines</name>
        <lei>529900RAHBALMYIJ3T08</lei>
        <title>Republic of the Philippines</title>
        <cusip>718286BD8</cusip>
        <identifiers>
          <isin value="US718286BD89"/>
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        <balance>296000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>401542.50000000</valUSD>
        <pctVal>0.533634171177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jamaica</name>
        <lei>N/A</lei>
        <title>Jamaica Government International Bond</title>
        <cusip>470160AV4</cusip>
        <identifiers>
          <isin value="US470160AV46"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131937.50000000</valUSD>
        <pctVal>0.175339742268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>195325CU7</cusip>
        <identifiers>
          <isin value="US195325CU73"/>
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        <balance>437000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>502003.75000000</valUSD>
        <pctVal>0.667143216618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jamaica</name>
        <lei>N/A</lei>
        <title>Jamaica Government International Bond</title>
        <cusip>470160CA8</cusip>
        <identifiers>
          <isin value="US470160CA80"/>
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        <balance>230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>270465.63000000</valUSD>
        <pctVal>0.359438172290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>State of Qatar</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>State of Qatar</title>
        <cusip>74727PAV3</cusip>
        <identifiers>
          <isin value="US74727PAV31"/>
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        <balance>297000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>360205.31000000</valUSD>
        <pctVal>0.478698673379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91086QAZ1</cusip>
        <identifiers>
          <isin value="US91086QAZ19"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34809.38000000</valUSD>
        <pctVal>0.046260295349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2110-10-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kingdom of Bahrain</name>
        <lei>549300RODM1WN85LFQ95</lei>
        <title>Bahrain Government Bond</title>
        <cusip>05674RAG9</cusip>
        <identifiers>
          <isin value="US05674RAG92"/>
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        <balance>1463000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1684278.75000000</valUSD>
        <pctVal>2.238340137813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
        <cusip>03846JW71</cusip>
        <identifiers>
          <isin value="US03846JW719"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>212625.00000000</valUSD>
        <pctVal>0.282570252579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.60030000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Russian Federation</name>
        <lei>5493004EHVGF71PDBU58</lei>
        <title>Russian Federation</title>
        <cusip>78307AAE3</cusip>
        <identifiers>
          <isin value="US78307AAE38"/>
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        <balance>355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>607493.75000000</valUSD>
        <pctVal>0.807335272796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Nacional de Desenvolvimento Economico e Social</name>
        <lei>254900DCL95WTK6VYD35</lei>
        <title>Banco Nacional de Desenvolvimento Economico e Social</title>
        <cusip>059614AM9</cusip>
        <identifiers>
          <isin value="US059614AM99"/>
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        <balance>280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>308262.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Iraq</name>
        <lei>N/A</lei>
        <title>Republic of Iraq</title>
        <cusip>462652AA6</cusip>
        <identifiers>
          <isin value="XS0240295658"/>
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        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501962.50000000</valUSD>
        <pctVal>0.667088396993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IQ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oil and Gas Holding Co. BSCC (The)</name>
        <lei>549300OBH16L6TS6IW50</lei>
        <title>Oil and Gas Holding Co. BSCC (The)</title>
        <cusip>67778M2A7</cusip>
        <identifiers>
          <isin value="US67778M2A78"/>
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        <balance>443000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501835.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jamaica</name>
        <lei>N/A</lei>
        <title>Jamaica Government International Bond</title>
        <cusip>470160AV4</cusip>
        <identifiers>
          <isin value="US470160AV46"/>
        </identifiers>
        <balance>571000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753363.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Trinidad &amp; Tobago</name>
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        <title>Republic of Trinidad &amp; Tobago</title>
        <cusip>896292AJ8</cusip>
        <identifiers>
          <isin value="US896292AJ80"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209062.50000000</valUSD>
        <pctVal>0.277835830358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="205482.53999999"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>J.P. Morgan Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Lauren A. Paino</ncom:signature>
      <ncom:signerName>Lauren A. Paino</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
