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      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>ZN7972328</cusip>
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          <isin value="XS2565831943"/>
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        <balance>250000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63100000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Engie</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie</title>
        <cusip>ZM2319782</cusip>
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          <isin value="FR001400F1G3"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>ZD0684419</cusip>
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          <isin value="XS2769892865"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Volkswagen International Finance N.V.</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance N.V.</title>
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          <isin value="XS2234567233"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eurogrid GmbH</name>
        <lei>967600Q53854Z2NBCC81</lei>
        <title>Eurogrid GmbH</title>
        <cusip>YU3720031</cusip>
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          <isin value="XS2919680236"/>
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        <balance>200000.00000000</balance>
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        <pctVal>0.118412494779</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.73200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cellnex Telecom, S.A.</name>
        <lei>5493008T4YG3AQUI7P67</lei>
        <title>Cellnex Telecom, S.A.</title>
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          <isin value="XS2247549731"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZF3441911</cusip>
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          <isin value="FR001400N2M9"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <pctVal>0.184075012004</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>AZ3421593</cusip>
        <identifiers>
          <isin value="XS2021481663"/>
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        <balance>300000.00000000</balance>
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        <pctVal>0.140507103164</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
        <cusip>06368L5G7</cusip>
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          <isin value="CA06368L5G77"/>
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        <balance>1150000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
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        <pctVal>0.446211992410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.42000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 486</title>
        <cusip>ZM8878765</cusip>
        <identifiers>
          <isin value="NO0012837642"/>
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        <balance>1400000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>127650.39000000</valUSD>
        <pctVal>0.066443429435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>ZM5481035</cusip>
        <identifiers>
          <isin value="FR001400FDH7"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>335355.69000000</valUSD>
        <pctVal>0.174556318428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>OMERS Finance Trust</name>
        <lei>529900M039WCPES03P17</lei>
        <title>OMERS Finance Trust</title>
        <cusip>YS8014450</cusip>
        <identifiers>
          <isin value="XS2989340869"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>284152.26000000</valUSD>
        <pctVal>0.147904370964</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>BW6673253</cusip>
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          <isin value="XS2484587048"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.59200000</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>BS1695607</cusip>
        <identifiers>
          <isin value="CH1142231690"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Orsted A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>Orsted A/S</title>
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          <isin value="XS0499449261"/>
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        <balance>338000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>EK7473698</cusip>
        <identifiers>
          <isin value="XS1190624202"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>97346.50000000</valUSD>
        <pctVal>0.050669921992</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>BY0601827</cusip>
        <identifiers>
          <isin value="XS2511309903"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>113367.41000000</valUSD>
        <pctVal>0.059008981536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mercedes-Benz International Finance B.V.</name>
        <lei>529900RUGCXMPEENHQ31</lei>
        <title>Mercedes-Benz International Finance B.V.</title>
        <cusip>BJ4675556</cusip>
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          <isin value="DE000A289XJ2"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>ZD6396463</cusip>
        <identifiers>
          <isin value="XS2784667011"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain</title>
        <cusip>ZG2003256</cusip>
        <identifiers>
          <isin value="XS2723549528"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116492.64000000</valUSD>
        <pctVal>0.060635698062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
        <cusip>ZP8702745</cusip>
        <identifiers>
          <isin value="XS2115094737"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222534.90000000</valUSD>
        <pctVal>0.115831858603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>BV5714795</cusip>
        <identifiers>
          <isin value="XS2464732770"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>212177.47000000</valUSD>
        <pctVal>0.110440702576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>BN4539316</cusip>
        <identifiers>
          <isin value="FR0014001I68"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>106936.12000000</valUSD>
        <pctVal>0.055661424484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group, Inc.</title>
        <cusip>ZL4433179</cusip>
        <identifiers>
          <isin value="XS2594990892"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>409990.57000000</valUSD>
        <pctVal>0.213404592865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>ZS4387933</cusip>
        <identifiers>
          <isin value="XS1992927902"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>206929.27000000</valUSD>
        <pctVal>0.107708956858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.23100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>BT3322356</cusip>
        <identifiers>
          <isin value="FR0014007MK3"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>296573.24000000</valUSD>
        <pctVal>0.154369627421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89117GX51</cusip>
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          <isin value="CA89117GX510"/>
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        <balance>900000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>690419.88000000</valUSD>
        <pctVal>0.359371127482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49100000</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>Unipol Assicurazioni S.p.A.</name>
        <lei>8156005CE5E7340CCA86</lei>
        <title>Unipol Assicurazioni S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2237434803"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116922.78000000</valUSD>
        <pctVal>0.060859590655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR00140027U2"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>201509.02000000</valUSD>
        <pctVal>0.104887657225</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pernod Ricard</name>
        <lei>52990097YFPX9J0H5D87</lei>
        <title>Pernod Ricard</title>
        <cusip>BH4959517</cusip>
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          <isin value="FR0013506532"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>217467.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Bouygues</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues</title>
        <cusip>BS1722500</cusip>
        <identifiers>
          <isin value="FR0014006CS9"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>206473.13000000</valUSD>
        <pctVal>0.107471530980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
        <cusip>06368LEY8</cusip>
        <identifiers>
          <isin value="CA06368LEY89"/>
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        <balance>1500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>1118086.15000000</valUSD>
        <pctVal>0.581976116254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen International Finance N.V.</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance N.V.</title>
        <cusip>AM9628026</cusip>
        <identifiers>
          <isin value="XS1586555945"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>565414.98000000</valUSD>
        <pctVal>0.294304704635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Anglian Water Services Financing PLC</name>
        <lei>213800DL377MH46PDY63</lei>
        <title>Anglian Water Services Financing PLC</title>
        <cusip>YV5650028</cusip>
        <identifiers>
          <isin value="XS2898771774"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>383356.24000000</valUSD>
        <pctVal>0.199541131689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GlaxoSmithKline Capital PLC</name>
        <lei>549300U0LV41VX7LEP38</lei>
        <title>GlaxoSmithKline Capital PLC</title>
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          <isin value="XS2170609072"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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      <invstOrSec>
        <name>Abertis Infraestructuras S.A.</name>
        <lei>549300GKFVWI02JQ5332</lei>
        <title>Abertis Infraestructuras S.A.</title>
        <cusip>AX7293548</cusip>
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          <isin value="XS1967635977"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-27</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>Vattenfall AB</name>
        <lei>549300T5RZ1HA5HZ3109</lei>
        <title>Vattenfall AB</title>
        <cusip>EH7785197</cusip>
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          <isin value="XS0422688019"/>
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        <balance>400000.00000000</balance>
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        <pctVal>0.303650796770</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-15</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
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        <cusip>BZ5374294</cusip>
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          <isin value="XS2545206166"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd.</title>
        <cusip>BU5978897</cusip>
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          <isin value="AU3CB0286763"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55315650"/>
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        <pctVal>0.198354017915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>ZP5396533</cusip>
        <identifiers>
          <isin value="XS2107315470"/>
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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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
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      <invstOrSec>
        <name>Belfius Banque</name>
        <lei>A5GWLFH3KM7YV2SFQL84</lei>
        <title>Belfius Banque</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0002963446"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>361697.08000000</valUSD>
        <pctVal>0.188267301119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>QZ1617708</cusip>
        <identifiers>
          <isin value="XS1472663670"/>
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        <balance>750000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>976172.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>ZD0684393</cusip>
        <identifiers>
          <isin value="XS2769894135"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cadent Finance PLC</name>
        <lei>5493005M8TJ0J6IMUF67</lei>
        <title>Cadent Finance PLC</title>
        <cusip>QZ5429688</cusip>
        <identifiers>
          <isin value="XS1492681116"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <pctVal>0.201945439566</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0595205524"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Agricole Assurances</name>
        <lei>969500K2MUPSI57XK083</lei>
        <title>Credit Agricole Assurances</title>
        <cusip>BR6668346</cusip>
        <identifiers>
          <isin value="FR0014005RZ4"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>407873.36000000</valUSD>
        <pctVal>0.212302561816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE</title>
        <cusip>BR1517746</cusip>
        <identifiers>
          <isin value="DE000A3MP4U9"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>213131.04000000</valUSD>
        <pctVal>0.110937046230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0595205532"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>374620.97000000</valUSD>
        <pctVal>0.194994327752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ontario Teachers' Finance Trust</name>
        <lei>635400ZZE5J8OXXBBY26</lei>
        <title>Ontario Teachers' Finance Trust</title>
        <cusip>BP4913474</cusip>
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          <isin value="XS2344384842"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cenovus Energy Inc.</name>
        <lei>549300F4XPHJ7NOSP309</lei>
        <title>Cenovus Energy Inc.</title>
        <cusip>15135UAT6</cusip>
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          <isin value="CA15135UAT66"/>
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        <balance>750000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BG Energy Capital PLC</name>
        <lei>S2M8QDKEE05NZN8JD460</lei>
        <title>BG Energy Capital PLC</title>
        <cusip>N/A</cusip>
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          <isin value="XS0702029132"/>
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        <balance>450000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Scottish Widows Ltd.</name>
        <lei>549300ZT0RVWCG8T4L55</lei>
        <title>Scottish Widows Ltd.</title>
        <cusip>EJ6286110</cusip>
        <identifiers>
          <isin value="XS0914791768"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>477931.05000000</valUSD>
        <pctVal>0.248768358606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grand City Properties S.A.</name>
        <lei>5299002QLUYKK2WBMB18</lei>
        <title>Grand City Properties S.A.</title>
        <cusip>BN3335799</cusip>
        <identifiers>
          <isin value="XS2282101539"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>215122.14000000</valUSD>
        <pctVal>0.111973435640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZK8575902</cusip>
        <identifiers>
          <isin value="FR001400IG08"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>361793.84000000</valUSD>
        <pctVal>0.188317665761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Koninklijke KPN N.V.</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN N.V.</title>
        <cusip>ZF8930983</cusip>
        <identifiers>
          <isin value="XS2764455619"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116367.62000000</valUSD>
        <pctVal>0.060570623780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2305026929"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>204099.94000000</valUSD>
        <pctVal>0.106236259530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.34200000</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>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>BJ7123638</cusip>
        <identifiers>
          <isin value="FR0013515749"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>105244.33000000</valUSD>
        <pctVal>0.054780829215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>AQ7841895</cusip>
        <identifiers>
          <isin value="XS1756296965"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>113163.44000000</valUSD>
        <pctVal>0.058902812912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.44700000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>AX3944086</cusip>
        <identifiers>
          <isin value="XS1958307461"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>330965.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>British Telecommunications PLC</name>
        <lei>549300OWFMSO9NYV4H90</lei>
        <title>British Telecommunications PLC</title>
        <cusip>EG5684642</cusip>
        <identifiers>
          <isin value="XS0306772699"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>416295.48000000</valUSD>
        <pctVal>0.216686367740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp., Series 18</title>
        <cusip>BM6012231</cusip>
        <identifiers>
          <isin value="JP316572DLC8"/>
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        <balance>200000000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.49500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.38000000</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>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>ZM5481001</cusip>
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          <isin value="FR001400FDC8"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63306AHP4</cusip>
