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        <name>Public Storage</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Mohawk Industries, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Quanta Services, Inc.</name>
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        <name>QUALCOMM Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic Services, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wabtec Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Roper Technologies Inc</name>
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        <name>Extra Space Storage LP</name>
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        <name>EOG Resources Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Devon Energy Corporation</name>
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        <name>Stanley Black &amp; Decker, Inc.</name>
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        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
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        <name>Broadcom Inc</name>
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        <title>AVGO 3.459 09/15/26</title>
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        <name>Loews Corporation</name>
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        <name>Cabot Corporation</name>
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        <title>CBT 5 06/30/32</title>
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        <name>CSX Corporation</name>
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        <title>CSX 3.35 11/01/25</title>
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        <invCountry>US</invCountry>

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        <name>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>CAG 4.6 11/01/25</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>MDLZ 2 3/4 04/13/30</title>
        <cusip>609207AT2</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Waste Management, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-15</maturityDt>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>First Citizens Bank &amp; Trust Company</name>
        <lei>N/A</lei>
        <title>FCNCA 6 1/8 03/09/28</title>
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          <isin value="US125581GX07"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-09</maturityDt>
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      <invstOrSec>
        <name>Newmont Corporation</name>
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        <title>NEM 2 1/4 10/01/30</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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        <name>Amphenol Corporation</name>
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        <name>J. B. Hunt Transport Services, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
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        <name>Amcor Finance (USA) Inc.</name>
        <lei>549300ZMT7FVT8R77U18</lei>
        <title>AMCR 4 1/2 05/15/28</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Extra Space Storage LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Royalty Pharma PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>RPRX 1.2 09/02/25</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Dollar General Corporation</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>DG 3 7/8 04/15/27</title>
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        <fairValLevel>2</fairValLevel>
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        <name>D.R. Horton, Inc.</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>DHI 1.3 10/15/26</title>
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        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX 3.8 03/01/28</title>
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        <invCountry>US</invCountry>

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        <name>Cintas Corporation No. 2</name>
        <lei>549300QVUQTTKMTE0G41</lei>
        <title>CTAS 4 05/01/32</title>
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        <name>Nordson Corp</name>
        <lei>14OS6Q5N55N95WM84M53</lei>
        <title>NDSN 5.8 09/15/33</title>
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        <name>Mohawk Industries, Inc.</name>
        <lei>549300JI1115MG3Q6322</lei>
        <title>MHK 5.85 09/18/28</title>
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        <name>Digital Realty Trust, L.P.</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>DLR 4.45 07/15/28</title>
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        <name>Mondelez International, Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>MDLZ 4 3/4 08/28/34</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Amcor Flexibles North America Inc</name>
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        <name>Primerica, Inc.</name>
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        <name>Cintas Corporation No. 2</name>
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        <name>Wabtec Corp</name>
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        <name>Caterpillar Inc</name>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <name>WEC Energy Group Inc.</name>
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        <name>Entergy Corporation</name>
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        <name>Crown Castle Inc.</name>
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        <name>W. P. Carey Inc</name>
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        <name>Alexandria Real Estate Equities, Inc.</name>
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        <name>Conagra Brands Inc</name>
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        <name>Steel Dynamics, Inc.</name>
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        <name>LXP Industrial Trust</name>
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        <name>BorgWarner Inc.</name>
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        <name>Targa Resources Partners LP/Targa Resources Finance Corp.</name>
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        <title>TRGP 5 01/15/28</title>
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        <name>Eversource Energy</name>
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        <name>Carlisle Companies Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amdocs Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ingersoll Rand Inc</name>
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        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>RF 1.8 08/12/28</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Skyworks Solutions, Inc.</name>
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        <title>SWKS 3 06/01/31</title>
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        <name>Fortinet Inc</name>
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          <maturityDt>2031-03-15</maturityDt>
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        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SPG 3.3 01/15/26</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
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        <name>Newmont Corporation</name>
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        <title>NEM 2.6 07/15/32</title>
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        <name>Stanley Black &amp; Decker, Inc.</name>
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        <title>SWK 3 05/15/32</title>
        <cusip>854502AQ4</cusip>
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        <name>Schlumberger Holdings Corporation</name>
