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        <name>Citigroup Inc</name>
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        <name>Telefonica Emisiones SAU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mylan NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Westpac Banking Corp</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>Apple Inc</name>
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        <invCountry>US</invCountry>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <invCountry>FR</invCountry>
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        <name>Barclays PLC</name>
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        <name>AMERICAN HONDA FINANCE</name>
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        <name>SKANDINAVISKA ENSKILDA</name>
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        <title>Skandinaviska Enskilda Banken AB</title>
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        <invCountry>SE</invCountry>
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        <name>LVMH MOET HENNESSY VUITT</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAP SE</name>
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        <name>CREDIT AGRICOLE LONDON</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BG Energy Capital PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TORONTO-DOMINION BANK</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Eni SpA</name>
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        <name>TELEFONICA EMISIONES SAU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bayer Capital Corp BV</name>
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        <name>DEUTSCHE TELEKOM AG</name>
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        <name>Novartis Finance SA</name>
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        <name>Telstra Corp Ltd</name>
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        <name>Berkshire Hathaway Inc</name>
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        <invCountry>US</invCountry>
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        <name>NATURGY FINANCE BV</name>
        <lei>2138005FTXOJUBQ5J563</lei>
        <title>Naturgy Finance BV</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DNB Bank ASA</name>
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      <invstOrSec>
        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <name>Bank of America Corp</name>
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        <name>CK HUTCHISON GROUP</name>
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        <title>CK Hutchison Group Telecom Finance SA</title>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>SIEMENS FINANCIERINGSMAT</name>
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        <title>Siemens Financieringsmaatschappij NV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LOGICOR FINANCING SARL</name>
        <lei>254900IS16Q1A2TQFN22</lei>
        <title>Logicor Financing Sarl</title>
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        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BPCE SA</name>
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        <invCountry>FR</invCountry>
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        <name>Roche Finance Europe BV</name>
        <lei>724500MMYDP2MJLGB718</lei>
        <title>Roche Finance Europe BV</title>
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        <invCountry>NL</invCountry>

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        <name>AbbVie Inc</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-17</maturityDt>
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        <name>CREDIT AGRICOLE LONDON</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA/London</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-17</maturityDt>
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      <invstOrSec>
        <name>BRITISH TELECOMMUNICATIO</name>
        <lei>549300OWFMSO9NYV4H90</lei>
        <title>British Telecommunications PLC</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-23</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
        <cusip>000000000</cusip>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CaixaBank SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FOMENTO ECONOMICO MEX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTAN CONSUMER FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-27</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="XS1529838085"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-02</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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        <name>Vonovia Finance BV</name>
        <lei>5299009XLZLD9TALOZ03</lei>
        <title>Vonovia Finance BV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNICREDIT SPA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit SpA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-09</maturityDt>
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        <name>INTESA SANPAOLO SPA</name>
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        <title>Intesa Sanpaolo SpA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTAN CONSUMER FINANCE</name>
        <lei>5493000LM0MZ4JPMGM90</lei>
        <title>Santander Consumer Finance SA</title>
        <cusip>000000000</cusip>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-27</maturityDt>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VOLKSWAGEN INTL FIN NV</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance NV</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB</title>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-28</maturityDt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>000000000</cusip>
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        <balance>140000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-26</maturityDt>
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          <annualizedRt>0.64000000</annualizedRt>
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        <name>IBM CORP</name>
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        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pfizer Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>innogy Finance BV</name>
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        <name>Orange SA</name>
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        <name>BASF SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BPCE SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Telstra Corp Ltd</name>
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        <name>HSBC Holdings PLC</name>
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        <name>PEPSICO INC</name>
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        <name>BANCO SANTANDER SA</name>
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        <name>ABERTIS INFRAESTRUCTURAS</name>
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        <name>Koninklijke KPN NV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IBM CORP</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-26</maturityDt>
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      <invstOrSec>
        <name>NATIONWIDE BLDG SOCIETY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-18</maturityDt>
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      <invstOrSec>
        <name>Vinci SA</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>Vinci SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0013367638"/>
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        <balance>100000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-26</maturityDt>
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      <invstOrSec>
        <name>Heathrow Funding Ltd</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="XS0987355855"/>
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        <balance>100000.00000000</balance>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-31</maturityDt>
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      <invstOrSec>
        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>000000000</cusip>