        <identifiers>
          <isin value="CA63306AHP45"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>759278.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.21900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capgemini SE</name>
        <lei>96950077L0TN7BAROX36</lei>
        <title>Capgemini SE</title>
        <cusip>BH6823513</cusip>
        <identifiers>
          <isin value="FR0013507878"/>
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        <balance>300000.00000000</balance>
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        <valUSD>328158.56000000</valUSD>
        <pctVal>0.170810133248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</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>Amprion GmbH</name>
        <lei>529900ZIV0ETYHYZM863</lei>
        <title>Amprion GmbH</title>
        <cusip>BY9995865</cusip>
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          <isin value="DE000A30VPM1"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>238431.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.97100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>ZS7759443</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Places For People Treasury PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medtronic Global Holdings S.C.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Enel Finance International N.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-17</maturityDt>
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        <name>Tennet Holding B.V.</name>
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        <title>Tennet Holding B.V.</title>
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          <isin value="XS2549543499"/>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-28</maturityDt>
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        <name>Enel Finance International N.V.</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International N.V.</title>
        <cusip>BP9829816</cusip>
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          <isin value="XS2353182376"/>
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        <balance>200000.00000000</balance>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-17</maturityDt>
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          <annualizedRt>0.87500000</annualizedRt>
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        <name>La Banque Postale</name>
        <lei>96950066U5XAAIRCPA78</lei>
        <title>La Banque Postale</title>
        <cusip>ZK3694633</cusip>
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          <isin value="FR001400HOZ2"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-03</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Landesbank Hessen-Thueringen Girozentrale</name>
        <lei>DIZES5CFO5K3I5R58746</lei>
        <title>Landesbank Hessen-Thueringen Girozentrale</title>
        <cusip>YR8789756</cusip>
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          <isin value="XS3017208235"/>
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        <balance>200000.00000000</balance>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-05</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
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          <isin value="FR001400XO25"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-26</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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        <name>Federation des caisses Desjardins du Quebec</name>
        <lei>549300B2Q47IR0CR5B54</lei>
        <title>Federation des caisses Desjardins du Quebec</title>
        <cusip>31430W3J1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-24</maturityDt>
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          <annualizedRt>3.80400000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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        <invCountry>AU</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>
        <cusip>BU6022141</cusip>
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          <isin value="XS2447983813"/>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-23</maturityDt>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>ZB9054022</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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          <maturityDt>2029-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>ZR4413319</cusip>
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          <isin value="CH0494734418"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.65000000</annualizedRt>
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        <name>Aroundtown S.A.</name>
        <lei>529900H4DWG3KWMBMQ39</lei>
        <title>Aroundtown S.A.</title>
        <cusip>BS9539989</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>ZQ1681365</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-24</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
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        <title>Intesa Sanpaolo S.p.A.</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-31</maturityDt>
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      <invstOrSec>
        <name>Novo Nordisk Finance (Netherlands) B.V.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-21</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>ZM3215518</cusip>
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          <isin value="XS2575971994"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-16</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Carlsberg Breweries A/S</name>
        <lei>5493008YL42784DMWN61</lei>
        <title>Carlsberg Breweries A/S</title>
        <cusip>YR5520188</cusip>
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          <isin value="XS3002420902"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-28</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>549300Q3OIWRHQUQM052</lei>
        <title>SpareBank 1 Sor-Norge ASA</title>
        <cusip>ZM4992362</cusip>
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          <isin value="XS2579319513"/>
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        <balance>203000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coastal Gaslink Pipeline L.P.</name>
        <lei>549300P0NSGTO3Z5VQ83</lei>
        <title>Coastal Gaslink Pipeline L.P., Series J</title>
        <cusip>19046FAV4</cusip>
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          <isin value="CA19046FAV46"/>
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        <balance>550000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-30</maturityDt>
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          <annualizedRt>5.85700000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZN2757153</cusip>
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          <isin value="FR001400DZO1"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
        <cusip>ZM7433877</cusip>
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          <isin value="XS2583600791"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-07</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZB4597280</cusip>
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          <isin value="XS2806471368"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>QZ0926852</cusip>
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          <isin value="XS1468494239"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada Pipelines Ltd.</title>
        <cusip>89353ZCF3</cusip>
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          <isin value="CA89353ZCF32"/>
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        <balance>1150000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>B.A.T. International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>B.A.T. International Finance PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Action Logement Services</name>
        <lei>969500O2QYH3YW92C551</lei>
        <title>Action Logement Services</title>
        <cusip>ZH1071286</cusip>
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          <isin value="FR001400L362"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Cadent Finance PLC</name>
        <lei>5493005M8TJ0J6IMUF67</lei>
        <title>Cadent Finance PLC</title>
        <cusip>QZ5429639</cusip>
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          <isin value="XS1492681033"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>ZF3622833</cusip>
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          <isin value="FR001400NDS8"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>Coentreprise de Transport d'Electricite</name>
        <lei>969500BH61SHYYBTJQ29</lei>
        <title>Coentreprise de Transport d'Electricite</title>
        <cusip>N/A</cusip>
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          <isin value="FR0013264439"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Connect Plus (M25) Issuer PLC</name>
        <lei>213800B2CJAR5PQX6W68</lei>
        <title>Connect Plus (M25) Issuer PLC</title>
        <cusip>AT6477711</cusip>
        <identifiers>
          <isin value="XS1857917188"/>
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        <balance>404250.00000000</balance>
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        <valUSD>446613.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance B.V.</title>
        <cusip>BH5287496</cusip>
        <identifiers>
          <isin value="XS2154419118"/>
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        <balance>300000.00000000</balance>
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        <valUSD>317855.31000000</valUSD>
        <pctVal>0.165447178506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>UBS AG</title>
        <cusip>BR1527919</cusip>
        <identifiers>
          <isin value="XS2381671671"/>
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        <balance>320000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>341956.51000000</valUSD>
        <pctVal>0.177992117707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>YP9328863</cusip>
        <identifiers>
          <isin value="XS3062936649"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>114406.18000000</valUSD>
        <pctVal>0.059549672725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG</title>
        <cusip>YS7908512</cusip>
        <identifiers>
          <isin value="XS2985250898"/>
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        <balance>150000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>161521.74000000</valUSD>
        <pctVal>0.084073838975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZF2682507</cusip>
        <identifiers>
          <isin value="XS2748853194"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>407373.91000000</valUSD>
        <pctVal>0.212042592608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Bank of Australia</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
        <title>Commonwealth Bank of Australia</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3CB0301687"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="AUD" exchangeRt="1.55315650"/>
        <valUSD>329844.42000000</valUSD>
        <pctVal>0.171687641886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reckitt Benckiser Treasury Services PLC</name>
        <lei>213800LAXWIUOOBZ3908</lei>
        <title>Reckitt Benckiser Treasury Services PLC</title>
        <cusip>BJ4447741</cusip>
        <identifiers>
          <isin value="XS2177006983"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>331841.37000000</valUSD>
        <pctVal>0.172727076285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>YT0698563</cusip>
        <identifiers>
          <isin value="FR001400U1B5"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>231503.03000000</valUSD>
        <pctVal>0.120499868727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies Capital International</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International</title>
        <cusip>BH4959657</cusip>
        <identifiers>
          <isin value="XS2153409029"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>321780.58000000</valUSD>
        <pctVal>0.167490324636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.99400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109BK6</cusip>
        <identifiers>
          <isin value="CA775109BK61"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>653828.79000000</valUSD>
        <pctVal>0.340325063412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain</title>
        <cusip>ZB0357887</cusip>
        <identifiers>
          <isin value="XS2796609787"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>350590.66000000</valUSD>
        <pctVal>0.182486287574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRATON Finance Luxembourg S.A.</name>
        <lei>529900BRKIE6LKIEXD84</lei>
        <title>TRATON Finance Luxembourg S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A3KNP96"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>318981.19000000</valUSD>
        <pctVal>0.166033211407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>BS1024709</cusip>
        <identifiers>
          <isin value="XS2403444677"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>214598.15000000</valUSD>
        <pctVal>0.111700693092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Landesbank Baden-Wuerttemberg</name>
        <lei>B81CK4ESI35472RHJ606</lei>
        <title>Landesbank Baden-Wuerttemberg</title>
        <cusip>BG0130511</cusip>
        <identifiers>
          <isin value="DE000LB2CRG6"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222224.77000000</valUSD>
        <pctVal>0.115670432533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Anglian Water Services Financing PLC</name>
        <lei>213800DL377MH46PDY63</lei>
        <title>Anglian Water Services Financing PLC</title>
        <cusip>ZK9552744</cusip>
        <identifiers>
          <isin value="XS2638381819"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>516024.73000000</valUSD>
        <pctVal>0.268596537267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>ZN3731470</cusip>
        <identifiers>
          <isin value="XS2557084733"/>
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        <name>Abertis France</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Robert Bosch Gesellschaft mit beschraenkter Haftung</name>
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        <name>DSV Finance B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-06</maturityDt>
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        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-18</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-27</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Action Logement Services</name>
        <lei>969500O2QYH3YW92C551</lei>
        <title>Action Logement Services</title>
        <cusip>ZQ2185309</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Autoroutes du Sud de la France</name>
        <lei>213800U12KWYZEECZ934</lei>
        <title>Autoroutes du Sud de la France</title>
        <cusip>AX2611249</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>EJ5142421</cusip>
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          <isin value="XS0876756452"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
        <cusip>874060BE5</cusip>
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          <isin value="XS2198582301"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-13</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Robert Bosch Gesellschaft mit beschraenkter Haftung</name>
        <lei>529900F0LT5OP4SV6122</lei>
        <title>Robert Bosch Gesellschaft mit beschraenkter Haftung</title>
        <cusip>ZK7508201</cusip>
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          <isin value="XS2629468278"/>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>Orange</name>
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        <title>Orange</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-22</maturityDt>
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        <name>Volkswagen Financial Services N.V.</name>
        <lei>529900ZTQC8D1TW6BL41</lei>
        <title>Volkswagen Financial Services N.V.</title>
        <cusip>BT4564782</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>N/A</cusip>
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          <isin value="FR0010945436"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <name>Orsted A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>Orsted A/S</title>
        <cusip>BY8969713</cusip>
        <identifiers>
          <isin value="XS2531570112"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Deutsche Post AG</name>
        <lei>8ER8GIG7CSMVD8VUFE78</lei>
        <title>Deutsche Post AG</title>
        <cusip>ZD8242855</cusip>
        <identifiers>
          <isin value="XS2784415718"/>
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        <balance>150000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>172116.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 480</title>
        <cusip>AS2564498</cusip>
        <identifiers>
          <isin value="NO0010821598"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Italgas S.p.A.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Medtronic Global Holdings S.C.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BPCE S.A.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-11</maturityDt>
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      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-24</maturityDt>
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      <invstOrSec>
        <name>Allianz Finance II B.V.</name>
        <lei>529900C9NVPTCPDI1D65</lei>
        <title>Allianz Finance II B.V., Series 62</title>
