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          <other otherDesc="Primary Identifier" value="29278NAE3"/>
          <other otherDesc="Primary Identifier" value="29278NAE3"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>China Aoyuan Property Group Ltd.</name>
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          <other otherDesc="Primary Identifier" value="BD5ZMN7"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Logicor Financing S.a.r.l.</name>
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          <other otherDesc="Primary Identifier" value="BH05683"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Charter Communications Operating LLC and Charter Communications Operating Capital Corp.</name>
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        <title>Charter Communications Operating LLC and Charter Communications Operating Capital Corp.</title>
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          <other otherDesc="Primary Identifier" value="161175BN3"/>
          <other otherDesc="Primary Identifier" value="161175BN3"/>
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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>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</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>
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      <invstOrSec>
        <name>AT&amp;T Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc.</title>
        <cusip>00206RFU1</cusip>
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          <other otherDesc="Primary Identifier" value="00206RFU1"/>
          <other otherDesc="Primary Identifier" value="00206RFU1"/>
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        <balance>558000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>671180.70000000</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>2050-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05150000</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>PT Indonesia Asahan Aluminum Persero Tbk</name>
        <lei>2549008P48EB9SN2OI80</lei>
        <title>PT Indonesia Asahan Aluminum Persero Tbk</title>
        <cusip>74445PAD4</cusip>
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          <other otherDesc="Primary Identifier" value="74445PAD4"/>
          <other otherDesc="Primary Identifier" value="74445PAD4"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257727.31000000</valUSD>
        <pctVal>0.116703265046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06757000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF1ZBS3"/>
          <other otherDesc="Primary Identifier" value="BF1ZBS3"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <pctVal>0.279943915524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</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>CCTAUD_89981</name>
        <lei>N/A</lei>
        <title>CCTAUD_89981</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTAUD_89981"/>
          <other otherDesc="Primary Identifier" value="CCTAUD_89981"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>46161.11000000</valUSD>
        <pctVal>0.020902527773</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>2259880.97000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3280010.00000000</amtCurPur>
            <curPur>AUD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>46161.11</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJV9C35"/>
          <other otherDesc="Primary Identifier" value="BJV9C35"/>
        </identifiers>
        <balance>524000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>628792.94000000</valUSD>
        <pctVal>0.284728029544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</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>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWFV41X"/>
          <other otherDesc="Primary Identifier" value="OPWFV41X"/>
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        <balance>8880000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-91064.40000000</valUSD>
        <pctVal>-0.04123549347</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
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                  <other otherDesc="Primary Identifier" value="USD"/>
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            <shareNo>8880000.00000000</shareNo>
            <exercisePrice>1.3322</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>-36896.4</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CCTBRL_86329</name>
        <lei>N/A</lei>
        <title>CCTBRL_86329</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTBRL_86329"/>
          <other otherDesc="Primary Identifier" value="CCTBRL_86329"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-28420.66000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>6594502.92000000</amtCurSold>
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            <amtCurPur>26440000.00000000</amtCurPur>
            <curPur>BRL</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>-28420.66</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of Sri Lanka</name>
        <lei>254900HXCCIOHM74FA02</lei>
        <title>Republic of Sri Lanka</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BJP4247"/>
          <other otherDesc="Primary Identifier" value="BJP4247"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>202459.23000000</valUSD>
        <pctVal>0.091676947932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07850000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energo-Pro A.S.</name>
        <lei>315700IQCL9IX158RO36</lei>
        <title>Energo-Pro A.S.</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="BFXQXC2"/>
          <other otherDesc="Primary Identifier" value="BFXQXC2"/>
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        <balance>171000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Uzbekistan</name>
        <lei>213800L6VDKUM3TCM927</lei>
        <title>Republic of Uzbekistan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHZCSM7"/>
          <other otherDesc="Primary Identifier" value="BHZCSM7"/>
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        <balance>459000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>509967.36000000</valUSD>
        <pctVal>0.230921806381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05375000</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>BNP Paribas S.A.</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas S.A.</title>
        <cusip>09659W2D5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="09659W2D5"/>
          <other otherDesc="Primary Identifier" value="09659W2D5"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>881995.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03375000</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>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>195325BM6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="195325BM6"/>
          <other otherDesc="Primary Identifier" value="195325BM6"/>
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        <balance>623000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>806162.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>793511.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>793511.06000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_90018</name>
        <lei>N/A</lei>
        <title>CCTUSD_90018</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_90018"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_90018"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1186.96000000</valUSD>
        <pctVal>-0.00053747547</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-150000.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>-114357.20000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-1186.96</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BVDZM91"/>
          <other otherDesc="Primary Identifier" value="BVDZM91"/>
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        <balance>2779078.50000000</balance>
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        <pctVal>1.482373031644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00500000</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 Nigeria</name>
        <lei>549300GSBZD84TNEQ285</lei>
        <title>Republic of Nigeria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF2RBB1"/>
          <other otherDesc="Primary Identifier" value="BF2RBB1"/>
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        <balance>479000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>466718.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCCI Treasure Ltd. (GTD by China Communications Construction Co. Ltd.)</name>
        <lei>222100QYJA4A1WYR6697</lei>
        <title>CCCI Treasure Ltd. (GTD by China Communications Construction Co. Ltd.)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BWWYBF5"/>
          <other otherDesc="Primary Identifier" value="BWWYBF5"/>
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        <balance>834000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>834016.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03500000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NN Group N.V.</name>
        <lei>724500OHYNDT9OY6Q215</lei>
        <title>NN Group N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYW0G96"/>
          <other otherDesc="Primary Identifier" value="BYW0G96"/>
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        <balance>241000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>325410.82000000</valUSD>
        <pctVal>0.147351497888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</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>RKPF Overseas 2019 A Ltd.</name>
        <lei>254900P8BXRCW5458103</lei>
        <title>RKPF Overseas 2019 A Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJ31YV1"/>
          <other otherDesc="Primary Identifier" value="BJ31YV1"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>532525.00000000</valUSD>
        <pctVal>0.241136285552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="793511.06" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="220557.74"/>
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      <invstOrSec>
        <name>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BZ4BMS5"/>
          <other otherDesc="Primary Identifier" value="BZ4BMS5"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417324.00000000</valUSD>
        <pctVal>0.188971333236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05861000</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>Hewlett Packard Enterprise Co. (3-Month U.S. LIBOR plus 72 bps)</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co. (3-Month U.S. LIBOR plus 72 bps)</title>
        <cusip>42824CBB4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="42824CBB4"/>
          <other otherDesc="Primary Identifier" value="42824CBB4"/>
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        <balance>97000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97012.83000000</valUSD>
        <pctVal>0.043929042724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02763100</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>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Federative Republic of Brazil</title>
        <cusip>105756BZ2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="105756BZ2"/>
          <other otherDesc="Primary Identifier" value="105756BZ2"/>
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        <balance>1571000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1687254.00000000</valUSD>
        <pctVal>0.764017017686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</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>549300KEVMSOSY8T8R35</lei>
        <title>Republic of South Africa</title>
        <cusip>836205AR5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDS54C7"/>
          <other otherDesc="Primary Identifier" value="BDS54C7"/>
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        <balance>427000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>469960.47000000</valUSD>
        <pctVal>0.212806013036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</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>BTP Italian Government Bond</name>
        <lei>N/A</lei>
        <title>BTP Italian Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IKH0"/>
          <other otherDesc="Primary Identifier" value="IKH0"/>
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        <balance>49.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-7830106.56000000</valUSD>
        <pctVal>-3.54560407747</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BTP Italian Government Bond</issuerName>
                <issueTitle>BTP Italian Government Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="BVFD721"/>
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            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>4900000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-28082</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. 10-Year Ultra Treasury Note</name>
        <lei>N/A</lei>
        <title>U.S. 10-Year Ultra Treasury Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="UXYH0"/>
          <other otherDesc="Primary Identifier" value="UXYH0"/>
        </identifiers>
        <balance>72.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10130625.00000000</valUSD>
        <pctVal>-4.58731755846</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. 10-Year Ultra Treasury Note</issuerName>
                <issueTitle>U.S. 10-Year Ultra Treasury Note</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="9128283F5"/>
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            </descRefInstrmnt>
            <expDate>2020-03-20</expDate>
            <notionalAmt>7200000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>93932.56</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp.</title>
        <cusip>459200KC4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="459200KC4"/>
          <other otherDesc="Primary Identifier" value="459200KC4"/>
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        <balance>567000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>646972.12000000</valUSD>
        <pctVal>0.292959868311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</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. 30-Year Treasury Bond</name>
        <lei>N/A</lei>
        <title>U.S. 30-Year Treasury Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="USH0"/>
          <other otherDesc="Primary Identifier" value="USH0"/>
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        <balance>32.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4989000.00000000</valUSD>
        <pctVal>-2.25910319444</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. 30-Year Treasury Bond</issuerName>
                <issueTitle>U.S. 30-Year Treasury Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="912810RY6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-31</expDate>
