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        <name>Province of British Columbia Canada</name>
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          <isin value="CA110709EK47"/>
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      <invstOrSec>
        <name>Spain Government Bond</name>
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          <isin value="ES0000012P33"/>
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        <fairValLevel>2</fairValLevel>
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        <name>French Republic Government Bond OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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          <isin value="FR001400BKZ3"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Japan Government Two Year Bond</name>
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          <isin value="JP1024801S13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>ANZ Stockbroking</counterpartyName>
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      <invstOrSec>
        <name>Swiss Confederation Government Bond</name>
        <lei>5067006OA1BJ88912Q83</lei>
        <title>Swiss Confederation Government Bond</title>
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          <isin value="CH0557778310"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>French Republic Government Bond OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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          <isin value="FR001400OHF4"/>
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        <name>AIB Group PLC</name>
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        <name>Kingdom of Belgium Government Bond</name>
        <lei>549300SZ25JZFHRHWD76</lei>
        <title>Kingdom of Belgium Government Bond</title>
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        <name>N/A</name>
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        <name>Kingdom of Belgium Government Bond</name>
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        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <name>United States Treasury Note/Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
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        <name>Republic of Austria Government Bond</name>
        <lei>529900QWWUI4XRVR7I03</lei>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Australia Government Bond</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000381832"/>
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        <balance>4000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Japan Government Ten Year Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Ten Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP1103811S13"/>
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        <balance>900000000.00000100</balance>
        <units>PA</units>
        <currencyConditional curCd="JPY" exchangeRt="159.10500000"/>
        <valUSD>5368435.94000000</valUSD>
        <pctVal>1.639549582322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Zealand Government Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
        <title>New Zealand Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NZGOVDT528C6"/>
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        <balance>1000000.00000000</balance>
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        <currencyConditional curCd="NZD" exchangeRt="1.69765000"/>
        <valUSD>555132.09000000</valUSD>
        <pctVal>0.169540364542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040140"/>
          <other otherDesc="Internal Identifier" value="3081040140"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
        <valUSD>-3284.14000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>ANZ Stockbroking</counterpartyName>
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            <amtCurSold>1000000.00000000</amtCurSold>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal Identifier" value="3081040435"/>
          <other otherDesc="Internal Identifier" value="3081040435"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Financial Global Markets</counterpartyName>
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            <amtCurSold>9000000.00000000</amtCurSold>
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      <invstOrSec>
        <name>United States Treasury Note/Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>91282CQY0</cusip>
        <identifiers>
          <isin value="US91282CQY02"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4986914.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal Identifier" value="3081040152"/>
          <other otherDesc="Internal Identifier" value="3081040152"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-6857.28000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Financial Global Markets</counterpartyName>
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            <amtCurSold>28000000.00000000</amtCurSold>
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        <securityLending>
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      <invstOrSec>
        <name>China Government Bond</name>
        <lei>300300CHN201808MOF68</lei>
        <title>China Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CND10009TPM3"/>
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        <balance>45000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75245000"/>
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        <pctVal>2.053628467633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.63000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040147"/>
          <other otherDesc="Internal Identifier" value="3081040147"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1711.77000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>State Street Financial Global Markets</counterpartyName>
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            <amtCurSold>1000000.00000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nederlandse Waterschapsbank NV</name>
        <lei>JLP5FSPH9WPSHY3NIM24</lei>
        <title>Nederlandse Waterschapsbank NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3CB0330843"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116000"/>
        <valUSD>1390540.12000000</valUSD>
        <pctVal>0.424678528053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Malaysia Government Bond</name>
        <lei>254900GSIL471JOBYY43</lei>
        <title>Malaysia Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYBMO1900020"/>
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        <balance>7000000.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.08650000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.89000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hungary Government Bond</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="HU0000407424"/>
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        <balance>70000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3CB0296598"/>
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        <balance>1400000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116000"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal Identifier" value="3081040158"/>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>French Republic Government Bond OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR001400HI98"/>
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        <balance>2000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
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          <isin value="XS2351220814"/>
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        <balance>3000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Republic of Austria Government Bond</name>