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          <isin value="XS0452188054"/>
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        <balance>50000.00000000</balance>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-14</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1538867760"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-04-01</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>VOLKSWAGEN INTL FIN NV</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1586555945"/>
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        <balance>600000.00000000</balance>
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        <valUSD>689932.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-30</maturityDt>
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          <annualizedRt>1.88000000</annualizedRt>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1960678255"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-07</maturityDt>
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      <invstOrSec>
        <name>AUCHAN HOLDING SADIR</name>
        <lei>969500ASEC557H5A4F22</lei>
        <title>Auchan Holding SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR0013399060"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-30</maturityDt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-06</maturityDt>
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          <annualizedRt>2.38000000</annualizedRt>
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      <invstOrSec>
        <name>TAKEDA PHARMACEUTICAL</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co Ltd</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-21</maturityDt>
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      <invstOrSec>
        <name>Daimler AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Daimler AG</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-13</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>IBM CORP</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>BMW Finance NV</name>
        <lei>5299006ZHG3IXU0PNJ56</lei>
        <title>BMW Finance NV</title>
        <cusip>000000000</cusip>
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          <isin value="XS1873143561"/>
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        <balance>100000.00000000</balance>
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        <valUSD>112378.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-29</maturityDt>
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          <annualizedRt>0.13000000</annualizedRt>
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      <invstOrSec>
        <name>DAIMLER INTL FINANCE BV</name>
        <lei>529900RUGCXMPEENHQ31</lei>
        <title>Daimler International Finance BV</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANTANDER UK GROUP HLDGS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Centrica PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-06</maturityDt>
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      <invstOrSec>
        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-15</maturityDt>
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      <invstOrSec>
        <name>SAP SE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>Anheuser-Busch InBev SA/NV</title>
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        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-22</maturityDt>
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      <invstOrSec>
        <name>AUCHAN HOLDING SA</name>
        <lei>969500ASEC557H5A4F22</lei>
        <title>Auchan Holding SA</title>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-25</maturityDt>
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      <invstOrSec>
        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>000000000</cusip>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-24</maturityDt>
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          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-01-17</maturityDt>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>000000000</cusip>
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          <isin value="XS1882544627"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-20</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-13</maturityDt>
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      <invstOrSec>
        <name>GLAXOSMITHKLINE CAPITAL</name>
        <lei>549300U0LV41VX7LEP38</lei>
        <title>GlaxoSmithKline Capital PLC</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-19</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Capgemini SE</name>
        <lei>96950077L0TN7BAROX36</lei>
        <title>Capgemini SE</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>228810.37000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-17</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen Leasing GmbH</name>
        <lei>5299004GLEUX88BSNB74</lei>
        <title>Volkswagen Leasing GmbH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1014610254"/>
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        <balance>335000.00000000</balance>
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        <name>ING Groep NV</name>
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        <name>E.ON INTL FINANCE BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-11</maturityDt>
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        <name>CREDIT AGRICOLE LONDON</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-13</maturityDt>
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          <annualizedRt>1.38000000</annualizedRt>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-17</maturityDt>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICA MOVIL SAB DE CV</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>IBM CORP</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-31</maturityDt>
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        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG LONDON</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc</title>
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        <invCountry>US</invCountry>
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        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SKY LTD</name>
        <lei>2138003TS48MQKF4BZ29</lei>
        <title>Sky Ltd</title>
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        <balance>100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-23</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
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        <title>Citigroup Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-26</maturityDt>
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      <invstOrSec>
        <name>SIEMENS FINANCIERINGSMAT</name>
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        <title>Siemens Financieringsmaatschappij NV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-06</maturityDt>
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          <annualizedRt>0.38000000</annualizedRt>
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      <invstOrSec>
        <name>FIDELITY NATL INFO SERV</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc</title>
        <cusip>000000000</cusip>
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          <isin value="XS1843435923"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-21</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <cusip>000000000</cusip>
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          <isin value="XS2035363485"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-31</maturityDt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
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          <isin value="FR0013367406"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.63000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BERKSHIRE HATHAWAY FIN</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</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>2039-06-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.38000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group Inc</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
        <cusip>000000000</cusip>