            <notionalAmt>3200000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>107417.76</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chubb INA Holdings Inc. (GTD by Chubb Ltd.)</name>
        <lei>CZCBJZWDMLTHWJDXU843</lei>
        <title>Chubb INA Holdings Inc. (GTD by Chubb Ltd.)</title>
        <cusip>171239AB2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFX22B2"/>
          <other otherDesc="Primary Identifier" value="BFX22B2"/>
        </identifiers>
        <balance>243000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>319446.19000000</valUSD>
        <pctVal>0.144650613004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>IHO Verwaltungs GmbH (4.625% Cash or 4.625% PIK)</name>
        <lei>529900JL0HDVGZMUJF32</lei>
        <title>IHO Verwaltungs GmbH (4.625% Cash or 4.625% PIK)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKF1B04"/>
          <other otherDesc="Primary Identifier" value="BKF1B04"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>355860.91000000</valUSD>
        <pctVal>0.161139811296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Sri Lanka</name>
        <lei>254900HXCCIOHM74FA02</lei>
        <title>Republic of Sri Lanka</title>
        <cusip>85227SAT3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="85227SAT3"/>
          <other otherDesc="Primary Identifier" value="85227SAT3"/>
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        <balance>580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543690.47000000</valUSD>
        <pctVal>0.246192198349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWFV41Y"/>
          <other otherDesc="Primary Identifier" value="OPWFV41Y"/>
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        <balance>8880000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6660.00000000</valUSD>
        <pctVal>-0.00301576012</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>8880000.00000000</shareNo>
            <exercisePrice>1.2466</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-26</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>63492</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Discovery Communications LLC (GTD by Discovery Inc.)</name>
        <lei>L2Z2MO2EQURH3BREWI15</lei>
        <title>Discovery Communications LLC (GTD by Discovery Inc.)</title>
        <cusip>25470DBG3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="25470DBG3"/>
          <other otherDesc="Primary Identifier" value="25470DBG3"/>
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        <balance>369000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>436121.27000000</valUSD>
        <pctVal>0.197483053562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>Republic of Colombia</title>
        <cusip>195325DP7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="195325DP7"/>
          <other otherDesc="Primary Identifier" value="195325DP7"/>
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        <balance>486000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>538974.00000000</valUSD>
        <pctVal>0.244056501327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</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>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDFYTM2"/>
          <other otherDesc="Primary Identifier" value="BDFYTM2"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>359774.54000000</valUSD>
        <pctVal>0.162911968850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02875000</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>Rothesay Life plc</name>
        <lei>MFQO711J5UPYBWXSPG12</lei>
        <title>Rothesay Life plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BG00CZ0"/>
          <other otherDesc="Primary Identifier" value="BG00CZ0"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>433643.73000000</valUSD>
        <pctVal>0.196361181738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-03-12</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>
      <invstOrSec>
        <name>CCTUSD_89291</name>
        <lei>N/A</lei>
        <title>CCTUSD_89291</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_89291"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_89291"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-16899.39000000</valUSD>
        <pctVal>-0.00765232830</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-16400000000.00000000</amtCurSold>
            <curSold>IDR</curSold>
            <amtCurPur>-1165343.81000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>-16899.39</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>N/A</lei>
        <title>Commerzbank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDCBJHO"/>
          <other otherDesc="Primary Identifier" value="CDCBJHO"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-29450.18000000</valUSD>
        <pctVal>-0.01333553732</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Commerzbank AG</issuerName>
                <issueTitle>Commerzbank AG</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="B90LKT4"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
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            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>800000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-8912.71</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_88425</name>
        <lei>N/A</lei>
        <title>CCTUSD_88425</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_88425"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_88425"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-23097.60000000</valUSD>
        <pctVal>-0.01045898214</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-1690000000.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>-15582779.83000000</amtCurPur>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Euro-Schatz</name>
        <lei>N/A</lei>
        <title>Euro-Schatz</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="DUH0"/>
          <other otherDesc="Primary Identifier" value="DUH0"/>
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        <balance>4.00000000</balance>
        <units>NC</units>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Euro-Schatz</issuerName>
                <issueTitle>Euro-Schatz</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="DE0001104735"/>
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            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>400000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-144.59</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
        <lei>N/A</lei>
        <title>State Street Institutional U.S. Government Money Market Fund - Premier Class</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="857492706"/>
          <other otherDesc="Primary Identifier" value="857492706"/>
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        <balance>4118686.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4118686.29000000</valUSD>
        <pctVal>1.865010494015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Raizen Fuels Finance Ltd.</name>
        <lei>52990010NH26VC32Q522</lei>
        <title>Raizen Fuels Finance Ltd.</title>
        <cusip>75102XAA4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="75102XAA4"/>
          <other otherDesc="Primary Identifier" value="75102XAA4"/>
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        <balance>589000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>642010.00000000</valUSD>
        <pctVal>0.290712936833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Flavors &amp; Fragrances Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances Inc.</title>
        <cusip>459506AL5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="459506AL5"/>
          <other otherDesc="Primary Identifier" value="459506AL5"/>
        </identifiers>
        <balance>343000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388277.48000000</valUSD>
        <pctVal>0.175818579955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAF Global Securities Ltd.</name>
        <lei>54930037VUDNYTS17017</lei>
        <title>MAF Global Securities Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF01YZ0"/>
          <other otherDesc="Primary Identifier" value="BF01YZ0"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>408224.00000000</valUSD>
        <pctVal>0.184850700029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yuzhou Properties Co. Ltd.</name>
        <lei>213800MP59KHGJSPHE82</lei>
        <title>Yuzhou Properties Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJM0LR4"/>
          <other otherDesc="Primary Identifier" value="BJM0LR4"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>624888.00000000</valUSD>
        <pctVal>0.282959806969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>715638AS1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0DJQ49"/>
          <other otherDesc="Primary Identifier" value="B0DJQ49"/>
        </identifiers>
        <balance>309000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>389494.50000000</valUSD>
        <pctVal>0.176369667101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07350000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo-Antolin Irausa S.A.</name>
        <lei>213800OILC5Q9AR63B63</lei>
        <title>Grupo-Antolin Irausa S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDG6Z52"/>
          <other otherDesc="Primary Identifier" value="BDG6Z52"/>
        </identifiers>
        <balance>134000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>145686.48000000</valUSD>
        <pctVal>0.065969290911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTEUR_90005</name>
        <lei>N/A</lei>
        <title>CCTEUR_90005</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTEUR_90005"/>
          <other otherDesc="Primary Identifier" value="CCTEUR_90005"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-201524.46000000</valUSD>
        <pctVal>-0.09125366833</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-90539883.00000000</amtCurSold>
            <curSold>NOK</curSold>
            <amtCurPur>8973943.24000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-201524.46</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>People's Republic of China</name>
        <lei>N/A</lei>
        <title>People's Republic of China</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDPRCE4O"/>
          <other otherDesc="Primary Identifier" value="CDPRCE4O"/>
        </identifiers>
        <balance>7200000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-231066.96000000</valUSD>
        <pctVal>-0.10463100971</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Barclays Bank plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>People's Republic of China</issuerName>
                <issueTitle>People's Republic of China</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="US712219AG90"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-131318.73000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7200000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-99748.23</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kunlun Energy Co. Ltd.</name>
        <lei>5299007GRIKP15GM4927</lei>
        <title>Kunlun Energy Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BXC7YS5"/>
          <other otherDesc="Primary Identifier" value="BXC7YS5"/>
        </identifiers>
        <balance>464000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>485965.76000000</valUSD>
        <pctVal>0.220053477812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CPI Property Group S.A.</name>
        <lei>222100CO2ZOTEPGJO223</lei>
        <title>CPI Property Group S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYWYX75"/>
          <other otherDesc="Primary Identifier" value="BYWYX75"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>584144.70000000</valUSD>
        <pctVal>0.264510554777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV PLN IRS 1.785</name>
        <lei>N/A</lei>
        <title>RECV PLN IRS 1.785</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRPLNIM1"/>
          <other otherDesc="Primary Identifier" value="IRPLNIM1"/>
        </identifiers>
        <balance>37000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>11447.28000000</valUSD>
        <pctVal>0.005183521109</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV PLN IRS 1.785</issuerName>
                <issueTitle>RECV PLN IRS 1.785</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="PLN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="PLN" fixedOrFloating="Floating" floatingRtIndex="6-Month Warsaw Interbank Offered Rate" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
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            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="PLN" fixedOrFloating="Fixed" fixedRt="0.01785"/>
            <terminationDt>2025-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>10586590.4</notionalAmt>
            <curCd>PLN</curCd>
            <unrealizedAppr>11447.28</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prologis Euro Finance LLC (GTD by Prologis L.P.)</name>
        <lei>549300MI5D1784PRQH06</lei>
        <title>Prologis Euro Finance LLC (GTD by Prologis L.P.)</title>
        <cusip>74341EAD4</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHNV804"/>
          <other otherDesc="Primary Identifier" value="BHNV804"/>
        </identifiers>
        <balance>327000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>330652.57000000</valUSD>
        <pctVal>0.149725050538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iTraxx Europe Crossover Series 31 Index</name>
        <lei>N/A</lei>
        <title>iTraxx Europe Crossover Series 31 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDITXCYO"/>
          <other otherDesc="Primary Identifier" value="CDITXCYO"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-261810.21000000</valUSD>
        <pctVal>-0.11855207090</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>iTraxx Europe Crossover Series 31 Index</indexName>
                <indexIdentifier>ITEX530</indexIdentifier>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-200146.38000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.05"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-61663.83</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR versus HUF</name>
        <lei>N/A</lei>
        <title>EUR versus HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW76RYF"/>
          <other otherDesc="Primary Identifier" value="OPW76RYF"/>
        </identifiers>
        <balance>4040000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11404.92000000</valUSD>
        <pctVal>0.005164339788</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus HUF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>4040000.00000000</shareNo>
            <exercisePrice>334.02</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-14891.44</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKSV3W7"/>
          <other otherDesc="Primary Identifier" value="BKSV3W7"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>2522153.67000000</valUSD>
        <pctVal>1.142073644572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc.</title>
