<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
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    <filerInfo>

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      <regName>Templeton Income Trust</regName>
      <regFileNumber>811-04706</regFileNumber>
      <regCik>0000795402</regCik>
      <regLei>549300DPTR6CMWVWRC18</regLei>
      <regStreet1>300 S.E. 2nd Street</regStreet1>
      <regCity>Fort Lauderdale</regCity>
      <regStateConditional regCountry="US" regState="US-FL"/>
      <regZipOrPostalCode>33301-1923</regZipOrPostalCode>
      <regPhone>954-527-7500</regPhone>
      <seriesName>Templeton Emerging Markets Bond Fund</seriesName>
      <seriesId>S000040303</seriesId>
      <seriesLei>549300Y37N5B9NBSHW76</seriesLei>
      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
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      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>490872.08</cshNotRptdInCorD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
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        <name>GHANA GOVT 18.50% 06/01/2020</name>
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        <fairValLevel>N/A</fairValLevel>
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <title>JPY_AUD_20200824</title>
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        <balance>1.00000000</balance>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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      <invstOrSec>
        <name>Egypt Treasury Bills 02/11/2020 TBLM</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Treasury Bills 02/11/2020 TBLM</title>
        <cusip>000000000</cusip>
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          <isin value="EGT9980B2K19"/>
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        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <title>USD_JPY_20200624</title>
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          <other otherDesc="Internal Sec ID" value="1144222299184"/>
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        <balance>1.00000000</balance>
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        <fairValLevel>N/A</fairValLevel>
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              <counterpartyName>BNP PARIBAS SA</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>N/A</fairValLevel>
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPMORGAN CHASE &amp; CO STRIKE 20.9 EXPIRES 07/27/20 USD Call/MXN Put</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="1018816"/>
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        <balance>183000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
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                <issuerName>JPMORGAN CHASE &amp; CO STRIKE 20.9 EXPIRES 07/27/20 USD Call/MXN Put</issuerName>
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        <name>N/A</name>
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      <invstOrSec>
        <name>LETRA TESOURO NACIONAL 01/01/2020 STRIP COUPON</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mexico Cetes 02/27/2020 TBLM</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Cetes 02/27/2020 TBLM</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Bank of Thailand Bond 1.57% 09/25/2020</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Egypt Treasury Bills 03/17/2020 TBLM</name>
        <lei>529900GFIVH4086NMH82</lei>
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        <name>N/A</name>
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        <name>NOTA DO TESOURO NACIONAL NTNF 01/01/2023 STATED RATE 10%</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>N/A</name>
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        <name>Mexico Cetes 01/02/2020 TBLM</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 22.395 EXPIRES 09/17/20 USD CALL/MXN PUT</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>TITULOS DE TESORERIA B 7.50% 08/26/2026</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <title>CITIBANK NA STRIKE 73.25 EXPIRES 05/07/20 AUD Put/JPY Call</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Argentina Treasury Bill 03/30/2020</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>Argentina Treasury Bill 07/29/2020</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>TITULOS DE TESORERIA B 10.00% 07/24/2024</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>Mexico Cetes 04/02/2020 TBLM</name>
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      <invstOrSec>
        <name>N/A</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Egypt Treasury Bills 03/10/2020 TBLM</name>
        <lei>529900GFIVH4086NMH82</lei>
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          <isin value="EGT9980A3K10"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MEXICAN FIXED RATE BONDS 8.00% 12/07/2023</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <balance>2000.00000000</balance>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-07</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>1.00000000</balance>
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        <fairValLevel>N/A</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
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            <amtCurSold>110000.00000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <title>CITIBANK NA STRIKE 19.0895 EXPIRES 05/21/20 USD Put/MXN Call</title>
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          <other otherDesc="Internal Sec ID" value="1005366"/>
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        <balance>-61000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>CITIBANK NA STRIKE 19.0895 EXPIRES 05/21/20 USD Put/MXN Call</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-187.76</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD_EUR_20200228</title>
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          <other otherDesc="Internal Sec ID" value="1134822540068"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <amtCurSold>236000.00000000</amtCurSold>
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            <unrealizedAppr>-433.63</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Egypt Treasury Bills 03/03/2020 TBLM</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Treasury Bills 03/03/2020 TBLM</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="EGT998033K13"/>
