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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COLOMBIA TELECOMUNICACIO</name>
        <lei>549300CK4YN0V1C3MN55</lei>
        <title>Colombia Telecomunicaciones SA ESP</title>
        <cusip>000000000</cusip>
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          <isin value="USP28768AC69"/>
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        <balance>408000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2030-07-17</maturityDt>
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      <invstOrSec>
        <name>REPUBLIC OF ARGENTINA</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentine Republic Government International Bond</title>
        <cusip>040114HT0</cusip>
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          <isin value="US040114HT09"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2035-07-09</maturityDt>
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      <invstOrSec>
        <name>VOLCAN CIA MINERA SAA-CM</name>
        <lei>549300XKJ91C4SZLG750</lei>
        <title>Volcan Cia Minera SAA</title>
        <cusip>000000000</cusip>
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          <isin value="USP98047AD80"/>
          <other otherDesc="SEDOL" value="BS6Q5H9"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198841.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2030-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ECOPETROL SA</name>
        <lei>254900IDGKCJICKBPA66</lei>
        <title>Ecopetrol SA</title>
        <cusip>279158AW9</cusip>
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          <isin value="US279158AW93"/>
          <other otherDesc="SEDOL" value="BSF06F7"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246074.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ECOPETROL SA</name>
        <lei>254900IDGKCJICKBPA66</lei>
        <title>Ecopetrol SA</title>
        <cusip>279158AV1</cusip>
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          <isin value="US279158AV11"/>
          <other otherDesc="SEDOL" value="BR87692"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>289499.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REPUBLIC OF EL SALVADOR</name>
        <lei>529900AKDMUSFSDOM949</lei>
        <title>El Salvador Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP01012AR71"/>
          <other otherDesc="SEDOL" value="B63F4M3"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SV</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PN1</cusip>
        <identifiers>
          <isin value="US912797PN17"/>
          <other otherDesc="SEDOL" value="BTRFW59"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>397898.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KINGSTON AIRPORT REV FIN</name>
        <lei>254900SK2YRR95AVHU30</lei>
        <title>Kingston Airport Revenue Finance Ltd</title>
        <cusip>49647QAA6</cusip>
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          <isin value="US49647QAA67"/>
          <other otherDesc="SEDOL" value="BL6LXP9"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201283.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LATAM AIRLINES GROUP SA</name>
        <lei>549300HX3UUDPEFTG707</lei>
        <title>Latam Airlines Group SA</title>
        <cusip>51817RAD8</cusip>
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          <isin value="US51817RAD89"/>
          <other otherDesc="SEDOL" value="BRXF8X9"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF COLOMBIA</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Colombia Government International Bond</title>
        <cusip>195325EM3</cusip>
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          <isin value="US195325EM30"/>
          <other otherDesc="SEDOL" value="BLDBBK3"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
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        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-14</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>REPUBLIC OF PANAMA</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bond</title>
        <cusip>698299BZ6</cusip>
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          <isin value="US698299BZ66"/>
          <other otherDesc="SEDOL" value="BSNTYP2"/>
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        <balance>300000.00000000</balance>
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        <invCountry>PA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2057-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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      <invstOrSec>
        <name>FIDELITY INV MMTRSY 1 680</name>
        <lei>N/A</lei>
        <title>FIDELITY INV MMTRSY 1 680</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="X9USDFIDT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>REPUBLIC OF EL SALVADOR</name>
        <lei>529900AKDMUSFSDOM949</lei>
        <title>El Salvador Government International Bond</title>
        <cusip>283875CG5</cusip>
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          <isin value="US283875CG53"/>
          <other otherDesc="SEDOL" value="BS1H801"/>
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        <balance>250000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SV</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>FED REPUBLIC OF BRAZIL</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazilian Government International Bond</title>
