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      <invstOrSec>
        <name>Cosan Ltd.</name>
        <lei>6354007UNEBWHVSGS270</lei>
        <title>Cosan Ltd.</title>
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          <other otherDesc="Primary Identifier" value="22113AAB1"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Minerva Luxembourg S.A.</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
        <title>Minerva Luxembourg S.A.</title>
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          <other otherDesc="Primary Identifier" value="603374AE9"/>
          <other otherDesc="Primary Identifier" value="603374AE9"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-19</maturityDt>
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          <annualizedRt>0.05875000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pampa Energia S.A.</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>Pampa Energia S.A.</title>
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          <other otherDesc="Primary Identifier" value="697660AA6"/>
          <other otherDesc="Primary Identifier" value="697660AA6"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Danske Bank A.S.</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A.S.</title>
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          <other otherDesc="Primary Identifier" value="23636AAS0"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banco Santander (Mexico) S.A.</name>
        <lei>SCRYQ25DTVRHYYMM6P89</lei>
        <title>Banco Santander (Mexico) S.A.</title>
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          <other otherDesc="Primary Identifier" value="05969BAC7"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>0.05950000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kallpa Generacion S.A.</name>
        <lei>549300NG1PWEI5BZG095</lei>
        <title>Kallpa Generacion S.A.</title>
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          <other otherDesc="Primary Identifier" value="48344FAA8"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>05971KAD1</cusip>
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          <other otherDesc="Primary Identifier" value="05971KAD1"/>
          <other otherDesc="Primary Identifier" value="05971KAD1"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4053419.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02706000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reynolds American Inc.</name>
        <lei>02S2RPPVO9RP4NEU2740</lei>
        <title>Reynolds American Inc.</title>
        <cusip>761713BG0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="761713BG0"/>
          <other otherDesc="Primary Identifier" value="761713BG0"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2151690.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04450000</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 Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
        <cusip>455780CC8</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="455780CC8"/>
          <other otherDesc="Primary Identifier" value="455780CC8"/>
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        <balance>4800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4881303.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02950000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saudi Arabia Government Bond</name>
        <lei>635400FMICXSM3SI3H65</lei>
        <title>Saudi Arabia Government Bond</title>
        <cusip>80413TAD1</cusip>
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          <other otherDesc="Primary Identifier" value="80413TAD1"/>
          <other otherDesc="Primary Identifier" value="80413TAD1"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2035160.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JBS Investments II GmbH (GTD by JBS S.A.)</name>
        <lei>529900V1Q46CPWIWT649</lei>
        <title>JBS Investments II GmbH (GTD by JBS S.A.)</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
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      <invstOrSec>
        <name>Fresenius U.S. Finance II Inc.</name>
        <lei>TRJSJR7WPAPZ2OYFQZ47</lei>
        <title>Fresenius U.S. Finance II Inc.</title>
        <cusip>35804GAJ7</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-01</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOHL Capital Ltd.</name>
        <lei>N/A</lei>
        <title>GOHL Capital Ltd.</title>
        <cusip>N/A</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
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        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
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          <other otherDesc="Primary Identifier" value="857492706"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>0.03540000</annualizedRt>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912828M56</cusip>
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          <other otherDesc="Primary Identifier" value="912828M56"/>
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        <valUSD>15853665.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Perusahaan Listrik Negara</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.)</name>
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        <name>Tencent Holdings Ltd.</name>
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        <name>Bayer U.S. Finance II LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BAE Systems Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GUSAP III L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Province of Buenos Aires</name>
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        <name>Banco Cruzeiro do Sul S.A.</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Saci Falabella</name>
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        <name>Braskem Netherlands B.V.</name>
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        <name>Africa Finance Corp.</name>
        <lei>213800LXFHRRXIJRXW97</lei>
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        <name>Alibaba Group Holding Ltd.</name>
        <lei>5493001NTNQJDH60PM02</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Greenko Mauritius Ltd.</name>
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          <maturityDt>2021-05-07</maturityDt>