          <other otherDesc="Internal Identifier" value="1022129"/>
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        <balance>4300000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Argentina Treasury Bill 05/28/2020 TBLM</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury Bill 05/28/2020 TBLM</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ARARGE520718"/>
          <other otherDesc="Internal Identifier" value="966968"/>
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        <balance>5209500.00000000</balance>
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        <currencyConditional curCd="ARS" exchangeRt="74.24270000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA IRS PAY FIXED 2.7935% 03/13/47 USD</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="661785"/>
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        <balance>-200000.00000000</balance>
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        <valUSD>-31607.00000000</valUSD>
        <pctVal>-0.07807428707</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <swapFlag>Y</swapFlag>
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            <unrealizedAppr>-31879</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GHANA GOVT 24.75% 03/01/2021</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>GHANA GOVT 24.75% 03/01/2021</title>
        <cusip>V3R60FBQ6</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="628498"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GHS" exchangeRt="5.72000000"/>
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        <pctVal>0.046450606729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>24.75000000</annualizedRt>
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          <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>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 19.2441 EXPIRES 05/14/20 USD Put/MXN Call *OTC*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="983689"/>
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        <balance>-479000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8102.76000000</valUSD>
        <pctVal>-0.02001509824</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <putOrCall>Put</putOrCall>
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                <issuerName>CITIBANK NA STRIKE 19.2441 EXPIRES 05/14/20 USD Put/MXN Call *OTC*</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>1098.83</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 66.78 EXPIRES 11/12/20 AUD Put/JPY Call</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="981282"/>
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        <balance>64000.00000000</balance>
        <units>NC</units>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-662.96</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ghana Government Bonds 16.25% 05/17/2021</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Republic of Ghana Government Bonds 16.25% 05/17/2021</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GHGGOG049875"/>
          <other otherDesc="Internal Identifier" value="875004"/>
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        <balance>1140000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 84.33 EXPIRES 11/12/20 AUD Call/JPY Put</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="981291"/>
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        <balance>129000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
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        <pctVal>0.000484719124</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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              <otherRefInst>
                <issuerName>CITIBANK NA STRIKE 84.33 EXPIRES 11/12/20 AUD Call/JPY Put</issuerName>
                <issueTitle>CITIBANK NA STRIKE 84.33 EXPIRES 11/12/20 AUD Call/JPY Put</issueTitle>
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                  <other otherDesc="Internal Sec ID" value="981291"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>84.33000000</exercisePrice>
            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2020-11-12</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-665.19</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HSBC BANK PLC STRIKE 0.6766 EXPIRES 05/07/20 AUD Put/USD Call</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="980674"/>
        </identifiers>
        <balance>172000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
        <valUSD>518.94000000</valUSD>
        <pctVal>0.001281863844</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GHANA GOVT 18.25% 07/25/2022</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Internal Sec ID" value="981300"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Sec ID" value="981111"/>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brazil Letras do Tesouro Nacional ZERO 04/01/2020</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazil Letras do Tesouro Nacional ZERO 04/01/2020</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY_AUD_20200221</title>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TITULOS DE TESORERIA B 7.00% 05/04/2022</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>TITULOS DE TESORERIA B 7.00% 05/04/2022</title>
        <cusip>P6S34QCM2</cusip>
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          <other otherDesc="Internal Identifier" value="627611"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 19.338 expires 05/12/20 usd call/mxn put *otc*</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPMORGAN CHASE &amp; CO STRIKE 19.4 EXPIRES 06/12/20 USD Put/MXN Call</title>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      </invstOrSec>
      <invstOrSec>
        <name>Argentina Treasury Bill ZERO 08/27/2020</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentina Treasury Bill ZERO 08/27/2020</title>
        <cusip>000000000</cusip>
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        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-27</maturityDt>