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        <title>SLB 3.9 05/17/28</title>
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        <name>Ventas Realty Limited Partnership</name>
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        <name>Broadcom Inc</name>
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        <title>AVGO 4.11 09/15/28</title>
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        <name>Boston Properties Limited Partnership</name>
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        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>ATO 2 5/8 09/15/29</title>
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        <name>Centerpoint Energy Inc</name>
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        <title>CNP 2.65 06/01/31</title>
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        <name>Ovintiv Exploration Inc.</name>
        <lei>T8W3X1PFLPW2YE0UIP44</lei>
        <title>OVV 5 3/8 01/01/26</title>
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        <name>Cboe Global Markets Inc</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>CBOE 3.65 01/12/27</title>
        <cusip>12503MAA6</cusip>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oneok Inc.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Prologis, L.P.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNHI 1 7/8 01/15/26</title>
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          <isin value="US12592BAL80"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KMI 5.2 06/01/33</title>
        <cusip>49456BAX9</cusip>
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          <isin value="US49456BAX91"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT 7 02/01/30</title>
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          <isin value="US26884LAG41"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>RSG 2.3 03/01/30</title>
        <cusip>760759AV2</cusip>
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          <isin value="US760759AV21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>905095.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ETR 2.8 06/15/30</title>
        <cusip>29364GAL7</cusip>
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          <isin value="US29364GAL77"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>909686.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cheniere Energy Partners Lp</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>CQP 5.95 06/30/33</title>
        <cusip>16411QAQ4</cusip>
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          <isin value="US16411QAQ47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1022246.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>RSG 1 3/4 02/15/32</title>
        <cusip>760759AZ3</cusip>
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          <isin value="US760759AZ35"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>829192.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Dentsply Sirona Inc</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>XRAY 3 1/4 06/01/30</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Trimble Inc</name>
        <lei>549300E2MI7NSZFQWS19</lei>
        <title>TRMB 6.1 03/15/33</title>
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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>2033-03-15</maturityDt>
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          <annualizedRt>6.10000000</annualizedRt>
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        <name>The Progressive Corporation</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>PGR 3.2 03/26/30</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-26</maturityDt>
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        <name>Public Storage</name>
        <lei>N/A</lei>
        <title>PSA 3.094 09/15/27</title>
        <cusip>74460DAC3</cusip>
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          <isin value="US74460DAC39"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>ADM 4 1/2 08/15/33</title>
        <cusip>039482AE4</cusip>
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          <isin value="US039482AE41"/>
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        <name>Jabil Inc</name>
        <lei>5493000CGCQY2OQU7669</lei>
        <title>JBL 3.6 01/15/30</title>
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        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ARE 3 3/8 08/15/31</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Coca-Cola Consolidated Inc</name>
        <lei>57VG5X0E00X0QJU7CQ58</lei>
        <title>COKE 5.45 06/01/34</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Waste Management, Inc.</name>
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        <name>Fortinet Inc</name>
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        <name>Jabil Inc</name>
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        <name>Amphenol Corporation</name>
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        <name>Aptargroup Inc.</name>
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        <name>Prologis, L.P.</name>
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        <name>Ventas Realty Limited Partnership</name>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <name>The Progressive Corporation</name>
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        <name>Atmos Energy Corp.</name>
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        <name>Albemarle Corp</name>
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        <name>Emera US Finance LP</name>
        <lei>N/A</lei>
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        <name>KLA Corp.</name>
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        <title>KLAC 4.7 02/01/34</title>
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        <name>QUALCOMM Inc.</name>
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        <name>UDR Inc</name>
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        <name>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CNP 1.45 06/01/26</title>
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        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROP 3.8 12/15/26</title>
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        <name>Boston Properties Limited Partnership</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BXP 2.55 04/01/32</title>
        <cusip>10112RBE3</cusip>
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        <name>Boston Properties Limited Partnership</name>
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      <invstOrSec>
        <name>Essential Utilities Inc</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LXP Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
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        <cusip>529537AA0</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
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      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>SWK 6 03/06/28</title>
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          <isin value="US854502AT83"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-06</maturityDt>
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      <invstOrSec>
        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLAC 4.1 03/15/29</title>
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          <isin value="US482480AG50"/>
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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>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>Mid-America Apartments, L.P.</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>MAA 4 11/15/25</title>