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          <isin value="XS1843444081"/>
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        <balance>100000.00000000</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>2023-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>PEPSICO INC</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo Inc</title>
        <cusip>713448EX2</cusip>
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          <isin value="XS2168625544"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1197351577"/>
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        <balance>327000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-04</maturityDt>
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          <annualizedRt>1.13000000</annualizedRt>
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      <invstOrSec>
        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
        <cusip>000000000</cusip>
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          <isin value="XS0452187916"/>
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        <balance>150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-14</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Merck &amp; Co Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-15</maturityDt>
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      <invstOrSec>
        <name>CRITERIA CAIXA SA</name>
        <lei>959800DQQUAMV0K08004</lei>
        <title>Criteria Caixa SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0205045000"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-21</maturityDt>
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          <annualizedRt>1.63000000</annualizedRt>
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      <invstOrSec>
        <name>Telefonica Emisiones SAU</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones SA</title>
        <cusip>000000000</cusip>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-27</maturityDt>
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          <annualizedRt>2.24000000</annualizedRt>
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        <name>HEIDELBERGCEMENT FIN LUX</name>
        <lei>529900RYHTCF5X9DD509</lei>
        <title>HeidelbergCement Finance Luxembourg SA</title>
        <cusip>000000000</cusip>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-07</maturityDt>
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        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
        <cusip>000000000</cusip>
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          <isin value="XS2020671157"/>
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        <balance>100000.00000000</balance>
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        <valUSD>109337.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Sanofi</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Heineken NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IBM CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-23</maturityDt>
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        <name>HSBC Holdings PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Danone SA</name>
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        <name>EDP Finance BV</name>
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        <invCountry>NL</invCountry>

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        <name>TAKEDA PHARMACEUTICAL</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-21</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>BP Capital Markets PLC</name>
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        <name>Procter &amp; Gamble Co/The</name>
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        <name>Deutsche Bank AG</name>
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      <invstOrSec>
        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bayer Capital Corp BV</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-15</maturityDt>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-02</maturityDt>
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      <invstOrSec>
        <name>ESSILORLUXOTTICA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-27</maturityDt>
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      <invstOrSec>
        <name>IBM CORP</name>
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          <isin value="XS2115091717"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-11</maturityDt>
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      <invstOrSec>
        <name>UniCredit SpA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-24</maturityDt>
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      <invstOrSec>
        <name>Vonovia Finance BV</name>
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          <isin value="DE000A18V146"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-15</maturityDt>
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      <invstOrSec>
        <name>Telefonica Emisiones SAU</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-17</maturityDt>
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      <invstOrSec>
        <name>ING Bank NV</name>
        <lei>3TK20IVIUJ8J3ZU0QE75</lei>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-08</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-21</maturityDt>
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          <annualizedRt>1.88000000</annualizedRt>
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      <invstOrSec>
        <name>Procter &amp; Gamble Co/The</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-16</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Apple Inc</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.88000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.30000000</annualizedRt>
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        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <title>Anheuser-Busch InBev SA/NV</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-10-27</maturityDt>
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          <annualizedRt>1.38000000</annualizedRt>
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      <invstOrSec>
        <name>BMW Finance NV</name>
        <lei>5299006ZHG3IXU0PNJ56</lei>
        <title>BMW Finance NV</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-22</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1472663670"/>
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        <balance>100000.00000000</balance>
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        <valUSD>131101.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</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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        <fairValLevel>2</fairValLevel>
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        <name>ENEL FINANCE INTL NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Daimler AG</name>
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        <name>Lloyds Banking Group PLC</name>
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        <name>ASML Holding NV</name>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NESTLE FINANCE INTL LTD</name>
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        <title>Nestle Finance International Ltd</title>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>State Street Global Advisors</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SKANDINAVISKA ENSKILDA</name>
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        <title>Skandinaviska Enskilda Banken AB</title>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMERZBANK AG</name>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-19</maturityDt>
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        <name>E.ON INTL FINANCE BV</name>
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        <title>E.ON International Finance BV</title>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <invCountry>GB</invCountry>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DH EUROPE FINANCE</name>
        <lei>222100KDGL314CKTZ511</lei>
        <title>DH Europe Finance II Sarl</title>
        <cusip>000000000</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-18</maturityDt>