          <couponKind>None</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mexico Cetes 06/18/2020 TBLM</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Cetes 06/18/2020 TBLM</title>
        <cusip>000000000</cusip>
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          <isin value="MXBIGO000OT5"/>
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        <pctVal>0.019308978854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TITULOS DE TESORERIA B 6.00% 04/28/2028</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>TITULOS DE TESORERIA B 6.00% 04/28/2028</title>
        <cusip>P28714AP1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="627612"/>
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        <balance>428400000.00000000</balance>
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        <currencyConditional curCd="COP" exchangeRt="3284.76000000"/>
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        <pctVal>0.320797357549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>India Government Bond 7.72% 05/25/2025</name>
        <lei>N/A</lei>
        <title>India Government Bond 7.72% 05/25/2025</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IN0020150036"/>
          <other otherDesc="Internal Identifier" value="1019706"/>
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        <balance>122000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="INR" exchangeRt="71.32000000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 22.908 EXPIRES 05/21/20 USD Call/MXN Put</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1005367"/>
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        <balance>-61000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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                  <other otherDesc="Internal Sec ID" value="1005367"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <expDt>2020-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>774.64</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD_JPY_20200228</title>
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          <other otherDesc="Internal Sec ID" value="1138222538978"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="cash or currency" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <amtCurSold>41000000.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>390498.50000000</amtCurPur>
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            <settlementDt>2020-02-28</settlementDt>
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        </derivativeInfo>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 75.95 EXPIRES 04/22/20 AUD Call/JPY Put</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="1034967"/>
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        <balance>-412000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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              <otherRefInst>
                <issuerName>CITIBANK NA STRIKE 75.95 EXPIRES 04/22/20 AUD Call/JPY Put</issuerName>
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                  <other otherDesc="Internal Sec ID" value="1034967"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2020-04-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1726.09</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MEXICAN FIXED RATE BONDS 6.50% 06/10/2021</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>MEXICAN FIXED RATE BONDS 6.50% 06/10/2021</title>
        <cusip>P9767HCU1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="622932"/>
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        <balance>30700.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="MXN" exchangeRt="18.93950000"/>
        <valUSD>161740.69000000</valUSD>
        <pctVal>0.399525075546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GHANA GOVT 16.50% 03/22/2021</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>GHANA GOVT 16.50% 03/22/2021</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GHGGOG048935"/>
          <other otherDesc="Internal Identifier" value="687463"/>
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        <balance>1710000.00000000</balance>
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        <currencyConditional curCd="GHS" exchangeRt="5.72000000"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TITULOS DE TESORERIA B 7.00% 06/30/2032</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>TITULOS DE TESORERIA B 7.00% 06/30/2032</title>
        <cusip>P6S32JQ52</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="659681"/>
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        <balance>107000000.00000000</balance>
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        <currencyConditional curCd="COP" exchangeRt="3284.76000000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARGENTINA POM POLITICA MONETARIA FRN 06/21/2020</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>ARGENTINA POM POLITICA MONETARIA FRN 06/21/2020</title>
        <cusip>P8S090NH5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="668473"/>
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        <balance>6238060.00000000</balance>
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        <currencyConditional curCd="ARS" exchangeRt="74.24270000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-21</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HSBC BANK USA NA IRS PAY FIXED 3.002% 02/22/48 USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="685159"/>
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        <balance>-102000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-21299.79000000</valUSD>
        <pctVal>-0.05261384880</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>HSBC BANK USA NA</counterpartyName>
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            <swapFlag>Y</swapFlag>
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            <fixedPmntDesc amount="102000.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.00200000"/>
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            <unrealizedAppr>-21440.53</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HSBC BANK PLC STRIKE 0.71 EXPIRES 04/30/2020 AUD CALL/USD PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="979899"/>
