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      <invstOrSec>
        <name>EATON CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dryden Senior Loan Fund</name>
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          <isin value="US26245MAC55"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VONTIER CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GE HEALTHCARE TECH INC</name>
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        <title>GE HealthCare Technologies Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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        <name>Colony American Finance Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDIT CO LLC</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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        <name>NATIONAL GRID PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PMT Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>USB Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNICREDIT SPA</name>
        <lei>549300TRUWO2CD2G5692</lei>
        <title>UniCredit SpA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <name>Intercontinental Exchange, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AERCAP IRELAND CAP/GLOBA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CarMax Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT CORP</name>
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        <title>Toyota Motor Credit Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Synchrony Card Issuance Trust</name>
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        <title>Synchrony Card Issuance Trust</title>
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        <curCd>USD</curCd>
        <valUSD>1267613.94000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>4.06000000</annualizedRt>
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        <name>OMEGA HLTHCARE INVESTORS</name>
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        <title>Omega Healthcare Investors Inc</title>
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        <curCd>USD</curCd>
        <valUSD>756349.22000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>VALE OVERSEAS LIMITED</name>
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        <title>Vale Overseas Ltd</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-08</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.40000000</annualizedRt>
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        <name>GOLDMAN SACHS GROUP INC</name>
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        <balance>925000.00000000</balance>
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        <valUSD>916999.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.69000000</annualizedRt>
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        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust 2024-B</title>
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        <balance>540214.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>544270.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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        <name>SYNOPSYS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Credit Account Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.30000000</annualizedRt>
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        <name>Verizon Master Trust</name>
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        <title>Verizon Master Trust</title>
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        <balance>335000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.75000000</annualizedRt>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL AUSTRALIA BANK</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>FNB CORP</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.72000000</annualizedRt>
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        <name>COREBRIDGE FINANCIAL INC</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.88000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>John Deere Owner Trust</name>
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        <title>John Deere Owner Trust 2025-B</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays Commercial Mortgage Securities LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Towd Point Mortgage Trust</name>
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        <name>JP Morgan Mortgage Trust</name>
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        <name>Freddie Mac - STACR</name>
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        <name>Towd Point Mortgage Trust</name>
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      <invstOrSec>
        <name>AMEREN CORP</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GM Financial Automobile Leasing Trust</name>
        <lei>N/A</lei>
        <title>GM Financial Automobile Leasing Trust 2025-3</title>
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          <isin value="US379965AF38"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL FUEL GAS CO</name>
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        <title>National Fuel Gas Co</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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      <invstOrSec>
        <name>Onslow Bay Financial LLC</name>
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        <balance>685000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>INTL FLAVOR &amp; FRAGRANCES</name>
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        <title>International Flavors &amp; Fragrances Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Credit Account Master Trust</name>
        <lei>549300Y4SA5G3GIJTP18</lei>
        <title>American Express Credit Account Master Trust</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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      <invstOrSec>
        <name>GLOBAL NET LEASE/GLOBAL</name>
        <lei>N/A</lei>
        <title>Global Net Lease Inc / Global Net Lease Operating Partnership LP</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>ATLAS WAREHOUSE LEND</name>
        <lei>25490068J12A1HV7YM70</lei>
        <title>Atlas Warehouse Lending Co LP</title>
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        <balance>750000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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        <name>EQUATE PETROCHEMICAL CO</name>
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        <title>Equate Petrochemical Co KSCC</title>
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        <invCountry>KW</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-03</maturityDt>
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        <name>Woodward Capital Management</name>
        <lei>2549001985H26N17CK52</lei>
        <title>RCKT Mortgage Trust 2025-CES2</title>
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        <balance>602029.43000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>BLOCK FINANCIAL LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
        <lei>N/A</lei>
        <title>PRPM 2026-RCF1 Trust</title>
        <cusip>69383VAA1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC SERVICE ENTERPRIS</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PROMIGAS/GASES PACIFICO</name>
        <lei>N/A</lei>
        <title>Promigas SA ESP / Gases del Pacifico SAC</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>EDISON INTERNATIONAL</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020AM9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors</name>
        <lei>N/A</lei>
        <title>GMF Floorplan Owner Revolving Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG/New York NY</title>
        <cusip>251526BN8</cusip>
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      <invstOrSec>
        <name>VERALTO CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities LLC</name>
        <lei>N/A</lei>
        <title>BBCMS Mortgage Trust 2022-C14</title>
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          <isin value="US07336AAF49"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CVS HEALTH CORP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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          <isin value="US38383U2A76"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-20</maturityDt>
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      <invstOrSec>
        <name>BANCO SANTANDER SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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          <isin value="US05970UE462"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NYC Commercial Mortgage Trust 2021-909</name>
        <lei>N/A</lei>
        <title>NYC Commercial Mortgage Trust 2025-3BP</title>
        <cusip>67120UAA5</cusip>
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          <isin value="US67120UAA51"/>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF NY MELLON CORP</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>5493002EEQ4GX2578787</lei>
        <title>Progress Residential 2025-SFR4 Trust</title>
        <cusip>74290JAA0</cusip>
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          <isin value="US74290JAA07"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Woodward Capital Management</name>
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        <title>RCKT Mortgage Trust 2024-CES1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DBC 2025-DBC Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DBC 2025-DBC Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MONONGAHELA POWER CO</name>