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      <invstOrSec>
        <name>VERIZON COMMUNICATIONS</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-17</maturityDt>
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      <invstOrSec>
        <name>AUST &amp; NZ BANKING GROUP</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-29</maturityDt>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-13</maturityDt>
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          <annualizedRt>2.26000000</annualizedRt>
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      <invstOrSec>
        <name>COMCAST CORP</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-20</maturityDt>
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          <annualizedRt>0.75000000</annualizedRt>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-04</maturityDt>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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          <isin value="CH0302790123"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000CZ40M21"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1557268221"/>
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        <balance>100000.00000000</balance>
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        <valUSD>113670.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-09</maturityDt>
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          <annualizedRt>1.38000000</annualizedRt>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000CZ40LR5"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1330948818"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-14</maturityDt>
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          <annualizedRt>1.38000000</annualizedRt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-26</maturityDt>
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          <annualizedRt>1.53000000</annualizedRt>
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      <invstOrSec>
        <name>UBS AG LONDON</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG/London</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-03</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.38000000</annualizedRt>
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        <name>HeidelbergCement AG</name>
        <lei>LZ2C6E0W5W7LQMX5ZI37</lei>
        <title>HeidelbergCement AG</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-07</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-01</maturityDt>
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      <invstOrSec>
        <name>Apple Inc</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1953146245"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>innogy Finance BV</name>
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        <title>innogy Finance BV</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FedEx Corp</name>
        <lei>549300E707U7WNPZN687</lei>
        <title>FedEx Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-11</maturityDt>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>000000000</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-22</maturityDt>
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      <invstOrSec>
        <name>Daimler AG</name>
        <lei>529900R27DL06UVNT076</lei>
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        <cusip>000000000</cusip>
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        <balance>193000.00000000</balance>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-12</maturityDt>
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          <annualizedRt>1.40000000</annualizedRt>
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      <invstOrSec>
        <name>TOTAL CAPITAL INTL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>Total Capital International SA</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-12</maturityDt>
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      <invstOrSec>
        <name>MET LIFE GLOB FUNDING I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
        <cusip>000000000</cusip>
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          <isin value="XS1979259220"/>
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        <balance>200000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-09</maturityDt>
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          <annualizedRt>0.38000000</annualizedRt>
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      <invstOrSec>
        <name>Mapfre SA</name>
        <lei>95980020140005693107</lei>
        <title>Mapfre SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0224244071"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-19</maturityDt>
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          <annualizedRt>1.63000000</annualizedRt>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-27</maturityDt>
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          <annualizedRt>1.13000000</annualizedRt>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>Anheuser-Busch InBev SA/NV</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-24</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-11</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>000000000</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-08</maturityDt>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>000000000</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-04</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>ROYAL BK SCOTLND GRP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>Royal Bank of Scotland Group PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-08</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>JPMORGAN CHASE &amp; CO</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-25</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>RICHEMONT INTERNATIONAL</name>
        <lei>549300V9893NUQX6X069</lei>
        <title>Richemont International Holding SA</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-26</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>DAIMLER INTL FINANCE BV</name>
        <lei>529900RUGCXMPEENHQ31</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BG Energy Capital PLC</name>
        <lei>S2M8QDKEE05NZN8JD460</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
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        <balance>100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-20</maturityDt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-10-18</maturityDt>
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      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <title>Banco Bilbao Vizcaya Argentaria SA</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-14</maturityDt>
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      <invstOrSec>
        <name>Equinix Inc</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>000000000</cusip>
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          <isin value="XS1796257092"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-22</maturityDt>
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          <annualizedRt>0.75000000</annualizedRt>
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        <name>TAKEDA PHARMACEUTICAL</name>
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        <title>Takeda Pharmaceutical Co Ltd</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-21</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>EDP Finance BV</name>
        <lei>5299007L43AQDFOW5739</lei>
        <title>EDP Finance BV</title>
        <cusip>000000000</cusip>
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        <balance>127000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-18</maturityDt>
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          <annualizedRt>2.63000000</annualizedRt>
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        <name>State Street Global Advisors</name>
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        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Volkswagen Leasing GmbH</name>
        <lei>5299004GLEUX88BSNB74</lei>
        <title>Volkswagen Leasing GmbH</title>
        <cusip>000000000</cusip>