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        <balance>-215000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
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        <pctVal>-0.00409154517</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Egypt Treasury Bills 01/21/2020 TBLM</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY_AUD_20200521</title>
        <cusip>000000000</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 20.5768 EXPIRES 05/15/20 USD Call/MXN Put</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="1003405"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of Thailand Bill 07/02/2020 TBLM</name>
        <lei>549300HJD00HOXYCA262</lei>
        <title>Bank of Thailand Bill 07/02/2020 TBLM</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY_AUD_20200521</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD_EUR_20201015</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>HSBC BANK PLC STRIKE 0.6755 EXPIRES 05/04/20 AUD PUT/USD CALL</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPMORGAN CHASE &amp; CO STRIKE 22.3 EXPIRES 07/27/20 USD Call/MXN Put</title>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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        <name>N/A</name>
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        <name>Bank of Thailand Bond 1.34% 02/26/2020</name>
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        <name>N/A</name>
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        <name>TITULOS DE TESORERIA B 11.00% 07/24/2020</name>
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        <name>Bank of Thailand Bond 1.95% 11/26/2020</name>
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        <name>Mexico Cetes 06/04/2020 TBLM</name>
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        <name>Argentina Treasury Bill 02/26/2020 TBLM</name>
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        <name>N/A</name>
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        <name>Argentina Treasury Bill 10/29/2020</name>
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        <name>N/A</name>
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        <name>ETHIOPIA INTERNATIONAL BOND 6.625% 12/11/2024 144A</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Brazil Letras do Tesouro Nacional ZERO 04/01/2021</name>
        <lei>254900ZFY40OYEADAP90</lei>
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        <cusip>000000000</cusip>
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          <isin value="BRSTNCLTN7P7"/>
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        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-04-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="980325"/>
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        <balance>287000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
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            <shareNo>1.00000000</shareNo>
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            <unrealizedAppr>-2595.23</unrealizedAppr>
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      <invstOrSec>
        <name>MEXICAN FIXED RATE BONDS 6.50% 06/09/2022</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <cusip>P4R0C9EJ8</cusip>
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          <other otherDesc="Internal Identifier" value="518068"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="1018820"/>
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        <balance>137000.00000000</balance>
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        <valUSD>79.19000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>JPMORGAN CHASE &amp; CO STRIKE 18.5 EXPIRES 01/27/20 USD PUT/MXN CALL</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-389.27</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
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        <title>JPY_USD_20200228</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="1134122538977"/>
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        <balance>1.00000000</balance>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <amtCurSold>656158.54000000</amtCurSold>
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            <settlementDt>2020-02-28</settlementDt>
            <unrealizedAppr>-23708.74</unrealizedAppr>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SENEGAL REPUBLIC OF 6.25% 07/30/2024 144A</name>
        <lei>549300NP14ZLQGWIUZ97</lei>
        <title>SENEGAL REPUBLIC OF 6.25% 07/30/2024 144A</title>
        <cusip>81720TAB1</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="582067"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>221967.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GHANA GOVT 21.00% 03/23/2020</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>GHANA GOVT 21.00% 03/23/2020</title>
        <cusip>V3R60FBF0</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="615349"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GHS" exchangeRt="5.72000000"/>
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        <pctVal>0.035255825517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>21.00000000</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>GHANA TREASURY NOTE 16.50% 03/16/2020</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>GHANA TREASURY NOTE 16.50% 03/16/2020</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GHGGOG048844"/>
          <other otherDesc="Internal Identifier" value="686918"/>
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        <balance>1220000.00000000</balance>
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        <currencyConditional curCd="GHS" exchangeRt="5.72000000"/>
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        <pctVal>0.524129878966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>16.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY_AUD_20200313</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1084422256738"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-795.37000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="cash or currency" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <amtCurSold>50000.00000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 72 EXPIRES 07/21/20 AUD Put/JPY Call</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="1018455"/>
