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        <name>Guatemala Government Bond</name>
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        <name>N/A</name>
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        <name>Corp Financiera de Desarrollo SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>KazMunayGas National Co JSC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Costa Rica Government International Bond</name>
        <lei>N/A</lei>
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          <isin value="USP3699PGE18"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Republic of South Africa Government International Bond</name>
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        <name>N/A</name>
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        <name>Banque Ouest Africaine de Developpement</name>
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        <name>Ecuador Government International Bond</name>
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        <name>Export-Import Bank of India</name>
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        <name>Jamaica Government International Bond</name>
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        <name>Petroleos de Venezuela SA</name>
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        <name>Nigeria Government International Bond</name>
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        <name>Southern Gas Corridor CJSC</name>
        <lei>213800DG58KG59XY6318</lei>
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      <invstOrSec>
        <name>Senegal Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>AR4939435</cusip>
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          <isin value="XS1790134362"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Trinidad &amp; Tobago Government International Bond</name>
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        <cusip>QZ0802079</cusip>
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          <isin value="USP93960AG08"/>
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        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTUSD__00038524"/>
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        <name>Jamaica Government International Bond</name>
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          <isin value="US470160CB63"/>
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        <invCountry>JM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KazMunayGas National Co JSC</name>
        <lei>2138001H1M69RFJCSH88</lei>
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          <isin value="XS0925015074"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-30</maturityDt>
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        <name>Argentine Republic Government International Bond</name>
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        <cusip>040114GK0</cusip>
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          <isin value="US040114GK09"/>
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        <invCountry>AR</invCountry>

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        <name>Republic of South Africa Government International Bond</name>
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        <cusip>836205BB9</cusip>
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          <isin value="US836205BB97"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-30</maturityDt>
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        <name>Ghana Government International Bond</name>
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        <cusip>37443GAJ0</cusip>
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          <isin value="US37443GAJ04"/>
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        <name>Export-Import Bank of India</name>
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        <name>Paraguay Government International Bond</name>
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        <cusip>699149AB6</cusip>
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          <maturityDt>2044-08-11</maturityDt>
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        <name>Lebanon Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>AQ5804309</cusip>
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          <isin value="XS1720803326"/>
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        <name>N/A</name>
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        <title>US ULTRA BOND CBT Jun20</title>
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          <ticker value="WNM0"/>
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        <name>Perusahaan Penerbit SBSN Indonesia III</name>
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        <name>Romanian Government International Bond</name>
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        <name>N/A</name>
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        <name>N/A</name>
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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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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTBRL__00038052"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>ROYAL BANK OF CANADA</counterpartyName>
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            <amtCurSold>7305000.00000000</amtCurSold>
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      </invstOrSec>
      <invstOrSec>
        <name>Guatemala Government Bond</name>
        <lei>N/A</lei>
        <title>REP OF GUATEMALA</title>
        <cusip>AN8135104</cusip>
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          <isin value="USP5015VAG16"/>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-05</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTUSD__00038282"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BNP PARIBAS</counterpartyName>
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      <invstOrSec>
        <name>Angolan Government International Bond</name>
        <lei>N/A</lei>
        <title>ANGOLA REP OF</title>
        <cusip>035198AE0</cusip>
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          <isin value="US035198AE02"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-26</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Philippine Government International Bond</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ukraine Government International Bond</name>
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        <cusip>QJ1143412</cusip>
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          <isin value="XS1303921487"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>UA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Gazprom PJSC Via Gaz Capital SA</name>
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          <isin value="XS1951084471"/>
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        <balance>8500000.00000000</balance>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-11</maturityDt>
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        <name>Banco del Estado de Chile</name>