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          <annualizedRt>0.07875000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CEMEX S.A.B. de C.V.</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>CEMEX S.A.B. de C.V.</title>
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          <other otherDesc="Primary Identifier" value="151290BU6"/>
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        <valUSD>543750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07750000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Weibo Corp.</name>
        <lei>549300Q9ID4640FE0422</lei>
        <title>Weibo Corp.</title>
        <cusip>948596AD3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="948596AD3"/>
          <other otherDesc="Primary Identifier" value="948596AD3"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP Paribas S.A.</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas S.A.</title>
        <cusip>05565AAQ6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="05565AAQ6"/>
          <other otherDesc="Primary Identifier" value="05565AAQ6"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3165000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07625000</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>
      <invstOrSec>
        <name>Olam International Ltd.</name>
        <lei>33D7DTWH8BNIUWE0IF81</lei>
        <title>Olam International Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B54N1S4"/>
          <other otherDesc="Primary Identifier" value="B54N1S4"/>
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        <balance>11650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11894548.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</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>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group Inc.</title>
        <cusip>86562MBB5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="86562MBB5"/>
          <other otherDesc="Primary Identifier" value="86562MBB5"/>
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        <balance>2650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2778352.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03748000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Danske Bank A.S.</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A.S.</title>
        <cusip>23636AAM3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="23636AAM3"/>
          <other otherDesc="Primary Identifier" value="23636AAM3"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2014297.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02700000</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>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAA1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="00973RAA1"/>
          <other otherDesc="Primary Identifier" value="00973RAA1"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1952250.00000000</valUSD>
        <pctVal>0.424792790572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</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>Fresenius U.S. Finance II Inc.</name>
        <lei>TRJSJR7WPAPZ2OYFQZ47</lei>
        <title>Fresenius U.S. Finance II Inc.</title>
        <cusip>35804GAK4</cusip>
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          <other otherDesc="Primary Identifier" value="35804GAK4"/>
          <other otherDesc="Primary Identifier" value="35804GAK4"/>
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        <balance>2925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3079920.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</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>Saci Falabella</name>
        <lei>5493004CKJQ7H391LM41</lei>
        <title>Saci Falabella</title>
        <cusip>78386FAC0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="78386FAC0"/>
          <other otherDesc="Primary Identifier" value="78386FAC0"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1041534.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Keurig Dr Pepper Inc.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc.</title>
        <cusip>49271VAF7</cusip>
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          <other otherDesc="Primary Identifier" value="49271VAF7"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3140397.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04597000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QCK6</cusip>
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          <other otherDesc="Primary Identifier" value="71654QCK6"/>
          <other otherDesc="Primary Identifier" value="71654QCK6"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>497500.00000000</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>2028-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05350000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13607RAD2</cusip>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5249820.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</annualizedRt>
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      <invstOrSec>
        <name>Grupo Bimbo S.A.B. de C.V.</name>
        <lei>5493000RIXURZEBFEV60</lei>
        <title>Grupo Bimbo S.A.B. de C.V.</title>
        <cusip>40052VAA2</cusip>
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          <other otherDesc="Primary Identifier" value="40052VAA2"/>
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        <balance>597000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>603658.53000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-30</maturityDt>
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          <annualizedRt>0.04875000</annualizedRt>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QCQ3</cusip>
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          <other otherDesc="Primary Identifier" value="71654QCQ3"/>
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        <valUSD>2764736.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-23</maturityDt>
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          <annualizedRt>0.06490000</annualizedRt>
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      <invstOrSec>
        <name>Qatar Government Bond</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>Qatar Government Bond</title>
        <cusip>74727PAU5</cusip>
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          <other otherDesc="Primary Identifier" value="74727PAU5"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2104696.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