        <cusip>105756CF5</cusip>
        <identifiers>
          <isin value="US105756CF53"/>
          <other otherDesc="SEDOL" value="BN6QD25"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PLUSPETROL SA</name>
        <lei>254900QSCHBUBX6J6H71</lei>
        <title>Pluspetrol SA</title>
        <cusip>72942BAA3</cusip>
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          <isin value="US72942BAA35"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF PANAMA</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bond</title>
        <cusip>698299AW4</cusip>
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          <isin value="US698299AW45"/>
          <other otherDesc="SEDOL" value="B0XNWS7"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>268835.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <maturityDt>2036-01-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>EMPRESA GEN ELEC HAINA</name>
        <lei>549300Y36L5LRW5RH373</lei>
        <title>Empresa Generadora de Electricidad Haina SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP3R12FAC46"/>
          <other otherDesc="SEDOL" value="BMCNGF7"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DO</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CSN RESOURCES SA</name>
        <lei>222100ZEX458NMOXZP08</lei>
        <title>CSN Resources SA</title>
        <cusip>000000000</cusip>
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          <isin value="USL21779AL44"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2030-12-05</maturityDt>
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      <invstOrSec>
        <name>LD CELULOSE INTERNATIONA</name>
        <lei>529900EHUSQJVOTP9J45</lei>
        <title>LD Celulose International GmbH</title>
        <cusip>50206BAA0</cusip>
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          <isin value="US50206BAA08"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>210625.00000000</valUSD>
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        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-26</maturityDt>
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      <invstOrSec>
        <name>BANCO DAVIVIENDA SA</name>
        <lei>549300P161V4IPKAQS70</lei>
        <title>Banco Davivienda SA</title>
        <cusip>059501AG1</cusip>
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          <isin value="US059501AG10"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-02</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMISION FEDERAL DE ELEC</name>
        <lei>4469000001BFPONMPF32</lei>
        <title>Comision Federal de Electricidad</title>
        <cusip>200447AP5</cusip>
        <identifiers>
          <isin value="US200447AP57"/>
          <other otherDesc="SEDOL" value="BSRJBK2"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>394467.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AES ESPANA BV</name>
        <lei>7245003VZ59682IZLJ86</lei>
        <title>AES Espana BV</title>
        <cusip>000000000</cusip>
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          <isin value="USN01007AA64"/>
          <other otherDesc="SEDOL" value="BN0WJK9"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172758.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMMONWEALTH OF BAHAMAS</name>
        <lei>549300W13SXC7EKNJC20</lei>
        <title>Bahamas Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP06518AG23"/>
          <other otherDesc="SEDOL" value="BFN3VY1"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79840.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PROMERICA FINANCIAL CORP</name>
        <lei>529900HVS4Z5CWV6W775</lei>
        <title>Promerica Financial Corp</title>
        <cusip>000000000</cusip>
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          <isin value="USP7922BAB47"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208611.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CABLE ONDA SA</name>
        <lei>5299008Q5GONPYNF9J32</lei>
        <title>Telecomunicaciones Digitales SA</title>
        <cusip>000000000</cusip>
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          <isin value="USP1926LAA37"/>
          <other otherDesc="SEDOL" value="BK1K3F4"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>186736.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>UEP PENNONOME II SA</name>
        <lei>549300DS6G5XB230S845</lei>
        <title>UEP Penonome II SA</title>
        <cusip>000000000</cusip>
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          <isin value="USP9434RAA88"/>
          <other otherDesc="SEDOL" value="BN47B26"/>
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        <balance>202777.12250000</balance>
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        <curCd>USD</curCd>
        <valUSD>179932.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>TELECOM OF TRIN &amp; TOBAGO</name>
        <lei>5299007N4G3EZWXAMB76</lei>
        <title>Telecommunications Services of Trinidad &amp; Tobago Ltd</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202474.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TT</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF PANAMA</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bond</title>
        <cusip>698299BV5</cusip>
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          <isin value="US698299BV52"/>