        <lei>5493004R4EJC0W0XVQ72</lei>
        <title>BANCO DEL ESTADO</title>
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          <isin value="US05965MAG87"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2547150.00000000</valUSD>
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        <invCountry>CL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-09</maturityDt>
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          <annualizedRt>2.70400000</annualizedRt>
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      <invstOrSec>
        <name>Romanian Government International Bond</name>
        <lei>N/A</lei>
        <title>ROMANIA</title>
        <cusip>ZP6061276</cusip>
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          <isin value="XS2109949391"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
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          <isin value="USP75744AB11"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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          <other otherDesc="AASECID" value="CCTEUR__00038431"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="AASECID" value="CCTUSD__00038795"/>
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      <invstOrSec>
        <name>Mexican Bonos</name>
        <lei>N/A</lei>
        <title>MEXICAN BONOS</title>
        <cusip>EJ1291206</cusip>
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          <isin value="MX0MGO0000R8"/>
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          <couponKind>Fixed</couponKind>
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        <name>Lebanon Government International Bond</name>
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        <title>LEBANESE REP</title>
        <cusip>JK1963954</cusip>
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          <isin value="XS1396347566"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <title>USD/KRW FWD 20200403</title>
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        <name>Suzano Austria GmbH</name>
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        <name>Petrobras Global Finance BV</name>
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        <name>Colombia Government International Bond</name>
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        <name>Lebanon Government International Bond</name>
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        <name>N/A</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Ecuador Government International Bond</name>
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        <name>Republic of South Africa Government Bond</name>
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        <name>Russian Foreign Bond - Eurobond</name>
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        <name>Costa Rica Government International Bond</name>
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        <name>Gtlk Europe Capital DAC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
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          <isin value="USP75744AD76"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTIDR__00038094"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <amtCurSold>2695000.00000000</amtCurSold>
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      <invstOrSec>
        <name>Gabon Government International Bond</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF GABO</title>
        <cusip>EJ9753546</cusip>
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          <isin value="XS1003557870"/>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 10yr Ultra Fut Jun20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYM0"/>
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        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="UXYM0"/>
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            <expDate>2020-06-19</expDate>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>MXN/USD FWD 20200414</title>
        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTMXN__00038020"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF AMERICA, N.A.</counterpartyName>
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            <amtCurSold>322357.27000000</amtCurSold>
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      <invstOrSec>
        <name>Sri Lanka Government International Bond</name>
        <lei>N/A</lei>
        <title>REP OF SRI LANKA</title>
        <cusip>QJ4365756</cusip>
        <identifiers>
          <isin value="USY8137FAE89"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>318450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Honduras Government International Bond</name>
        <lei>N/A</lei>
        <title>HONDURAS GOVT</title>
        <cusip>AM1438770</cusip>
        <identifiers>
          <isin value="USP5178RAC27"/>
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        <balance>6746000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>HN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Ukraine Government International Bond</name>
        <lei>N/A</lei>
        <title>UKRAINE GOVT</title>
        <cusip>QJ1143461</cusip>
        <identifiers>
          <isin value="XS1303925470"/>
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        <balance>7950000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Angolan Government International Bond</name>
        <lei>N/A</lei>
        <title>ANGOLA REP OF</title>
        <cusip>ZQ6807718</cusip>
        <identifiers>
          <isin value="XS2083302500"/>
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        <balance>7400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2882916.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</annualizedRt>
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      <invstOrSec>
        <name>Turkey Government International Bond</name>
        <lei>N/A</lei>
        <title>TURKEY REP OF</title>
        <cusip>900123CY4</cusip>
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          <isin value="US900123CY43"/>
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        <balance>9100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7371182.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Mexico Government International Bond</name>
        <lei>N/A</lei>
        <title>UNITED MEXICAN</title>
        <cusip>91087BAB6</cusip>
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          <isin value="US91087BAB62"/>
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        <balance>5460000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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        <name>Lebanon Government International Bond</name>
        <lei>N/A</lei>
        <title>LEBANESE REP</title>
        <cusip>EF3579903</cusip>
        <identifiers>
          <isin value="XS0250882478"/>
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        <balance>2430000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>LB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Turkey Government International Bond</name>
        <lei>N/A</lei>
        <title>TURKEY REP OF</title>
        <cusip>900123CM0</cusip>