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      <invstOrSec>
        <name>State Bank of India</name>
        <lei>5493001JZ37UBBZF6L49</lei>
        <title>State Bank of India</title>
        <cusip>85628UAF3</cusip>
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          <other otherDesc="Primary Identifier" value="85628UAF3"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2466053.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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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 Ltd.</title>
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          <other otherDesc="Primary Identifier" value="91911TAP8"/>
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        <curCd>USD</curCd>
        <valUSD>4519130.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-10</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada PipeLines Ltd.</title>
        <cusip>89352HAW9</cusip>
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          <other otherDesc="Primary Identifier" value="89352HAW9"/>
          <other otherDesc="Primary Identifier" value="89352HAW9"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2218850.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Financial Group Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group Inc.</title>
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          <other otherDesc="Primary Identifier" value="60687YAM1"/>
          <other otherDesc="Primary Identifier" value="60687YAM1"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1543508.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03170000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group Inc.</title>
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          <other otherDesc="Primary Identifier" value="86562MBF6"/>
          <other otherDesc="Primary Identifier" value="86562MBF6"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2120384.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03936000</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>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934AP0</cusip>
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          <other otherDesc="Primary Identifier" value="335934AP0"/>
          <other otherDesc="Primary Identifier" value="335934AP0"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1353375.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Suzano Austria GmbH</name>
        <lei>254900287ZNSGVP1R341</lei>
        <title>Suzano Austria GmbH</title>
        <cusip>86964WAF9</cusip>
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          <other otherDesc="Primary Identifier" value="86964WAF9"/>
          <other otherDesc="Primary Identifier" value="86964WAF9"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2255000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VTR Finance B.V.</name>
        <lei>213800F4XI4RJB82XM19</lei>
        <title>VTR Finance B.V.</title>
        <cusip>918370AB3</cusip>
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          <other otherDesc="Primary Identifier" value="918370AB3"/>
          <other otherDesc="Primary Identifier" value="918370AB3"/>
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        <balance>5885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6017412.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06875000</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>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>195325BN4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B7TCNM8"/>
          <other otherDesc="Primary Identifier" value="B7TCNM8"/>
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        <balance>4300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4434418.00000000</valUSD>
        <pctVal>0.964891175199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</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>
        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAC4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91087BAC4"/>
          <other otherDesc="Primary Identifier" value="91087BAC4"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2143000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04150000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enel Finance International N.V.</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International N.V.</title>
        <cusip>29278GAJ7</cusip>
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          <other otherDesc="Primary Identifier" value="29278GAJ7"/>
          <other otherDesc="Primary Identifier" value="29278GAJ7"/>
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        <balance>3350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3651985.98000000</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>2025-09-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Syngenta Finance N.V.</name>
        <lei>54930042S3BYCEGOCN86</lei>
        <title>Syngenta Finance N.V.</title>
        <cusip>87164KAC8</cusip>
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        <balance>1725000.00000000</balance>
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        <valUSD>1857080.75000000</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>2028-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05182000</annualizedRt>
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      <invstOrSec>
        <name>Australia and New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia and New Zealand Banking Group Ltd.</title>
        <cusip>052528AK2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04400000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>94974BGL8</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04300000</annualizedRt>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272AT5</cusip>
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        <balance>2700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
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        <securityLending>
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        <name>Perusahaan Listrik Negara</name>
        <lei>254900OYVDRYS9J51J61</lei>
        <title>Perusahaan Listrik Negara</title>
        <cusip>71568PAE9</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05450000</annualizedRt>
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      <invstOrSec>