        <cusip>EJ5793009</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
        <cusip>YW2551581</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>High Speed Rail Finance (1) PLC</name>
        <lei>21380087GQQTIHCRLU65</lei>
        <title>High Speed Rail Finance (1) PLC</title>
        <cusip>EJ5315316</cusip>
        <identifiers>
          <isin value="XS0888566519"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Bank PLC</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>Lloyds Bank PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0543369184"/>
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        <balance>510000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZK8851469</cusip>
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          <isin value="XS2634826031"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-12</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Autostrade Per L'Italia S.p.A.</name>
        <lei>815600149448CEB9B230</lei>
        <title>Autostrade Per L'Italia S.p.A.</title>
        <cusip>BM8534356</cusip>
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        <balance>300000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sweden Government Bond</name>
        <lei>ERE94C0BSULG2RM19605</lei>
        <title>Sweden Government Bond, Series 1061</title>
        <cusip>AS7837154</cusip>
        <identifiers>
          <isin value="SE0011281922"/>
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        <balance>6000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>ZL4426397</cusip>
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          <isin value="XS2597110027"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109BJ9</cusip>
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          <isin value="CA775109BJ98"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>ZN3731462</cusip>
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          <isin value="XS2536941656"/>
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        <balance>400000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-21</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>BW1385853</cusip>
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          <isin value="FR001400A3G4"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>ZK7501719</cusip>
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          <isin value="XS2630111719"/>
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        <balance>200000.00000000</balance>
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        <valUSD>244993.83000000</valUSD>
        <pctVal>0.127521978239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>BK3220864</cusip>
        <identifiers>
          <isin value="XS2199266698"/>
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      <invstOrSec>
        <name>Volkswagen Financial Services AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Australia Bank Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-28</maturityDt>
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          <annualizedRt>3.12500000</annualizedRt>
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        <name>TotalEnergies Capital International</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International</title>
        <cusip>BJ4186380</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-18</maturityDt>
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          <annualizedRt>1.61800000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZK8294009</cusip>
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          <isin value="FR001400IDW0"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-02</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>JK2375331</cusip>
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          <isin value="XS1377228959"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>BU3958867</cusip>
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          <isin value="XS2443893255"/>
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        <balance>230000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep N.V.</title>
        <cusip>AU5396935</cusip>
        <identifiers>
          <isin value="XS1882544973"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>225418.15000000</valUSD>
        <pctVal>0.117332621882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>ZB3115720</cusip>
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          <isin value="XS2803424329"/>
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        <balance>200000.00000000</balance>
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        <valUSD>233462.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.56300000</annualizedRt>
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      <invstOrSec>
        <name>E.ON SE</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE</title>
        <cusip>ZM2633257</cusip>
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          <isin value="XS2574873183"/>
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        <balance>266000.00000000</balance>
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        <valUSD>315468.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>BK3220856</cusip>
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          <isin value="XS2199266268"/>
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        <balance>300000.00000000</balance>
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        <valUSD>316242.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>BT3114423</cusip>
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          <isin value="FR0014007LM1"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>NatWest Markets PLC</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NatWest Markets PLC</title>
        <cusip>YU8199033</cusip>
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          <isin value="XS2931916972"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>Var Energi ASA</name>
        <lei>549300LIVN3FFOJN2K47</lei>
        <title>Var Energi ASA</title>
        <cusip>YQ0595062</cusip>
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          <isin value="XS3019303133"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Bouygues</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues</title>
        <cusip>BW6395667</cusip>
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          <isin value="FR001400AJY0"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>BN9181759</cusip>
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          <isin value="XS2298304499"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.20000000</annualizedRt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>ZK4641476</cusip>
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          <isin value="XS2618906585"/>
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        <balance>200000.00000000</balance>
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        <valUSD>239081.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Cie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain</title>
        <cusip>AX5434045</cusip>
        <identifiers>
          <isin value="XS1962571011"/>
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        <balance>100000.00000000</balance>
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        <name>Kering</name>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Richemont International Holding S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-07</maturityDt>
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        <name>BPCE S.A.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-13</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
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          <isin value="XS2908735686"/>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance B.V.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-10</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZM3823394</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-18</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
        <cusip>AV6471313</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-21</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>YX6703558</cusip>
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          <isin value="FR001400QR62"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-17</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Yorkshire Water Finance PLC</name>
        <lei>213800O8BDOGHJMTCP32</lei>
        <title>Yorkshire Water Finance PLC</title>
        <cusip>YV6460682</cusip>
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          <isin value="XS2901492582"/>
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        <balance>300000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-18</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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        <name>Imperial Brands Finance Netherlands B.V.</name>
        <lei>724500GIEFJOBWGD0272</lei>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-18</maturityDt>
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        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZK3067814</cusip>
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          <isin value="FR001400HMF8"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-02</maturityDt>
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      <invstOrSec>
        <name>Swisscom Finance B.V.</name>
        <lei>549300L41E8X8K71RV25</lei>
        <title>Swisscom Finance B.V.</title>
        <cusip>YX2449776</cusip>
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          <isin value="XS2827696035"/>
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        <valUSD>234891.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Volkswagen Financial Services AG</name>
        <lei>529900SSGT49ZZSWYE62</lei>
        <title>Volkswagen Financial Services AG</title>
        <cusip>BQ8993686</cusip>
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          <isin value="XS2374595044"/>
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        <balance>208000.00000000</balance>
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        <valUSD>229563.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Finance II Inc.</name>
        <lei>N/A</lei>
        <title>Brookfield Finance II Inc.</title>
        <cusip>11271ZAA9</cusip>
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          <isin value="CA11271ZAA99"/>
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        <balance>550000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>424505.08000000</valUSD>
        <pctVal>0.220959554671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.43100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centrica PLC</name>
        <lei>E26EDV109X6EEPBKVH76</lei>
        <title>Centrica PLC</title>
        <cusip>EJ3439845</cusip>
        <identifiers>
          <isin value="XS0825385858"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>310129.54000000</valUSD>
        <pctVal>0.161425830402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wellcome Trust Ltd. (The)</name>
        <lei>549300YQJTZ9YPHW5V73</lei>
        <title>Wellcome Trust Ltd. (The)</title>
        <cusip>BQ3968642</cusip>
        <identifiers>
          <isin value="XS2363709689"/>
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        <balance>420000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>187834.99000000</valUSD>
        <pctVal>0.097770174486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-07-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>BY5264928</cusip>
        <identifiers>
          <isin value="FR001400CEQ3"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>569297.00000000</valUSD>
        <pctVal>0.296325338665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Lonza Finance International N.V.</name>
        <lei>549300AS6XQBD4ETT379</lei>
        <title>Lonza Finance International N.V.</title>
        <cusip>ZB5228372</cusip>
        <identifiers>
          <isin value="BE6351290216"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>232426.98000000</valUSD>
        <pctVal>0.120980794845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>ZK9551555</cusip>
        <identifiers>
          <isin value="XS2634690114"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>234412.92000000</valUSD>
        <pctVal>0.122014498419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Suez S.A.</name>
        <lei>5493007LKZ37MXEN5D79</lei>
        <title>Suez S.A.</title>
        <cusip>BW4875900</cusip>
        <identifiers>
          <isin value="FR001400AFO9"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>215432.15000000</valUSD>
        <pctVal>0.112134799249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>BP8798616</cusip>
        <identifiers>
          <isin value="XS2344735811"/>
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        <balance>286000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>309266.31000000</valUSD>
        <pctVal>0.160976509710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZM5206853</cusip>
        <identifiers>
          <isin value="XS2579493037"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>403959.02000000</valUSD>
        <pctVal>0.210265104872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orsted A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>Orsted A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0730243150"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>511737.31000000</valUSD>
        <pctVal>0.266364888087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CDP Financial Inc.</name>
        <lei>549300OXMGVYFCBFV096</lei>
        <title>CDP Financial Inc.</title>
        <cusip>YR2881906</cusip>
        <identifiers>
          <isin value="XS2997417295"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>282915.15000000</valUSD>
        <pctVal>0.147260441627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>BQ0603630</cusip>
        <identifiers>
          <isin value="XS2356041165"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>183093.22000000</valUSD>
        <pctVal>0.095302031143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ayvens</name>
        <lei>969500E7V019H9NP7427</lei>
        <title>Ayvens</title>
        <cusip>ZH1289110</cusip>
        <identifiers>
          <isin value="FR001400L4V8"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>121575.50000000</valUSD>
        <pctVal>0.063281382496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CaixaBank, S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank, S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2676814499"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>243573.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Engie</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie</title>
        <cusip>ZL8690907</cusip>
        <identifiers>
          <isin value="FR001400H1V0"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>471691.61000000</valUSD>
        <pctVal>0.245520661585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>BJ5707697</cusip>
        <identifiers>
          <isin value="XS2178833690"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>102390.69000000</valUSD>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
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        <name>Holcim Finance (Luxembourg) S.A.</name>
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        <name>Stellantis N.V.</name>
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        <name>Toronto-Dominion Bank (The)</name>
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          <maturityDt>2029-01-08</maturityDt>
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        <name>Banco Santander S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BMW International Investment B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-22</maturityDt>
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        <name>Coentreprise de Transport d'Electricite</name>
        <lei>969500BH61SHYYBTJQ29</lei>
        <title>Coentreprise de Transport d'Electricite</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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        <name>E.ON SE</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE</title>
        <cusip>ZD8242038</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-25</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>YR8790838</cusip>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-07</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>BJ4684525</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-21</maturityDt>
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        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-13</maturityDt>
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        <name>E.ON International Finance B.V.</name>
        <lei>549300TG53AWJ719M814</lei>
        <title>E.ON International Finance B.V.</title>
        <cusip>EH8827261</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance B.V.</title>
        <cusip>ZQ4666843</cusip>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Coastal Gaslink Pipeline L.P.</name>
        <lei>549300P0NSGTO3Z5VQ83</lei>
        <title>Coastal Gaslink Pipeline L.P., Series K</title>
        <cusip>19046FAW2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
        <cusip>YQ3533953</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-19</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Australia and New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia and New Zealand Banking Group Ltd.</title>
        <cusip>ZF5487425</cusip>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Engie</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-10-01</maturityDt>