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          <isin value="XS1642590480"/>
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        <balance>300000.00000000</balance>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ABBOTT IRELAND FINANCING</name>
        <lei>54930021QV18ZVZQDE71</lei>
        <title>Abbott Ireland Financing DAC</title>
        <cusip>000000000</cusip>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <title>Wells Fargo &amp; Co</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-02-02</maturityDt>
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        <name>AMERICAN INTL GROUP</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>000000000</cusip>
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        <invCountry>US</invCountry>
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        <name>REPSOL INTL FINANCE</name>
        <lei>5493002YCY6HTK0OUR29</lei>
        <title>Repsol International Finance BV</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>000000000</cusip>
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        <balance>200000.00000000</balance>
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        <valUSD>226755.01000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-26</maturityDt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IBM CORP</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp</title>
        <cusip>000000000</cusip>
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        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <name>BANCO DE SABADELL SA</name>
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        <name>AUTOROUTES DU SUD DE LA</name>
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        <name>E.ON INTL FINANCE BV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Volkswagen Leasing GmbH</name>
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        <invCountry>DE</invCountry>
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        <name>VERIZON COMMUNICATIONS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SKY LTD</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>Bank of America Corp</name>
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        <name>Vodafone Group PLC</name>
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        <name>BAT INTL FINANCE PLC</name>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Danone SA</name>
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        <title>Danone SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-07</maturityDt>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-25</maturityDt>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
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        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-30</maturityDt>
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      <invstOrSec>
        <name>Sanofi</name>
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        <title>Sanofi</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-10</maturityDt>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <invCountry>BE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-17</maturityDt>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-30</maturityDt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
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        <title>Goldman Sachs Group Inc/The</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-27</maturityDt>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
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        <title>Deutsche Bank AG</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-30</maturityDt>
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        <name>WESTERN POWER DIST EAST</name>
        <lei>549300KXFU5Q7NZE9L79</lei>
        <title>Western Power Distribution East Midlands PLC</title>
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          <isin value="XS0627333221"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-17</maturityDt>
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      <invstOrSec>
        <name>DH EUROPE FINANCE</name>
        <lei>222100KDGL314CKTZ511</lei>
        <title>DH Europe Finance II Sarl</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-18</maturityDt>
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      <invstOrSec>
        <name>Daimler AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Daimler AG</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-11</maturityDt>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-08-29</maturityDt>
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        <name>Airbus Finance BV</name>
        <lei>529900M7QSB704RUUT95</lei>
        <title>Airbus Finance BV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-02</maturityDt>
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        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
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        <assetCat>DBT</assetCat>
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        <name>Commerzbank AG</name>
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        <name>Bank of America Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIGITAL EURO FINCO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eni SpA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE TELEKOM INT FIN</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>DH EUROPE FINANCE</name>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ENEL FINANCE INTL NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SHELL INTERNATIONAL FIN</name>
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        <name>Danske Bank A/S</name>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE TELEKOM INT FIN</name>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Co/The</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>VOLKSWAGEN FIN SERV AG</name>
        <lei>529900USFSZYPS075O24</lei>
        <title>Volkswagen Financial Services AG</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLIANZ FINANCE II B.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL AUSTRALIA BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOLCIM FINANCE LUX SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ESSILORLUXOTTICA</name>
        <lei>549300M3VH1A3ER1TB49</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-27</maturityDt>
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      <invstOrSec>
        <name>Altria Group Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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          <annualizedRt>2.20000000</annualizedRt>
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      <invstOrSec>
        <name>Coca-Cola Co/The</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-09</maturityDt>
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          <annualizedRt>1.63000000</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Bank PLC</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-17</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>DANSKE BANK A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-27</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-12</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-21</maturityDt>
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          <annualizedRt>4.88000000</annualizedRt>
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        <name>THERMO FISHER SCIENTIFIC</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific Inc</title>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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        <name>TERNA SPA</name>
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        <title>Terna Rete Elettrica Nazionale SpA</title>
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        <balance>148000.00000000</balance>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-02-02</maturityDt>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <title>ING Groep NV</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Daimler AG</name>
        <lei>529900R27DL06UVNT076</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