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          <isin value="US59523UAM99"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Amphenol Corporation</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>APH 2.8 02/15/30</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>KLA Corp.</name>
        <lei>549300H0BF5JCG96TJ81</lei>
        <title>KLAC 4.65 07/15/32</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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          <annualizedRt>4.65000000</annualizedRt>
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        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TRGP 6 1/8 03/15/33</title>
        <cusip>87612GAC5</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT 5.7 04/01/28</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI 3 5/8 11/01/31</title>
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        <name>Ventas Realty Limited Partnership</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VTR 3 1/4 10/15/26</title>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KMI 4.3 03/01/28</title>
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        <name>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
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        <name>Verisk Analytics, Inc.</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>VRSK 4 1/8 03/15/29</title>
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        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT 5 3/4 02/01/34</title>
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        <name>LYB International Finance III LLC</name>
        <lei>984500A51LA0B8EB4053</lei>
        <title>LYB 1 1/4 10/01/25</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Boston Properties Limited Partnership</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Essential Utilities Inc</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Carlisle Companies Inc.</name>
        <lei>XR64VGX1ZPX6G7ZN7Z11</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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      <invstOrSec>
        <name>Ventas Realty Limited Partnership</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VTR 4 3/4 11/15/30</title>
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          <isin value="US92277GAV95"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>VLO 4.35 06/01/28</title>
        <cusip>91913YAV2</cusip>
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          <isin value="US91913YAV20"/>
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        <balance>6900000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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        <name>Amcor Finance (USA) Inc.</name>
        <lei>549300ZMT7FVT8R77U18</lei>
        <title>AMCR 3 5/8 04/28/26</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-28</maturityDt>
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        <name>Genuine Parts Co</name>
        <lei>549300D46DQVEU651W04</lei>
        <title>GPC 1 7/8 11/01/30</title>
        <cusip>372460AA3</cusip>
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          <isin value="US372460AA38"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>853350.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87500000</annualizedRt>
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      <invstOrSec>
        <name>Boston Properties Limited Partnership</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BXP 4 1/2 12/01/28</title>
        <cusip>10112RBA1</cusip>
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          <isin value="US10112RBA14"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>985715.10000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>BorgWarner Inc.</name>
        <lei>549300DSFX2IE88NSX47</lei>
        <title>BWA 5.4 08/15/34</title>
        <cusip>099724AQ9</cusip>
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          <isin value="US099724AQ98"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>995685.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>VLO 3.4 09/15/26</title>
        <cusip>91913YAU4</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
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        <name>Roper Technologies Inc</name>
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        <title>ROP 1 3/4 02/15/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>Kite Realty Group, L.P.</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>KRG 4 3/4 09/15/30</title>
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        <name>Nucor Corporation</name>
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        <title>NUE 2 06/01/25</title>
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        <name>Extra Space Storage LP</name>
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        <title>EXR 3.9 04/01/29</title>
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        <name>NNN REIT Inc</name>
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        <title>NNN 2 1/2 04/15/30</title>
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        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>PH 4 1/2 09/15/29</title>
        <cusip>701094AS3</cusip>
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        <invCountry>US</invCountry>

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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>RSG 1.45 02/15/31</title>
        <cusip>760759AX8</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>Caterpillar Inc</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>CAT 1.9 03/12/31</title>
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        <name>DTE Energy Co.</name>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Wabtec Corp</name>
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        <name>Equifax Inc.</name>
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        <name>Entergy Corporation</name>
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        <name>Oneok Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Trimble Inc</name>
        <lei>549300E2MI7NSZFQWS19</lei>
        <title>TRMB 4.9 06/15/28</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Transcontinental Gas Pipe Line Company, LLC</name>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>R 5 1/4 06/01/28</title>
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        <name>Roper Technologies Inc</name>
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        <name>Devon Energy Corporation</name>
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        <title>DVN 5.2 09/15/34</title>
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        <name>Prologis, L.P.</name>
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        <title>PLD 1 5/8 03/15/31</title>
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        <name>QUALCOMM Inc.</name>
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        <name>Juniper Networks, Inc.</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
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        <name>Tractor Supply Co</name>
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        <title>TSCO 5 1/4 05/15/33</title>
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        <name>Reinsurance Group of America, Incorporated</name>
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        <title>RGA 3.15 06/15/30</title>
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        <name>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CNP 2.95 03/01/30</title>
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        <name>Genuine Parts Co</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>McCormick &amp; Company, Incorporated</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Schlumberger Holdings Corporation</name>