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        <name>Blend Funding PLC</name>
        <lei>213800Y8TMLUT9SN1E94</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-05</maturityDt>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-12</maturityDt>
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        <name>Bank of Montreal</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-20</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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        <name>British Telecommunications PLC</name>
        <lei>549300OWFMSO9NYV4H90</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZG1630612</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>ASTM S.p.A.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-25</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-10</maturityDt>
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        <name>Sanofi</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-21</maturityDt>
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        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd.</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.37500000</annualizedRt>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>ZQ8563798</cusip>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-09</maturityDt>
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        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
        <cusip>ZF2077435</cusip>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Orange</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange</title>
        <cusip>ED2837968</cusip>
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          <isin value="FR0010039008"/>
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        <name>TenneT Holding B.V.</name>
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        <name>Carlsberg Breweries A/S</name>
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        <name>Action Logement Services</name>
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        <name>Banque Federative du Credit Mutuel</name>
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        <name>Cellnex Finance Co., S.A.</name>
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        <name>Centrica PLC</name>
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        <name>Societe Generale</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New Zealand</name>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
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        <name>Bouygues</name>
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        <invCountry>FR</invCountry>
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        <name>Robert Bosch Gesellschaft mit beschraenkter Haftung</name>
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        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
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        <invCountry>FR</invCountry>
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        <name>Ayvens</name>
        <lei>969500E7V019H9NP7427</lei>
        <title>Ayvens</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>BV9821174</cusip>
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          <isin value="XS2472603740"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Kering</name>
        <lei>549300VGEJKB7SVUZR78</lei>
        <title>Kering</title>
        <cusip>N/A</cusip>
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          <isin value="FR001400KHX5"/>
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        <balance>300000.00000000</balance>
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        <valUSD>338085.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>ZN6801791</cusip>
        <identifiers>
          <isin value="XS2560496197"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heathrow Funding Ltd.</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0471436088"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>543492.85000000</valUSD>
        <pctVal>0.282893995293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>BK3220849</cusip>
        <identifiers>
          <isin value="XS2199266003"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>335297.89000000</valUSD>
        <pctVal>0.174526232894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep N.V.</title>
        <cusip>AV5772257</cusip>
        <identifiers>
          <isin value="XS1909186451"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>335434.10000000</valUSD>
        <pctVal>0.174597131694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sweden Government Bond</name>
        <lei>ERE94C0BSULG2RM19605</lei>
        <title>Sweden Government Bond, Series 1059</title>
        <cusip>EK9145948</cusip>
        <identifiers>
          <isin value="SE0007125927"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.75980000"/>
        <valUSD>506566.37000000</valUSD>
        <pctVal>0.263673357046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance B.V.</title>
        <cusip>BJ2961693</cusip>
        <identifiers>
          <isin value="XS2170386853"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>100009.82000000</valUSD>
        <pctVal>0.052056209292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>ZD0684401</cusip>
        <identifiers>
          <isin value="XS2769892600"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>333134.29000000</valUSD>
        <pctVal>0.173400055340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank U.A.</title>
        <cusip>ZF4866447</cusip>
        <identifiers>
          <isin value="XS2753315626"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236093.92000000</valUSD>
        <pctVal>0.122889477374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.82200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies Capital International</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International</title>
        <cusip>YR7939717</cusip>
        <identifiers>
          <isin value="XS3015113882"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>322511.48000000</valUSD>
        <pctVal>0.167870766110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>EH3835335</cusip>
        <identifiers>
          <isin value="XS0367001061"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>414426.36000000</valUSD>
        <pctVal>0.215713470260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rolls-Royce PLC</name>
        <lei>X57JK1U580XATGR67572</lei>
        <title>Rolls-Royce PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2244321787"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>542924.27000000</valUSD>
        <pctVal>0.282598043160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ASTM S.p.A.</name>
        <lei>8156003F2286CFA55E20</lei>
        <title>ASTM S.p.A.</title>
        <cusip>BS4792872</cusip>
        <identifiers>
          <isin value="XS2412267515"/>
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        <balance>125000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>134135.39000000</valUSD>
        <pctVal>0.069818943132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Richemont International Holding S.A.</name>
        <lei>549300V9893NUQX6X069</lei>
        <title>Richemont International Holding S.A.</title>
        <cusip>AR7772221</cusip>
        <identifiers>
          <isin value="XS1789759195"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>290493.86000000</valUSD>
        <pctVal>0.151205243387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>ZF3240099</cusip>
        <identifiers>
          <isin value="XS2742661122"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>361168.27000000</valUSD>
        <pctVal>0.187992049708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZP3171193</cusip>
        <identifiers>
          <isin value="XS2099546488"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>T.H.F.C. (Funding No.3) PLC</name>
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          <isin value="XS0690140032"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mercedes-Benz International Finance B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
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        <cusip>YX5601647</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-17</maturityDt>
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      <invstOrSec>
        <name>Wellcome Trust Ltd. (The)</name>
        <lei>549300YQJTZ9YPHW5V73</lei>
        <title>Wellcome Trust Ltd. (The)</title>
        <cusip>AR0212944</cusip>
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          <isin value="XS1713474085"/>
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        <balance>400000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2118-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>EJ3454752</cusip>
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          <isin value="DE000A1G85D0"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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          <isin value="XS2466350993"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Diageo Finance PLC</name>
        <lei>BPF79TJMIH3DK8XCKI50</lei>
        <title>Diageo Finance PLC</title>
        <cusip>BV7390149</cusip>
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          <isin value="XS2466406530"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>398671.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Housing &amp; Care 21</name>
        <lei>2138006KF8SVD28K9813</lei>
        <title>Housing &amp; Care 21</title>
        <cusip>AP7311065</cusip>
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          <isin value="XS1710677581"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>262237.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.28800000</annualizedRt>
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      <invstOrSec>
        <name>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp., Series 17</title>
        <cusip>BM6012215</cusip>
        <identifiers>
          <isin value="JP316572CLC0"/>
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        <balance>100000000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="150.49500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.28000000</annualizedRt>
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      <invstOrSec>
        <name>CCEP Finance (Ireland) DAC</name>
        <lei>549300C3FJ5JIMZNEN16</lei>
        <title>CCEP Finance (Ireland) DAC</title>
        <cusip>BP1765349</cusip>
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          <isin value="XS2337061753"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>191654.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.87500000</annualizedRt>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109CT6</cusip>
        <identifiers>
          <isin value="CA775109CT61"/>
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        <balance>820000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Medtronic Global Holdings S.C.A.</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings S.C.A.</title>
        <cusip>N/A</cusip>
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          <isin value="XS2238792332"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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        <name>Imperial Brands Finance Netherlands B.V.</name>
        <lei>724500GIEFJOBWGD0272</lei>
        <title>Imperial Brands Finance Netherlands B.V.</title>
        <cusip>ZM9204557</cusip>
        <identifiers>
          <isin value="XS2586739729"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>TenneT Holding B.V.</name>
        <lei>724500LTUWK3JQG63903</lei>
        <title>TenneT Holding B.V.</title>
        <cusip>BW2997045</cusip>
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          <isin value="XS2477935345"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZD1495799</cusip>
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          <isin value="FR001400O9D2"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Mercedes-Benz International Finance B.V.</name>
        <lei>529900RUGCXMPEENHQ31</lei>
        <title>Mercedes-Benz International Finance B.V.</title>
        <cusip>ZK7505652</cusip>
        <identifiers>
          <isin value="DE000A3LH6U5"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>BP7909644</cusip>
        <identifiers>
          <isin value="XS2348638433"/>
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        <name>Bell Canada</name>
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        <name>Wintershall Dea Finance BV (1)</name>
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        <name>Deutsche Bahn AG</name>
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        <name>Banque Federative du Credit Mutuel</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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          <maturityDt>2027-06-29</maturityDt>
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        <name>BNP Paribas</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole S.A.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-20</maturityDt>
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        <name>Volkswagen Financial Services AG</name>
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        <invCountry>DE</invCountry>
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          <maturityDt>2027-05-19</maturityDt>
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        <name>Motability Operations Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-17</maturityDt>
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        <name>Norway Government Bond</name>
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        <issuerCat>NUSS</issuerCat>
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        <name>Royal Bank of Canada</name>
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          <maturityDt>2030-06-24</maturityDt>
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        <name>TenneT Holding B.V.</name>
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        <name>TransCanada Pipelines Ltd.</name>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
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        <name>TELUS Corp.</name>
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        <title>TELUS Corp.</title>
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        <invCountry>CA</invCountry>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>AU6699071</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-02</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>BM7804792</cusip>
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          <isin value="FR0014000UL9"/>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Places For People Treasury PLC</name>
        <lei>213800B9U45TFBXW5K67</lei>
        <title>Places For People Treasury PLC</title>
        <cusip>ZK5140189</cusip>
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          <isin value="XS2620911128"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CaixaBank, S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank, S.A.</title>
        <cusip>ZG2884606</cusip>
        <identifiers>
          <isin value="XS2726256113"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZH0427547</cusip>
        <identifiers>
          <isin value="FR001400KZP3"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Santander UK PLC</name>
        <lei>PTCQB104N23FMNK2RZ28</lei>
        <title>Santander UK PLC</title>
        <cusip>YQ5180613</cusip>
        <identifiers>
          <isin value="XS3032020136"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>232672.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.34600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bahn AG</name>
        <lei>52990063S23N13HU4E98</lei>
        <title>Deutsche Bahn AG</title>
        <cusip>BQ2152438</cusip>
        <identifiers>
          <isin value="XS2357951164"/>
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        <balance>151000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>96254.01000000</valUSD>
        <pctVal>0.050101268952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63306AHT6</cusip>
        <identifiers>
          <isin value="CA63306AHT66"/>
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        <balance>850000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>645804.49000000</valUSD>
        <pctVal>0.336148327166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.02300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>YR3239021</cusip>
        <identifiers>
          <isin value="XS3002233628"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>226697.55000000</valUSD>
        <pctVal>0.117998563629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federation des caisses Desjardins du Quebec</name>
        <lei>549300B2Q47IR0CR5B54</lei>
        <title>Federation des caisses Desjardins du Quebec</title>
        <cusip>31430WF90</cusip>
        <identifiers>
          <isin value="CA31430WF908"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>536912.23000000</valUSD>
        <pctVal>0.279468710336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.46700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>ZF2095510</cusip>
        <identifiers>
          <isin value="XS2739132897"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116991.87000000</valUSD>
        <pctVal>0.060895552758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>BJ9231801</cusip>
        <identifiers>
          <isin value="FR0013518057"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>210515.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>BS1696548</cusip>
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          <isin value="XS2404651163"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>200374.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen International Finance N.V.</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance N.V.</title>