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          <isin value="US900123CM05"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>Panama Government International Bond</name>
        <lei>N/A</lei>
        <title>PANAMA</title>
        <cusip>698299AV6</cusip>
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          <isin value="US698299AV61"/>
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        <balance>5200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Abu Dhabi Government International Bond</name>
        <lei>N/A</lei>
        <title>ABU DHABI GOVT</title>
        <cusip>ZR7470324</cusip>
        <identifiers>
          <isin value="XS2057866191"/>
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        <balance>14400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>JPY/USD FWD 20200414</title>
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          <other otherDesc="AASECID" value="CCTJPY__00038802"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <amtCurSold>4100000.00000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/MXN FWD 20200414</title>
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          <other otherDesc="AASECID" value="CCTUSD__00038585"/>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="AASECID" value="CCTBRL__00037308"/>
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        <balance>1.00000000</balance>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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      <invstOrSec>
        <name>Republic of Azerbaijan International Bond</name>
        <lei>N/A</lei>
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        <cusip>EK1203901</cusip>
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          <isin value="XS1044540547"/>
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        <curCd>USD</curCd>
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        <invCountry>AZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-18</maturityDt>
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      <invstOrSec>
        <name>Indonesia Government International Bond</name>
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        <cusip>EJ6246908</cusip>
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          <isin value="USY20721BE87"/>
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        <balance>6800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-15</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="VID" value="V1020039700"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>African Export-Import Bank/The</name>
        <lei>21380068LJCDYA42GJ76</lei>
        <title>AFREXIMBANK</title>
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          <isin value="US00831TAA97"/>
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        <balance>2000000.00000000</balance>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SCDS: (INDON)</title>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>N/A</name>
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        <title>JPY/USD FWD 20200414</title>
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          <other otherDesc="AASECID" value="CCTJPY__00038017"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/ZAR FWD 20200414</title>
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          <other otherDesc="AASECID" value="CCTUSD__00038018"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>BANK OF AMERICA, N.A.</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/BRL FWD 20200402</title>
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          <other otherDesc="AASECID" value="CCTUSD__00037872"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>306568.29000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>J.P. Morgan Securities LLC</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD P JPY C @102.0000 EO</title>
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        <identifiers>
          <other otherDesc="VID" value="V1024485200"/>
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        <balance>29000000.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>BANK OF AMERICA, N.A.</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Petroleos de Venezuela SA</name>
        <lei>549300YWR8TN1OFD4P06</lei>
        <title>PETROLEOS DE VEN</title>
        <cusip>EG3110533</cusip>
        <identifiers>
          <isin value="XS0294364954"/>
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        <balance>462000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>VE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
        <title>PARAGUAY</title>
        <cusip>EJ5221902</cusip>
        <identifiers>
          <isin value="USP75744AA38"/>
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        <balance>5060000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Panama Government International Bond</name>
        <lei>N/A</lei>
        <title>PANAMA</title>
        <cusip>698299AD6</cusip>
        <identifiers>
          <isin value="US698299AD63"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>670000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Guatemala Government Bond</name>
        <lei>N/A</lei>
        <title>REP OF GUATEMALA</title>
        <cusip>ZS8419047</cusip>
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          <isin value="USP5015VAH98"/>
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        <balance>8300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7973187.50000000</valUSD>
        <pctVal>1.805639942499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <other otherDesc="AASECID" value="CCTIDR__00038658"/>
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      <invstOrSec>
        <name>Argentine Republic Government International Bond</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
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        <name>Ukraine Government International Bond</name>
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          <isin value="XS1303926528"/>
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        <name>N/A</name>
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        <name>Philippine Government International Bond</name>
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        <name>Corp Financiera de Desarrollo SA</name>
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        <title>COFIDE</title>
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          <isin value="USP31389AY82"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <isin value="DE000C4E97D2"/>
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        <name>Petrobras Global Finance BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Dominican Republic International Bond</name>
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          <isin value="USP3579EAH01"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Republic of Azerbaijan International Bond</name>
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        <cusip>AO9863793</cusip>
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          <isin value="XS1678623734"/>
