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        <name>THE TORONTO-DOMINION BANK</name>
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        <name>WESTPAC BANKING CORP</name>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESTCONNEX FINANCE CO PT</name>
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      <invstOrSec>
        <name>CEMEX SAB DE CV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MARS INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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      <invstOrSec>
        <name>CAESARS ENTERTAIN INC</name>
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        <title>Caesars Entertainment Inc</title>
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        <name>WOOLWORTHS GROUP LTD</name>
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        <name>200 PARK FUNDING TRUST</name>
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        <name>Fannie Mae</name>
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        <name>BONOS Y OBLIG DEL ESTADO</name>
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        <name>KERING</name>
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        <name>STATE STREET CORP</name>
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        <name>BANK OF NY MELLON CORP</name>
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        <name>CHARTER COMM OPT LLC/CAP</name>
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        <name>UBS GROUP AG</name>
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      <invstOrSec>
        <name>AES ANDES SA</name>
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        <name>CITIGROUP INC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF PARAGUAY</name>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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        <name>INDONESIA GOVT SUKUK</name>
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        <title>Perusahaan Penerbit SBSN Indonesia III</title>
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        <name>Lion Trust</name>
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        <name>EDENRED SE</name>
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        <name>US TREASURY N/B</name>
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        <name>Fannie Mae</name>
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        <name>BIOCON BIOLOGICS GLOBAL</name>
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        <title>Citigroup Inc</title>
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        <name>ACCENTURE CAPITAL INC</name>
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        <name>Freddie Mac</name>
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        <name>Fannie Mae</name>
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        <name>Freddie Mac</name>
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        <name>Citibank, National Association</name>
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        <name>FOUNDRY JV HOLDCO LLC</name>
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        <name>MEXICAN UDIBONOS</name>
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        <name>NUCOR CORP</name>
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        <name>FMG RESOURCES AUG 2006</name>
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      <invstOrSec>
        <name>THE TORONTO-DOMINION BANK</name>
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        <title>Japan Government Thirty Year Bond</title>
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          <isin value="JP1300791P79"/>
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        <name>AIR LEASE CORP</name>
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        <title>Air Lease Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>VISTRA OPERATIONS CO LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF PARAGUAY</name>
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        <invCountry>PY</invCountry>
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        <name>SYNOPSYS INC</name>
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        <title>Synopsys Inc</title>
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        <name>BLACKSTONE PRIVATE CRE</name>
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        <name>FINNISH GOVERNMENT</name>
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        <name>DEVELOPMENT BANK OF KAZA</name>
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        <title>Development Bank of Kazakhstan JSC</title>
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        <name>LD CELULOSE INTERNATIONA</name>
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        <name>AEROPORTI DI ROMA SPA</name>
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        <name>AUSTRALIAN SECURITIES EXCHANGE TRADE24</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>ING GROEP NV</name>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
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      <invstOrSec>
        <name>BELGIUM KINGDOM</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JAPAN (30 YEAR ISSUE)</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bond</title>
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          <isin value="JP13002717A6"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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          <ticker value="OATM5"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NETHERLANDS GOVERNMENT</name>
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        <title>Netherlands Government Bond</title>
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          <isin value="NL0015002F72"/>
          <other otherDesc="SEDOL" value="BV0TYQ7"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <title>United States Treasury Note/Bond</title>
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          <isin value="US91282CGQ87"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>WORLEY FIN SERV PTY LTD</name>
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        <invCountry>AU</invCountry>
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        <name>JAPAN (30 YEAR ISSUE)</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bond</title>
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          <isin value="JP1300661L47"/>
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        <name>CPIF FINANCE PTY LTD</name>
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        <name>TRANSDIGM INC</name>
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        <title>TransDigm Inc</title>
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        <name>VENTURE GLOBAL CALCASIEU</name>
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        <title>Venture Global Calcasieu Pass LLC</title>
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        <name>ROPER TECHNOLOGIES INC</name>
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        <title>Roper Technologies Inc</title>
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        <name>ATP TOW/ANDEAN TELECOM</name>
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        <title>ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JBS USA HOLD/FOOD/LUX CO</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TELECOMMUNICATIONS CO TE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NETHERLANDS GOVERNMENT</name>
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          <isin value="NL00150012X2"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANCO DE CREDITO DEL PER</name>
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        <title>Banco de Credito del Peru S.A.</title>
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        <curCd>USD</curCd>
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        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BENIN INTL GOV BOND</name>