        <cusip>91324PDV1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91324PDV1"/>
          <other otherDesc="Primary Identifier" value="91324PDV1"/>
        </identifiers>
        <balance>233000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250668.37000000</valUSD>
        <pctVal>0.113506858170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Digital Stout Holding LLC</name>
        <lei>549300N335X1857YDM81</lei>
        <title>Digital Stout Holding LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGHHDR3"/>
          <other otherDesc="Primary Identifier" value="BGHHDR3"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>441582.64000000</valUSD>
        <pctVal>0.199956053845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Evergrande Group</name>
        <lei>549300CUF7B1LAB15T90</lei>
        <title>China Evergrande Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD3DTW1"/>
          <other otherDesc="Primary Identifier" value="BD3DTW1"/>
        </identifiers>
        <balance>255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>238739.39000000</valUSD>
        <pctVal>0.108105215191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW0704W"/>
          <other otherDesc="Primary Identifier" value="OPW0704W"/>
        </identifiers>
        <balance>11564000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1191.09000000</valUSD>
        <pctVal>0.000539345605</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>11564000.00000000</shareNo>
            <exercisePrice>1.436</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-134789.99</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV EUR IRS -.0933</name>
        <lei>N/A</lei>
        <title>RECV EUR IRS -.0933</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IREURIJ1"/>
          <other otherDesc="Primary Identifier" value="IREURIJ1"/>
        </identifiers>
        <balance>9900000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>341504.03000000</valUSD>
        <pctVal>0.154638774321</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV EUR IRS -.0933</issuerName>
                <issueTitle>RECV EUR IRS -.0933</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="EUR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="6-Month EURIBOR" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="-0.000933"/>
            <terminationDt>2030-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11342816.01</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>341504.03</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Republic of Ghana</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BQT3VF3"/>
          <other otherDesc="Primary Identifier" value="BQT3VF3"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645738.00000000</valUSD>
        <pctVal>0.292401037998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Kingdom Long Gilt</name>
        <lei>N/A</lei>
        <title>United Kingdom Long Gilt</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="G H0"/>
          <other otherDesc="Primary Identifier" value="G H0"/>
        </identifiers>
        <balance>13.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>-2262351.97000000</valUSD>
        <pctVal>-1.02443106080</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United Kingdom Long Gilt</issuerName>
                <issueTitle>United Kingdom Long Gilt</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="B16NNR7"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-27</expDate>
            <notionalAmt>1300000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>20435.31</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Aoyuan Property Group Ltd.</name>
        <lei>549300YSOKQO5QD6MP25</lei>
        <title>China Aoyuan Property Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF0NZT7"/>
          <other otherDesc="Primary Identifier" value="BF0NZT7"/>
        </identifiers>
        <balance>234000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>240399.90000000</valUSD>
        <pctVal>0.108857122075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR versus HUF</name>
        <lei>N/A</lei>
        <title>EUR versus HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW76RYG"/>
          <other otherDesc="Primary Identifier" value="OPW76RYG"/>
        </identifiers>
        <balance>4040000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-68.68000000</valUSD>
        <pctVal>-0.00003109946</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus HUF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>4040000.00000000</shareNo>
            <exercisePrice>319.68</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>17533.6</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc.</title>
        <cusip>91324PDU3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="91324PDU3"/>
          <other otherDesc="Primary Identifier" value="91324PDU3"/>
        </identifiers>
        <balance>238000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254945.74000000</valUSD>
        <pctVal>0.115443723320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408HN6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="126408HN6"/>
          <other otherDesc="Primary Identifier" value="126408HN6"/>
        </identifiers>
        <balance>510000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>616952.93000000</valUSD>
        <pctVal>0.279366673678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128285K2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="9128285K2"/>
          <other otherDesc="Primary Identifier" value="9128285K2"/>
        </identifiers>
        <balance>8777200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9167000.89000000</valUSD>
        <pctVal>4.150972337954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Altice France S.A.</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFD1Y46"/>
          <other otherDesc="Primary Identifier" value="BFD1Y46"/>
        </identifiers>
        <balance>263000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>331884.46000000</valUSD>
        <pctVal>0.150282871070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Erste Group Bank AG</name>
        <lei>PQOH26KWDF7CG10L6792</lei>
        <title>Erste Group Bank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDRXT50"/>
          <other otherDesc="Primary Identifier" value="BDRXT50"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>781737.75000000</valUSD>
        <pctVal>0.353984014480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Summer BidCo B.V. (9.000% Cash or 9.750% PIK)</name>
        <lei>724500EOJYP21L3XM206</lei>
        <title>Summer BidCo B.V. (9.000% Cash or 9.750% PIK)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BK0T9W1"/>
          <other otherDesc="Primary Identifier" value="BK0T9W1"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>239178.46000000</valUSD>
        <pctVal>0.108304033479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B96W8K8"/>
          <other otherDesc="Primary Identifier" value="B96W8K8"/>
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        <balance>176000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>271371.61000000</valUSD>
        <pctVal>0.122881633800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</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>Logicor Financing S.a.r.l.</name>
        <lei>254900IS16Q1A2TQFN22</lei>
        <title>Logicor Financing S.a.r.l.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYW3NG1"/>
          <other otherDesc="Primary Identifier" value="BYW3NG1"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>501671.34000000</valUSD>
        <pctVal>0.227165228854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Origin Energy Finance Ltd.</name>
        <lei>5493002W5C9Z753C7Q57</lei>
        <title>Origin Energy Finance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B91YTV7"/>
          <other otherDesc="Primary Identifier" value="B91YTV7"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>343699.38000000</valUSD>
        <pctVal>0.155632865761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPC Eurobond B.V.</name>
        <lei>5493005XDMOLBARL5M14</lei>
        <title>WPC Eurobond B.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKFHG85"/>
          <other otherDesc="Primary Identifier" value="BKFHG85"/>
        </identifiers>
        <balance>535000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>593326.49000000</valUSD>
        <pctVal>0.268668223873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01350000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_86325</name>
        <lei>N/A</lei>
        <title>CCTUSD_86325</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_86325"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_86325"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>3041.34000000</valUSD>
        <pctVal>0.001377169955</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-117500000.00000000</amtCurSold>
            <curSold>PHP</curSold>
            <amtCurPur>-2318926.39000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>3041.34</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_90014</name>
        <lei>N/A</lei>
        <title>CCTUSD_90014</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_90014"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_90014"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>66897.05000000</valUSD>
        <pctVal>0.030292110513</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-5200423.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>-6969686.99000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>66897.05</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNAK (HK) Finbridge Co. Ltd.</name>
        <lei>549300US1UQ7R7WABI28</lei>
        <title>CNAK (HK) Finbridge Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFWX7G6"/>
          <other otherDesc="Primary Identifier" value="BFWX7G6"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>224979.20000000</valUSD>
        <pctVal>0.101874369493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CaixaBank S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFM8Z78"/>
          <other otherDesc="Primary Identifier" value="BFM8Z78"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>228996.07000000</valUSD>
        <pctVal>0.103693275857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTNOK_90743</name>
        <lei>N/A</lei>
        <title>CCTNOK_90743</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTNOK_90743"/>
          <other otherDesc="Primary Identifier" value="CCTNOK_90743"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>33658.48000000</valUSD>
        <pctVal>0.015241126415</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-20738183.40000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>19800000.00000000</amtCurPur>
            <curPur>NOK</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>33658.48</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
        <lei>N/A</lei>
        <title>TransCanada PipeLines Ltd.</title>
        <cusip>89356BAC2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="89356BAC2"/>
          <other otherDesc="Primary Identifier" value="89356BAC2"/>
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        <balance>743000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>763031.28000000</valUSD>
        <pctVal>0.345513409923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2077-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTNZD_90019</name>
        <lei>N/A</lei>
        <title>CCTNZD_90019</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTNZD_90019"/>
          <other otherDesc="Primary Identifier" value="CCTNZD_90019"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>2035.09000000</valUSD>
        <pctVal>0.000921523014</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>112534.07000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>170000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>2035.09</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sunac China Holdings Ltd.</name>
        <lei>549300OLARYHDXP3WK18</lei>
        <title>Sunac China Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJH8TG8"/>
          <other otherDesc="Primary Identifier" value="BJH8TG8"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1053430.00000000</valUSD>
        <pctVal>0.477010839471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07950000</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>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
        <cusip>42824CAY5</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="42824CAY5"/>
          <other otherDesc="Primary Identifier" value="42824CAY5"/>
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        <balance>642000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>771072.08000000</valUSD>
        <pctVal>0.349154419537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06350000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="793511.06" isCashCollateral="Y"/>
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          <loanByFundCondition isLoanByFund="Y" loanVal="306091.76"/>
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      <invstOrSec>
        <name>CYBG plc</name>
        <lei>213800ZK9VGCYYR6O495</lei>
        <title>CYBG plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD98210"/>
          <other otherDesc="Primary Identifier" value="BD98210"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>277648.55000000</valUSD>
        <pctVal>0.125723937910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PVH Corp.</name>
        <lei>123WALMHY1GZXG2YDL90</lei>
        <title>PVH Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF4PGD0"/>
          <other otherDesc="Primary Identifier" value="BF4PGD0"/>
        </identifiers>
        <balance>340000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>421927.67000000</valUSD>
        <pctVal>0.191055952519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV CZK IRS 1.27</name>
        <lei>N/A</lei>
        <title>RECV CZK IRS 1.27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRCZKLRO"/>
          <other otherDesc="Primary Identifier" value="IRCZKLRO"/>
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        <balance>57000000.00000000</balance>
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        <currencyConditional curCd="CZK" exchangeRt="22.67005000"/>
        <valUSD>12091.24000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV CZK IRS 1.27</issuerName>
                <issueTitle>RECV CZK IRS 1.27</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="CZK"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="CZK" fixedOrFloating="Floating" floatingRtIndex="6-Month Prague Interbank Offered Rate" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
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            <fixedPmntDesc amount="0.00000000" curCd="CZK" fixedOrFloating="Fixed" fixedRt="0.0127"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
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            <curCd>CZK</curCd>