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        <name>Gabon Government International Bond</name>
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        <cusip>ZP7937847</cusip>
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        <name>Honduras Government International Bond</name>
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        <name>N/A</name>
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        <title>MXN/USD FWD 20200414</title>
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        <name>Empresa Nacional del Petroleo</name>
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        <title>EMPRESA NACIONAL</title>
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        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="AASECID" value="CCTKRW__00038796"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BNP PARIBAS</counterpartyName>
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      <invstOrSec>
        <name>Empresa Nacional del Petroleo</name>
        <lei>549300YP3P0JZBLIV197</lei>
        <title>ENAP</title>
        <cusip>EI8970978</cusip>
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          <isin value="USP37110AG12"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Republic of Uzbekistan Bond</name>
        <lei>N/A</lei>
        <title>REPUB UZBEKISTAN</title>
        <cusip>AX2152962</cusip>
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          <isin value="XS1953916290"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1467600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Corp Financiera de Desarrollo SA</name>
        <lei>254900BOM7T4MG6T0J30</lei>
        <title>CORP FINANCIERA</title>
        <cusip>AF2180343</cusip>
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          <isin value="USP3R94GAK53"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>876375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Lebanon Government International Bond</name>
        <lei>N/A</lei>
        <title>LEBANESE REP</title>
        <cusip>EK7679070</cusip>
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          <isin value="XS1196419854"/>
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        <balance>4900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>906500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
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        <title>USD/ZAR FWD 20200414</title>
        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTUSD__00038644"/>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>HSBC BANK USA, N.A.</counterpartyName>
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      <invstOrSec>
        <name>Republic of South Africa Government Bond</name>
        <lei>N/A</lei>
        <title>REP SOUTH AFRICA</title>
        <cusip>EI2585921</cusip>
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          <isin value="ZAG000077488"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Perusahaan Listrik Negara PT</name>
        <lei>254900OYVDRYS9J51J61</lei>
        <title>PERUSAHAAN LISTR</title>
        <cusip>ZQ3502213</cusip>
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          <isin value="XS2073758612"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ecuador Government International Bond</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF ECUA</title>
        <cusip>AW9472415</cusip>
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          <isin value="XS1929376710"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>846562.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.75000000</annualizedRt>
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        <name>Ecuador Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>QZ0178983</cusip>
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          <isin value="XS1458514673"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>EC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-28</maturityDt>
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        <name>Vietnam Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>EK5906749</cusip>
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          <isin value="USY9384RAA87"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1758269.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>Development Bank of Kazakhstan JSC</name>
        <lei>213800LCDPGJ1BI7KX98</lei>
        <title>KAZAKH DEVELOPME</title>
        <cusip>EJ4594531</cusip>
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          <isin value="XS0860582435"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-10</maturityDt>
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        <name>Saudi Government International Bond</name>
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        <cusip>AP2859340</cusip>
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          <isin value="XS1694218469"/>
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        <balance>1500000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-04</maturityDt>
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        <name>Ecuador Government International Bond</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF ECUA</title>
        <cusip>AQ8551014</cusip>
        <identifiers>
          <isin value="XS1755429732"/>
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        <balance>5500000.00000000</balance>
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        <invCountry>EC</invCountry>

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        <debtSec>
          <maturityDt>2028-01-23</maturityDt>
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        <name>Bahrain Government International Bond</name>
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          <isin value="XS1405766541"/>
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        <name>N/A</name>
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        <title>SCDS: (MEX)</title>
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        <name>Jordan Government International Bond</name>
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        <title>JORDAN</title>
        <cusip>AP2700627</cusip>
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          <isin value="XS1577950311"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418437.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ecuador Government International Bond</name>
        <lei>N/A</lei>
        <title>REPUBLIC OF ECUA</title>
        <cusip>ZR7746038</cusip>
        <identifiers>
          <isin value="XS2058864948"/>
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        <balance>4600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1343857.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
        <title>PARAGUAY</title>
        <cusip>699149AH3</cusip>
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          <isin value="US699149AH36"/>
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        <balance>2780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2491575.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICA</title>
        <cusip>ZP6132002</cusip>
        <identifiers>
          <isin value="USP78625EA73"/>