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          <isin value="AT0000A1ZGE4"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
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      <invstOrSec>
        <name>Australia Government Bond</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000300535"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bundesrepublik Deutschland Bundesanleihe</name>
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          <isin value="DE000BU2Z064"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Financial Global Markets</counterpartyName>
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      <invstOrSec>
        <name>Korea Housing Finance Corp</name>
        <lei>9884002AAOBT56QW9B80</lei>
        <title>Korea Housing Finance Corp</title>
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          <isin value="AU3CB0322824"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
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      <invstOrSec>
        <name>Tencent Holdings Ltd</name>
        <lei>254900N4SLUMW4XUYY11</lei>
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          <isin value="HK0001193041"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
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        <name>Malaysia Government Bond</name>
        <lei>254900GSIL471JOBYY43</lei>
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        <name>N/A</name>
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        <name>Israel Government Bond - Fixed</name>
        <lei>213800T8ZHTFZIBYPE21</lei>
        <title>Israel Government Bond - Fixed</title>
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      <invstOrSec>
        <name>AIB Group PLC</name>
        <lei>635400AKJBGNS5WNQL34</lei>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Mexican Bonos</name>
        <lei>254900EGTWEU67VP6075</lei>
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          <isin value="MX0MGO0001N5"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Swiss Confederation Government Bond</name>
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          <isin value="CH0008680370"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Malaysia Government Bond</name>
        <lei>254900GSIL471JOBYY43</lei>
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          <isin value="MYBMN2500029"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-02</maturityDt>
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        <name>China Government Bond</name>
        <lei>300300CHN201808MOF68</lei>
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        <cusip>N/A</cusip>
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          <isin value="CND1000BD7S0"/>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-25</maturityDt>
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      <invstOrSec>
        <name>Thailand Government Bond</name>
        <lei>254900PHJ6MSKT6C7026</lei>
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        <cusip>N/A</cusip>
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          <isin value="TH062303G507"/>
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        <invCountry>TH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Internal Identifier" value="3081040137"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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      <invstOrSec>
        <name>Bundesobligation</name>
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          <isin value="DE000BU25067"/>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <name>Korea Treasury Bond</name>
        <lei>549300O0QCVSQGPGDT58</lei>
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        <name>Japan Government Thirty Year Bond</name>
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        <name>Czech Republic Government Bond</name>
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        <name>Swiss Confederation Government Bond</name>
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        <name>Israel Government Bond - Fixed</name>
        <lei>213800T8ZHTFZIBYPE21</lei>
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        <name>Airport Authority</name>
        <lei>254900748HGC4RBR4O84</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Netherlands Government Bond</name>
        <lei>254900G14ALGVKORFN62</lei>
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        <cusip>N/A</cusip>
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          <isin value="NL0015002P70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Thailand Government Bond</name>
        <lei>254900PHJ6MSKT6C7026</lei>
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        <cusip>N/A</cusip>
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          <isin value="TH062303B300"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-17</maturityDt>
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        <name>China Development Bank</name>
        <lei>300300C1020111000029</lei>
        <title>China Development Bank</title>
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          <isin value="CND10001WKZ7"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-08</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005611741"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
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      <invstOrSec>
        <name>Portugal Obrigacoes do Tesouro OT</name>
        <lei>549300P6U1FJ3IMP7K42</lei>
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        <identifiers>
          <isin value="PTOTE4OE0008"/>
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          <maturityDt>2040-06-15</maturityDt>
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      <invstOrSec>
        <name>Sweden Government Bond</name>
        <lei>ERE94C0BSULG2RM19605</lei>
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          <isin value="SE0025137862"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-15</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>China Government Bond</name>
        <lei>300300CHN201808MOF68</lei>
        <title>China Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="CND10009ZWS3"/>
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        <invCountry>CN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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          <annualizedRt>1.36000000</annualizedRt>
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        <name>Province of Ontario Canada</name>
        <lei>C7PVKCRGLG18EBQGZV36</lei>
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          <isin value="CA68323ACY88"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Mexican Bonos</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <name>N/A</name>
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        <name>Singapore Government Bond</name>
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        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
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        <name>N/A</name>
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              <counterpartyName>ANZ Stockbroking</counterpartyName>
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      <invstOrSec>
        <name>Sweden Government Bond</name>
        <lei>ERE94C0BSULG2RM19605</lei>
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        <cusip>N/A</cusip>
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          <isin value="SE0009496367"/>
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        <fairValLevel>2</fairValLevel>
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        <name>European Union</name>