        <cusip>AV6225180</cusip>
        <identifiers>
          <isin value="XS1910948329"/>
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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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DSV Finance B.V.</name>
        <lei>529900RTQQ0IIS4B3E03</lei>
        <title>DSV Finance B.V.</title>
        <cusip>YU7464834</cusip>
        <identifiers>
          <isin value="XS2932831923"/>
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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>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ontario Teachers' Finance Trust</name>
        <lei>635400ZZE5J8OXXBBY26</lei>
        <title>Ontario Teachers' Finance Trust</title>
        <cusip>BW1147535</cusip>
        <identifiers>
          <isin value="XS2475513953"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>319674.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dassault Systemes</name>
        <lei>96950065LBWY0APQIM86</lei>
        <title>Dassault Systemes</title>
        <cusip>ZR5213734</cusip>
        <identifiers>
          <isin value="FR0013444551"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>209686.58000000</valUSD>
        <pctVal>0.109144166984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>EH2905378</cusip>
        <identifiers>
          <isin value="XS0356452929"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>701078.24000000</valUSD>
        <pctVal>0.364918920877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>ZN4986750</cusip>
        <identifiers>
          <isin value="FR001400E797"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>240763.74000000</valUSD>
        <pctVal>0.125320169953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>BN4840375</cusip>
        <identifiers>
          <isin value="XS2289133758"/>
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        <balance>213000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>217784.87000000</valUSD>
        <pctVal>0.113359415839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2487474"/>
        </identifiers>
        <balance>984583.87740000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>984583.87740000</valUSD>
        <pctVal>0.512486717679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="984583.87740000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>BT4287806</cusip>
        <identifiers>
          <isin value="FR0014007PW1"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>299557.17000000</valUSD>
        <pctVal>0.155922795746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>BH4727377</cusip>
        <identifiers>
          <isin value="XS2152796426"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222263.17000000</valUSD>
        <pctVal>0.115690420155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>B.A.T. International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>B.A.T. International Finance PLC</title>
        <cusip>BK2029076</cusip>
        <identifiers>
          <isin value="XS2197683894"/>
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        <balance>277000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>344447.94000000</valUSD>
        <pctVal>0.179288934375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange</title>
        <cusip>ZR3637900</cusip>
        <identifiers>
          <isin value="FR0013444684"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>96078.52000000</valUSD>
        <pctVal>0.050009924481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZF2081882</cusip>
        <identifiers>
          <isin value="FR001400N6I8"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116654.49000000</valUSD>
        <pctVal>0.060719942764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>ZP7076257</cusip>
        <identifiers>
          <isin value="XS2112289207"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>207513.39000000</valUSD>
        <pctVal>0.108012997731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.66400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 487</title>
        <cusip>ZF8262429</cusip>
        <identifiers>
          <isin value="NO0013148338"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>237860.81000000</valUSD>
        <pctVal>0.123809163017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>ZL0942553</cusip>
        <identifiers>
          <isin value="XS2589790109"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>237037.90000000</valUSD>
        <pctVal>0.123380829328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Abertis Infraestructuras S.A.</name>
        <lei>549300GKFVWI02JQ5332</lei>
        <title>Abertis Infraestructuras S.A.</title>
        <cusip>AX7293555</cusip>
        <identifiers>
          <isin value="XS1967636199"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>227852.31000000</valUSD>
        <pctVal>0.118599628886</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>BN3350699</cusip>
        <identifiers>
          <isin value="FR0014001G37"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>297692.61000000</valUSD>
        <pctVal>0.154952271795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>ZR3641506</cusip>
        <identifiers>
          <isin value="FR0013444759"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>224228.50000000</valUSD>
        <pctVal>0.116713395996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>National Grid Electricity Distribution (West Midlands) PLC</name>
        <lei>549300L22M2RCLXON143</lei>
        <title>National Grid Electricity Distribution (West Midlands) PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0627336323"/>
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        <balance>325000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>444370.49000000</valUSD>
        <pctVal>0.231299718674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>BJ8145242</cusip>
        <identifiers>
          <isin value="XS2185868051"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>195092.88000000</valUSD>
        <pctVal>0.101547985914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heathrow Funding Ltd.</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd.</title>
        <cusip>EH5177629</cusip>
        <identifiers>
          <isin value="XS0383001053"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>636322.66000000</valUSD>
        <pctVal>0.331212930552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000000</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enel Finance International N.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-23</maturityDt>
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      <invstOrSec>
        <name>Clarion Funding PLC</name>
        <lei>213800BLOAKXC1BXLJ29</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-19</maturityDt>
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      <invstOrSec>
        <name>Action Logement Services</name>
        <lei>969500O2QYH3YW92C551</lei>
        <title>Action Logement Services</title>
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          <isin value="FR001400FTI1"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-25</maturityDt>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZL4171530</cusip>
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          <isin value="FR001400GGZ0"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-13</maturityDt>
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      <invstOrSec>
        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZM4992768</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-26</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <cusip>ZM3222670</cusip>
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          <isin value="FR001400F5X9"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZP5881435</cusip>
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          <isin value="FR0013479276"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.75000000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>QZ8109931</cusip>
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          <isin value="FR0013213295"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
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        <cusip>BN3908918</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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      <invstOrSec>
        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>07813ZCG7</cusip>
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          <isin value="CA07813ZCG78"/>
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        <balance>650000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Community Finance Co. 1 PLC</name>
        <lei>213800VZPKVQ7LLB8E76</lei>
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          <isin value="XS0646581404"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BMW US Capital, LLC</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-02</maturityDt>
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      <invstOrSec>
        <name>Westpac New Zealand Ltd.</name>
        <lei>549300MW73M5PK1PNG73</lei>
        <title>Westpac New Zealand Ltd.</title>
        <cusip>YV7912327</cusip>
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          <isin value="NZWNZD0929L8"/>
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        <balance>600000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33700000</annualizedRt>
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      <invstOrSec>
        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>07813ZCL6</cusip>
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          <isin value="CA07813ZCL63"/>
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        <balance>600000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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        <name>Autostrade Per L'Italia S.p.A.</name>
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        <name>NatWest Markets PLC</name>
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        <name>Sweden Government Bond</name>
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        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
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          <maturityDt>2027-06-05</maturityDt>
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        <name>Enel Finance International N.V.</name>
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        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GlaxoSmithKline Capital PLC</name>
        <lei>549300U0LV41VX7LEP38</lei>
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        <fairValLevel>2</fairValLevel>
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        <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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        <name>Unibail-Rodamco-Westfield SE</name>
        <lei>969500SHQITWXSIS7N89</lei>
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        <cusip>BM7553647</cusip>
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          <isin value="FR0014000UD6"/>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>British Telecommunications PLC</name>
        <lei>549300OWFMSO9NYV4H90</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-23</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZP3535157</cusip>
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          <isin value="FR0013476553"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-17</maturityDt>
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          <annualizedRt>0.75000000</annualizedRt>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
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          <isin value="CA06368LNK84"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-29</maturityDt>
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          <annualizedRt>5.03900000</annualizedRt>
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        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <cusip>BN3635164</cusip>
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          <isin value="FR0014001GJ0"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-13</maturityDt>
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          <annualizedRt>1.25000000</annualizedRt>
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        <name>Enel S.p.A.</name>
        <lei>WOCMU6HCI0OJWNPRZS33</lei>
        <title>Enel S.p.A.</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-22</maturityDt>
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        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>AZ3212786</cusip>
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          <isin value="FR0013431277"/>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>ZP3884472</cusip>
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          <isin value="DE000DL19U23"/>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>E.ON International Finance B.V.</name>
        <lei>549300TG53AWJ719M814</lei>
        <title>E.ON International Finance B.V.</title>
        <cusip>EC5568042</cusip>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>BT4285776</cusip>
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          <isin value="XS2432502008"/>
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        <balance>200000.00000000</balance>
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        <valUSD>222965.46000000</valUSD>
        <pctVal>0.116055969810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZK1827227</cusip>
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          <isin value="FR001400HCR4"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>477646.60000000</valUSD>
        <pctVal>0.248620299259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
        <cusip>06368DW26</cusip>
        <identifiers>
          <isin value="CA06368DW260"/>
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        <balance>1220000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>888436.73000000</valUSD>
        <pctVal>0.462441071883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Orange</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange</title>
        <cusip>BS8953389</cusip>
        <identifiers>
          <isin value="FR0014006ZC4"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>276976.12000000</valUSD>
        <pctVal>0.144169111309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid PLC</title>
        <cusip>ZM3219155</cusip>
        <identifiers>
          <isin value="XS2576067081"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>238573.33000000</valUSD>
        <pctVal>0.124180037500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bouygues</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues</title>
        <cusip>BZ9175267</cusip>
        <identifiers>
          <isin value="FR001400DNG3"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>247782.54000000</valUSD>
        <pctVal>0.128973532410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kering</name>
        <lei>549300VGEJKB7SVUZR78</lei>
        <title>Kering</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400KHW7"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>231419.03000000</valUSD>
        <pctVal>0.120456145804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>BJ4186984</cusip>
        <identifiers>
          <isin value="XS2176785447"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>162688.02000000</valUSD>
        <pctVal>0.084680900519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400ZED2"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>343763.46000000</valUSD>
        <pctVal>0.178932655020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ayvens</name>
        <lei>969500E7V019H9NP7427</lei>
        <title>Ayvens</title>
        <cusip>ZD0406540</cusip>
        <identifiers>
          <isin value="FR001400O457"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>233902.35000000</valUSD>
        <pctVal>0.121748741128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2673808726"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>380533.51000000</valUSD>
        <pctVal>0.198071869734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>EK1705079</cusip>
        <identifiers>
          <isin value="FR0011855287"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>531946.23000000</valUSD>
        <pctVal>0.276883852815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>QZ3311607</cusip>
        <identifiers>
          <isin value="CH0336602930"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>226742.31000000</valUSD>
        <pctVal>0.118021861700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Prosus N.V.</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus N.V.</title>
        <cusip>BQ4156072</cusip>
        <identifiers>
          <isin value="XS2360853332"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>106841.29000000</valUSD>
        <pctVal>0.055612064428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.28800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR00140022B3"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>216243.86000000</valUSD>
        <pctVal>0.112557303215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>BW6044935</cusip>
        <identifiers>
          <isin value="XS2482618464"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>227087.90000000</valUSD>
        <pctVal>0.118201745089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Snam S.p.A.</name>
        <lei>8156002278562044AF79</lei>
        <title>Snam S.p.A.</title>
        <cusip>ZF9822072</cusip>
        <identifiers>
          <isin value="XS2767499945"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>235535.96000000</valUSD>