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        <balance>2430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1670868.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ukraine Government International Bond</name>
        <lei>N/A</lei>
        <title>UKRAINE GOVT</title>
        <cusip>AV2667468</cusip>
        <identifiers>
          <isin value="XS1902171591"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>468750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.99400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Armenia International Bond</name>
        <lei>N/A</lei>
        <title>ARMENIA</title>
        <cusip>ZR7007506</cusip>
        <identifiers>
          <isin value="XS2010043904"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2632497.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vale Overseas Ltd</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>VALE OVERSEAS</title>
        <cusip>91911TAH6</cusip>
        <identifiers>
          <isin value="US91911TAH68"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4385000.00000000</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>2036-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</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>
        <name>Costa Rica Government International Bond</name>
        <lei>N/A</lei>
        <title>COSTA RICA GOVT</title>
        <cusip>EK1596197</cusip>
        <identifiers>
          <isin value="USP3699PGH49"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1110666.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Romanian Government International Bond</name>
        <lei>N/A</lei>
        <title>ROMANIA</title>
        <cusip>AR0510867</cusip>
        <identifiers>
          <isin value="XS1768067297"/>
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        <balance>2665000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="1.10290100"/>
        <valUSD>2925971.90000000</valUSD>
        <pctVal>0.662627303480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of South Africa Government Bond</name>
        <lei>N/A</lei>
        <title>REP SOUTH AFRICA</title>
        <cusip>EF5565850</cusip>
        <identifiers>
          <isin value="ZAG000030404"/>
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        <balance>97400000.00000000</balance>
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        <currencyConditional curCd="ZAR" exchangeRt="0.05591100"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Colombia Government International Bond</name>
        <lei>N/A</lei>
        <title>COLOMBIA REP OF</title>
        <cusip>195325BB0</cusip>
        <identifiers>
          <isin value="US195325BB02"/>
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        <balance>615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>827076.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SCDS: (SOAF)</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1025000501"/>
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        <balance>6880000.00000000</balance>
        <units>NC</units>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CURRENCY CONTRACT-USD</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="CCTUSD"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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            <amtCurPur>3500000.00000000</amtCurPur>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ukreximbank Via Biz Finance PLC</name>
        <lei>N/A</lei>
        <title>UKREXIMBANK</title>
        <cusip>UV3121018</cusip>
        <identifiers>
          <isin value="XS1261825621"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>380600.00000000</valUSD>
        <pctVal>0.086192198805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Argentine Republic Government International Bond</name>
        <lei>N/A</lei>
        <title>ARGENTINA</title>
        <cusip>040114HQ6</cusip>
        <identifiers>
          <isin value="US040114HQ69"/>
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        <balance>11301000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3086077.08000000</valUSD>
        <pctVal>0.698885363134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MHP Lux SA</name>
        <lei>222100RHC7R1WZ1J3M44</lei>
        <title>MHP LUX SA</title>
        <cusip>ZR5940328</cusip>
        <identifiers>
          <isin value="XS2010044894"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2909375.00000000</valUSD>
        <pctVal>0.658868703101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
        <lei>1I6HV0TLSTR3A4XQ6L78</lei>
        <title>Vanguard Market Liquidity Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FAID" value="CMT001142"/>
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        <balance>16855.61090000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1683538.42000000</valUSD>
        <pctVal>0.381260846541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
        <title>PARAGUAY</title>
        <cusip>AX0609187</cusip>
        <identifiers>
          <isin value="USP75744AG08"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-30</maturityDt>
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      <invstOrSec>
        <name>Croatia Government International Bond</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <ticker value="USM0"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Celulosa Arauco y Constitucion SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Perusahaan Penerbit SBSN Indonesia III</name>
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        <name>Saudi Government International Bond</name>
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          <maturityDt>2026-10-26</maturityDt>
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        <name>State Grid Overseas Investment 2016 Ltd</name>
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        <name>Costa Rica Government International Bond</name>
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        <name>N/A</name>
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        <name>Colbun SA</name>
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        <name>N/A</name>
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        <name>Croatia Government International Bond</name>
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        <name>N/A</name>
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        <name>Kazakhstan Government International Bond</name>
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        <name>Oman Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>AQ7342613</cusip>
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          <isin value="XS1750114396"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-17</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Argentine Republic Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>040114HR4</cusip>
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          <isin value="US040114HR43"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-11</maturityDt>
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      <invstOrSec>
        <name>El Salvador Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>283875BZ4</cusip>