        <lei>529900FZRK8FGMPEOM08</lei>
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          <isin value="EU000A4D5QM6"/>
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        <name>Portugal Obrigacoes do Tesouro OT</name>
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          <isin value="PTOTE3OE0025"/>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Romania Government Bond</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>Romania Government Bond</title>
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          <isin value="ROPG9LZUB0O2"/>
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        <fairValLevel>2</fairValLevel>
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        <name>New Zealand Government Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
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        <cusip>N/A</cusip>
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          <isin value="NZGOVDT554C2"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Principal Funds, Inc - Government Money Market Fund - Class R-6</name>
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          <isin value="US74257B6395"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <name>N/A</name>
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        <name>Mexican Bonos</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <cusip>N/A</cusip>
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          <isin value="MX0MGO0001F1"/>
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        <name>Norway Government Bond</name>
        <lei>549300L0BT3FJTN9MX24</lei>
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        <name>Hungary Government Bond</name>
        <lei>5299003F3UFKGCCMAP43</lei>
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        <name>N/A</name>
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        <name>BAT International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Japan Government Twenty Year Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Twenty Year Bond</title>
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          <isin value="JP1201961S47"/>
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        <balance>1100000000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland Bundesanleihe</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland Bundesanleihe</title>
        <cusip>N/A</cusip>
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          <isin value="DE000BU2D012"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-08-15</maturityDt>
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      <invstOrSec>
        <name>Canadian Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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          <isin value="CA135087T388"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
        <cusip>N/A</cusip>
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          <isin value="IT0005689994"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Poland Government Bond</name>
        <lei>259400R9L8QEP0TPXS31</lei>
        <title>Republic of Poland Government Bond</title>
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          <isin value="PL0000118188"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>PL</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-25</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Czech Republic Government Bond</name>
        <lei>3157007EFDLQABN47912</lei>
        <title>Czech Republic Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CZ0001007355"/>
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        <balance>9000000.00000000</balance>
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        <currencyConditional curCd="CZK" exchangeRt="21.00250000"/>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij NV</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
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        <identifiers>
          <isin value="XS3078501684"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.63000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005676504"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH1414003454"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>3410857.92000000</valUSD>
        <pctVal>1.041694590491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Indonesia Treasury Bond</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Treasury Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IDG000025602"/>
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        <balance>10000000000.00000000</balance>
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        <currencyConditional curCd="IDR" exchangeRt="17994.00000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Netflix Inc</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix Inc</title>
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        <identifiers>
          <isin value="XS1989380172"/>
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        <balance>3000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>3508938.68000000</valUSD>
        <pctVal>1.071648988921</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Singapore Government Bond</name>
        <lei>549300ZSV6VOGFH1ER70</lei>
        <title>Singapore Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SGXPK17B11U8"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.28245000"/>
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        <pctVal>0.055124202114</pctVal>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
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          <other otherDesc="Internal Identifier" value="3081040431"/>
          <other otherDesc="Internal Identifier" value="3081040431"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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              <counterpartyName>ANZ Stockbroking</counterpartyName>
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      <invstOrSec>
        <name>Korea Treasury Bond</name>
        <lei>549300O0QCVSQGPGDT58</lei>
        <title>Korea Treasury Bond</title>
        <cusip>N/A</cusip>
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          <isin value="KR103501GF97"/>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-10</maturityDt>
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        <name>Netherlands Government Bond</name>
        <lei>254900G14ALGVKORFN62</lei>
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        <cusip>N/A</cusip>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Westpac Banking Corp</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>United Kingdom Gilt</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Gilt</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BPSNBB36"/>
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        <balance>5500000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74198000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>Thailand Government Bond</name>
        <lei>254900PHJ6MSKT6C7026</lei>
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        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Airport Authority</name>
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          <isin value="HK0001293858"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Poland Government Bond</name>
        <lei>259400R9L8QEP0TPXS31</lei>
        <title>Republic of Poland Government Bond</title>
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        <name>N/A</name>
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        <name>China Government Bond</name>