        <pctVal>0.122599053068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>EC4165154</cusip>
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          <isin value="XS0132424614"/>
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        <balance>452000.00000000</balance>
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        <valUSD>619735.14000000</valUSD>
        <pctVal>0.322578944282</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>BY8968384</cusip>
        <identifiers>
          <isin value="FR001400CMY0"/>
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        <balance>300000.00000000</balance>
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        <valUSD>348763.08000000</valUSD>
        <pctVal>0.181535012120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>E.ON International Finance B.V.</name>
        <lei>549300TG53AWJ719M814</lei>
        <title>E.ON International Finance B.V.</title>
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          <isin value="XS0735770637"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sanctuary Capital PLC</name>
        <lei>213800A6T7362M7XHO44</lei>
        <title>Sanctuary Capital PLC</title>
        <cusip>BH5530325</cusip>
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          <isin value="XS2154346642"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>213501.42000000</valUSD>
        <pctVal>0.111129833087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>BY7413671</cusip>
        <identifiers>
          <isin value="XS2526839506"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <pctVal>0.119269209004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>E.ON International Finance B.V.</name>
        <lei>549300TG53AWJ719M814</lei>
        <title>E.ON International Finance B.V.</title>
        <cusip>EH6872624</cusip>
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          <isin value="XS0408958683"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>498726.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>AX5438913</cusip>
        <identifiers>
          <isin value="FR0013408960"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>220913.57000000</valUSD>
        <pctVal>0.114987938538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE</title>
        <cusip>BR1517753</cusip>
        <identifiers>
          <isin value="DE000A3MP4V7"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>190163.65000000</valUSD>
        <pctVal>0.098982267582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89117F7G8</cusip>
        <identifiers>
          <isin value="CA89117F7G86"/>
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        <balance>1600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>1176932.48000000</valUSD>
        <pctVal>0.612606277078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.21000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cellnex Finance Co., S.A.</name>
        <lei>549300OUROMFTRFA7T23</lei>
        <title>Cellnex Finance Co., S.A.</title>
        <cusip>BP7729000</cusip>
        <identifiers>
          <isin value="XS2348237871"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222200.00000000</valUSD>
        <pctVal>0.115657539476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen Leasing Gesellschaft mit beschraenkter Haftung</name>
        <lei>5299004GLEUX88BSNB74</lei>
        <title>Volkswagen Leasing Gesellschaft mit beschraenkter Haftung</title>
        <cusip>ZF1455392</cusip>
        <identifiers>
          <isin value="XS2745725155"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>117980.03000000</valUSD>
        <pctVal>0.061409900887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Diageo Finance PLC</name>
        <lei>BPF79TJMIH3DK8XCKI50</lei>
        <title>Diageo Finance PLC</title>
        <cusip>BH2918259</cusip>
        <identifiers>
          <isin value="XS2147889690"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>220865.75000000</valUSD>
        <pctVal>0.114963047703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>BQ3535250</cusip>
        <identifiers>
          <isin value="FR0014004GE5"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>220273.56000000</valUSD>
        <pctVal>0.114654806306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Mutuel Arkea</name>
        <lei>96950041VJ1QP0B69503</lei>
        <title>Credit Mutuel Arkea</title>
        <cusip>BY9720974</cusip>
        <identifiers>
          <isin value="FR001400CQ85"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>233745.99000000</valUSD>
        <pctVal>0.121667354032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies Capital International</name>
        <lei>549300U37G2I8G4RUG09</lei>
        <title>TotalEnergies Capital International</title>
        <cusip>YR7939691</cusip>
        <identifiers>
          <isin value="XS3015115408"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>113914.51000000</valUSD>
        <pctVal>0.059293753093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.16000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond</title>
        <cusip>YX2465574</cusip>
        <identifiers>
          <isin value="NO0013238246"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>56328.92000000</valUSD>
        <pctVal>0.029319821280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZN5376936</cusip>
        <identifiers>
          <isin value="FR001400E7I7"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>355322.14000000</valUSD>
        <pctVal>0.184949074860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>N/A</cusip>
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          <isin value="XS2325733413"/>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Hydro One Inc.</name>
        <lei>549300X54QEYZVDC8R04</lei>
        <title>Hydro One Inc.</title>
        <cusip>44810ZCS7</cusip>
        <identifiers>
          <isin value="CA44810ZCS70"/>
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        <balance>630000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>N/A</cusip>
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          <isin value="XS2247936342"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZH4396912</cusip>
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          <isin value="XS2705604234"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Koninklijke KPN N.V.</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN N.V.</title>
        <cusip>EH9679034</cusip>
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          <isin value="XS0451790280"/>
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        <balance>314000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CaixaBank, S.A.</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank, S.A.</title>
        <cusip>BY7751344</cusip>
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          <isin value="XS2530034649"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <pctVal>0.124171490709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
        <cusip>06368LB88</cusip>
        <identifiers>
          <isin value="CA06368LB887"/>
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        <balance>1200000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>896499.95000000</valUSD>
        <pctVal>0.466638066417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.53700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Australia and New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia and New Zealand Banking Group Ltd.</title>
        <cusip>QZ6454628</cusip>
        <identifiers>
          <isin value="XS1496758092"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>224709.58000000</valUSD>
        <pctVal>0.116963803418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Original Wempi Inc.</name>
        <lei>N/A</lei>
        <title>Original Wempi Inc.</title>
        <cusip>952637AE6</cusip>
        <identifiers>
          <isin value="CA952637AE66"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>388553.76000000</valUSD>
        <pctVal>0.202246497911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.79100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vinci S.A.</name>
        <lei>213800WFQ334R8UXUG83</lei>
        <title>Vinci S.A.</title>
        <cusip>AU5732154</cusip>
        <identifiers>
          <isin value="FR0013367638"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>434870.89000000</valUSD>
        <pctVal>0.226355072580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>YX6703541</cusip>
        <identifiers>
          <isin value="FR001400QR88"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>231739.49000000</valUSD>
        <pctVal>0.120622948753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>AP0291850</cusip>
        <identifiers>
          <isin value="XS1681050610"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>224777.58000000</valUSD>
        <pctVal>0.116999198165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cellnex Finance Co., S.A.</name>
        <lei>549300OUROMFTRFA7T23</lei>
        <title>Cellnex Finance Co., S.A.</title>
        <cusip>BR3179446</cusip>
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          <isin value="XS2385393405"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222194.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heathrow Funding Ltd.</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd.</title>
        <cusip>EJ9027123</cusip>
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          <isin value="XS0987355855"/>
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        <balance>500000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>536842.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400KJO0"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank U.A.</title>
        <cusip>EK2758630</cusip>
        <identifiers>
          <isin value="XS1069886841"/>
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        <balance>600000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Iberdrola Finanzas, S.A.U.</name>
        <lei>5493004PZNZWWBOUV388</lei>
        <title>Iberdrola Finanzas, S.A.U.</title>
        <cusip>YU7440115</cusip>
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          <isin value="XS2930118265"/>
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        <balance>300000.00000000</balance>
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        <valUSD>390125.98000000</valUSD>
        <pctVal>0.203064855682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Action Logement Services</name>
        <lei>969500O2QYH3YW92C551</lei>
        <title>Action Logement Services</title>
        <cusip>BQ4527314</cusip>
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          <isin value="FR0014004JA7"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Medtronic Global Holdings S.C.A.</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings S.C.A.</title>
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          <isin value="XS2535309798"/>
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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>
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          <maturityDt>2034-10-15</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>APA Infrastructure Ltd.</name>
        <lei>261700SS8OEHDOCOUJ33</lei>
        <title>APA Infrastructure Ltd.</title>
        <cusip>EK8055262</cusip>
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          <isin value="XS1205617829"/>
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        <balance>449000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>N/A</cusip>
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          <isin value="DE000A3H3JM4"/>
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        <balance>229000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <pctVal>0.114769287491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federation des caisses Desjardins du Quebec</name>
        <lei>549300B2Q47IR0CR5B54</lei>
        <title>Federation des caisses Desjardins du Quebec</title>
        <cusip>31430WPB4</cusip>
        <identifiers>
          <isin value="CA31430WPB41"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>442942.39000000</valUSD>
        <pctVal>0.230556376945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40700000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A289QR9"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>206974.30000000</valUSD>
        <pctVal>0.107732395467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>B.A.T. International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>B.A.T. International Finance PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1664644983"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>332652.70000000</valUSD>
        <pctVal>0.173149382458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BMW International Investment B.V.</name>
        <lei>724500J951RJJFEW5X49</lei>
        <title>BMW International Investment B.V.</title>
        <cusip>YV2869811</cusip>
        <identifiers>
          <isin value="XS2887901325"/>
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        <balance>384000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>445081.07000000</valUSD>
        <pctVal>0.231669583365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>AR7170426</cusip>
        <identifiers>
          <isin value="XS1785340172"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>281019.53000000</valUSD>
        <pctVal>0.146273750606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE</title>
        <cusip>BJ8145234</cusip>
        <identifiers>
          <isin value="XS2185867913"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>327564.32000000</valUSD>
        <pctVal>0.170500824804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain</title>
        <cusip>ZB0357853</cusip>
        <identifiers>
          <isin value="XS2796659964"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116514.24000000</valUSD>
        <pctVal>0.060646941099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>AX5204786</cusip>
        <identifiers>
          <isin value="XS1961772560"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>222121.18000000</valUSD>
        <pctVal>0.115616512801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.78800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>YU9059038</cusip>
        <identifiers>
          <isin value="FR001400TU80"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>498936.12000000</valUSD>
        <pctVal>0.259701728151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enel Finance International N.V.</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>Enel Finance International N.V.</title>
        <cusip>BY8968863</cusip>
        <identifiers>
          <isin value="XS2531420656"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>238369.39000000</valUSD>
        <pctVal>0.124073884491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89117F7H6</cusip>
        <identifiers>
          <isin value="CA89117F7H69"/>
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        <balance>1200000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>906550.94000000</valUSD>
        <pctVal>0.471869717059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sweden Government Bond</name>
        <lei>ERE94C0BSULG2RM19605</lei>
        <title>Sweden Government Bond, Series 1060</title>
        <cusip>AM2163666</cusip>
        <identifiers>
          <isin value="SE0009496367"/>
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        <balance>6500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="SEK" exchangeRt="9.75980000"/>
        <valUSD>645077.45000000</valUSD>
        <pctVal>0.335769894864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada Pipelines Ltd.</title>
        <cusip>89353ZCN6</cusip>
        <identifiers>
          <isin value="CA89353ZCN65"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>576597.59000000</valUSD>
        <pctVal>0.300125375911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.27700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
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        <name>Snam S.p.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RWE AG</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-24</maturityDt>
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        <name>easyJet FinCo B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Scottish Hydro Electric Transmission PLC</name>
        <lei>549300ECJZDA7203MK64</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-15</maturityDt>
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        <name>Suez S.A.</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
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          <isin value="FR001400IDY6"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-02</maturityDt>
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        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
        <cusip>ZD7940327</cusip>
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          <isin value="XS2790910272"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>ZF0679877</cusip>
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          <isin value="FR001400N3I5"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-11</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>Volkswagen International Finance N.V.</name>
        <lei>5299004PWNHKYTR23649</lei>
        <title>Volkswagen International Finance N.V.</title>
        <cusip>EK6887302</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2028-10-20</maturityDt>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZN2757146</cusip>
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          <isin value="FR001400DZM5"/>
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        <invCountry>FR</invCountry>