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        <title>Benin Government International Bond</title>
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          <isin value="US08205QAA67"/>
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        <invCountry>BJ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CELANESE US HOLDINGS LLC</name>
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        <title>Celanese US Holdings LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Progress Trust</name>
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        <title>Progress 2023-1 Trust</title>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <name>COMMONWEALTH BANK AUST</name>
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        <name>Fannie Mae</name>
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        <title>Fannie Mae Pool</title>
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        <name>BANCO SANTANDER SA</name>
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        <title>Banco Santander SA</title>
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        <invCountry>ES</invCountry>
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      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HOLCIM FINANCE LUX SA</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APOLLO DEBT SOLUTIONS BD</name>
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          <isin value="US03770DAD57"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO SANTANDER MEXICO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AON NORTH AMERICA INC</name>
        <lei>N/A</lei>
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          <isin value="US03740MAC47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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      <invstOrSec>
        <name>ENGIE ENERGIA CHILE SA</name>
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        <title>Engie Energia Chile SA</title>
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          <isin value="US29287TAB52"/>
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        <curCd>USD</curCd>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-17</maturityDt>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <ticker value="WNM5"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <name>NETHERLANDS GOVERNMENT</name>
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        <name>GALAXY PIPELINE ASSETS</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Fidelity Government Portfolio</name>
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        <name>CARRIER GLOBAL CORP</name>
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        <title>Carrier Global Corp</title>
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        <name>MAZOON ASSETS CO SAOC</name>
        <lei>6354003TDIRN5Y6LJP91</lei>
        <title>Mazoon Assets Co SAOC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>OM</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>AMPOL LTD</name>
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        <name>ELI LILLY &amp; CO</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>JPMORGAN CHASE &amp; CO</name>
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        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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        <name>Freddie Mac</name>
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        <name>VICI PROPERTIES LP</name>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>CONOCOPHILLIPS COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KONINKLIJKE PHILIPS NV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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          <ticker value="OEM5"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IHS HOLDING LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>US BANCORP</name>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
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        <title>United States Treasury Note/Bond</title>
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          <isin value="US91282CGJ45"/>
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        <balance>3000.00000000</balance>
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        <issuerCat>UST</issuerCat>
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      <invstOrSec>
        <name>NSW ELECTRICITY NETWORKS</name>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>AMENTUM HOLDINGS INC</name>
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        <name>ELI LILLY &amp; CO</name>
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        <title>Eli Lilly &amp; Co</title>
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      <invstOrSec>
        <name>REPUBLIC OF COLOMBIA</name>
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        <title>Colombia Government International Bond</title>
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          <isin value="US195325EM30"/>
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        <invCountry>CO</invCountry>
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        <name>PEPSICO INC</name>
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        <name>AEP TEXAS INC</name>
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        <title>AEP Texas Inc</title>
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        <name>JEFFERIES FIN GROUP INC</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>CRH SMW FINANCE DAC</name>
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        <name>US TREASURY N/B</name>
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        <name>BANK OF NY MELLON CORP</name>
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        <name>BLUE OWL CREDIT INCOME</name>
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        <name>Freddie Mac</name>
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      </invstOrSec>
      <invstOrSec>
        <name>ELECTRICITE DE FRANCE SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France SA</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
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          <isin value="XS2831195644"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FRANCE (GOVT OF)</name>
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          <isin value="FR0014009O62"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUNGE LTD FINANCE CORP</name>
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        <title>Bunge Ltd Finance Corp</title>
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          <isin value="US120568BE94"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>639111.01000000</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>2029-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEIDOS INC</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>Leidos Inc</title>
        <cusip>52532XAL9</cusip>
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          <isin value="US52532XAL91"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>568534.47000000</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>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401BH0</cusip>
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          <isin value="US225401BH08"/>
          <other otherDesc="SEDOL" value="BTRFWC6"/>
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        <balance>315000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AIA GROUP LTD</name>
        <lei>ZP5ILWVSYE4LJGMMVD57</lei>
        <title>AIA Group Ltd</title>
        <cusip>00131LAQ8</cusip>
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          <isin value="US00131LAQ86"/>
          <other otherDesc="SEDOL" value="BRS7WW7"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>609071.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool</title>
        <cusip>3133KPYY8</cusip>
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          <isin value="US3133KPYY86"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ARAB REPUBLIC OF EGYPT</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Government International Bond</title>