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        <name>Indonesia Treasury Bond</name>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Republic of Poland Government Bond</name>
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        <name>Canadian Government Bond</name>
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        <name>Spain Government Bond</name>
        <lei>9598007A56S18711AH60</lei>
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        <name>Kingdom of Belgium Government Bond</name>
        <lei>549300SZ25JZFHRHWD76</lei>
        <title>Kingdom of Belgium Government Bond</title>
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        <name>AT&amp;T Inc</name>
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        <name>Korea Treasury Bond</name>
        <lei>549300O0QCVSQGPGDT58</lei>
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        <name>Siemens Financieringsmaatschappij NV</name>
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        <name>Malaysia Government Bond</name>
        <lei>254900GSIL471JOBYY43</lei>
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        <invCountry>MY</invCountry>
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        <name>N/A</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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          <isin value="XS2976284450"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PSA Treasury Pte Ltd</name>
        <lei>254900X7FR3V7789SL36</lei>
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          <isin value="HK0001151395"/>
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        <invCountry>SG</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-03</maturityDt>
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      <invstOrSec>
        <name>Italy Buoni Poliennali Del Tesoro</name>
        <lei>815600DE60799F5A9309</lei>
        <title>Italy Buoni Poliennali Del Tesoro</title>
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          <isin value="IT0005635583"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Hungary Government Bond</name>
        <lei>5299003F3UFKGCCMAP43</lei>
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        <cusip>N/A</cusip>
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          <isin value="HU0000407317"/>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>French Republic Government Bond OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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          <isin value="FR0014012II5"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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          <isin value="XS3440171406"/>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-16</maturityDt>
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      <invstOrSec>
        <name>Australia Government Bond</name>
        <lei>213800J6B7JSBDETCB42</lei>
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          <isin value="AU0000047003"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-21</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>United Kingdom Gilt</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <invCountry>GB</invCountry>
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        <name>New Zealand Government Bond</name>
        <lei>549300237GPHG2AI7C34</lei>
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          <isin value="NZGOVDT536C9"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Province of Quebec Canada</name>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <name>Hong Kong Mortgage Corp Ltd/The</name>
        <lei>254900W04TBDJ4UBOS04</lei>
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          <isin value="HK0001064804"/>
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        <invCountry>HK</invCountry>
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        <name>N/A</name>
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        <name>Netherlands Government Bond</name>
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        <name>N/A</name>
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          <other otherDesc="Internal Identifier" value="3081040149"/>
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      <invstOrSec>
        <name>European Union</name>
        <lei>529900FZRK8FGMPEOM08</lei>
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        <cusip>N/A</cusip>
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          <isin value="EU000A4EG021"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-14</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Canadian Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
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          <isin value="CA135087T958"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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        <name>MTR Corp Ltd</name>
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          <isin value="HK0001293213"/>
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        <fairValLevel>2</fairValLevel>
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        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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          <isin value="EU000A3LUMF5"/>
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        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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          <isin value="XS1473485925"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-16</maturityDt>
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      <invstOrSec>
        <name>Japan Government Twenty Year Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Twenty Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP1201781MA3"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-20</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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        <name>Temasek Financial I Ltd</name>
        <lei>549300XMGMDF3VRJMF12</lei>
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          <isin value="XS2586780012"/>
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        <name>N/A</name>
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        <name>Spain Government Bond</name>
        <lei>9598007A56S18711AH60</lei>
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        <name>N/A</name>
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        <name>China Government Bond</name>
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        <name>European Financial Stability Facility</name>
        <lei>222100OW6UHQXNHKN143</lei>
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        <invCountry>LU</invCountry>

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        <name>MTR Corp Ltd</name>
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        <name>Australia Government Bond</name>
        <lei>213800J6B7JSBDETCB42</lei>
        <title>Australia Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="AU3TB0000150"/>
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        <balance>2300000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>French Republic Government Bond OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bond OAT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0013515806"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>1411686.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU3CB0310563"/>
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        <balance>1400000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42116000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canadian Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA135087P998"/>