            <unrealizedAppr>12091.24</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
        <cusip>715638AP7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="715638AP7"/>
          <other otherDesc="Primary Identifier" value="715638AP7"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1291325.00000000</valUSD>
        <pctVal>0.584733700654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shimao Property Holdings Ltd.</name>
        <lei>254900WTJ6B5CU69ZD26</lei>
        <title>Shimao Property Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGT6HG5"/>
          <other otherDesc="Primary Identifier" value="BGT6HG5"/>
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        <balance>1142000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1216435.56000000</valUSD>
        <pctVal>0.550822501388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</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>Vanke Real Estate (Hong Kong) Co. Ltd.</name>
        <lei>25490078APAXS5NZGF08</lei>
        <title>Vanke Real Estate (Hong Kong) Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDG12L2"/>
          <other otherDesc="Primary Identifier" value="BDG12L2"/>
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        <balance>335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>345129.79000000</valUSD>
        <pctVal>0.156280579492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03975000</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>CCTCLP_88941</name>
        <lei>N/A</lei>
        <title>CCTCLP_88941</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTCLP_88941"/>
          <other otherDesc="Primary Identifier" value="CCTCLP_88941"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>128931.19000000</valUSD>
        <pctVal>0.058382213508</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>2244589.83000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1784000000.00000000</amtCurPur>
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            <unrealizedAppr>128931.19</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_90142</name>
        <lei>N/A</lei>
        <title>CCTUSD_90142</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_90142"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_90142"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-5836.26000000</valUSD>
        <pctVal>-0.00264275678</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-940000000.00000000</amtCurSold>
            <curSold>CLP</curSold>
            <amtCurPur>-1244785.80000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>-5836.26</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIFI Holdings Group Co. Ltd.</name>
        <lei>549300WGKSV867C0JF48</lei>
        <title>CIFI Holdings Group Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJTPGW2"/>
          <other otherDesc="Primary Identifier" value="BJTPGW2"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>614916.00000000</valUSD>
        <pctVal>0.278444317481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06550000</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>CCTUSD_89987</name>
        <lei>N/A</lei>
        <title>CCTUSD_89987</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_89987"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_89987"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-314430.62000000</valUSD>
        <pctVal>-0.14237947846</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-36649558.00000000</amtCurSold>
            <curSold>CAD</curSold>
            <amtCurPur>-27916517.56000000</amtCurPur>
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            <settlementDt>2020-03-18</settlementDt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EUR versus GBP</name>
        <lei>N/A</lei>
        <title>EUR versus GBP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW8H6V0"/>
          <other otherDesc="Primary Identifier" value="OPW8H6V0"/>
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        <balance>3020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54532.14000000</valUSD>
        <pctVal>0.024693071091</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus GBP</issueTitle>
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                  <other otherDesc="Primary Identifier" value="EUR"/>
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            <shareNo>3020000.00000000</shareNo>
            <exercisePrice>0.857</exercisePrice>
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      <invstOrSec>
        <name>HCA Inc. (GTD by HCA Holdings Inc.)</name>
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        <title>HCA Inc. (GTD by HCA Holdings Inc.)</title>
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        <curCd>USD</curCd>
        <valUSD>435831.81000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of South Africa</name>
        <lei>549300KEVMSOSY8T8R35</lei>
        <title>Republic of South Africa</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="BYM2NZ7"/>
          <other otherDesc="Primary Identifier" value="BYM2NZ7"/>
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        <currencyConditional curCd="ZAR" exchangeRt="14.00600000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09000000</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>
        <cusip>912828J27</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="912828J27"/>
          <other otherDesc="Primary Identifier" value="912828J27"/>
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        <balance>2159900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2188936.27000000</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>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nexen Energy ULC</name>
        <lei>549300I04PB7X2824122</lei>
        <title>Nexen Energy ULC</title>
        <cusip>65334HAG7</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="65334HAG7"/>
          <other otherDesc="Primary Identifier" value="65334HAG7"/>
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        <balance>229000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313967.31000000</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>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06400000</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>Blackstone Property Partners Europe L.P.</name>
        <lei>213800Y3B5GQFBGVHP79</lei>
        <title>Blackstone Property Partners Europe L.P.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYVQYX5"/>
          <other otherDesc="Primary Identifier" value="BYVQYX5"/>
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        <balance>800000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>954142.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>China Cinda Finance (2017) I Ltd.</name>
        <lei>549300FRGSV52FLG5T09</lei>
        <title>China Cinda Finance (2017) I Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF08859"/>
          <other otherDesc="Primary Identifier" value="BF08859"/>
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        <balance>404000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>436633.62000000</valUSD>
        <pctVal>0.197715054267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04400000</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>Country Garden Holdings Co. Ltd.</name>
        <lei>549300MGHLPT1EFHGF84</lei>
        <title>Country Garden Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RECV HUF IRS 0.745</name>
        <lei>N/A</lei>
        <title>RECV HUF IRS 0.745</title>
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          <other otherDesc="Primary Identifier" value="IRHUFJCO"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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              <otherRefInst>
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      </invstOrSec>
      <invstOrSec>
        <name>RECV NZD IRS 2.07</name>
        <lei>N/A</lei>
        <title>RECV NZD IRS 2.07</title>
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          <other otherDesc="Primary Identifier" value="IRNZDBM2"/>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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              <otherRefInst>
                <issuerName>RECV NZD IRS 2.07</issuerName>
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      <invstOrSec>
        <name>Deutsche Pfandbriefbank AG</name>
        <lei>DZZ47B9A52ZJ6LT6VV95</lei>
        <title>Deutsche Pfandbriefbank AG</title>
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          <other otherDesc="Primary Identifier" value="BF4VCJ6"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CCTUSD_87693</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_87693"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_87693"/>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <counterparties>
              <counterpartyName>Morgan Stanley International</counterpartyName>
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            <curSold>JPY</curSold>
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            <settlementDt>2020-02-25</settlementDt>
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      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BF2WX32"/>
          <other otherDesc="Primary Identifier" value="BF2WX32"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800107.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>CCTPLN_89991</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTPLN_89991"/>
          <other otherDesc="Primary Identifier" value="CCTPLN_89991"/>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley International</counterpartyName>
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        <name>Capgemini SE</name>
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        <title>Capgemini SE</title>
        <cusip>N/A</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Pemex Project Funding Master Trust (GTD by Petroleos Mexicanos)</name>
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        <curCd>USD</curCd>
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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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          <couponKind>Fixed</couponKind>
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        <name>iTraxx Asia ex-Japan Investment Grade Series 31 Index</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Barclays Bank plc</counterpartyName>
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                <indexName>iTraxx Asia ex-Japan Investment Grade Series 31 Index</indexName>
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      <invstOrSec>
        <name>RECV NZD IRS 1.905</name>
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        <title>RECV NZD IRS 1.905</title>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs International</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>KME AG</name>
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        <title>KME AG</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westlake Chemical Corp.</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
        <title>Westlake Chemical Corp.</title>
        <cusip>960413AV4</cusip>
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          <other otherDesc="Primary Identifier" value="BK4NRM5"/>
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        <balance>344000.00000000</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>2029-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01625000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTNZD_89984</name>
        <lei>N/A</lei>
        <title>CCTNZD_89984</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTNZD_89984"/>
          <other otherDesc="Primary Identifier" value="CCTNZD_89984"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>42677.61000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>2295881.08000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3470000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>42677.61</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYWQJH3"/>
          <other otherDesc="Primary Identifier" value="BYWQJH3"/>
        </identifiers>
        <balance>281000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>337735.84000000</valUSD>
        <pctVal>0.152932474448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Israel Chemicals Ltd.</name>
        <lei>529900FQVQD88SHIGM04</lei>
        <title>Israel Chemicals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF3SP44"/>
          <other otherDesc="Primary Identifier" value="BF3SP44"/>
        </identifiers>
        <balance>413000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>490730.73000000</valUSD>
        <pctVal>0.222211136451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR versus HUF</name>
        <lei>N/A</lei>
        <title>EUR versus HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW93SNV"/>
          <other otherDesc="Primary Identifier" value="OPW93SNV"/>
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        <balance>500000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4600.00000000</valUSD>
        <pctVal>0.002082957445</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Barclays Capital Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus HUF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
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            </descRefInstrmnt>
            <shareNo>500000.00000000</shareNo>
            <exercisePrice>331.19</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
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            <delta>XXXX</delta>
            <unrealizedAppr>-3727.5</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. 2-Year Treasury Note</name>
        <lei>N/A</lei>
        <title>U.S. 2-Year Treasury Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="TUH0"/>
          <other otherDesc="Primary Identifier" value="TUH0"/>
        </identifiers>
        <balance>23.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4956500.00000000</valUSD>
        <pctVal>2.244386647274</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>U.S. 2-Year Treasury Note</issuerName>
                <issueTitle>U.S. 2-Year Treasury Note</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="912828J84"/>
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            </descRefInstrmnt>
            <expDate>2020-03-31</expDate>
            <notionalAmt>4600000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-2390.43</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Buoni del Tesoro Poliennali</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Buoni del Tesoro Poliennali</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BZCTDC2"/>
          <other otherDesc="Primary Identifier" value="BZCTDC2"/>
        </identifiers>
        <balance>4089000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>4936429.77000000</valUSD>
        <pctVal>2.235298509229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RECV MXN IRS 6.96</name>
        <lei>N/A</lei>
        <title>RECV MXN IRS 6.96</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRMXNJKO"/>