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          <isin value="US283875BZ44"/>
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        <balance>2080000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-20</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTUSD__00037310"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BNP PARIBAS</counterpartyName>
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      <invstOrSec>
        <name>Republic of Uzbekistan Bond</name>
        <lei>N/A</lei>
        <title>REPUB UZBEKISTAN</title>
        <cusip>AX0562923</cusip>
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          <isin value="XS1953915136"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2502029.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jordan Government International Bond</name>
        <lei>N/A</lei>
        <title>JORDAN</title>
        <cusip>QJ6143706</cusip>
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          <isin value="XS1117279882"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kazakhstan Temir Zholy Finance BV</name>
        <lei>N/A</lei>
        <title>KAZAKHSTAN TEMIR</title>
        <cusip>EJ2667560</cusip>
        <identifiers>
          <isin value="XS0799658637"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>626793.00000000</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>2042-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Perusahaan Listrik Negara PT</name>
        <lei>254900OYVDRYS9J51J61</lei>
        <title>PERUSAHAAN LISTR</title>
        <cusip>71568QAF4</cusip>
        <identifiers>
          <isin value="US71568QAF46"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>641250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANQUE OUEST AFRICAINE DE DEVELOPPEMENT</name>
        <lei>529900LIZJABE4JJS826</lei>
        <title>BOAD 4.7 10/22/2031</title>
        <cusip>06675QAC7</cusip>
        <identifiers>
          <isin value="US06675QAC78"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2677470.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arab Petroleum Investments Corp</name>
        <lei>213800A54KIUYH5YD185</lei>
        <title>ARAB PETROLEUM</title>
        <cusip>AU4772375</cusip>
        <identifiers>
          <isin value="XS1877841400"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2999130.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/COP FWD 20200403</title>
        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTUSD__00037495"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>ROYAL BANK OF CANADA</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USD/KRW FWD 20200514</title>
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          <other otherDesc="AASECID" value="CCTUSD__00038797"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-16147.86000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BNP PARIBAS</counterpartyName>
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      <invstOrSec>
        <name>Sociedad Quimica y Minera de Chile SA</name>
        <lei>TJ88LXZZW5PWIN93ZC81</lei>
        <title>SOCIEDAD QUIMICA</title>
        <cusip>833636AJ2</cusip>
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          <isin value="US833636AJ21"/>
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        <balance>5800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4640000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <title>SCDS: (TURKEY)</title>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JPMORGAN CHASE BANK, N.A.</counterpartyName>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Russian Federal Bond - OFZ</name>
        <lei>N/A</lei>
        <title>RUSSIA-OFZ</title>
        <cusip>EJ5257898</cusip>
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          <isin value="RU000A0JTK38"/>
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        <balance>419300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Dominican Republic International Bond</name>
        <lei>N/A</lei>
        <title>DOMINICAN REPUBL</title>
        <cusip>ZP6620022</cusip>
        <identifiers>
          <isin value="USP3579ECG00"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2345000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>COP/USD FWD 20200403</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="AASECID" value="CCTCOP__00038799"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Venezuela Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>EI8410553</cusip>
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          <isin value="USP17625AE71"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-21</maturityDt>
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      <invstOrSec>
        <name>Senegal Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>81720TAD7</cusip>
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          <isin value="US81720TAD72"/>
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        <balance>200000.00000000</balance>
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          <maturityDt>2048-03-13</maturityDt>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
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        <cusip>71654QBX9</cusip>
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          <isin value="US71654QBX97"/>
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        <balance>1000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-23</maturityDt>
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        <name>Paraguay Government International Bond</name>
        <lei>N/A</lei>
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        <cusip>AR6854467</cusip>
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          <isin value="USP75744AF25"/>
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        <balance>4230000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2048-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Empresa Nacional del Petroleo</name>
        <lei>549300YP3P0JZBLIV197</lei>
        <title>EMPRESA NACIONAL</title>
        <cusip>QZ1260129</cusip>
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          <isin value="USP37110AK24"/>
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        <curCd>USD</curCd>
        <valUSD>2082600.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-05</maturityDt>
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        <name>Republic of Cameroon International Bond</name>
        <lei>N/A</lei>
        <title>REP OF CAMEROON</title>
        <cusip>QJ7814669</cusip>
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          <isin value="XS1313779081"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTBRL__00038728"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ROYAL BANK OF CANADA</counterpartyName>
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      <invstOrSec>
        <name>Russian Foreign Bond - Eurobond</name>
        <lei>N/A</lei>
        <title>RUSSIA-EUROBOND</title>
        <cusip>EJ8270120</cusip>
        <identifiers>
          <isin value="XS0971721963"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Ukraine Government Bond</name>
        <lei>N/A</lei>
