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      <regFileNumber>811-23373</regFileNumber>
      <regCik>0001750821</regCik>
      <regLei>549300K2CKCXH4E67T58</regLei>
      <regStreet1>10 South LaSalle Street</regStreet1>
      <regStreet2>Suite 1925</regStreet2>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>312-857-2160</regPhone>
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      <seriesLei>549300CK62QE77H6G155</seriesLei>
      <repPdEnd>2023-10-31</repPdEnd>
      <repPdDate>2023-10-31</repPdDate>
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        <name>Government National Mortgage Association</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Government National Mortgage Association</name>
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        <name>Chicago Board of Trade</name>
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        <name>Government National Mortgage Association</name>
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        <name>Credit Agricole S.A.</name>
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        <name>Energy Transfer LP</name>
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        <name>Aegis Asset Backed Secs Trust</name>
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        <name>First American Funds Inc.</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Independence Plaza Trust</name>
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        <name>Huntington Bancshares Incorporated</name>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38380RUJ7</cusip>
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          <isin value="US38380RUJ75"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Residential Asset Mortgage Products, Inc.</name>
        <lei>N/A</lei>
        <title>RAMP Series 2004-RS4 Trust </title>
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          <isin value="US7609853H24"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
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        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
        <cusip>3137FWHV5</cusip>
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          <isin value="US3137FWHV50"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>Enbridge Inc.</name>
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        <title>Enbridge Inc </title>
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        <name>Exxon Mobil Corporation</name>
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        <title>Exxon Mobil Corp. </title>
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        <name>Hi-Fi Music IP Issuer II LP</name>
        <lei>635400VMUHJZERQEGT10</lei>
        <title>HI-FI Music IP Issuer LP </title>
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        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co Inc </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2015-K50 Mortgage Trust </title>
        <cusip>30293WAE2</cusip>
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          <isin value="US30293WAE21"/>
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        <balance>2500000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Valero Energy Corporation</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp. </title>
        <cusip>91913Y100</cusip>
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          <isin value="US91913Y1001"/>
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        <balance>3575.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CME GLOBEX</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FREMF 2015-K45 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2015-K45 Mortgage Trust </title>
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          <isin value="US30292PAE88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae-Aces </title>
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          <isin value="US3136B7FY26"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Societe Generale S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Planet Fitness Inc.</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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          <isin value="US3137F9Z200"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
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          <isin value="US3137FUZF43"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp. </title>
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          <isin value="US55261FAH73"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J P Morgan Mortgage Acquisition Corporation</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Acquisition Trust 2006-CH1 </title>
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          <isin value="US46629TAH32"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
        <cusip>3137FAWW4</cusip>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
        <cusip>3137FTFU6</cusip>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
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        <title>E-Mini S&amp;P 500 Future </title>
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          <ticker value="ESZ3 INDEX"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp </title>
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        <name>PNC Financial Services Group Inc</name>
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        <title>PNC Finacial Services </title>
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        <name>U.S. Bancorp.</name>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp </title>
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        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140MSU52</cusip>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>HSI Asset Securitization Corporation Trust</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Truist Financial Corporation</name>
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        <name>Halliburton Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vistra Energy Corporation</name>
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        <name>CME GLOBEX</name>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>AMERICAN HOMES 4 RENT TRUST</name>
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        <name>ALIGNED DATA CENTERS ISSUER LLC</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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        <name>Chicago Board of Trade</name>
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        <title>10 Year US Treasury Note Future </title>
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        <name>JPMorgan Chase &amp; Co.</name>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC </title>
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        <balance>3000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.59999904</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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          <isin value="US172967MG30"/>
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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>N/A</maturityDt>
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          <annualizedRt>4.99999864</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline LP </title>
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          <isin value="US726503AE55"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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          <isin value="US3137H2P576"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp </title>
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          <isin value="US493267AK43"/>
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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>Chevron Corp.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38379RWL3</cusip>
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          <isin value="US38379RWL31"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
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          <isin value="US3137H4RZ52"/>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIBRA SOLUTIONS 2023-1 LLC</name>
        <lei>N/A</lei>
        <title>Libra Solutions 2023-1 LLC </title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38381DW22</cusip>
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          <isin value="US38381DW222"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cityline Mortgage Trust 2016-C</name>
        <lei>N/A</lei>
        <title>CityLine Commercial Mortgage Trust 2016-CLNE </title>
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          <isin value="US178772AA73"/>
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      <invstOrSec>
        <name>Phillips 66</name>
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        <title>Phillips 66 </title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC </title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US Treasury Long Bond Future </title>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multiclass Certs Series 2015-P001 </title>
        <cusip>3137FQXU2</cusip>
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          <isin value="US3137FQXU26"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FBR Securitization</name>
        <lei>N/A</lei>
        <title>FBR Securitization Trust </title>
        <cusip>30246QCQ4</cusip>
        <identifiers>
          <isin value="US30246QCQ47"/>
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        <balance>720411.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>697364.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.90892120</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>Marathon Petroleum Company</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp. </title>
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          <isin value="US56585A1025"/>
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        <balance>3102.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469177.50000000</valUSD>
        <pctVal>0.328453134513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc./The </title>
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          <isin value="US38141GYU20"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Renaissance Mtg Ac</name>
        <lei>N/A</lei>
        <title>Renaissance Home Equity Loan Trust 2005-3 </title>
        <cusip>75970NBE6</cusip>
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          <isin value="US75970NBE67"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.14000000</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>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2016-K55 Mortgage Trust </title>
        <cusip>30289HAG6</cusip>
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          <isin value="US30289HAG65"/>
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        <balance>1445000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <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>JP Morgan Mtg Ac7</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Acquisition Trust 2007-CH3 </title>
        <cusip>46630XAF5</cusip>
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          <isin value="US46630XAF50"/>
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        <balance>451986.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>436125.83000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.69891880</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corporation</name>
        <lei>N/A</lei>
        <title>FHLMC Multifamily Structured Pass Through Certs </title>
        <cusip>3137FNAG5</cusip>
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          <isin value="US3137FNAG57"/>
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        <balance>13164891.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552298.79000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.08341280</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>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title> Ultra 10 Year US Treasury Note Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYZ3 COMDTY"/>
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        <balance>-40.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106251.00000000</valUSD>
        <pctVal>0.074382241252</pctVal>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Chicago Board of Trade</issuerName>
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            <expDate>2023-12-20</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northern Trust Corporation</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp </title>
        <cusip>665859AQ7</cusip>
        <identifiers>
          <isin value="US665859AQ77"/>
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        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1988681.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000146</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>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP </title>
        <cusip>29273VAM2</cusip>
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          <isin value="US29273VAM28"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1249391.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12499888</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae-Aces </title>
        <cusip>3136BDXP8</cusip>
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          <isin value="US3136BDXP80"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC </title>
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          <isin value="US404280CQ03"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.70000076</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Schlumberger Limited</name>
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          <isin value="AN8068571086"/>
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        <balance>26872.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>5 Year US Treasury Note Future </title>
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          <ticker value="FVZ3 COMDTY"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Chicago Board of Trade</issuerName>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-10-31</ncom:dateSigned>
      <ncom:nameOfApplicant>North Square Investments Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