          <other otherDesc="Primary Identifier" value="IRMXNJKO"/>
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        <balance>279100000.00000100</balance>
        <units>NC</units>
        <currencyConditional curCd="MXN" exchangeRt="18.90750000"/>
        <valUSD>-65698.28000000</valUSD>
        <pctVal>-0.02974928727</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Barclays Bank plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV MXN IRS 6.96</issuerName>
                <issueTitle>RECV MXN IRS 6.96</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="MXN"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="MXN" fixedOrFloating="Fixed" fixedRt="0.0696"/>
            <floatingPmntDesc curCd="MXN" fixedOrFloating="Floating" floatingRtIndex="28-Day Mexico Equilibrium Interbank Interest Rate" floatingRtSpread="28" pmntAmt="0">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="5" resetDt="Day" resetDtUnit="1"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>17933386.54</notionalAmt>
            <curCd>MXN</curCd>
            <unrealizedAppr>-65698.28</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTEUR_89995</name>
        <lei>N/A</lei>
        <title>CCTEUR_89995</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTEUR_89995"/>
          <other otherDesc="Primary Identifier" value="CCTEUR_89995"/>
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        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-6816.96000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
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            <amtCurSold>-61295703.00000000</amtCurSold>
            <curSold>CZK</curSold>
            <amtCurPur>2393525.66000000</amtCurPur>
            <curPur>EUR</curPur>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Qatar Government Bond</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>Qatar Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFYY518"/>
          <other otherDesc="Primary Identifier" value="BFYY518"/>
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        <balance>440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565001.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. 10-Year Treasury Note</name>
        <lei>N/A</lei>
        <title>U.S. 10-Year Treasury Note</title>
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          <other otherDesc="Primary Identifier" value="TYH0"/>
          <other otherDesc="Primary Identifier" value="TYH0"/>
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        <balance>10.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>N/A</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>U.S. 10-Year Treasury Note</issuerName>
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      <invstOrSec>
        <name>Agile Group Holdings Ltd.</name>
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          <other otherDesc="Primary Identifier" value="BHNG4H8"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Legal &amp; General Group plc</name>
        <lei>213800JH9QQWHLO99821</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charming Light Investments Ltd.</name>
        <lei>254900BMY30PLHVJID29</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <balance>10613900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10815236.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW06ZJJ"/>
          <other otherDesc="Primary Identifier" value="OPW06ZJJ"/>
        </identifiers>
        <balance>11662000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11.66000000</valUSD>
        <pctVal>0.000005279844</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>11662000.00000000</shareNo>
            <exercisePrice>1.05</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-24723.44</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWFV40B"/>
          <other otherDesc="Primary Identifier" value="OPWFV40B"/>
        </identifiers>
        <balance>8880000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>72398.64000000</valUSD>
        <pctVal>0.032783323090</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>8880000.00000000</shareNo>
            <exercisePrice>1.2236</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-11-26</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-70480.56</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.)</name>
        <lei>549300FNENFFSMO3GT38</lei>
        <title>Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHZLS68"/>
          <other otherDesc="Primary Identifier" value="BHZLS68"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>257992.15000000</valUSD>
        <pctVal>0.116823189057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV SEK IRS 0.3328</name>
        <lei>N/A</lei>
        <title>RECV SEK IRS 0.3328</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRSEKJXO"/>
          <other otherDesc="Primary Identifier" value="IRSEKJXO"/>
        </identifiers>
        <balance>15100000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SEK" exchangeRt="9.36635000"/>
        <valUSD>-23295.97000000</valUSD>
        <pctVal>-0.01054880742</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV SEK IRS 0.3328</issuerName>
                <issueTitle>RECV SEK IRS 0.3328</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="SEK"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="SEK" fixedOrFloating="Fixed" fixedRt="0.003328"/>
            <floatingPmntDesc curCd="SEK" fixedOrFloating="Floating" floatingRtIndex="3-Month Stockholm Interbank Offered Rate" floatingRtSpread="3" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2027-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1649082.31</notionalAmt>
            <curCd>SEK</curCd>
            <unrealizedAppr>-23295.97</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300O6E2WAK3IAXE34</lei>
        <title>Norway Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJLZXQ3"/>
          <other otherDesc="Primary Identifier" value="BJLZXQ3"/>
        </identifiers>
        <balance>54111000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>6270007.18000000</valUSD>
        <pctVal>2.839164812490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Australia 10-Year Commonwealth Treasury Bond</name>
        <lei>N/A</lei>
        <title>Australia 10-Year Commonwealth Treasury Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="XMH0"/>
          <other otherDesc="Primary Identifier" value="XMH0"/>
        </identifiers>
        <balance>68.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42501000"/>
        <valUSD>6821814.25000000</valUSD>
        <pctVal>3.089032343970</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Australia 10-Year Commonwealth Treasury Bond</issuerName>
                <issueTitle>Australia 10-Year Commonwealth Treasury Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="IRLTLT01AUM"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-16</expDate>
            <notionalAmt>6800000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>-138279.26</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buoni del Tesoro Poliennali</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Buoni del Tesoro Poliennali</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYVMY00"/>
          <other otherDesc="Primary Identifier" value="BYVMY00"/>
        </identifiers>
        <balance>1912000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>2608119.63000000</valUSD>
        <pctVal>1.181000478577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co.</title>
        <cusip>42824CAW9</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD3GB57"/>
          <other otherDesc="Primary Identifier" value="BD3GB57"/>
        </identifiers>
        <balance>563000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>625165.18000000</valUSD>
        <pctVal>0.283085318739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lowe's Co. Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Co. Inc.</title>
        <cusip>548661DS3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="548661DS3"/>
          <other otherDesc="Primary Identifier" value="548661DS3"/>
        </identifiers>
        <balance>619000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>728502.04000000</valUSD>
        <pctVal>0.329877988719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04550000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heimstaden Bostad AB</name>
        <lei>549300TJR3PR8EXILG79</lei>
        <title>Heimstaden Bostad AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGHH0S3"/>
          <other otherDesc="Primary Identifier" value="BGHH0S3"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>691759.96000000</valUSD>
        <pctVal>0.313240556308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virgin Money UK plc</name>
        <lei>213800ZK9VGCYYR6O495</lei>
        <title>Virgin Money UK plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF2PL15"/>
          <other otherDesc="Primary Identifier" value="BF2PL15"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>414857.07000000</valUSD>
        <pctVal>0.187854265799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iTraxx Europe Senior Financials Series 31 Index</name>
        <lei>N/A</lei>
        <title>iTraxx Europe Senior Financials Series 31 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDESFFFO"/>
          <other otherDesc="Primary Identifier" value="CDESFFFO"/>
        </identifiers>
        <balance>4200000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-115308.02000000</valUSD>
        <pctVal>-0.05221341277</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>iTraxx Europe Senior Financials Series 31 Index</indexName>
                <indexIdentifier>ITEX530</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-36043.15000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4200000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-79264.87</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD versus TRY</name>
        <lei>N/A</lei>
        <title>USD versus TRY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWH4T5N"/>
          <other otherDesc="Primary Identifier" value="OPWH4T5N"/>
        </identifiers>
        <balance>2215000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>27395.12000000</valUSD>
        <pctVal>0.012404971558</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>USD versus TRY</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="TRY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>2215000.00000000</shareNo>
            <exercisePrice>6.31</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>5134.37</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD versus TRY</name>
        <lei>N/A</lei>
        <title>USD versus TRY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWH4T5P"/>
          <other otherDesc="Primary Identifier" value="OPWH4T5P"/>
        </identifiers>
        <balance>2215000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-14756.33000000</valUSD>
        <pctVal>-0.00668191466</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>USD versus TRY</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="TRY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>2215000.00000000</shareNo>
            <exercisePrice>5.82</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-03-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>2631.42</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_89972</name>
        <lei>N/A</lei>
        <title>CCTUSD_89972</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_89972"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_89972"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-46293.30000000</valUSD>
        <pctVal>-0.02096238563</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-137189900.00000000</amtCurSold>
            <curSold>THB</curSold>
            <amtCurPur>-4541959.94000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-46293.3</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV USD IRS 1.6725</name>
        <lei>N/A</lei>
        <title>RECV USD IRS 1.6725</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRUSDHTO"/>
          <other otherDesc="Primary Identifier" value="IRUSDHTO"/>
        </identifiers>
        <balance>4800000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>447886.90000000</valUSD>
        <pctVal>0.202810728911</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV USD IRS 1.6725</issuerName>
                <issueTitle>RECV USD IRS 1.6725</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="3-Month LIBOR" floatingRtSpread="3" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.016725"/>
            <terminationDt>2050-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7036353.94</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>447886.9</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indonesia Government Bond</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Government Bond</title>
        <cusip>455780BZ8</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="455780BZ8"/>
          <other otherDesc="Primary Identifier" value="455780BZ8"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>318196.39000000</valUSD>
        <pctVal>0.144084682523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indonesia Government Bond</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="B0LY0K0"/>
          <other otherDesc="Primary Identifier" value="B0LY0K0"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>314564.58000000</valUSD>
        <pctVal>0.142440137810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aroundtown S.A.</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>Aroundtown S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BG070K2"/>
          <other otherDesc="Primary Identifier" value="BG070K2"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>926989.57000000</valUSD>
        <pctVal>0.419756484025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
        <lei>N/A</lei>
        <title>Banco Bilbao Vizcaya Argentaria SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDBBJIO"/>
          <other otherDesc="Primary Identifier" value="CDBBJIO"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-28864.74000000</valUSD>
        <pctVal>-0.01307044023</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Barclays Bank plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Banco Bilbao Vizcaya Argentaria SA</issuerName>
                <issueTitle>Banco Bilbao Vizcaya Argentaria SA</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="BL25BZ1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-21023.70000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-12-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>800000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-7841.04</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque Centrale de Tunisia</name>
        <lei>254900B5LFB16S9T2T11</lei>
        <title>Banque Centrale de Tunisia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BK4NS00"/>
          <other otherDesc="Primary Identifier" value="BK4NS00"/>
        </identifiers>