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        <balance>1033000.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>CITIBANK NA STRIKE 72 EXPIRES 07/21/20 AUD Put/JPY Call</issuerName>
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            </descRefInstrmnt>
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            <unrealizedAppr>-8656.36</unrealizedAppr>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 78.75 EXPIRES 05/07/20 AUD Call/JPY Put</title>
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          <other otherDesc="Internal Sec ID" value="1019152"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>103.18</unrealizedAppr>
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      <invstOrSec>
        <name>Bank of Thailand Bill 03/12/2020 TBLM</name>
        <lei>549300HJD00HOXYCA262</lei>
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        <issuerCat>UST</issuerCat>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NOTA DO TESOURO NACIONAL NTNF 01/01/2027 STATED RATE 10%</name>
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        <title>NOTA DO TESOURO NACIONAL NTNF 01/01/2027 STATED RATE 10%</title>
        <cusip>P8T60MXG3</cusip>
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          <other otherDesc="Internal Identifier" value="623340"/>
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        <balance>13120.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.46138200</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 77.35 EXPIRES 05/07/20 AUD Call/JPY Put</title>
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        <identifiers>
          <other otherDesc="Internal Sec ID" value="980885"/>
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        <balance>-172000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>CITIBANK NA STRIKE 77.35 EXPIRES 05/07/20 AUD Call/JPY Put</issuerName>
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        <name>Argentina Treasury Bill 04/28/2020 TBLM</name>
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        <name>N/A</name>
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        <name>INDONESIA GOVERNMENT 7.00% 05/15/2022</name>
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        <name>Bank of Thailand Bill 08/06/2020 TBLM</name>
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        <name>N/A</name>
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        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD_EUR_20200116</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1103222380171"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1717.16000000</valUSD>
        <pctVal>0.004241656683</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="cash or currency" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>93332.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>106491.81000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-01-16</settlementDt>
            <unrealizedAppr>1717.16</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LETRA TESOURO NACIONAL 07/01/2020 STRIP COUPON</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>LETRA TESOURO NACIONAL 07/01/2020 STRIP COUPON</title>
        <cusip>P8T60MYA5</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="653405"/>
        </identifiers>
        <balance>380.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="4.02250000"/>
        <valUSD>92606.32000000</valUSD>
        <pctVal>0.228752251484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>N/A</name>
        <lei>N/A</lei>
        <title>HSBC BANK PLC STRIKE 0.773 EXPIRES 05/07/20 AUD Call/USD Put</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="980675"/>
        </identifiers>
        <balance>172000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
        <valUSD>36.93000000</valUSD>
        <pctVal>0.000091222938</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HSBC BANK PLC STRIKE 0.773 EXPIRES 05/07/20 AUD Call/USD Put</issuerName>
                <issueTitle>HSBC BANK PLC STRIKE 0.773 EXPIRES 05/07/20 AUD Call/USD Put</issueTitle>
                <identifiers>
                  <other otherDesc="Internal Sec ID" value="980675"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>0.77300000</exercisePrice>
            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2020-05-07</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-722.17</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CITIBANK NA STRIKE 68 EXPIRES 07/21/20 AUD Put/JPY Call</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1018457"/>
        </identifiers>
        <balance>-459000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42959260"/>
        <valUSD>-1472.12000000</valUSD>
        <pctVal>-0.00363636914</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Currency" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITIBANK NA</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CITIBANK NA STRIKE 68 EXPIRES 07/21/20 AUD Put/JPY Call</issuerName>
                <issueTitle>CITIBANK NA STRIKE 68 EXPIRES 07/21/20 AUD Put/JPY Call</issueTitle>
                <identifiers>
                  <other otherDesc="Internal Sec ID" value="1018457"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>68.00000000</exercisePrice>
            <exercisePriceCurCd>AUD</exercisePriceCurCd>
            <expDt>2020-07-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1944.74</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY_AUD_20200114</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="1143822578512"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3436.02000000</valUSD>
        <pctVal>-0.00848751263</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="cash or currency" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>JPMORGAN CHASE BANK NA</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <amtCurSold>130000.00000000</amtCurSold>
            <curSold>AUD</curSold>
            <amtCurPur>9535368.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2020-01-14</settlementDt>
            <unrealizedAppr>-3436.02</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