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        <title>Citigroup Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sanofi</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-10</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-23</maturityDt>
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          <annualizedRt>2.13000000</annualizedRt>
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      <invstOrSec>
        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE TELEKOM INT FIN</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Orange SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BPCE SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DAIMLER INTL FINANCE BV</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-27</maturityDt>
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        <name>FIDELITY NATL INFO SERV</name>
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        <title>Fidelity National Information Services Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-21</maturityDt>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-06-07</maturityDt>
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      <invstOrSec>
        <name>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cadent Finance PLC</name>
        <lei>5493005M8TJ0J6IMUF67</lei>
        <title>Cadent Finance PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-22</maturityDt>
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        <name>UniCredit SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GLAXOSMITHKLINE CAPITAL</name>
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        <title>GlaxoSmithKline Capital PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-03-09</maturityDt>
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        <name>SHELL INTERNATIONAL FIN</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ENEL FINANCE INTL NV</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International NV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TOTAL CAPITAL INTL SA</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>Total Capital International SA</title>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-30</maturityDt>
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        <name>Amgen Inc</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen Inc</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-25</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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        <name>innogy Finance BV</name>
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        <name>Booking Holdings Inc</name>
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        <name>Apple Inc</name>
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        <name>NESTLE FINANCE INTL LTD</name>
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        <name>University of Oxford</name>
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        <name>Nordea Bank Abp</name>
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        <name>ING Groep NV</name>
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        <name>Citigroup Inc</name>
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        <name>BMW Finance NV</name>
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        <invCountry>NL</invCountry>

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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
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        <invCountry>FI</invCountry>
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        <name>SHELL INTERNATIONAL FIN</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
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        <name>Apple Inc</name>
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        <name>IBERDROLA INTL BV</name>
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        <name>KBC Group NV</name>
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        <name>SHELL INTERNATIONAL FIN</name>
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        <name>IBM CORP</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>SHELL INTERNATIONAL FIN</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
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        <name>DASSAULT SYSTEMES</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <name>DH EUROPE FINANCE</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>BPCE SA</name>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <name>Carlsberg Breweries A/S</name>
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        <name>SHELL INTERNATIONAL FIN</name>
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        <name>UNICREDIT SPA</name>
        <lei>549300TRUWO2CD2G5692</lei>
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        <name>Total Capital Canada Ltd</name>
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        <name>AT&amp;T Inc</name>
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        <name>VOLKSWAGEN INTL FIN NV</name>
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        <name>Linde Finance BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IBERDROLA FINANZAS SAU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLAXOSMITHKLINE CAPITAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE TELEKOM INT FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LVMH MOET HENNESSY VUITT</name>
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        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
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        <name>CREDIT SUISSE AG LONDON</name>
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        <invCountry>CH</invCountry>
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        <name>BNP PARIBAS</name>
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        <name>GLAXOSMITHKLINE CAPITAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RICHEMONT INTERNATIONAL</name>
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        <title>Richemont International Holding SA</title>
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        <name>AT&amp;T Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-17</maturityDt>
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        <name>Coca-Cola Co/The</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-27</maturityDt>
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      <invstOrSec>
        <name>Orange SA</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Heathrow Funding Ltd</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd</title>
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          <isin value="XS0625276257"/>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-13</maturityDt>
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      <invstOrSec>
        <name>DEUTSCHE TELEKOM INT FIN</name>
        <lei>529900ERDFHS6C1M4U58</lei>
        <title>Deutsche Telekom International Finance BV</title>
        <cusip>000000000</cusip>
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          <isin value="XS0525787874"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-13</maturityDt>
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      <invstOrSec>
        <name>ANHEUSER-BUSCH INBEV SA/</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>Anheuser-Busch InBev SA/NV</title>
        <cusip>000000000</cusip>
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          <isin value="BE6295395956"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
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          <annualizedRt>2.85000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1785340172"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CK HUTCHISON GROUP</name>
        <lei>254900OM17Q9YNDIUG82</lei>
        <title>CK Hutchison Group Telecom Finance SA</title>
        <cusip>000000000</cusip>
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          <isin value="XS2056572154"/>
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        <balance>100000.00000000</balance>
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        <valUSD>111283.50000000</valUSD>
        <pctVal>0.077142072370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-17</maturityDt>
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          <annualizedRt>0.38000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