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        <cusip>ZQ9424628</cusip>
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          <isin value="UA4000206460"/>
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        <invCountry>UA</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.67000000</annualizedRt>
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        <name>Dominican Republic International Bond</name>
        <lei>N/A</lei>
        <title>DOMINICAN REPUBL</title>
        <cusip>ZS9155301</cusip>
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          <isin value="USP3579ECE51"/>
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          <maturityDt>2049-06-05</maturityDt>
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        <name>Egypt Government International Bond</name>
        <lei>N/A</lei>
        <title>ARAB REP EGYPT</title>
        <cusip>AX3105902</cusip>
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          <isin value="XS1953057491"/>
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        <balance>2900000.00000000</balance>
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        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2049-03-01</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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        <title>BRL/USD FWD 20200402</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Romanian Government International Bond</name>
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        <cusip>ZP6061227</cusip>
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          <isin value="XS2109948823"/>
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        <name>Abu Dhabi Government International Bond</name>
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        <invCountry>AE</invCountry>

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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1025001101"/>
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        <curCd>USD</curCd>
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        <assetCat>DCR</assetCat>
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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>BNP PARIBAS</counterpartyName>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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            <swapFlag>Y</swapFlag>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="AASECID" value="CCTUSD__00038800"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-5785.29000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BNP PARIBAS</counterpartyName>
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            <unrealizedAppr>-5785.29000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="AASECID" value="CCTZAR__00038730"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-2801.13000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STATE STREET BANK AND TRUST COMPANY</counterpartyName>
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            <amtCurSold>172654.00000000</amtCurSold>
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            <amtCurPur>3043750.00000000</amtCurPur>
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            <settlementDt>2020-04-14</settlementDt>
            <unrealizedAppr>-2801.13000000</unrealizedAppr>
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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>N/A</cusip>
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          <other otherDesc="CONTRACT_VANGUARD_ID" value="V1025018101"/>
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        <balance>-11210000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-647596.00000000</valUSD>
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        <assetCat>DCR</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <cusip value="AL5170249"/>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.00000000"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-11210000.00000000</notionalAmt>
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            <unrealizedAppr>261382.21000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Grupo Aval Ltd</name>
        <lei>549300J4FW1ELLQ80113</lei>
        <title>GRUPO AVAL LTD</title>
        <cusip>40053FAC2</cusip>
        <identifiers>
          <isin value="US40053FAC23"/>
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        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2592000.00000000</valUSD>
        <pctVal>0.586994690763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>Venezuela Government International Bond</name>
        <lei>N/A</lei>
        <title>VENEZUELA</title>
        <cusip>EH0305910</cusip>
        <identifiers>
          <isin value="USP97475AJ95"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135000.00000000</valUSD>
        <pctVal>0.030572640143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>VE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Panama Government International Bond</name>
        <lei>N/A</lei>
        <title>PANAMA</title>
        <cusip>698299BF0</cusip>
        <identifiers>
          <isin value="US698299BF03"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>212000.00000000</valUSD>
        <pctVal>0.048010368226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argentine Republic Government International Bond</name>
        <lei>N/A</lei>
        <title>ARGENTINA</title>
        <cusip>040114HP8</cusip>
        <identifiers>
          <isin value="US040114HP86"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>138750.00000000</valUSD>
        <pctVal>0.031421880147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivory Coast Government International Bond</name>
        <lei>N/A</lei>
        <title>IVORY COAST-PDI</title>
        <cusip>ZQ0630710</cusip>
        <identifiers>
          <isin value="XS2064786911"/>
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        <balance>4600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="1.10290100"/>
        <valUSD>4304928.29000000</valUSD>
        <pctVal>0.974911284855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NTPC Ltd</name>
        <lei>335800Q4TRGJXNLVMB81</lei>
        <title>NTPC LTD</title>
        <cusip>AX3541346</cusip>
        <identifiers>
          <isin value="XS1967614469"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2838046.50000000</valUSD>
        <pctVal>0.642715365601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PEN/USD FWD 20200403</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="AASECID" value="CCTPEN__00038798"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>6848.15000000</valUSD>
        <pctVal>0.001550859448</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BNP PARIBAS</counterpartyName>
              <counterpartyLei>R0MUWSFPU8MPRO8K5P83</counterpartyLei>
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            <amtCurSold>4050000.00000000</amtCurSold>
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            <amtCurPur>13923900.00000000</amtCurPur>
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            <settlementDt>2020-04-03</settlementDt>
            <unrealizedAppr>6848.15000000</unrealizedAppr>