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        <balance>2000000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40185000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thailand Government Bond</name>
        <lei>254900PHJ6MSKT6C7026</lei>
        <title>Thailand Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TH062303P607"/>
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        <balance>20000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="THB" exchangeRt="33.39250000"/>
        <valUSD>592351.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.98000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitsubishi Corp</name>
        <lei>KVIPTY4PULAPGC1VVD26</lei>
        <title>Mitsubishi Corp</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3262498150"/>
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        <balance>1400000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>1577326.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040442"/>
          <other otherDesc="Internal Identifier" value="3081040442"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>339.85000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <amtCurSold>500000.00000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indonesia Treasury Bond</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Indonesia Treasury Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IDG000023904"/>
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        <balance>10000000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="IDR" exchangeRt="17994.00000000"/>
        <valUSD>549795.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bundesrepublik Deutschland Bundesanleihe</name>
        <lei>529900AQBND3S6YJLY83</lei>
        <title>Bundesrepublik Deutschland Bundesanleihe</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000BU2Z007"/>
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        <balance>300000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>331707.58000000</valUSD>
        <pctVal>0.101305302013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Portugal Obrigacoes do Tesouro OT</name>
        <lei>549300P6U1FJ3IMP7K42</lei>
        <title>Portugal Obrigacoes do Tesouro OT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PTOTEQOE0023"/>
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        <balance>4000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>4493038.99000000</valUSD>
        <pctVal>1.372198584791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040146"/>
          <other otherDesc="Internal Identifier" value="3081040146"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-487.24000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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            <amtCurSold>70000000.00000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040412"/>
          <other otherDesc="Internal Identifier" value="3081040412"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Standard Chartered Bank, Hong Kong</counterpartyName>
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      <invstOrSec>
        <name>Korea Treasury Bond</name>
        <lei>549300O0QCVSQGPGDT58</lei>
        <title>Korea Treasury Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR103502GF96"/>
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        <balance>2500000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.63000000</annualizedRt>
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      <invstOrSec>
        <name>MTR Corp Ltd</name>
        <lei>254900IH4U9NHH9AQM97</lei>
        <title>MTR Corp Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0001306957"/>
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        <balance>4000000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Singapore Government Bond</name>
        <lei>549300ZSV6VOGFH1ER70</lei>
        <title>Singapore Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SGXF33080817"/>
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        <balance>2500000.00000000</balance>
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        <currencyConditional curCd="SGD" exchangeRt="1.28245000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88000000</annualizedRt>
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      <invstOrSec>
        <name>Japan Government Five Year Bond</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Five Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP1051831S10"/>
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        <balance>500000000.00000100</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.10500000"/>
        <valUSD>3097482.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Kingdom Gilt</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>United Kingdom Gilt</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BT7J0027"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74198000"/>
        <valUSD>4561236.15000000</valUSD>
        <pctVal>1.393026368981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-07</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>Republic of Austria Government Bond</name>
        <lei>529900QWWUI4XRVR7I03</lei>
        <title>Republic of Austria Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000A33SK7"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>703094.02000000</valUSD>
        <pctVal>0.214728744034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</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>N/A</name>
        <lei>N/A</lei>
        <title>FX Forwards</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="3081040437"/>
          <other otherDesc="Internal Identifier" value="3081040437"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>839.53000000</valUSD>
        <pctVal>0.000256397035</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Other - OTC" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>RBC Dominon Securities Corp</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <amtCurSold>15000000.00000000</amtCurSold>
            <curSold>HKD</curSold>
            <amtCurPur>1916691.88000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-09-17</settlementDt>
            <unrealizedAppr>839.53000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A2DAR40"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>4556936.48000000</valUSD>
        <pctVal>1.391713226339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.13000000</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="Currency code CNY stands for the Yuan Renminbi traded within mainland China. CNH stands for the Yuan Renminbi traded offshore such as Hong Kong. Since Form N-PORT only supports currency code CNY, this currency code is also displayed for investments denominated in CNH." noteItem="C.11.e.i"/>
      <explntrNote note="Returns for new share classes are calculated since inception." noteItem="B.5.a"/>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
      <explntrNote note="Currency code CNY stands for the Yuan Renminbi traded within mainland China. CNH stands for the Yuan Renminbi traded offshore such as Hong Kong. Since Form N-PORT only supports currency code CNY, this currency code is also displayed for investments denominated in CNH." noteItem="C.2.b"/>
      <explntrNote note="Cash and cash equivalents includes USD and only foreign currencies considered highly liquid." noteItem="B.2.f"/>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
      <explntrNote note="Currency code CNY stands for the Yuan Renminbi traded within mainland China. CNH stands for the Yuan Renminbi traded offshore such as Hong Kong. Since Form N-PORT only supports currency code CNY, this currency code is also displayed for investments denominated in CNH." noteItem="B.3"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