        <balance>166000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>184562.95000000</valUSD>
        <pctVal>0.083573211048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Korea</name>
        <lei>N/A</lei>
        <title>Republic of Korea</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDKORDYO"/>
          <other otherDesc="Primary Identifier" value="CDKORDYO"/>
        </identifiers>
        <balance>4600000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-162733.43000000</valUSD>
        <pctVal>-0.07368843687</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Republic of Korea</issuerName>
                <issueTitle>Republic of Korea</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="B3Z6229"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-130863.59000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4600000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-31869.84</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
        <cusip>038461AM1</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="038461AM1"/>
          <other otherDesc="Primary Identifier" value="038461AM1"/>
        </identifiers>
        <balance>277000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>307298.26000000</valUSD>
        <pctVal>0.139149825779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08500000</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>CCTIDR_86327</name>
        <lei>N/A</lei>
        <title>CCTIDR_86327</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTIDR_86327"/>
          <other otherDesc="Primary Identifier" value="CCTIDR_86327"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>34495.28000000</valUSD>
        <pctVal>0.015620043544</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>1734598.61000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>24540754163.00000000</amtCurPur>
            <curPur>IDR</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>34495.28</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPVXY9T3"/>
          <other otherDesc="Primary Identifier" value="OPVXY9T3"/>
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        <balance>11662000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11.66000000</valUSD>
        <pctVal>-0.00000527984</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Barclays Capital Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="USD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>11662000.00000000</shareNo>
            <exercisePrice>1.05</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>73575.56</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Grand City Properties S.A.</name>
        <lei>5299002QLUYKK2WBMB18</lei>
        <title>Grand City Properties S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD6GRY5"/>
          <other otherDesc="Primary Identifier" value="BD6GRY5"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>465159.39000000</valUSD>
        <pctVal>0.210632003181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-22</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABANCA Corp. Bancaria S.A.</name>
        <lei>54930056IRBXK0Q1FP96</lei>
        <title>ABANCA Corp. Bancaria S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHQXS63"/>
          <other otherDesc="Primary Identifier" value="BHQXS63"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>504181.27000000</valUSD>
        <pctVal>0.228301767415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTJPY_90008</name>
        <lei>N/A</lei>
        <title>CCTJPY_90008</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTJPY_90008"/>
          <other otherDesc="Primary Identifier" value="CCTJPY_90008"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>25295.29000000</valUSD>
        <pctVal>0.011454133181</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>4385362.16000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>477191736.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>25295.29</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ecuador</name>
        <lei>5299003Y2U5XK0A35H71</lei>
        <title>Republic of Ecuador</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF2P2D4"/>
          <other otherDesc="Primary Identifier" value="BF2P2D4"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>296514.00000000</valUSD>
        <pctVal>0.134266531288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EC</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euro-OAT 10-Year Bond March Futures</name>
        <lei>N/A</lei>
        <title>Euro-OAT 10-Year Bond March Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OATH0C188"/>
          <other otherDesc="Primary Identifier" value="OATH0C188"/>
        </identifiers>
        <balance>200.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>2243.41000000</valUSD>
        <pctVal>0.001015853817</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
                  <counterparties>
                    <counterpartyName>N/A</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Euro-OAT France Government 10-Year Bond</name>
                    <lei>N/A</lei>
                    <title>Euro-OAT France Government 10-Year Bond</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Primary Identifier" value="OATH0"/>
                    </identifiers>
                    <balance>200.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
                    <valUSD>-36515984.30000000</valUSD>
                    <pctVal>-0.16535000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>XX</invCountry>
                    <invOthCountry>XX</invOthCountry>
                  </derivAddlInfo>
                  <payOffProf>Short</payOffProf>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>Euro-OAT France Government 10-Year Bond</issuerName>
                      <issueTitle>Euro-OAT France Government 10-Year Bond</issueTitle>
                      <identifiers>
                        <cusip value="N/A"/>
                        <other otherDesc="Primary Identifier" value="B7PZQR7"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <expDate>2020-03-06</expDate>
                  <notionalAmt>20000000.00000000</notionalAmt>
                  <curCd>EUR</curCd>
                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>200.00000000</shareNo>
            <exercisePrice>188</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-359</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV JPY IRS 0.1</name>
        <lei>N/A</lei>
        <title>RECV JPY IRS 0.1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRJPYLJ2"/>
          <other otherDesc="Primary Identifier" value="IRJPYLJ2"/>
        </identifiers>
        <balance>603400000.00000100</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>17616.04000000</valUSD>
        <pctVal>0.007976839494</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV JPY IRS 0.1</issuerName>
                <issueTitle>RECV JPY IRS 0.1</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="JPY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="JPY" fixedOrFloating="Fixed" fixedRt="0.001"/>
            <floatingPmntDesc curCd="JPY" fixedOrFloating="Floating" floatingRtIndex="6-Month Japanese Yen LIBOR" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2030-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5608932.24</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>17616.04</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huarong Finance 2017 Co. Ltd.</name>
        <lei>5493006V07LYI3HE6G83</lei>
        <title>Huarong Finance 2017 Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFFY9P9"/>
          <other otherDesc="Primary Identifier" value="BFFY9P9"/>
        </identifiers>
        <balance>354000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>367642.64000000</valUSD>
        <pctVal>0.166474776996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Evergrande Group</name>
        <lei>549300CUF7B1LAB15T90</lei>
        <title>China Evergrande Group</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYW5QD5"/>
          <other otherDesc="Primary Identifier" value="BYW5QD5"/>
        </identifiers>
        <balance>663000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>570531.39000000</valUSD>
        <pctVal>0.258346218817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic Global Holdings SCA</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BK60MZ2"/>
          <other otherDesc="Primary Identifier" value="BK60MZ2"/>
        </identifiers>
        <balance>363000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>397858.59000000</valUSD>
        <pctVal>0.180157067870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJ20453"/>
          <other otherDesc="Primary Identifier" value="BJ20453"/>
        </identifiers>
        <balance>372000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>472513.59000000</valUSD>
        <pctVal>0.213962108756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05576000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHZ4TX1"/>
          <other otherDesc="Primary Identifier" value="BHZ4TX1"/>
        </identifiers>
        <balance>26035783.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>30484382.76000000</valUSD>
        <pctVal>13.80384174658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Argentina Treasury Bills</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Republic of Argentina Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJFRP14"/>
          <other otherDesc="Primary Identifier" value="BJFRP14"/>
        </identifiers>
        <balance>28487000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="ARS" exchangeRt="59.87180000"/>
        <valUSD>350223.27000000</valUSD>
        <pctVal>0.158586992989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CDX.NA.IG Series 33 Index</name>
        <lei>N/A</lei>
        <title>CDX.NA.IG Series 33 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDIGJAO"/>
          <other otherDesc="Primary Identifier" value="CDIGJAO"/>
        </identifiers>
        <balance>13200000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-342223.20000000</valUSD>
        <pctVal>-0.15496442660</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.IG Series 33 Index</indexName>
                <indexIdentifier>CXPIG531</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-247133.59000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-12-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>13200000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-95089.61</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD versus CHF</name>
        <lei>N/A</lei>
        <title>USD versus CHF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW7714J"/>
          <other otherDesc="Primary Identifier" value="OPW7714J"/>
        </identifiers>
        <balance>6030000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>422.10000000</valUSD>
        <pctVal>0.000191133986</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>USD versus CHF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="CHF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>6030000.00000000</shareNo>
            <exercisePrice>0.9918</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-34159.95</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Logan Property Holdings Co. Ltd.</name>
        <lei>549300NJ0E6Q0S1VOG90</lei>
        <title>Logan Property Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJXWW76"/>
          <other otherDesc="Primary Identifier" value="BJXWW76"/>
        </identifiers>
        <balance>302000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311600.58000000</valUSD>
        <pctVal>0.141097988708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.)</name>
        <lei>549300FNENFFSMO3GT38</lei>
        <title>Petrobras Global Finance B.V. (GTD by Petroleo Brasileiro S.A.)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BHZL0J5"/>
          <other otherDesc="Primary Identifier" value="BHZL0J5"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>636151.22000000</valUSD>
        <pctVal>0.288059982611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dow Chemical Co. (The)</name>
        <lei>ZQUIP1CSZO8LXRBSOU78</lei>
        <title>Dow Chemical Co. (The)</title>
        <cusip>260543CG6</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="260543CG6"/>
          <other otherDesc="Primary Identifier" value="260543CG6"/>
        </identifiers>
        <balance>603000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>644786.40000000</valUSD>
        <pctVal>0.291970137497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canada Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bond</title>
        <cusip>135087J96</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BJHQ8Y3"/>
          <other otherDesc="Primary Identifier" value="BJHQ8Y3"/>
        </identifiers>
        <balance>30786000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>23507649.53000000</valUSD>
        <pctVal>10.64465948026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV HUF IRS 3.13</name>
        <lei>N/A</lei>
        <title>RECV HUF IRS 3.13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRHUFJKN"/>
          <other otherDesc="Primary Identifier" value="IRHUFJKN"/>
        </identifiers>
        <balance>3595600000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HUF" exchangeRt="295.05665000"/>
        <valUSD>-571367.27000000</valUSD>
        <pctVal>-0.25872471935</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV HUF IRS 3.13</issuerName>
                <issueTitle>RECV HUF IRS 3.13</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="HUF" fixedOrFloating="Floating" floatingRtIndex="6-Month Budapest Interbank Offered Rate" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="9" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="HUF" fixedOrFloating="Fixed" fixedRt="0.0313"/>
            <terminationDt>2022-10-15</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>12371275.68</notionalAmt>
            <curCd>HUF</curCd>
            <unrealizedAppr>-571367.27</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300O6E2WAK3IAXE34</lei>
        <title>Norway Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD8BY58"/>
          <other otherDesc="Primary Identifier" value="BD8BY58"/>
        </identifiers>
        <balance>69196000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
        <valUSD>8030843.95000000</valUSD>
        <pctVal>3.636501347266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR versus HUF</name>
        <lei>N/A</lei>
        <title>EUR versus HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWDZHYM"/>
          <other otherDesc="Primary Identifier" value="OPWDZHYM"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4600.00000000</valUSD>
        <pctVal>-0.00208295744</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Barclays Capital Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus HUF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>500000.00000000</shareNo>
            <exercisePrice>331.19</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-26</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4342.31</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV JPY IRS 0.306</name>