        <name>Volkswagen Group of America Inc.</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Inc.</title>
        <cusip>928668AR3</cusip>
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        <curCd>USD</curCd>
        <valUSD>2662282.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
        <cusip>06738EAU9</cusip>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1929490.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04337000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBVA Bancomer S.A.</name>
        <lei>N/A</lei>
        <title>BBVA Bancomer S.A.</title>
        <cusip>05533UAG3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="05533UAG3"/>
          <other otherDesc="Primary Identifier" value="05533UAG3"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2617500.00000000</valUSD>
        <pctVal>0.569545462580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group Inc.</title>
        <cusip>606822AR5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="606822AR5"/>
          <other otherDesc="Primary Identifier" value="606822AR5"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1561982.37000000</valUSD>
        <pctVal>0.339873914599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03287000</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>Mong Duong Finance Holdings B.V.</name>
        <lei>549300995KGQFMWSV879</lei>
        <title>Mong Duong Finance Holdings B.V.</title>
        <cusip>60935DAA3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="60935DAA3"/>
          <other otherDesc="Primary Identifier" value="60935DAA3"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1380380.93000000</valUSD>
        <pctVal>0.300359004895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</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>Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.)</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>Teva Pharmaceutical Finance Netherlands III B.V. (GTD by Teva Pharmaceutical Industries Ltd.)</title>
        <cusip>88167AAD3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88167AAD3"/>
          <other otherDesc="Primary Identifier" value="88167AAD3"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1298500.00000000</valUSD>
        <pctVal>0.282542419545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02800000</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>Abu Dhabi National Energy Co.</name>
        <lei>213800UNJSVQFNUYYW03</lei>
        <title>Abu Dhabi National Energy Co.</title>
        <cusip>00388WAF8</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="00388WAF8"/>
          <other otherDesc="Primary Identifier" value="00388WAF8"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>646380.00000000</valUSD>
        <pctVal>0.140646722484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</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>Teva Pharmaceutical Finance Netherlands II B.V. (GTD by Teva Pharmaceutical Industries Ltd.)</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>Teva Pharmaceutical Finance Netherlands II B.V. (GTD by Teva Pharmaceutical Industries Ltd.)</title>
        <cusip>88167AAM3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="88167AAM3"/>
          <other otherDesc="Primary Identifier" value="88167AAM3"/>
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        <balance>1300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1335360.00000000</valUSD>
        <pctVal>0.290562838170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07125000</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>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128282A7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="9128282A7"/>
          <other otherDesc="Primary Identifier" value="9128282A7"/>
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        <balance>5180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5073771.56000000</valUSD>
        <pctVal>1.104009004839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</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>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</name>
        <lei>N/A</lei>
        <title>Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="26200X100"/>
          <other otherDesc="Primary Identifier" value="26200X100"/>
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        <balance>1203101.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1203101.04000000</valUSD>
        <pctVal>0.261784427261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ESAL GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)</name>
        <lei>529900RVHZ2M1RC3JM20</lei>
        <title>ESAL GmbH (GTD by JBS S.A. and JBS Hungary Holdings Kft.)</title>
        <cusip>29605YAA1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="29605YAA1"/>
          <other otherDesc="Primary Identifier" value="29605YAA1"/>
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        <balance>2025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2045250.00000000</valUSD>
        <pctVal>0.445028789815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</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>Republic of South Africa</name>
        <lei>378900AAFB4F17004C49</lei>
        <title>Republic of South Africa</title>
        <cusip>836205AT1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="836205AT1"/>
          <other otherDesc="Primary Identifier" value="836205AT1"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248458.40000000</valUSD>
        <pctVal>0.271653798258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</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>Wells Fargo &amp; Co. (3-Month U.S. LIBOR plus 377 bps)</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co. (3-Month U.S. LIBOR plus 377 bps)</title>
        <cusip>949746PM7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="949746PM7"/>
          <other otherDesc="Primary Identifier" value="949746PM7"/>
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        <balance>2271000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2299387.50000000</valUSD>
        <pctVal>0.500326921619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-29</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05663600</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="543070.49"/>
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      <invstOrSec>