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          <maturityDt>2027-11-16</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>EnBW International Finance B.V.</name>
        <lei>724500CNCIO1ZTJ0X675</lei>
        <title>EnBW International Finance B.V.</title>
        <cusip>YT2193811</cusip>
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          <isin value="XS2942479044"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-20</maturityDt>
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      <invstOrSec>
        <name>East Japan Railway Co.</name>
        <lei>353800SENYJ2DSM6PS44</lei>
        <title>East Japan Railway Co.</title>
        <cusip>YV4539685</cusip>
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          <isin value="XS2891101433"/>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-04</maturityDt>
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        <name>Bouygues</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues</title>
        <cusip>ZK8294645</cusip>
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          <isin value="FR001400IBM5"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Credit Agricole Assurances</name>
        <lei>969500K2MUPSI57XK083</lei>
        <title>Credit Agricole Assurances</title>
        <cusip>BK4148171</cusip>
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          <isin value="FR0013523602"/>
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        <balance>300000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>BY7414075</cusip>
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      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-17</maturityDt>
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      <invstOrSec>
        <name>Volkswagen International Finance N.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-16</maturityDt>
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      <invstOrSec>
        <name>Deutsche Bahn AG</name>
        <lei>52990063S23N13HU4E98</lei>
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          <isin value="XS2331271242"/>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
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      <invstOrSec>
        <name>Cie de Saint-Gobain</name>
        <lei>NFONVGN05Z0FMN5PEC35</lei>
        <title>Cie de Saint-Gobain</title>
        <cusip>ZG2003140</cusip>
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          <isin value="XS2723549361"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-29</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>ZF3240057</cusip>
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          <isin value="XS2742660660"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>N/A</cusip>
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          <isin value="FR0011132356"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
        <cusip>BU1255019</cusip>
        <identifiers>
          <isin value="XS2442768227"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <pctVal>0.115361259422</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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      <invstOrSec>
        <name>Swisscom Finance B.V.</name>
        <lei>549300L41E8X8K71RV25</lei>
        <title>Swisscom Finance B.V.</title>
        <cusip>YX2449784</cusip>
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          <isin value="XS2827697272"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>University of Oxford</name>
        <lei>5493009OEHU6YS545T65</lei>
        <title>University of Oxford</title>
        <cusip>AQ2321828</cusip>
        <identifiers>
          <isin value="XS1713474838"/>
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        <balance>650000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>397447.23000000</valUSD>
        <pctVal>0.206875646685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2117-12-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.54400000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>ZF8592726</cusip>
        <identifiers>
          <isin value="FR001400NV51"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>238155.01000000</valUSD>
        <pctVal>0.123962297347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.09500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 479</title>
        <cusip>AM5012761</cusip>
        <identifiers>
          <isin value="NO0010786288"/>
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        <balance>8400000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>794195.01000000</valUSD>
        <pctVal>0.413387221967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij N.V.</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij N.V.</title>
        <cusip>ZR3437335</cusip>
        <identifiers>
          <isin value="XS2049616894"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-05</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89117FZ44</cusip>
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          <isin value="CA89117FZ442"/>
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        <balance>1050000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.26000000</annualizedRt>
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      <invstOrSec>
        <name>BHP Billiton Finance Ltd.</name>
        <lei>549300KZMIS43NMT0A66</lei>
        <title>BHP Billiton Finance Ltd., Series 12</title>
        <cusip>EJ3722414</cusip>
        <identifiers>
          <isin value="XS0834399981"/>
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        <balance>650000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Cooperatieve Rabobank U.A.</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank U.A.</title>
        <cusip>ZS3824902</cusip>
        <identifiers>
          <isin value="XS1991126431"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2442116"/>
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        <balance>378573.24000000</balance>
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        <valUSD>378573.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZS7515878</cusip>
        <identifiers>
          <isin value="FR0013421815"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>322294.75000000</valUSD>
        <pctVal>0.167757955766</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carlsberg Breweries A/S</name>
        <lei>5493008YL42784DMWN61</lei>
        <title>Carlsberg Breweries A/S</title>
        <cusip>YR5520162</cusip>
        <identifiers>
          <isin value="XS3002420498"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>114430.41000000</valUSD>
        <pctVal>0.059562284707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Imperial Brands Finance PLC</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>Imperial Brands Finance PLC</title>
        <cusip>EK0947458</cusip>
        <identifiers>
          <isin value="XS1040508597"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>383329.79000000</valUSD>
        <pctVal>0.199527364174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond</title>
        <cusip>YR2442626</cusip>
        <identifiers>
          <isin value="NO0013475558"/>
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        <balance>1800000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>172327.53000000</valUSD>
        <pctVal>0.089698371304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Medtronic Global Holdings S.C.A.</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings S.C.A.</title>
        <cusip>58507LAJ8</cusip>
        <identifiers>
          <isin value="XS1960678412"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>213248.49000000</valUSD>
        <pctVal>0.110998180245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Unibail-Rodamco-Westfield SE</name>
        <lei>969500SHQITWXSIS7N89</lei>
        <title>Unibail-Rodamco-Westfield SE</title>
        <cusip>BM7553639</cusip>
        <identifiers>
          <isin value="FR0014000UC8"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>333316.28000000</valUSD>
        <pctVal>0.173494783133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Logicor Financing S.a.r.l.</name>
        <lei>254900IS16Q1A2TQFN22</lei>
        <title>Logicor Financing S.a.r.l.</title>
        <cusip>AZ5661865</cusip>
        <identifiers>
          <isin value="XS2027364327"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>224146.94000000</valUSD>
        <pctVal>0.116670943121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>YX5285268</cusip>
        <identifiers>
          <isin value="IT0005598989"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>177276.74000000</valUSD>
        <pctVal>0.092274489445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>BS6177742</cusip>
        <identifiers>
          <isin value="FR0014006UO0"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>280490.45000000</valUSD>
        <pctVal>0.145998358657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>BH5287454</cusip>
        <identifiers>
          <isin value="XS2135799679"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>229109.71000000</valUSD>
        <pctVal>0.119254119391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.51900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Iberdrola Finanzas, S.A.U.</name>
        <lei>5493004PZNZWWBOUV388</lei>
        <title>Iberdrola Finanzas, S.A.U.</title>
        <cusip>BV0733972</cusip>
        <identifiers>
          <isin value="XS2455983861"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>206149.07000000</valUSD>
        <pctVal>0.107302854192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia (The)</title>
        <cusip>064164QM1</cusip>
        <identifiers>
          <isin value="CA064164QM14"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>901959.42000000</valUSD>
        <pctVal>0.469479780490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.68000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>EK7473516</cusip>
        <identifiers>
          <isin value="XS1190624038"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>225230.92000000</valUSD>
        <pctVal>0.117235166612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayer AG</name>
        <lei>549300J4U55H3WP1XT59</lei>
        <title>Bayer AG</title>
        <cusip>BN3908926</cusip>
        <identifiers>
          <isin value="XS2281343413"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>196475.54000000</valUSD>
        <pctVal>0.102267675624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Engie</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie</title>
        <cusip>YU6515354</cusip>
        <identifiers>
          <isin value="FR001400TMR8"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>366514.54000000</valUSD>
        <pctVal>0.190774841938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>ZB3109913</cusip>
        <identifiers>
          <isin value="XS2804485915"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236251.59000000</valUSD>
        <pctVal>0.122971546340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sika Capital B.V.</name>
        <lei>549300QW8B2Z3FSBS808</lei>
        <title>Sika Capital B.V.</title>
        <cusip>ZK3491501</cusip>
        <identifiers>
          <isin value="XS2616008541"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>116391.61000000</valUSD>
        <pctVal>0.060583110838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bouygues</name>
        <lei>969500MOCLNQFNZN0D63</lei>
        <title>Bouygues</title>
        <cusip>BZ9175283</cusip>
        <identifiers>
          <isin value="FR001400DNF5"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>258422.27000000</valUSD>
        <pctVal>0.134511628686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rte Reseau De Transport D' Electricite</name>
        <lei>969500JRJW0K2ET1UP76</lei>
        <title>Rte Reseau De Transport D' Electricite</title>
        <cusip>ZJ3113876</cusip>
        <identifiers>
          <isin value="FR001400J150"/>
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        <balance>200000.00000000</balance>
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        <valUSD>232893.73000000</valUSD>
        <pctVal>0.121223743345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
        <cusip>ZQ1216766</cusip>
        <identifiers>
          <isin value="XS2066392452"/>
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        <balance>125000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.63200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>YX5601696</cusip>
        <identifiers>
          <isin value="XS2838520836"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>430885.90000000</valUSD>
        <pctVal>0.224280841535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13607HC34</cusip>
        <identifiers>
          <isin value="CA13607HC349"/>
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        <balance>990000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>707632.85000000</valUSD>
        <pctVal>0.368330667343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109BV2</cusip>
        <identifiers>
          <isin value="CA775109BV27"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>397672.42000000</valUSD>
        <pctVal>0.206992860553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>E.ON International Finance B.V.</name>
        <lei>549300TG53AWJ719M814</lei>
        <title>E.ON International Finance B.V.</title>
        <cusip>EG9493362</cusip>
        <identifiers>
          <isin value="XS0327443627"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>599967.10000000</valUSD>
        <pctVal>0.312289462434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Medtronic Global Holdings S.C.A.</name>
        <lei>549300JXMTTP8GKYIX14</lei>
        <title>Medtronic Global Holdings S.C.A.</title>
        <cusip>58507LAZ2</cusip>
        <identifiers>
          <isin value="XS2535308634"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>114825.66000000</valUSD>
        <pctVal>0.059768016671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>LW2836879</cusip>
        <identifiers>
          <isin value="XS1428953407"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>232990.21000000</valUSD>
        <pctVal>0.121273962244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 484</title>
        <cusip>BU3225572</cusip>
        <identifiers>
          <isin value="NO0012440397"/>
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        <balance>1642000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="NOK" exchangeRt="10.29345000"/>
        <valUSD>143400.57000000</valUSD>
        <pctVal>0.074641571042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>Shell International Finance B.V.</title>
        <cusip>ZQ4666835</cusip>
        <identifiers>
          <isin value="XS2078735276"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>98269.43000000</valUSD>
        <pctVal>0.051150317189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Boerse AG</name>
        <lei>529900G3SW56SHYNPR95</lei>
        <title>Deutsche Boerse AG</title>
        <cusip>ZH0443791</cusip>
        <identifiers>
          <isin value="DE000A351ZT4"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>360626.09000000</valUSD>
        <pctVal>0.187709839065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banque Federative du Credit Mutuel</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel</title>
        <cusip>AZ0185357</cusip>
        <identifiers>
          <isin value="FR0013425162"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>219052.67000000</valUSD>
        <pctVal>0.114019319657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>780086XL3</cusip>
        <identifiers>
          <isin value="CA780086XL38"/>
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        <balance>1450000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>1084267.12000000</valUSD>
        <pctVal>0.564372939849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>BZ5378683</cusip>
        <identifiers>
          <isin value="FR001400D6O8"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>246707.98000000</valUSD>
        <pctVal>0.128414212133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bayer Capital Corp. B.V.</name>
        <lei>529900KEOKKPYZLTAU90</lei>
        <title>Bayer Capital Corp. B.V.</title>
        <cusip>AT1823240</cusip>
        <identifiers>
          <isin value="XS1840618216"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>331113.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>YR5943257</cusip>
        <identifiers>
          <isin value="XS3008633888"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>400632.87000000</valUSD>
        <pctVal>0.208533807280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heathrow Funding Ltd.</name>
        <lei>7TI96JO3DYEIQWZ7Z726</lei>
        <title>Heathrow Funding Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS0625276257"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>646179.43000000</valUSD>
        <pctVal>0.336343487552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BASF SE</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE</title>
        <cusip>BV0727362</cusip>
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          <isin value="XS2456247787"/>
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        <balance>300000.00000000</balance>
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        <pctVal>0.164867095046</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BPCE S.A.</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE S.A.</title>
        <cusip>ZM4787788</cusip>
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          <isin value="FR001400FB06"/>
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        <balance>200000.00000000</balance>
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        <pctVal>0.122342029952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>EK0346826</cusip>