        <cusip>000000000</cusip>
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          <isin value="XS1166201035"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>OMV AG</name>
        <lei>549300V62YJ9HTLRI486</lei>
        <title>OMV AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1734689620"/>
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        <balance>100000.00000000</balance>
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        <valUSD>116867.02000000</valUSD>
        <pctVal>0.081012586004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MEDTRONIC GLOBAL HLDINGS</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings SCA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1960678099"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.38000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>THFC FUNDING NO 3 PLC</name>
        <lei>2138003VKRGBYNDTVV92</lei>
        <title>THFC Funding No 3 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS0690140032"/>
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        <balance>150000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80932300"/>
        <valUSD>295886.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1679158094"/>
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        <balance>200000.00000000</balance>
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        <valUSD>224814.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.13000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>HeidelbergCement AG</name>
        <lei>LZ2C6E0W5W7LQMX5ZI37</lei>
        <title>HeidelbergCement AG</title>
        <cusip>000000000</cusip>
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          <isin value="XS1387174375"/>
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        <balance>148000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-03-30</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>ABBOTT IRELAND FINANCING</name>
        <lei>54930021QV18ZVZQDE71</lei>
        <title>Abbott Ireland Financing DAC</title>
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          <isin value="XS1883355197"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-27</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>CREDIT AGRICOLE LONDON</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA/London</title>
        <cusip>000000000</cusip>
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          <isin value="FR0013385515"/>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREDIT SUISSE GROUP AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>000000000</cusip>
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          <isin value="CH0483180946"/>
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        <balance>200000.00000000</balance>
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        <valUSD>224258.02000000</valUSD>
        <pctVal>0.155456365126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>CONNECT PLUS ISSUER</name>
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      <invstOrSec>
        <name>ING GROEP NV</name>
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        <name>BANCO BILBAO VIZCAYA ARG</name>
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        <name>AT&amp;T Inc</name>
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        <name>BERKSHIRE HATHAWAY FIN</name>
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        <name>LVMH MOET HENNESSY VUITT</name>
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        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
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        <name>AT&amp;T Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-05</maturityDt>
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        <name>DAIMLER AG</name>
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        <invCountry>DE</invCountry>
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        <name>LVMH MOET HENNESSY VUITT</name>
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        <name>AT&amp;T Inc</name>
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        <name>Morgan Stanley</name>
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        <name>CAPGEMINI SE</name>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <name>America Movil SAB de CV</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de CV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLAXOSMITHKLINE CAPITAL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COOPERATIEVE RABOBANK UA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CIE GENERALE DES ESTABLI</name>
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        <title>Cie Generale des Etablissements Michelin SCA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ANHEUSER-BUSCH INBEV SA/</name>
        <lei>5493008H3828EMEXB082</lei>
        <title>Anheuser-Busch InBev SA/NV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Total Capital Canada Ltd</name>
        <lei>5299005IX98ZZ9LSGK46</lei>
        <title>Total Capital Canada Ltd</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Engie Alliance GIE</name>
        <lei>549300ZDNPE0178O3T39</lei>
        <title>Engie Alliance GIE</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>IMPERIAL BRANDS FIN PLC</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>Imperial Brands Finance PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-17</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc</title>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-01</maturityDt>
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        <name>SKANDINAVISKA ENSKILDA</name>
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        <title>Skandinaviska Enskilda Banken AB</title>
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        <name>ESSILORLUXOTTICA</name>
        <lei>549300M3VH1A3ER1TB49</lei>
        <title>EssilorLuxottica SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-27</maturityDt>
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        <name>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie SA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-19</maturityDt>
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          <annualizedRt>2.38000000</annualizedRt>
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        <name>ABERTIS INFRAESTRUCTURAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>General Electric Co</name>
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        <name>Microsoft Corp</name>
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        <name>ALLIANZ FINANCE II B.V.</name>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Microsoft Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>McDonald's Corp</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cadent Finance PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>US Bancorp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-07</maturityDt>
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        <name>ROYAL BK SCOTLND GRP PLC</name>
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        <name>NORDEA BANK ABP</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOLE LONDON</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA/London</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ABERTIS INFRAESTRUCTURAS</name>
        <lei>549300GKFVWI02JQ5332</lei>
        <title>Abertis Infraestructuras SA</title>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-27</maturityDt>
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          <annualizedRt>2.38000000</annualizedRt>
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        <name>LVMH MOET HENNESSY VUITT</name>
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        <name>ESSILORLUXOTTICA</name>
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        <name>DAIMLER INTL FINANCE BV</name>
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        <name>CaixaBank SA</name>
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        <name>BMW Finance NV</name>
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        <name>Carrefour SA</name>
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        <name>Apple Inc</name>