        <name>MARB BondCo plc (GTD by Marfrig Global Foods S.A. Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.)</name>
        <lei>254900PVA1EU6QM1JN57</lei>
        <title>MARB BondCo plc (GTD by Marfrig Global Foods S.A. Marfrig Overseas Ltd. and Marfrig Holdings (Europe) B.V.)</title>
        <cusip>566007AA8</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="566007AA8"/>
          <other otherDesc="Primary Identifier" value="566007AA8"/>
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        <balance>3850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4013625.00000000</valUSD>
        <pctVal>0.873330241547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Qatar Government Bond</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>Qatar Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFX2LZ9"/>
          <other otherDesc="Primary Identifier" value="BFX2LZ9"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2428110.00000000</valUSD>
        <pctVal>0.528335829282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</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>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828YM6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="912828YM6"/>
          <other otherDesc="Primary Identifier" value="912828YM6"/>
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        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1238388.90000000</valUSD>
        <pctVal>0.269462761759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</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>Industrial and Commercial Bank of China Ltd.</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>Industrial and Commercial Bank of China Ltd.</title>
        <cusip>45580KAJ7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="45580KAJ7"/>
          <other otherDesc="Primary Identifier" value="45580KAJ7"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>761391.26000000</valUSD>
        <pctVal>0.165672182380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02957000</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>Lancer Finance Co. (SPV) Ltd.</name>
        <lei>N/A</lei>
        <title>Lancer Finance Co. (SPV) Ltd.</title>
        <cusip>51461TAA9</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="51461TAA9"/>
          <other otherDesc="Primary Identifier" value="51461TAA9"/>
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        <balance>987308.78570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98.73000000</valUSD>
        <pctVal>0.000021482797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2016-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05850000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grupo Bimbo S.A.B. de C.V.</name>
        <lei>5493000RIXURZEBFEV60</lei>
        <title>Grupo Bimbo S.A.B. de C.V.</title>
        <cusip>40052VAC8</cusip>
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          <other otherDesc="Primary Identifier" value="40052VAC8"/>
          <other otherDesc="Primary Identifier" value="40052VAC8"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-27</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>SCRYQ25DTVRHYYMM6P89</lei>
        <title>Banco Santander S.A.</title>
        <cusip>05969BAA1</cusip>
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          <other otherDesc="Primary Identifier" value="05969BAA1"/>
          <other otherDesc="Primary Identifier" value="05969BAA1"/>
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        <valUSD>5297676.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-09</maturityDt>
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          <annualizedRt>0.04125000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bacardi Ltd.</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>Bacardi Ltd.</title>
        <cusip>067316AE9</cusip>
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          <other otherDesc="Primary Identifier" value="067316AE9"/>
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        <curCd>USD</curCd>
        <valUSD>3016854.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-15</maturityDt>
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          <annualizedRt>0.04450000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CEMEX S.A.B. de C.V.</name>
        <lei>549300RIG2CXWN6IV731</lei>
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        <cusip>151290BS1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="151290BS1"/>
          <other otherDesc="Primary Identifier" value="151290BS1"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280BT5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="404280BT5"/>
          <other otherDesc="Primary Identifier" value="404280BT5"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04583000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle International Corp.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle International Corp.</title>
        <cusip>22822VAE1</cusip>
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          <other otherDesc="Primary Identifier" value="22822VAE1"/>
          <other otherDesc="Primary Identifier" value="22822VAE1"/>
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        <curCd>USD</curCd>
        <valUSD>3235936.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828M49</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="912828M49"/>
          <other otherDesc="Primary Identifier" value="912828M49"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1611076.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01875000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="P3772NHK1"/>
          <other otherDesc="Primary Identifier" value="P3772NHK1"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2402304.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02625000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Turkey Government Bond</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Turkey Government Bond</title>
        <cusip>900123CV0</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="900123CV0"/>
          <other otherDesc="Primary Identifier" value="900123CV0"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2662832.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</title>
        <cusip>31410WDB1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="31410WDB1"/>
          <other otherDesc="Primary Identifier" value="31410WDB1"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Enel Chile S.A.</name>