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          <isin value="FR0011710284"/>
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        <balance>800000.00000000</balance>
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        <valUSD>903247.04000000</valUSD>
        <pctVal>0.470150000836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2114-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2GSCX1"/>
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        <balance>250000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>248467.66000000</valUSD>
        <pctVal>0.129330144892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>ZQ5781559</cusip>
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          <isin value="XS2081018629"/>
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        <balance>202000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>227860.73000000</valUSD>
        <pctVal>0.118604011589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sydney Airport Finance Co. Pty Ltd.</name>
        <lei>549300MJAANHLHOVTO40</lei>
        <title>Sydney Airport Finance Co. Pty Ltd.</title>
        <cusip>ZK1417490</cusip>
        <identifiers>
          <isin value="XS2613209670"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>120898.70000000</valUSD>
        <pctVal>0.062929100665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Santander Consumer Finance, S.A.</name>
        <lei>5493000LM0MZ4JPMGM90</lei>
        <title>Santander Consumer Finance, S.A.</title>
        <cusip>ZF2346780</cusip>
        <identifiers>
          <isin value="XS2747776487"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236555.06000000</valUSD>
        <pctVal>0.123129505807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>EK3126134</cusip>
        <identifiers>
          <isin value="XS1075419694"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>376831.55000000</valUSD>
        <pctVal>0.196144958911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>ZG2586532</cusip>
        <identifiers>
          <isin value="FR001400M4O2"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>364020.45000000</valUSD>
        <pctVal>0.189476640711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia (The)</title>
        <cusip>06415GDE7</cusip>
        <identifiers>
          <isin value="CA06415GDE76"/>
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        <balance>2150000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>1549265.85000000</valUSD>
        <pctVal>0.806409883915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UniCredit S.p.A.</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit S.p.A.</title>
        <cusip>ZD3397811</cusip>
        <identifiers>
          <isin value="IT0005585051"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236733.24000000</valUSD>
        <pctVal>0.123222250453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Anglian Water Services Financing PLC</name>
        <lei>213800DL377MH46PDY63</lei>
        <title>Anglian Water Services Financing PLC</title>
        <cusip>ZD3728866</cusip>
        <identifiers>
          <isin value="XS2778383971"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>484788.10000000</valUSD>
        <pctVal>0.252337528413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>BU6272118</cusip>
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          <isin value="FR0014008MT2"/>
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        <balance>300000.00000000</balance>
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        <valUSD>327083.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ayvens Bank N.V.</name>
        <lei>724500C60L930FVHS484</lei>
        <title>Ayvens Bank N.V.</title>
        <cusip>BR2423175</cusip>
        <identifiers>
          <isin value="XS2384269101"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>223747.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>ZF0663319</cusip>
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          <isin value="XS2743029840"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>355457.08000000</valUSD>
        <pctVal>0.185019312611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
        <cusip>874060BC9</cusip>
        <identifiers>
          <isin value="XS2197349645"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>201510.58000000</valUSD>
        <pctVal>0.104888469222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>ZF1428928</cusip>
        <identifiers>
          <isin value="AU3CB0305860"/>
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        <balance>600000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.55315650"/>
        <valUSD>397424.21000000</valUSD>
        <pctVal>0.206863664523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>AL6886769</cusip>
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          <isin value="XS1538284230"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-20</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
        <title>Norway Government Bond, Series 482</title>
        <cusip>BG0207897</cusip>
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          <isin value="NO0010875230"/>
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        <balance>1000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-19</maturityDt>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>YX4977998</cusip>
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          <isin value="XS2837788947"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>ZP3535538</cusip>
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          <isin value="XS2102283061"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.60000000</annualizedRt>
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      <invstOrSec>
        <name>Orange</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange</title>
        <cusip>EC8227430</cusip>
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          <isin value="FR0000471930"/>
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        <balance>250000.00000000</balance>
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        <valUSD>378203.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Blend Funding PLC</name>
        <lei>213800Y8TMLUT9SN1E94</lei>
        <title>Blend Funding PLC</title>
        <cusip>AU4140540</cusip>
        <identifiers>
          <isin value="XS1879603717"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BMW US Capital, LLC</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
        <title>BMW US Capital, LLC</title>
        <cusip>ZF6566763</cusip>
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          <isin value="DE000A3LT423"/>
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        <balance>135000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>152683.48000000</valUSD>
        <pctVal>0.079473427612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eni S.p.A.</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
        <title>Eni S.p.A.</title>
        <cusip>EK0407552</cusip>
        <identifiers>
          <isin value="XS1023703090"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236292.41000000</valUSD>
        <pctVal>0.122992793598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>ZS7766299</cusip>
        <identifiers>
          <isin value="FR0013422011"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>325563.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole S.A.</title>
        <cusip>AX7514745</cusip>
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          <isin value="XS1968706108"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>443179.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carlsberg Breweries A/S</name>
        <lei>5493008YL42784DMWN61</lei>
        <title>Carlsberg Breweries A/S</title>
        <cusip>YR5520154</cusip>
        <identifiers>
          <isin value="XS3002418914"/>
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        <balance>350000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>403878.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vonovia SE</name>
        <lei>5299005A2ZEP6AP7KM81</lei>
        <title>Vonovia SE</title>
        <cusip>BP9476816</cusip>
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          <isin value="DE000A3E5MG8"/>
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        <balance>100000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
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      <invstOrSec>
        <name>Volkswagen Financial Services AG</name>
        <lei>529900SSGT49ZZSWYE62</lei>
        <title>Volkswagen Financial Services AG</title>
        <cusip>YT1865054</cusip>
        <identifiers>
          <isin value="XS2941605078"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>233199.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>07813ZCR3</cusip>
        <identifiers>
          <isin value="CA07813ZCR34"/>
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        <balance>700000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>528907.45000000</valUSD>
        <pctVal>0.275302134463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cie Generale des Etablissements Michelin</name>
        <lei>549300SOSI58J6VIW052</lei>
        <title>Cie Generale des Etablissements Michelin</title>
        <cusip>AU2721333</cusip>
        <identifiers>
          <isin value="FR0013357852"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>217755.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
        <cusip>YR7946530</cusip>
        <identifiers>
          <isin value="XS3014215324"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>229983.02000000</valUSD>
        <pctVal>0.119708686834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>AX7282384</cusip>
        <identifiers>
          <isin value="FR0013410818"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>330144.36000000</valUSD>
        <pctVal>0.171843763949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Stellantis N.V.</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis N.V.</title>
        <cusip>BK3068016</cusip>
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          <isin value="XS2199351375"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander S.A.</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander S.A.</title>
        <cusip>BG0130537</cusip>
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          <isin value="XS2120087452"/>
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        <balance>300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mercedes-Benz International Finance B.V.</name>
        <lei>529900RUGCXMPEENHQ31</lei>
        <title>Mercedes-Benz International Finance B.V.</title>
        <cusip>ZB9408657</cusip>
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          <isin value="DE000A382988"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Motability Operations Group PLC</name>
        <lei>AZ3NL8JCZDCNUXFWI720</lei>
        <title>Motability Operations Group PLC</title>
        <cusip>BT3973331</cusip>
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          <isin value="XS2431784441"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABN AMRO Bank N.V.</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank N.V.</title>
        <cusip>BR4722566</cusip>
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          <isin value="XS2389343380"/>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>BH5287462</cusip>
        <identifiers>
          <isin value="XS2135801160"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.82200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>ZJ0038456</cusip>
        <identifiers>
          <isin value="FR001400ISF3"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>425348.48000000</valUSD>
        <pctVal>0.221398553631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>Aeroports de Paris</name>
        <lei>969500PJMBSFHYC37989</lei>
        <title>Aeroports de Paris</title>
        <cusip>BH3926889</cusip>
        <identifiers>
          <isin value="FR0013505633"/>
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        <balance>400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>454685.59000000</valUSD>
        <pctVal>0.236668841471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</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>Bell Canada</name>
        <lei>5493000G3EFX9S7TDE29</lei>
        <title>Bell Canada</title>
        <cusip>07813ZCK8</cusip>
        <identifiers>
          <isin value="CA07813ZCK80"/>
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        <balance>750000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38255000"/>
        <valUSD>592757.95000000</valUSD>
        <pctVal>0.308537020711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria S.A.</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>Banco Bilbao Vizcaya Argentaria S.A.</title>
        <cusip>ZP3176564</cusip>
        <identifiers>
          <isin value="XS2101349723"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>BN4537054</cusip>
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          <isin value="CH0591979627"/>
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        <balance>348000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>BNP Paribas</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas</title>
        <cusip>AQ0768103</cusip>
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          <isin value="XS1722801708"/>
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        <balance>100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG</title>
        <cusip>N/A</cusip>
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          <isin value="DE000A2GSCW3"/>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
        <title>Mizuho Financial Group, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="XS2241387096"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.69300000</annualizedRt>
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      <invstOrSec>
        <name>Electricite de France</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France</title>
        <cusip>ZM5480987</cusip>
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          <isin value="FR001400FDB0"/>
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        <balance>200000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Action Logement Services</name>
        <lei>969500O2QYH3YW92C551</lei>
        <title>Action Logement Services</title>
        <cusip>BR6667801</cusip>
        <identifiers>
          <isin value="FR0014005SE7"/>
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        <balance>200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.37500000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orange</name>
        <lei>969500MCOONR8990S771</lei>
        <title>Orange</title>
        <cusip>AU3886903</cusip>
        <identifiers>
          <isin value="FR0013359239"/>
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        <balance>200000.00000000</balance>
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        <valUSD>218475.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rothesay Life PLC</name>
        <lei>MFQO711J5UPYBWXSPG12</lei>
        <title>Rothesay Life PLC</title>
        <cusip>YX4981818</cusip>
        <identifiers>
          <isin value="XS2805328601"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>417294.71000000</valUSD>
        <pctVal>0.217206477926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.01900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EDP Finance B.V.</name>
        <lei>5299007L43AQDFOW5739</lei>
        <title>EDP Finance B.V.</title>
        <cusip>BV2249175</cusip>
        <identifiers>
          <isin value="XS2459544339"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>331325.54000000</valUSD>
        <pctVal>0.172458581107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale</title>
        <cusip>BW7606088</cusip>
        <identifiers>
          <isin value="FR001400AO14"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>229492.28000000</valUSD>
        <pctVal>0.119453251276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telefonica Emisiones, S.A.</name>
        <lei>549300Y5MFC4SW5Z3K71</lei>
        <title>Telefonica Emisiones, S.A.</title>
        <cusip>YS7120415</cusip>
        <identifiers>
          <isin value="XS2984223102"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>228364.36000000</valUSD>
        <pctVal>0.118866156533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.72400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Engie</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie</title>
        <cusip>ZM2319790</cusip>
        <identifiers>
          <isin value="FR001400F1I9"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>236154.75000000</valUSD>
        <pctVal>0.122921140057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rothesay Life PLC</name>
        <lei>MFQO711J5UPYBWXSPG12</lei>
        <title>Rothesay Life PLC</title>
        <cusip>ZK5588411</cusip>
        <identifiers>
          <isin value="XS2621758635"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75565750"/>
        <valUSD>436302.62000000</valUSD>
        <pctVal>0.227100303764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.73400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo S.p.A.</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo S.p.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2317069685"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87370550"/>
        <valUSD>328663.33000000</valUSD>
        <pctVal>0.171072871575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.75000000</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>2025-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