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        <title>Monongahela Power Co</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae REMICS</title>
        <cusip>3136BRTV9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Western Funding Auto Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Capital Group</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <title>PRPM 2024-RCF1 LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COMMONSPIRIT HEALTH</name>
        <lei>4SXHN5XW08IBO0UG2V58</lei>
        <title>CommonSpirit Health</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Taxable Municipal Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank5</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ICE Futures Europe</name>
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        <name>Hertz Vehicle Financing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMAZON.COM INC</name>
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        <name>SANTANDER UK GROUP HLDGS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricon Residential</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Stellantis Financial Underwritten Enhanced Lease Trust</name>
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        <name>arbor multifamily mortgage securities trust</name>
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        <name>United States Treasury</name>
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        <name>Fannie Mae</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Carvana Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Rate Mortgage Trust</name>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALTRIA GROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Woodward Capital Management</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ROYAL CARIBBEAN CRUISES</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL FARM CREDIT BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HOME DEPOT INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Credit Account Master Trust</name>
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        <name>BMW Vehicle Lease Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>John Deere Owner Trust</name>
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        <title>John Deere Owner Trust 2024-C</title>
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        <name>BIMBO BAKERIES USA INC</name>
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        <title>Bimbo Bakeries USA Inc</title>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Redevelopment Authority of the City of Philadelphia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Progress Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TELEDYNE TECHNOLOGIES IN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ford Credit Floorplan Master Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BENCHMARK Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Colony American Finance Ltd</name>
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        <name>BANK OF MONTREAL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Old Line Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WOORI BANK</name>
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        <title>Woori Bank</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FRESB Multifamily Mortgage Pass-Through Certifica</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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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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        <name>HOWMET AEROSPACE INC</name>
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        <title>Howmet Aerospace Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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      <invstOrSec>
        <name>IMPERIAL BRANDS FIN PLC</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>Imperial Brands Finance PLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CH ROBINSON WORLDWIDE</name>
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        <title>CH Robinson Worldwide Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>COOPERAT RABOBANK UA/NY</name>
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        <title>Cooperatieve Rabobank UA/NY</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <title>Barclays PLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DELTA AIR LINES/SKYMILES</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AVERY DENNISON CORP</name>
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        <title>Avery Dennison Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CAISSE D'AMORT DETTE SOC</name>
        <lei>969500P04DQJS4BPM574</lei>
        <title>Caisse d'Amortissement de la Dette Sociale</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TD SYNNEX CORP</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>TD SYNNEX Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
        <title>Toyota Auto Receivables 2024-D Owner Trust</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.40000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>Hertz Vehicle Financing LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERGY INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARI Fleet Lease Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Mercantile Exchange</name>
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          <annualizedRt>4.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>529900ELA1S09AZO9Q54</lei>
        <title>JP Morgan Mortgage Trust Series 2026-LTV1</title>
        <cusip>46660YAC3</cusip>
        <identifiers>
          <isin value="US46660YAC30"/>
        </identifiers>
        <balance>565000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>564254.09000000</valUSD>
        <pctVal>0.144258471069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.42000000</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>YARA INTERNATIONAL ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>Yara International ASA</title>
        <cusip>984851AF2</cusip>
        <identifiers>
          <isin value="US984851AF24"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751559.60000000</valUSD>
        <pctVal>0.192145419474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2016-P4</title>
        <cusip>29429EAC5</cusip>
        <identifiers>
          <isin value="US29429EAC57"/>
        </identifiers>
        <balance>300245.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299459.73000000</valUSD>
        <pctVal>0.076560548806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Floating Rate Notes</title>
        <cusip>91282CLT6</cusip>
        <identifiers>
          <isin value="US91282CLT61"/>
        </identifiers>
        <balance>3675000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3677913.43000000</valUSD>
        <pctVal>0.940303628346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.83000000</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>CAPITAL ONE FINANCIAL CO</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040HDC6</cusip>
        <identifiers>
          <isin value="US14040HDC60"/>
        </identifiers>
        <balance>512000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>565106.13000000</valUSD>
        <pctVal>0.144476305533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62000000</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>LOWE'S COS INC</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos Inc</title>
        <cusip>548661DR5</cusip>
        <identifiers>
          <isin value="US548661DR53"/>
        </identifiers>
        <balance>1040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018812.84000000</valUSD>
        <pctVal>0.260471984534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</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>PIEDMONT OPERATING PARTN</name>
        <lei>549300WKGDPAS39FBD10</lei>
        <title>Piedmont Operating Partnership LP</title>
        <cusip>720198AE0</cusip>
        <identifiers>
          <isin value="US720198AE09"/>
        </identifiers>
        <balance>578000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525663.41000000</valUSD>
        <pctVal>0.134392290933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</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>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>89117F8Z5</cusip>
        <identifiers>
          <isin value="US89117F8Z56"/>
        </identifiers>
        <balance>693000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>719808.15000000</valUSD>
        <pctVal>0.184027772279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2082-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.13000000</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>SUMITOMO MITSUI TR BK LT</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd</title>
        <cusip>86563VCG2</cusip>
        <identifiers>
          <isin value="US86563VCG23"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>716427.47000000</valUSD>
        <pctVal>0.183163460018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</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="Total returns do not reflect the deduction of sales loads and redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-27</ncom:dateSigned>
      <ncom:nameOfApplicant>RUSSELL INVESTMENT CO</ncom:nameOfApplicant>
      <ncom:signature>Ross Erickson</ncom:signature>
      <ncom:signerName>Ross Erickson</ncom:signerName>
      <ncom:title>Treasurer, Principal Accounting Officer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