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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>JPY/USD FWD 20200414</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="AASECID" value="CCTJPY__00038523"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>227021.60000000</valUSD>
        <pctVal>0.051412219864</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>DEUTSCHE BANK AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
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            <amtCurSold>6720000.00000000</amtCurSold>
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            <amtCurPur>746492544.00000000</amtCurPur>
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            <settlementDt>2020-04-14</settlementDt>
            <unrealizedAppr>227021.60000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vale Overseas Ltd</name>
        <lei>254900BA3U6G5DNV5V04</lei>
        <title>VALE OVERSEAS</title>
        <cusip>91911TAP8</cusip>
        <identifiers>
          <isin value="US91911TAP84"/>
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        <balance>227000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247997.50000000</valUSD>
        <pctVal>0.056162506104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>Qatar Government International Bond</name>
        <lei>N/A</lei>
        <title>QATAR STATE OF</title>
        <cusip>AX5422925</cusip>
        <identifiers>
          <isin value="XS1959337582"/>
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        <balance>577000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>617378.98000000</valUSD>
        <pctVal>0.139814113984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>El Salvador Government International Bond</name>
        <lei>N/A</lei>
        <title>EL SALVADOR REP</title>
        <cusip>AZ8756738</cusip>
        <identifiers>
          <isin value="USP01012CA29"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>232374.99000000</valUSD>
        <pctVal>0.052624569983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SV</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12460000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Perusahaan Listrik Negara PT</name>
        <lei>254900OYVDRYS9J51J61</lei>
        <title>PERUSAHAAN LISTR</title>
        <cusip>71568QAB3</cusip>
        <identifiers>
          <isin value="US71568QAB32"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Empresa Nacional del Petroleo</name>
        <lei>549300YP3P0JZBLIV197</lei>
        <title>EMPRESA NACIONAL</title>
        <cusip>AV3658151</cusip>
        <identifiers>
          <isin value="USP37110AN62"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2449375.00000000</valUSD>
        <pctVal>0.554695262611</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Panama Government International Bond</name>
        <lei>N/A</lei>
        <title>PANAMA</title>
        <cusip>698299BD5</cusip>
        <identifiers>
          <isin value="US698299BD54"/>
        </identifiers>
        <balance>11845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12200350.00000000</valUSD>
        <pctVal>2.762940075406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>US 10YR NOTE (CBT)Jun20</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYM0"/>
        </identifiers>
        <balance>297.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>41190187.50000000</valUSD>
        <pctVal>9.328094665910</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 10 Year US Treasury Note</issueTitle>
                <identifiers>
                  <ticker value="TYM0"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-06-19</expDate>
            <notionalAmt>40860798.43000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>329389.07000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qatar Government International Bond</name>
        <lei>N/A</lei>
        <title>QATAR STATE OF</title>
        <cusip>AS1975760</cusip>
        <identifiers>
          <isin value="XS1807174393"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219499.80000000</valUSD>
        <pctVal>0.049708802941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Peru Government Bond</name>
        <lei>N/A</lei>
        <title>PERU B SOBERANO</title>
        <cusip>AO4008642</cusip>
        <identifiers>
          <isin value="PEP01000C5E9"/>
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        <balance>14000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="PEN" exchangeRt="0.29137100"/>
        <valUSD>4314420.59000000</valUSD>
        <pctVal>0.977060949093</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>USD/RUB FWD 20200403</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="AASECID" value="CCTUSD__00037697"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>686181.89000000</valUSD>
        <pctVal>0.155395496268</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <amtCurSold>306268371.50000000</amtCurSold>
            <curSold>RUB</curSold>
            <amtCurPur>4585000.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-04-03</settlementDt>
            <unrealizedAppr>686181.89000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guatemala Government Bond</name>
        <lei>N/A</lei>
        <title>REP OF GUATEMALA</title>
        <cusip>EJ5486794</cusip>
        <identifiers>
          <isin value="USP5015VAE67"/>
        </identifiers>
        <balance>2530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2466750.00000000</valUSD>
        <pctVal>0.558630074629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>USD P JPY C @95.1000 EO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="VID" value="V1021525200"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>257544.12000000</valUSD>
        <pctVal>0.058324471866</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BNP PARIBAS</counterpartyName>
              <counterpartyLei>R0MUWSFPU8MPRO8K5P83</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="VID" value="USD P JPY C "/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>10000000.00000000</shareNo>
            <exercisePrice>95.10000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-07-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-68725.88000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque Ouest Africaine de Developpement</name>
        <lei>529900LIZJABE4JJS826</lei>
        <title>BOAD</title>
        <cusip>AO3503288</cusip>
        <identifiers>
          <isin value="XS1650033571"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>452375.00000000</valUSD>
        <pctVal>0.102446652482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Indonesia Government International Bond</name>
        <lei>N/A</lei>
        <title>INDONESIA (REP)</title>
        <cusip>AH0289654</cusip>
        <identifiers>
          <isin value="USY20721BN86"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5815947.50000000</valUSD>
        <pctVal>1.317102740840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD MALVERN FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Christine M. Buchanan</ncom:signature>
      <ncom:signerName>Christine M. Buchanan</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