        <lei>549300YM5CWCAUVOPB53</lei>
        <title>Enel Chile S.A.</title>
        <cusip>29278DAA3</cusip>
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        <valUSD>2298400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
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      <invstOrSec>
        <name>Empresas Publicas de Medellin E.S.P.</name>
        <lei>549300SU25TO8EMXB434</lei>
        <title>Empresas Publicas de Medellin E.S.P.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="B671WD4"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank U.A.</title>
        <cusip>21688AAN2</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828U24</cusip>
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          <other otherDesc="Primary Identifier" value="912828U24"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4041586.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02000000</annualizedRt>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>78013XW20</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>792343.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03700000</annualizedRt>
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      <invstOrSec>
        <name>Myriad International Holdings B.V.</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Myriad International Holdings B.V.</title>
        <cusip>62856RAB1</cusip>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1168505.80000000</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>2020-07-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabia Government Bond</name>
        <lei>54930044PULMORCKB765</lei>
        <title>Saudi Arabia Government Bond</title>
        <cusip>80413TAA7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="80413TAA7"/>
          <other otherDesc="Primary Identifier" value="80413TAA7"/>
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        <balance>2250000.00000000</balance>
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        <name>ICICI Bank Ltd.</name>
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        <name>Goldman Sachs Group Inc. (The)</name>
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        <name>Banco Internacional del Peru S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Empresas Publicas de Medellin E.S.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Atento Luxco 1 S.A.</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-31</maturityDt>
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          <annualizedRt>0.02875000</annualizedRt>
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      <invstOrSec>
        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-15</maturityDt>
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        <name>YPF Sociedad Anonima</name>
        <lei>5493003N7447U18U5U53</lei>
        <title>YPF Sociedad Anonima</title>
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        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-23</maturityDt>
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        <name>Banco de Bogota S.A.</name>
        <lei>549300LYHE7LWSKDZT53</lei>
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        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>SK Telecom Co. Ltd.</name>
        <lei>9884003WEA1PHW006037</lei>
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        <name>Corporacion Andina de Fomento</name>
        <lei>UKZ46SXGNYCZK0UOZE76</lei>
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        <name>Celulosa Arauco y Constitucion S.A.</name>
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        <name>Hyundai Capital Services Inc.</name>
        <lei>549300MALMDAGL2ZJJ27</lei>
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        <name>Azul Investments LLP</name>
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        <name>Guanay Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Guanay Finance Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICICI Bank Ltd.</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI Bank Ltd.</title>
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        <invCountry>IN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Guanay Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Guanay Finance Ltd.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BGCXN87"/>
          <other otherDesc="Primary Identifier" value="BGCXN87"/>
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        <curCd>USD</curCd>
        <valUSD>97621.66000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alfa S.A.B. de C.V.</name>
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        <title>Alfa S.A.B. de C.V.</title>
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          <other otherDesc="Primary Identifier" value="015398AB6"/>
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        <curCd>USD</curCd>
        <valUSD>1512014.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-25</maturityDt>
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      <invstOrSec>
        <name>Republica Orient Uruguay</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Republica Orient Uruguay</title>
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          <other otherDesc="Primary Identifier" value="760942AZ5"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-14</maturityDt>
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          <annualizedRt>0.04500000</annualizedRt>
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      <invstOrSec>
        <name>Korea Development Bank</name>
        <lei>549300ML2LNRZUCS7149</lei>
        <title>Korea Development Bank</title>
        <cusip>500630CW6</cusip>
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          <other otherDesc="Primary Identifier" value="500630CW6"/>
          <other otherDesc="Primary Identifier" value="500630CW6"/>
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        <balance>2300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-19</maturityDt>
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      <invstOrSec>
        <name>Sands China Ltd.</name>
        <lei>549300EVO6UZDGY05787</lei>
        <title>Sands China Ltd.</title>
        <cusip>80007RAF2</cusip>
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          <other otherDesc="Primary Identifier" value="80007RAF2"/>