          <other otherDesc="SEDOL" value="BMDBBB1"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183326.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2054-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797QC4</cusip>
        <identifiers>
          <isin value="US912797QC43"/>
          <other otherDesc="SEDOL" value="BMHSGL3"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498385.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2025-07-29</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>NATIONAL GAS CO</name>
        <lei>N/A</lei>
        <title>National Gas Co of Trinidad &amp; Tobago Ltd</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>COMMONWEALTH OF BAHAMAS</name>
        <lei>549300W13SXC7EKNJC20</lei>
        <title>Bahamas Government International Bond</title>
        <cusip>056732AP5</cusip>
        <identifiers>
          <isin value="US056732AP57"/>
          <other otherDesc="SEDOL" value="BVK1719"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>305100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>BRASKEM NETHERLANDS</name>
        <lei>2549000TLMHFQ74DS330</lei>
        <title>Braskem Netherlands Finance BV</title>
        <cusip>10554TAJ4</cusip>
        <identifiers>
          <isin value="US10554TAJ43"/>
          <other otherDesc="SEDOL" value="BS0D9T6"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200412.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>REPUBLIC OF COLOMBIA</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Colombia Government International Bond</title>
        <cusip>195325EQ4</cusip>
        <identifiers>
          <isin value="US195325EQ44"/>
          <other otherDesc="SEDOL" value="BRBFPL8"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190560.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DOMINICAN REPUBLIC</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic International Bond</title>
        <cusip>25714PFD5</cusip>
        <identifiers>
          <isin value="US25714PFD50"/>
          <other otherDesc="SEDOL" value="BSVJT82"/>
        </identifiers>
        <balance>64700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="DOP" exchangeRt="59.41000000"/>
        <valUSD>1081929.71000000</valUSD>
        <pctVal>9.412154446792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF PANAMA</name>
        <lei>549300SHS4T08CL0LP14</lei>
        <title>Panama Government International Bond</title>
        <cusip>698299BK9</cusip>
        <identifiers>
          <isin value="US698299BK97"/>
          <other otherDesc="SEDOL" value="BJVN8H3"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>271162.48000000</valUSD>
        <pctVal>2.358954669925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.16000000</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>EMPRESAS PUBLIC MEDELLIN</name>
        <lei>549300SU25TO8EMXB434</lei>
        <title>Empresas Publicas de Medellin ESP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP9379RBA43"/>
          <other otherDesc="SEDOL" value="BKFH1P7"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>184584.80000000</valUSD>
        <pctVal>1.605779589997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>REPUBLIC OF EL SALVADOR</name>
        <lei>529900AKDMUSFSDOM949</lei>
        <title>El Salvador Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USP01012AN67"/>
          <other otherDesc="SEDOL" value="B09YD36"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>241250.00000000</valUSD>
        <pctVal>2.098733623174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SV</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</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>DOMINICAN REPUBLIC</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic International Bond</title>
        <cusip>25714PFC7</cusip>
        <identifiers>
          <isin value="US25714PFC77"/>
          <other otherDesc="SEDOL" value="BR4N401"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199890.00000000</valUSD>
        <pctVal>1.738925860876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.15000000</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>INVEST ENERGY RES LTD</name>
        <lei>254900A71Y7WHN7L5K89</lei>
        <title>Investment Energy Resources Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USG4923NAB40"/>
          <other otherDesc="SEDOL" value="BMD04S6"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>196191.31000000</valUSD>
        <pctVal>1.706749425374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Aris Mining Corp</title>
        <cusip>04040YAB5</cusip>
        <identifiers>
          <isin value="US04040YAB56"/>
          <other otherDesc="SEDOL" value="BTBLGD9"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>203715.83000000</valUSD>
        <pctVal>1.772208339871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>HONDURAS GOVERNMENT</name>
        <lei>5493002DW1JNBNG17615</lei>
        <title>Honduras Government International Bond</title>
        <cusip>438180AK7</cusip>
        <identifiers>
          <isin value="US438180AK75"/>
          <other otherDesc="SEDOL" value="BR4ZLV7"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>367762.50000000</valUSD>
        <pctVal>3.199318234581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Simplify Exchange Traded Funds</ncom:nameOfApplicant>
      <ncom:signature>Paul Kim</ncom:signature>
      <ncom:signerName>Paul Kim</ncom:signerName>
      <ncom:title>Trustee, President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