        <cusip>000000000</cusip>
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          <isin value="XS2297226545"/>
          <other otherDesc="SEDOL" value="BLH1TJ4"/>
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        <balance>823000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>677905.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-16</maturityDt>
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      <invstOrSec>
        <name>BONOS Y OBLIG DEL ESTADO</name>
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        <title>Spain Government Bond</title>
        <cusip>000000000</cusip>
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          <isin value="ES0000012M85"/>
          <other otherDesc="SEDOL" value="BR89B60"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-SCHATZ</title>
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          <ticker value="DUM5"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc</title>
        <cusip>25278XAX7</cusip>
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          <other otherDesc="SEDOL" value="BMDPW10"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BLUE OWL CREDIT INCOME</name>
        <lei>5493003I42XBWPE05N35</lei>
        <title>Blue Owl Credit Income Corp</title>
        <cusip>09581CAC5</cusip>
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        <name>REPUBLIC OF GUATEMALA</name>
        <lei>529900QKDFFU9UWW5315</lei>
        <title>Guatemala Government Bond</title>
        <cusip>401494AZ2</cusip>
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          <isin value="US401494AZ28"/>
          <other otherDesc="SEDOL" value="BSSH1K5"/>
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        <balance>648000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>GT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CONOCOPHILLIPS COMPANY</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co</title>
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          <isin value="US20826FBL94"/>
          <other otherDesc="SEDOL" value="BTBKC05"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>544693.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</title>
        <cusip>00774MAW5</cusip>
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          <isin value="US00774MAW55"/>
          <other otherDesc="SEDOL" value="BP2DYK9"/>
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        <balance>1595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499242.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-29</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>IVORY COAST</name>
        <lei>254900ICW11T82O6H590</lei>
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          <isin value="XS1632632037"/>
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        <balance>2732000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED KINGDOM GILT</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Gilt</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BQC82C90"/>
          <other otherDesc="SEDOL" value="BQC82C9"/>
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        <balance>2500000.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AT&amp;T INC</name>
        <lei>549300Z40J86GGSTL398</lei>
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          <isin value="US00206RAG74"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125147.13000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BLACKSTONE REG FINANCE</name>
        <lei>254900S2G1V55FTA4590</lei>
        <title>Blackstone Reg Finance Co LLC</title>
        <cusip>092914AA8</cusip>
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          <isin value="US092914AA83"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-06</maturityDt>
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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BANK</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="AU3CB0306462"/>
          <other otherDesc="SEDOL" value="BSMP3L0"/>
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        <balance>4949000.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-09</maturityDt>
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      <invstOrSec>
        <name>AUSTRALIAN SECURITIES EXCHANGE TRADE24</name>
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        <title>AUST 10Y BOND</title>
        <cusip>000000000</cusip>
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          <ticker value="XMM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01R99L444"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <issuerName>AUSTRALIAN GOVERNMENT</issuerName>
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      <invstOrSec>
        <name>UNION PACIFIC CORP</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
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          <isin value="US907818GH52"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ORACLE CORP</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
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          <isin value="US68389XDB82"/>
          <other otherDesc="SEDOL" value="BTCCJL0"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299826.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
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          <isin value="US91159HJT86"/>
          <other otherDesc="SEDOL" value="BTRFVM9"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529432.31000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>QUIKRETE HOLDINGS INC</name>
        <lei>5493007KIN86DIZWZT22</lei>
        <title>Quikrete Holdings Inc</title>
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          <isin value="US74843PAA84"/>
          <other otherDesc="SEDOL" value="BPH26F0"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MONTREAL EXCHANGE INC.</name>
        <lei>549300DKBYNOI0B1NP44</lei>
        <title>CAN 10YR BOND</title>
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          <ticker value="CNM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01NFSMNB3"/>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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          <ticker value="RXM5"/>
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      <invstOrSec>
        <name>THE TORONTO-DOMINION BANK</name>
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        <title>EUR/USD FORWARD</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <title>U.S. TREASURY BOND</title>
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          <ticker value="USM5"/>
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                <issuerName>US TREASURY N/B</issuerName>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>SHORT EURO-BTP</title>
        <cusip>000000000</cusip>
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          <ticker value="BTSM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01PNK25R0"/>
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        <issuerCat>CORP</issuerCat>
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      </invstOrSec>
      <invstOrSec>
        <name>REPUBLIC OF SERBIA</name>
        <lei>254900W94OCY91V32O78</lei>
        <title>Serbia International Bond</title>
        <cusip>000000000</cusip>
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          <isin value="XS2388561677"/>
          <other otherDesc="SEDOL" value="BMCQCN6"/>
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        <invCountry>RS</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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          <isin value="US87264ADU60"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GOLDMAN SACHS GROUP INC</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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          <isin value="US38141GB862"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-19</maturityDt>
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      <invstOrSec>