        <lei>N/A</lei>
        <title>RECV JPY IRS 0.306</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRJPYLJO"/>
          <other otherDesc="Primary Identifier" value="IRJPYLJO"/>
        </identifiers>
        <balance>306600000.00000100</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="108.65500000"/>
        <valUSD>-13096.57000000</valUSD>
        <pctVal>-0.00593034738</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV JPY IRS 0.306</issuerName>
                <issueTitle>RECV JPY IRS 0.306</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="JPY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="JPY" fixedOrFloating="Floating" floatingRtIndex="6-Month Japanese Yen LIBOR" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="JPY" fixedOrFloating="Fixed" fixedRt="0.00306"/>
            <terminationDt>2040-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2978846.67</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>-13096.57</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>N/A</lei>
        <title>Societe Generale S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDSGE5O"/>
          <other otherDesc="Primary Identifier" value="CDSGE5O"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-15469.22000000</valUSD>
        <pctVal>-0.00700472325</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Societe Generale S.A.</issuerName>
                <issueTitle>Societe Generale S.A.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="5966516"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-10276.30000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>400000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-5192.92</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV PLN IRS 1.76</name>
        <lei>N/A</lei>
        <title>RECV PLN IRS 1.76</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRPLNIMO"/>
          <other otherDesc="Primary Identifier" value="IRPLNIMO"/>
        </identifiers>
        <balance>90200000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79390000"/>
        <valUSD>-9255.85000000</valUSD>
        <pctVal>-0.00419120471</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV PLN IRS 1.76</issuerName>
                <issueTitle>RECV PLN IRS 1.76</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="PLN"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="PLN" fixedOrFloating="Fixed" fixedRt="0.0176"/>
            <floatingPmntDesc curCd="PLN" fixedOrFloating="Floating" floatingRtIndex="6-Month Warsaw Interbank Offered Rate" floatingRtSpread="6" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>24587360.25</notionalAmt>
            <curCd>PLN</curCd>
            <unrealizedAppr>-9255.85</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Powerlong Real Estate Holdings Ltd.</name>
        <lei>549300R3K12EPXCGDP22</lei>
        <title>Powerlong Real Estate Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYZ6NY5"/>
          <other otherDesc="Primary Identifier" value="BYZ6NY5"/>
        </identifiers>
        <balance>441000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>442199.52000000</valUSD>
        <pctVal>0.200235387495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05950000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bouygues S.A.</name>
        <lei>N/A</lei>
        <title>Bouygues S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDBOUYEMO"/>
          <other otherDesc="Primary Identifier" value="CDBOUYEMO"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-42370.65000000</valUSD>
        <pctVal>-0.01918614366</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Barclays Bank plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Bouygues S.A.</issuerName>
                <issueTitle>Bouygues S.A.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="FR0010212852"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-24005.41000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-18365.24</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Longfor Properties Co. Ltd.</name>
        <lei>254900UJX27B2F1JYR13</lei>
        <title>Longfor Properties Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF4M2X3"/>
          <other otherDesc="Primary Identifier" value="BF4M2X3"/>
        </identifiers>
        <balance>706000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733042.98000000</valUSD>
        <pctVal>0.331934202802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="793511.06" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="219240.95"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BKPHV02"/>
          <other otherDesc="Primary Identifier" value="BKPHV02"/>
        </identifiers>
        <balance>219000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>243860.12000000</valUSD>
        <pctVal>0.110423967947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Korea National Oil Corp.</name>
        <lei>988400ZTQ08W926ONT36</lei>
        <title>Korea National Oil Corp.</title>
        <cusip>50066PAF7</cusip>
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          <other otherDesc="Primary Identifier" value="50066PAF7"/>
          <other otherDesc="Primary Identifier" value="50066PAF7"/>
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        <balance>731000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>742443.55000000</valUSD>
        <pctVal>0.336190939165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV NZD IRS 1.32</name>
        <lei>N/A</lei>
        <title>RECV NZD IRS 1.32</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRNZDGRO"/>
          <other otherDesc="Primary Identifier" value="IRNZDGRO"/>
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        <balance>34700000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.48544000"/>
        <valUSD>2075.78000000</valUSD>
        <pctVal>0.000939948131</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV NZD IRS 1.32</issuerName>
                <issueTitle>RECV NZD IRS 1.32</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="NZD"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="NZD" fixedOrFloating="Fixed" fixedRt="0.0132"/>
            <floatingPmntDesc curCd="NZD" fixedOrFloating="Floating" floatingRtIndex="3-Month New Zealand Dollar LIBOR" floatingRtSpread="3" pmntAmt="0">
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                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
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            <rcptCurCd>USD</rcptCurCd>
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            <unrealizedAppr>2075.78</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_86323</name>
        <lei>N/A</lei>
        <title>CCTUSD_86323</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_86323"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_86323"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-38504.29000000</valUSD>
        <pctVal>-0.01743539076</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-135092784.00000000</amtCurSold>
            <curSold>TWD</curSold>
            <amtCurPur>-4488728.87000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-02-05</settlementDt>
            <unrealizedAppr>-38504.29</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euro-Bobl 5-Year Bond March Futures</name>
        <lei>N/A</lei>
        <title>Euro-Bobl 5-Year Bond March Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OEH0C139"/>
          <other otherDesc="Primary Identifier" value="OEH0C139"/>
        </identifiers>
        <balance>105.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>588.90000000</valUSD>
        <pctVal>0.000266663834</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
                  <counterparties>
                    <counterpartyName>N/A</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
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                  <derivAddlInfo>
                    <name>Euro-Bobl 5-Year Bond</name>
                    <lei>N/A</lei>
                    <title>Euro-Bobl 5-Year Bond</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Primary Identifier" value="OEH0"/>
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                    <balance>105.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
                    <valUSD>-15738810.99000000</valUSD>
                    <pctVal>-0.07126700</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>XX</invCountry>
                    <invOthCountry>XX</invOthCountry>
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                  <payOffProf>Short</payOffProf>
                  <descRefInstrmnt>
                    <otherRefInst>
                      <issuerName>Euro-Bobl 5-Year Bond</issuerName>
                      <issueTitle>Euro-Bobl 5-Year Bond</issueTitle>
                      <identifiers>
                        <cusip value="N/A"/>
                        <other otherDesc="Primary Identifier" value="B9ZKDD1"/>
                      </identifiers>
                    </otherRefInst>
                  </descRefInstrmnt>
                  <expDate>2020-03-06</expDate>
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                  <curCd>EUR</curCd>
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            </descRefInstrmnt>
            <shareNo>105.00000000</shareNo>
            <exercisePrice>139</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-195.48</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV CNY IRS 2.856</name>
        <lei>N/A</lei>
        <title>RECV CNY IRS 2.856</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRCNYIJO"/>
          <other otherDesc="Primary Identifier" value="IRCNYIJO"/>
        </identifiers>
        <balance>103300000.00000100</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96570000"/>
        <valUSD>-114610.10000000</valUSD>
        <pctVal>-0.05189738284</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International plc</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV CNY IRS 2.856</issuerName>
                <issueTitle>RECV CNY IRS 2.856</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="CNY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="CNY" fixedOrFloating="Fixed" fixedRt="0.02856"/>
            <floatingPmntDesc curCd="CNY" fixedOrFloating="Floating" floatingRtIndex="7-Day China Fixing Repo Rates" floatingRtSpread="7" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
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            <terminationDt>2025-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>16785239.94</notionalAmt>
            <curCd>CNY</curCd>
            <unrealizedAppr>-114610.1</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTCHF_90011</name>
        <lei>N/A</lei>
        <title>CCTCHF_90011</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTCHF_90011"/>
          <other otherDesc="Primary Identifier" value="CCTCHF_90011"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>81026.34000000</valUSD>
        <pctVal>0.036690090905</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley International</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>6034532.30000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>5886921.00000000</amtCurPur>
            <curPur>CHF</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>81026.34</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Republic of Nigeria</name>
        <lei>549300GSBZD84TNEQ285</lei>
        <title>Republic of Nigeria</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGT0PS5"/>
          <other otherDesc="Primary Identifier" value="BGT0PS5"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223312.00000000</valUSD>
        <pctVal>0.101119433264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09248000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GBP versus USD</name>
        <lei>N/A</lei>
        <title>GBP versus USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW0704V"/>
          <other otherDesc="Primary Identifier" value="OPW0704V"/>
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        <balance>11564000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1191.09000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>GBP versus USD</issueTitle>
                <identifiers>
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            </descRefInstrmnt>
            <shareNo>11564000.00000000</shareNo>
            <exercisePrice>1.436</exercisePrice>
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            <delta>XXXX</delta>
            <unrealizedAppr>26808.82</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bankia S.A.</name>
        <lei>549300685QG7DJS55M76</lei>
        <title>Bankia S.A.</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="BF1YD28"/>
          <other otherDesc="Primary Identifier" value="BF1YD28"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CCTJPY_88420</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTJPY_88420"/>
          <other otherDesc="Primary Identifier" value="CCTJPY_88420"/>
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        <curCd>N/A</curCd>
        <valUSD>16805.69000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Citibank N.A.</counterpartyName>
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            <amtCurSold>11060521.51000000</amtCurSold>
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            <amtCurPur>1200000000.00000000</amtCurPur>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Thermo Fisher Scientific Inc.</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific Inc.</title>
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          <other otherDesc="Primary Identifier" value="BF8F0M3"/>
          <other otherDesc="Primary Identifier" value="BF8F0M3"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02875000</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>
      <invstOrSec>
        <name>CCTUSD_89975</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_89975"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_89975"/>
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        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-39465.37000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>-16243051.00000000</amtCurSold>
            <curSold>ZAR</curSold>
            <amtCurPur>-1108805.02000000</amtCurPur>
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            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-39465.37</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV NZD IRS 1.707</name>
        <lei>N/A</lei>
        <title>RECV NZD IRS 1.707</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRNZDGR1"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Deutsche Bank AG</counterpartyName>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
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          <other otherDesc="Primary Identifier" value="BGSGVT7"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide Inc. (GTD by AB INBEV/BBR/COB)</name>
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          <other otherDesc="Primary Identifier" value="03523TBW7"/>
