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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Petroleos de Venezuela SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Turkiye (The)</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Paraguay</name>
        <lei>529900UXKJTJPCU0HK83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Corp. Nacional del Cobre de Chile</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Republic of Nigeria</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cometa Energia SA de CV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Peru LNG Srl</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingdom of Bahrain</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hashemite Kingdom of Jordan</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oman Government International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eskom Holdings</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Republic of Nigeria</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kingdom of Bahrain</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mexico City Airport Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Islamic Republic of Pakistan</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bapco Energies BSC Closed</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vnesheconombank Via VEB Finance plc</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Republic of Colombia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Petroleos de Venezuela SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominican Republic</name>
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        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominican Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil del Norte SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MV24 Capital BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pertamina Persero PT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Corp. Financiera de Desarrollo SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of El Salvador</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Kenya</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pertamina Persero PT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Corp. Nacional del Cobre de Chile</name>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Ukraine</name>
        <lei>6354001WLTJXOMEXPY07</lei>
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        <fairValLevel>2</fairValLevel>
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          <isin value="XS2895056013"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ukraine</name>
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          <isin value="XS2895056526"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ukraine</name>
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          <isin value="XS2895057334"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Angola</name>
        <lei>549300QHR2R3J8JSGK83</lei>
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        <invCountry>AO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-26</maturityDt>
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      <invstOrSec>
        <name>Romania</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>Romania Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="XS2364200514"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Gabonese Republic</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS2113615228"/>
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        <invCountry>GA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Costa Rica</name>
        <lei>549300S1EK2VN6XVJP58</lei>
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          <isin value="USP3699PGN17"/>
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        <balance>4512000.00000000</balance>
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        <invCountry>CR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-13</maturityDt>
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          <annualizedRt>7.30000000</annualizedRt>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt</title>
        <cusip>N/A</cusip>
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          <isin value="XS2297221405"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
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          <isin value="XS2297226545"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-16</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <name>Kingdom of Bahrain</name>
        <lei>549300RODM1WN85LFQ95</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Mercantil del Norte SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government of Mongolia</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Tierra Mojada Luxembourg II SARL</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Comision Federal de Electricidad</name>
        <lei>4469000001BFPONMPF32</lei>
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          <isin value="USP29595AD08"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Studio City Finance Ltd.</name>
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        <invCountry>VG</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Republic of Kenya</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Serbia International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Ecuador</name>
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        <invCountry>EC</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Ecuador</name>
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          <isin value="XS2214239175"/>
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        <invCountry>EC</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Uzbekneftegaz JSC</name>
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        <curCd>USD</curCd>
        <valUSD>1556000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Romania</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Romania</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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          <isin value="XS0944226637"/>
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        <invCountry>LB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Gaci First Investment Co.</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Republic of Guatemala</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oman Government International Bond</name>
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        <title>Sultanate of Oman Government Bond</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos</name>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.69000000</annualizedRt>
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        <name>Hungary</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="XS2010026487"/>
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        <balance>3150000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>HU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-16</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Benin</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Guatemala</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Angola</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Romania</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Kenya</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of El Salvador</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Republic of Nigeria</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNL Quintero SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Cameroon International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hashemite Kingdom of Jordan</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Akbank TAS</name>
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        <name>Republic of Ghana</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Honduras</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Srpska International Government Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Zambia</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Suriname Government International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Colombia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco de Credito e Inversiones SA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Congolese International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Kenya</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nigeria OMO Bill</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Mexican States</name>
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        <name>Uzbekneftegaz JSC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Congolese International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Romania</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Serbia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Srpska International Government Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lebanese Republic</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Federation of Bosnia &amp; Herzegovina Eurobond</name>
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        <name>BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1775617464"/>
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        <curCd>USD</curCd>
        <valUSD>2620673.60000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Hashemite Kingdom of Jordan</name>
        <lei>5493000JZ4MYPVMBVN50</lei>
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          <isin value="XS1405770220"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>783237.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dominican Republic</name>
        <lei>254900EHU7Q8FGVPI369</lei>
        <title>Dominican Republic Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP3579EBV85"/>
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        <balance>678000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>683085.00000000</valUSD>
        <pctVal>0.071985143213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
        <title>Lebanese Republic</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1586230051"/>
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        <balance>2184000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>561331.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>LB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lebanese Republic</name>
        <lei>529900QPC4K9S1KHL354</lei>
        <title>Lebanese Republic</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1313675974"/>
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        <balance>2849000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>732249.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>LB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos del Peru SA</name>
        <lei>549300ZMGDLC9JT2OR80</lei>
        <title>Petroleos del Peru SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP7808BAA54"/>
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        <balance>2569000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2169469.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos del Peru SA</name>
        <lei>549300ZMGDLC9JT2OR80</lei>
        <title>Petroleos del Peru SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USP7808BAB38"/>
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        <balance>2824000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2047400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CAD"/>
        </identifiers>
        <balance>0.01000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="CAD" exchangeRt="1.37865000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="EUR"/>
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        <balance>0.08000000</balance>
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        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.85733882"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>XX</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="FVU6COM"/>
          <other otherDesc="Future Ticker" value="FVU6 Comdty"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>429406.15000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Kingdom of Saudi Arabia</name>
        <lei>635400FMICXSM3SI3H65</lei>
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        <identifiers>
          <isin value="XS2548892020"/>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Mexican Pesos</name>
        <lei>N/A</lei>
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        <descOthUnits>Currencies</descOthUnits>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nigerian Naira</name>
        <lei>N/A</lei>
        <title>Nigerian Naira</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico</name>
        <lei>549300WIWQK5Q9MCUN92</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Bolivarian Republic of Venezuela</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>529900XM8PJTJK5OJI77</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Comision Federal de Electricidad</name>
        <lei>4469000001BFPONMPF32</lei>
        <title>Comision Federal de Electricidad</title>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>358848.00000000</valUSD>
        <pctVal>0.037816266895</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>3.34800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleos de Venezuela SA</name>
        <lei>549300YWR8TN1OFD4P06</lei>
        <title>Petroleos de Venezuela SA</title>
        <cusip>N/A</cusip>
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          <isin value="USP7807HAP03"/>
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        <balance>1510000.00000000</balance>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nigeria OMO Bill</name>
        <lei>549300G1JG004Y3K8S97</lei>
        <title>Nigeria OMO Bill</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NGO2G1108264"/>
        </identifiers>
        <balance>3951099000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NGN" exchangeRt="1371.89500000"/>
        <valUSD>2769984.22000000</valUSD>
        <pctVal>0.291907611463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonangol Finance Ltd.</name>
        <lei>N/A</lei>
        <title>Sonangol Finance Ltd.</title>
        <cusip>83540CAA4</cusip>
        <identifiers>
          <isin value="XS3275332826"/>
        </identifiers>
        <balance>2920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3008096.40000000</valUSD>
        <pctVal>0.317000446730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AO</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</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>Nigeria OMO Bill</name>
        <lei>549300G1JG004Y3K8S97</lei>
        <title>Nigeria OMO Bill</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NGO5G1201278"/>
        </identifiers>
        <balance>3328746000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NGN" exchangeRt="1371.89500000"/>
        <valUSD>2176589.02000000</valUSD>
        <pctVal>0.229374195484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>NG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South African Rand</name>
        <lei>N/A</lei>
        <title>South African Rand</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="ZAR"/>
        </identifiers>
        <balance>2.60000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="ZAR" exchangeRt="16.21500000"/>
        <valUSD>0.16000000</valUSD>
        <pctVal>0.000000016861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      
      
      
      
      
      
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust I</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