        <name>AVIATION CAPITAL GROUP</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAQ4</cusip>
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          <isin value="US05369AAQ40"/>
          <other otherDesc="SEDOL" value="BRT7594"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>REPUBLIC OF CHILE</name>
        <lei>549300FLZTJM5YJF8D34</lei>
        <title>Chile Government International Bond</title>
        <cusip>168863DY1</cusip>
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          <isin value="US168863DY16"/>
          <other otherDesc="SEDOL" value="BP960X6"/>
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        <balance>1519000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1307236.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.34000000</annualizedRt>
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      <invstOrSec>
        <name>ELECTRICITE DE FRANCE SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
        <title>Electricite de France SA</title>
        <cusip>000000000</cusip>
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          <isin value="FR001400FDB0"/>
          <other otherDesc="SEDOL" value="BPTJR56"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>USD/EUR FORWARD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="MDJ2503070750285"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-190777.12000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>REPUBLIC OF MONTENEGRO</name>
        <lei>747800V014106FYLL014</lei>
        <title>Montenegro Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3037625400"/>
          <other otherDesc="SEDOL" value="BTK0660"/>
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        <balance>250000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ME</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>CDW LLC/CDW FINANCE</name>
        <lei>N/A</lei>
        <title>CDW LLC / CDW Finance Corp</title>
        <cusip>12513GBH1</cusip>
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          <isin value="US12513GBH11"/>
          <other otherDesc="SEDOL" value="BPLVD63"/>
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        <balance>2160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2039216.04000000</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>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.27600000</annualizedRt>
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      <invstOrSec>
        <name>MARS INC</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars Inc</title>
        <cusip>571676BC8</cusip>
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          <isin value="US571676BC81"/>
          <other otherDesc="SEDOL" value="BR4XVL1"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>FORD MOTOR CREDIT CO LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co LLC</title>
        <cusip>345397C92</cusip>
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          <isin value="US345397C924"/>
          <other otherDesc="SEDOL" value="BP5WGG3"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.80000000</annualizedRt>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613BN7</cusip>
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          <isin value="US902613BN73"/>
          <other otherDesc="SEDOL" value="BPMPTW2"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303991.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>ENTEGRIS INC</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>Entegris Inc</title>
        <cusip>29365BAA1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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          <isin value="US06051GML04"/>
          <other otherDesc="SEDOL" value="BS2CPW6"/>
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        <balance>655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>664187.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-24</maturityDt>
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      <invstOrSec>
        <name>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M8S4</cusip>
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          <isin value="US30303M8S40"/>
          <other otherDesc="SEDOL" value="BT3NG77"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320012.67000000</valUSD>
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        <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>4.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REPUBLICA ORIENT URUGUAY</name>
        <lei>549300RDR012H2V82H43</lei>
        <title>Uruguay Government International Bond</title>
        <cusip>917288BM3</cusip>
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          <isin value="US917288BM35"/>
          <other otherDesc="SEDOL" value="BNNFCY0"/>
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        <balance>16300000.00000000</balance>
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        <currencyConditional curCd="UYU" exchangeRt="42.14500000"/>
        <valUSD>364598.65000000</valUSD>
        <pctVal>0.075265808346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>UY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROADCOM INC</name>
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        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</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>IRELAND GOVERNMENT BOND</name>
        <lei>549300KXBEJAOJ9OVF93</lei>
        <title>Ireland Government Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BMQ5JM72"/>
          <other otherDesc="SEDOL" value="BMQ5JM7"/>
        </identifiers>
        <balance>2930000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>2098189.97000000</valUSD>
        <pctVal>0.433139190603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.55000000</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>REPUBLIC OF ALBANIA</name>
        <lei>254900EDM43U3SGRND29</lei>
        <title>Albania Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2406936828"/>
          <other otherDesc="SEDOL" value="BN6SG00"/>
        </identifiers>
        <balance>896000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92481272"/>
        <valUSD>917796.37000000</valUSD>
        <pctVal>0.189465006755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912810UE6</cusip>
        <identifiers>
          <isin value="US912810UE63"/>
          <other otherDesc="SEDOL" value="BRK14H6"/>
        </identifiers>
        <balance>4150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4090343.75000000</valUSD>
        <pctVal>0.844388833470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>META PLATFORMS INC</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M8T2</cusip>
        <identifiers>
          <isin value="US30303M8T23"/>
          <other otherDesc="SEDOL" value="BT3NFH0"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135374.90000000</valUSD>
        <pctVal>0.027946075165</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>4.55000000</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>AIR LEASE CORP</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
        <cusip>00914AAV4</cusip>
        <identifiers>
          <isin value="US00914AAV44"/>
          <other otherDesc="SEDOL" value="BRBCTR3"/>
        </identifiers>
        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576557.45000000</valUSD>
        <pctVal>0.119021456970</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</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>INTL BK RECON &amp; DEVELOP</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
        <title>International Bank for Reconstruction &amp; Development</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2637237160"/>
        </identifiers>
        <balance>278000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="KZT" exchangeRt="504.39000000"/>
        <valUSD>548615.77000000</valUSD>
        <pctVal>0.113253324993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.50000000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