          <other otherDesc="Primary Identifier" value="03523TBW7"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05800000</annualizedRt>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
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          <other otherDesc="Primary Identifier" value="912810SE9"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Japan Government Treasury Bills</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Treasury Bills</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Primary Identifier" value="BKTHB97"/>
          <other otherDesc="Primary Identifier" value="BKTHB97"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Intrum AB</name>
        <lei>549300UNCO2FCUWXX470</lei>
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          <other otherDesc="Primary Identifier" value="BK1X610"/>
          <other otherDesc="Primary Identifier" value="BK1X610"/>
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        <invCountry>SE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>General Electric Co.</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co.</title>
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          <other otherDesc="Primary Identifier" value="369604BF9"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCTJPY_90020</name>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs International</counterpartyName>
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        <name>BNP Paribas S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Barclays Bank plc</counterpartyName>
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        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
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          <other otherDesc="Primary Identifier" value="BKC9316"/>
          <other otherDesc="Primary Identifier" value="BKC9316"/>
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        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Oil and Gas Holding Co.</name>
        <lei>549300OBH16L6TS6IW50</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars Inc.</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>PT Perusahaan Gas Negara Tbk</name>
        <lei>549300OX1VFDX7ZPN240</lei>
        <title>PT Perusahaan Gas Negara Tbk</title>
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          <other otherDesc="Primary Identifier" value="BMMV0S2"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-16</maturityDt>
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      <invstOrSec>
        <name>Unione di Banche Italiane S.p.A.</name>
        <lei>81560097964CBDAED282</lei>
        <title>Unione di Banche Italiane S.p.A.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04450000</annualizedRt>
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      <invstOrSec>
        <name>Unibail-Rodamco SE</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>Unibail-Rodamco SE</title>
        <cusip>N/A</cusip>
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        <name>Prologis Euro Finance LLC (GTD by Prologis L.P.)</name>
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        <name>Republic of Indonesia</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PT Indonesia Asahan Aluminum Persero Tbk</name>
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        <name>CaixaBank S.A.</name>
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        <name>Credit Suisse Group AG</name>
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        <name>Inmobiliaria Colonial Socimi S.A.</name>
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        <name>Barclays plc</name>
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        <name>RECV SEK IRS 0.4373</name>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-388371.21</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TLG Immobilien AG</name>
        <lei>549300NYSIH10FPUO363</lei>
        <title>TLG Immobilien AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BFYWJ65"/>
          <other otherDesc="Primary Identifier" value="BFYWJ65"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>346826.75000000</valUSD>
        <pctVal>0.157048991550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD versus ZAR</name>
        <lei>N/A</lei>
        <title>USD versus ZAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWFDH51"/>
          <other otherDesc="Primary Identifier" value="OPWFDH51"/>
        </identifiers>
        <balance>8870000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-286838.06000000</valUSD>
        <pctVal>-0.12988510275</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>USD versus ZAR</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="ZAR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>8870000.00000000</shareNo>
            <exercisePrice>14.4</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-202262.61</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTHUF_90001</name>
        <lei>N/A</lei>
        <title>CCTHUF_90001</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTHUF_90001"/>
          <other otherDesc="Primary Identifier" value="CCTHUF_90001"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1819.61000000</valUSD>
        <pctVal>-0.00082395004</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Barclays Capital, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-313930.42000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>103465000.00000000</amtCurPur>
            <curPur>HUF</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-1819.61</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Direct Line Insurance Group plc</name>
        <lei>213800FF2R23ALJQOP04</lei>
        <title>Direct Line Insurance Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYVHWM3"/>
          <other otherDesc="Primary Identifier" value="BYVHWM3"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494000"/>
        <valUSD>500818.61000000</valUSD>
        <pctVal>0.226779098353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2168-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EUR versus HUF</name>
        <lei>N/A</lei>
        <title>EUR versus HUF</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPW9WVMZ"/>
          <other otherDesc="Primary Identifier" value="OPW9WVMZ"/>
        </identifiers>
        <balance>4040000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>68.68000000</valUSD>
        <pctVal>0.000031099460</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>EUR versus HUF</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="HUF"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>4040000.00000000</shareNo>
            <exercisePrice>319.68</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5890.32</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECV CNY IRS 3.075</name>
        <lei>N/A</lei>
        <title>RECV CNY IRS 3.075</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="IRCNYJVO"/>
          <other otherDesc="Primary Identifier" value="IRCNYJVO"/>
        </identifiers>
        <balance>33000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CNY" exchangeRt="6.96570000"/>
        <valUSD>11287.61000000</valUSD>
        <pctVal>0.005111219845</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RECV CNY IRS 3.075</issuerName>
                <issueTitle>RECV CNY IRS 3.075</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="CNY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="CNY" fixedOrFloating="Fixed" fixedRt="0.03075"/>
            <floatingPmntDesc curCd="CNY" fixedOrFloating="Floating" floatingRtIndex="7-Day China Fixing Repo Rates" floatingRtSpread="7" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="2" resetDt="Month" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2025-03-18</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5410078.04</notionalAmt>
            <curCd>CNY</curCd>
            <unrealizedAppr>11287.61</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
        <cusip>855244AU3</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="855244AU3"/>
          <other otherDesc="Primary Identifier" value="855244AU3"/>
        </identifiers>
        <balance>246000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284434.34000000</valUSD>
        <pctVal>0.128796657867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Great Wall International Holdings III Ltd.</name>
        <lei>254900Z04YK19SP3M967</lei>
        <title>China Great Wall International Holdings III Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BD1ML02"/>
          <other otherDesc="Primary Identifier" value="BD1ML02"/>
        </identifiers>
        <balance>679000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>707110.60000000</valUSD>
        <pctVal>0.320191584542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euro-Bobl 5-Year Bond</name>
        <lei>N/A</lei>
        <title>Euro-Bobl 5-Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OEH0"/>
          <other otherDesc="Primary Identifier" value="OEH0"/>
        </identifiers>
        <balance>105.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-15738810.99000000</valUSD>
        <pctVal>-7.12679859375</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Euro-Bobl 5-Year Bond</issuerName>
                <issueTitle>Euro-Bobl 5-Year Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="B9ZKDD1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>10500000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>43424.91</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Abu Dhabi Government Bond</name>
        <lei>213800FER4348CINTA77</lei>
        <title>Abu Dhabi Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BF0M732"/>
          <other otherDesc="Primary Identifier" value="BF0M732"/>
        </identifiers>
        <balance>515000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>598368.20000000</valUSD>
        <pctVal>0.270951195043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Euro-OAT France Government 10-Year Bond</name>
        <lei>N/A</lei>
        <title>Euro-OAT France Government 10-Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OATH0"/>
          <other otherDesc="Primary Identifier" value="OATH0"/>
        </identifiers>
        <balance>200.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-36515984.30000000</valUSD>
        <pctVal>-16.5350524715</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Euro-OAT France Government 10-Year Bond</issuerName>
                <issueTitle>Euro-OAT France Government 10-Year Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="B7PZQR7"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-03-06</expDate>
            <notionalAmt>20000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>304117.83</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indonesia Government Bond</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BGWLKF7"/>
          <other otherDesc="Primary Identifier" value="BGWLKF7"/>
        </identifiers>
        <balance>7041000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="IDR" exchangeRt="13882.50000000"/>
        <valUSD>542688.28000000</valUSD>
        <pctVal>0.245738389844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chemours Co. (The)</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>Chemours Co. (The)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BDGH0J4"/>
          <other otherDesc="Primary Identifier" value="BDGH0J4"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>201906.90000000</valUSD>
        <pctVal>0.091426843609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>N/A</lei>
        <title>Societe Generale S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDSGFCO"/>
          <other otherDesc="Primary Identifier" value="CDSGFCO"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-15469.22000000</valUSD>
        <pctVal>-0.00700472325</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Societe Generale S.A.</issuerName>
                <issueTitle>Societe Generale S.A.</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="5966516"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-10256.66000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-06-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>400000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-5212.56</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USD versus ZAR</name>
        <lei>N/A</lei>
        <title>USD versus ZAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="OPWFDH50"/>
          <other otherDesc="Primary Identifier" value="OPWFDH50"/>
        </identifiers>
        <balance>8870000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>8107.18000000</valUSD>
        <pctVal>0.003671067595</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>forward</issuerName>
                <issueTitle>USD versus ZAR</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Primary Identifier" value="ZAR"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>8870000.00000000</shareNo>
            <exercisePrice>15.75</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-84362.57</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>France Government Bond</name>
        <lei>9W4ONDYI7MRRJYXY8R34</lei>
        <title>France Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="BYXX4T0"/>
          <other otherDesc="Primary Identifier" value="BYXX4T0"/>
        </identifiers>
        <balance>3204366.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>4616443.66000000</valUSD>
        <pctVal>2.090403411358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCTUSD_89978</name>
        <lei>N/A</lei>
        <title>CCTUSD_89978</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CCTUSD_89978"/>
          <other otherDesc="Primary Identifier" value="CCTUSD_89978"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-26288.53000000</valUSD>
        <pctVal>-0.01190388897</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank N.A.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>-7762310.00000000</amtCurSold>
            <curSold>ILS</curSold>
            <amtCurPur>-2230691.15000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-26288.53</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iTraxx Europe Series 32 Index</name>
        <lei>N/A</lei>
        <title>iTraxx Europe Series 32 Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="CDITEJAO"/>
          <other otherDesc="Primary Identifier" value="CDITEJAO"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150000"/>
        <valUSD>-124598.99000000</valUSD>
        <pctVal>-0.05642052041</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International plc</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>iTraxx Europe Series 32 Index</indexName>
                <indexIdentifier>ITEX530</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0"/>
            <fixedPmntDesc amount="-100777.03000000" curCd="EUR" fixedOrFloating="Fixed" fixedRt="0.01"/>
            <terminationDt>2024-12-20</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-23821.96</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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>