        <lei>529900IKZG65COT1D505</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Newmont Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>PH 4 1/4 09/15/27</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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        <name>Reinsurance Group of America, Incorporated</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>RGA 3.9 05/15/29</title>
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          <isin value="US759351AN90"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAX 3.95 04/01/30</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>Amcor Flexibles North America Inc</name>
        <lei>PTVU09TE3QPJPL7K4E13</lei>
        <title>AMCR 2.69 05/25/31</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BBH SWEEP VEHICLE</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Avangrid Inc</name>
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        <title>AGR 3.8 06/01/29</title>
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        <name>Genuine Parts Co</name>
        <lei>549300D46DQVEU651W04</lei>
        <title>GPC 6 1/2 11/01/28</title>
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        <name>Targa Resources Corp.</name>
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        <name>Reinsurance Group of America, Incorporated</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>RGA 6 09/15/33</title>
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        <name>Devon Energy Corporation</name>
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        <title>DVN 4 1/2 01/15/30</title>
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        <name>Ventas Realty Limited Partnership</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VTR 4 1/8 01/15/26</title>
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        <name>Autozone, Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AZO 3 3/4 06/01/27</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Arrow Electronics, Inc.</name>
        <lei>549300YNNLBXT8N8R512</lei>
        <title>ARW 3 7/8 01/12/28</title>
        <cusip>042735BF6</cusip>
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        <name>Amphenol Corporation</name>
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        <name>Nucor Corporation</name>
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        <name>Agco Corporation</name>
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        <name>Prologis, L.P.</name>
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        <name>CenterPoint Energy Resources Corp.</name>
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        <name>Entergy Corporation</name>
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        <title>ETR 2.4 06/15/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>PH 3 1/4 03/01/27</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Entergy Arkansas LLC</name>
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        <title>ETR 3 1/2 04/01/26</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-01</maturityDt>
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        <name>Coca-Cola Consolidated Inc</name>
        <lei>57VG5X0E00X0QJU7CQ58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Diamondback Energy Inc</name>
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        <title>FANG 3 1/4 12/01/26</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>CAG 4.85 11/01/28</title>
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          <maturityDt>2028-11-01</maturityDt>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAX 1.915 02/01/27</title>
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        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>BAX 2.539 02/01/32</title>
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        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NI 5.4 06/30/33</title>
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        <name>Dover Corporation</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>DOV 3.15 11/15/25</title>
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        <name>Amphenol Corporation</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>APH 4.35 06/01/29</title>
        <cusip>032095AH4</cusip>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>RSG 3.95 05/15/28</title>
        <cusip>760759AT7</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KMI 4.3 06/01/25</title>
        <cusip>49456BAF8</cusip>
        <identifiers>
          <isin value="US49456BAF85"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
        <pctVal>0.261822665082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</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>Continental Resources, Inc.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>CLR 4 3/8 01/15/28</title>
        <cusip>212015AS0</cusip>
        <identifiers>
          <isin value="US212015AS02"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978046.24000000</valUSD>
        <pctVal>0.256074673131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>STLD 3.45 04/15/30</title>
        <cusip>858119BK5</cusip>
        <identifiers>
          <isin value="US858119BK53"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>939503.96000000</valUSD>
        <pctVal>0.245983430663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</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>Invitation Homes Operating Partnership Lp</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVH 2 08/15/31</title>
        <cusip>46188BAA0</cusip>
        <identifiers>
          <isin value="US46188BAA08"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>836426.94000000</valUSD>
        <pctVal>0.218995530577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>Juniper Networks, Inc.</name>
        <lei>AUHIXNGG7U2U7JEHM527</lei>
        <title>JNPR 3 3/4 08/15/29</title>
        <cusip>48203RAM6</cusip>
        <identifiers>
          <isin value="US48203RAM60"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>963891.32000000</valUSD>
        <pctVal>0.252368594252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROP 2 06/30/30</title>
        <cusip>776743AJ5</cusip>
        <identifiers>
          <isin value="US776743AJ55"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>878668.96000000</valUSD>
        <pctVal>0.230055448832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>CAT 0.9 03/02/26</title>
        <cusip>14913R2K2</cusip>
        <identifiers>
          <isin value="US14913R2K23"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>975066.37000000</valUSD>
        <pctVal>0.255294475626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.90000000</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>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>ATO 5.9 11/15/33</title>
        <cusip>049560AZ8</cusip>
        <identifiers>
          <isin value="US049560AZ81"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1055449.78000000</valUSD>
        <pctVal>0.276340674260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</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>Equifax Inc.</name>
        <lei>5493004MCF8JDC86VS77</lei>
        <title>EFX 2.6 12/15/25</title>
        <cusip>294429AR6</cusip>
        <identifiers>
          <isin value="US294429AR68"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>989941.19000000</valUSD>
        <pctVal>0.259189040641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Lights Fund Trust IV</ncom:nameOfApplicant>
      <ncom:signature>Sam Singh</ncom:signature>
      <ncom:signerName>Sam Singh</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