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        <name>ING Bank NV</name>
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        <name>TOTAL CAPITAL INTL SA</name>
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        <name>Daimler AG</name>
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        <name>BNP PARIBAS</name>
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        <name>Eni SpA</name>
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        <name>Danone SA</name>
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        <name>Berkshire Hathaway Inc</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>Morgan Stanley</name>
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        <name>DAIMLER INTL FINANCE BV</name>
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        <name>Johnson &amp; Johnson</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CAIXABANK SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>AIR LIQUIDE FINANCE</name>
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        <name>Procter &amp; Gamble Co/The</name>
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        <name>Apple Inc</name>
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        <name>Naturgy Finance BV</name>
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        <name>Apple Inc</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APPLE INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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      <invstOrSec>
        <name>ASSICURAZIONI GENERALI</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-16</maturityDt>
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      <invstOrSec>
        <name>Daimler AG</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
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          <isin value="XS1190974011"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-16</maturityDt>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-12</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>innogy Finance BV</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-06</maturityDt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-24</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-27</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>AMERICAN EXPRESS CREDIT</name>
        <lei>9ET6B8VCXWW51H8Z3M54</lei>
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          <isin value="XS1521058518"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-22</maturityDt>
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          <annualizedRt>0.63000000</annualizedRt>
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      <invstOrSec>
        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-10</maturityDt>
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          <annualizedRt>1.13000000</annualizedRt>
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      <invstOrSec>
        <name>SIEMENS FINANCIERINGSMAT</name>
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        <title>Siemens Financieringsmaatschappij NV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-05</maturityDt>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-27</maturityDt>
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        <name>SHELL INTERNATIONAL FIN</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance BV</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-15</maturityDt>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-16</maturityDt>
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        <name>TERNA SPA</name>
        <lei>8156009E94ED54DE7C31</lei>
        <title>Terna Rete Elettrica Nazionale SpA</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-26</maturityDt>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-03-10</maturityDt>
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          <annualizedRt>0.80000000</annualizedRt>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>000000000</cusip>
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        <balance>100000.00000000</balance>
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        <valUSD>120205.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>SCHNEIDER ELECTRIC SE</name>
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        <name>Coca-Cola Co/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS GROUP AG</name>
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        <name>General Electric Co</name>
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        <name>BPCE SA</name>
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        <name>ABN AMRO Bank NV</name>
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        <name>WINTERSHALL DEA FINANCE</name>
        <lei>529900SUC9JUI6M74U66</lei>
        <title>Wintershall Dea Finance BV</title>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <name>HUTCH WHAMPOA FINANCE 14</name>
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        <name>Walmart Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Heathrow Funding Ltd</name>
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        <name>Apple Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOGICOR 2019 1 UK</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Heathrow Funding Ltd</name>
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        <name>Toyota Motor Credit Corp</name>
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        <name>BRITISH TELECOMMUNICATIO</name>
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        <name>CRED SUIS GP FUN LTD</name>
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        <title>Credit Suisse Group Funding Guernsey Ltd</title>
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        <invCountry>GG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Heathrow Funding Ltd</name>
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        <name>Sanofi</name>
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        <title>Wintershall Dea Finance BV</title>
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        <name>SHELL INTERNATIONAL FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Altria Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SHELL INTERNATIONAL FIN</name>
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        <name>Telefonica Emisiones SAU</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ENEL FINANCE INTL NV</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BANQUE FED CRED MUTUEL</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-11</maturityDt>
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        <name>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-17</maturityDt>
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        <name>Danone SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>ANHEUSER-BUSCH INBEV SA/</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLENCORE FINANCE EUROPE</name>
        <lei>213800WHKNIC1JQQG433</lei>
        <title>Glencore Finance Europe Ltd</title>
        <cusip>000000000</cusip>
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        <invCountry>JE</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-22</maturityDt>
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          <annualizedRt>1.00000000</annualizedRt>
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        <name>DEUTSCHE TELEKOM INT FIN</name>
        <lei>529900ERDFHS6C1M4U58</lei>
        <title>Deutsche Telekom International Finance BV</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-03</maturityDt>
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          <annualizedRt>0.63000000</annualizedRt>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNILEVER NV</name>
        <lei>549300TK7G7NZTVM1Z30</lei>
        <title>Unilever NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2147133578"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89035300"/>
        <valUSD>127258.96000000</valUSD>
        <pctVal>0.088216311511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>SPDR SERIES TRUST</ncom:nameOfApplicant>
      <ncom:signature>Daniel Foley</ncom:signature>
      <ncom:signerName>Daniel Foley</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