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        <curCd>USD</curCd>
        <valUSD>1536276.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide Inc. (GTD by AB INBEV/BBR/COB)</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide Inc. (GTD by AB INBEV/BBR/COB)</title>
        <cusip>035240AL4</cusip>
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        <balance>2850000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
        <cusip>335934AH8</cusip>
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          <other otherDesc="Primary Identifier" value="335934AH8"/>
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        <balance>1200000.00000000</balance>
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        <valUSD>1205640.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07250000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fibria Overseas Finance Ltd.</name>
        <lei>549300WABWKSHESAMG92</lei>
        <title>Fibria Overseas Finance Ltd.</title>
        <cusip>31572UAG1</cusip>
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          <other otherDesc="Primary Identifier" value="31572UAG1"/>
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        <balance>2000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>Aeropuertos Argentina 2000 S.A.</name>
        <lei>549300349K24AVAQ7B24</lei>
        <title>Aeropuertos Argentina 2000 S.A.</title>
        <cusip>00786PAC8</cusip>
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          <other otherDesc="Primary Identifier" value="00786PAC8"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06875000</annualizedRt>
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      <invstOrSec>
        <name>Pernod Ricard S.A.</name>
        <lei>52990097YFPX9J0H5D87</lei>
        <title>Pernod Ricard S.A.</title>
        <cusip>714264AH1</cusip>
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        <valUSD>788855.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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        <name>Republic of Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Republic of Argentina</title>
        <cusip>040114GW4</cusip>
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        <balance>6050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3267000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06875000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc.</title>
        <cusip>172967LS8</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03520000</annualizedRt>
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      <invstOrSec>
        <name>Unigel Luxembourg S.A.</name>
        <lei>N/A</lei>
        <title>Unigel Luxembourg S.A.</title>
        <cusip>904752AB8</cusip>
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          <other otherDesc="Primary Identifier" value="904752AB8"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1375312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08750000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Axtel S.A.B. de C.V.</name>
        <lei>549300BVRDR8XTSXAD13</lei>
        <title>Axtel S.A.B. de C.V.</title>
        <cusip>05462GAJ3</cusip>
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          <other otherDesc="Primary Identifier" value="05462GAJ3"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1420888.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828YS3</cusip>
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        <valUSD>1968242.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aegea Finance S.a.r.l.</name>
        <lei>N/A</lei>
        <title>Aegea Finance S.a.r.l.</title>
        <cusip>00775CAA4</cusip>
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        <name>Ras Laffan Liquefied Natural Gas Co. Ltd. II</name>
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        <name>State Bank of India</name>
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        <name>Banco Santander Chile</name>
        <lei>3YJP8HORPAEXJ80D6368</lei>
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        <name>Republic of Poland</name>
        <lei>259400R9L8QEP0TPXS31</lei>
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        <name>U.S. Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grupo Cementos de Chihuahua S.A.B. de C.V.</name>
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        <name>Inkia Energy Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Indonesia</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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        <name>Cydsa S.A.B. de C.V.</name>
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        <name>T-Mobile USA Inc.</name>
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        <name>Orbia Advance Corp. S.A.B. de C.V.</name>
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        <name>HSBC Holdings plc</name>
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        <name>Republic of Argentina</name>
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        <name>Ausgrid Finance Pty Ltd.</name>
        <lei>549300DN8D7YR73BKB57</lei>
        <title>Ausgrid Finance Pty Ltd.</title>
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        <name>Imperial Tobacco Finance plc</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>Imperial Tobacco Finance plc</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bangkok Bank Public Co. Ltd.</name>
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        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Sinopec Group Overseas Development (2018) Ltd.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02375000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Rumo Luxembourg S.a.r.l.</name>
        <lei>222100HOIQFT7YOSPB46</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marfrig Holdings (Europe) B.V.</name>
        <lei>7245005TV4GTABYP1Z54</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fenix Power Peru S.A.</name>
        <lei>549300VBTI7WLU4G4642</lei>
        <title>Fenix Power Peru S.A.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BFB5M24"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bunge Ltd. Finance Corp.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Koc Holding A.S.</name>
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        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LATAM Finance Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
