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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>AMER AIRLINE 25-1A PTT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMER AIRLINE 21-1A EETC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GLOBAL NET LEASE 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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        <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>AON NORTH AMERICA INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>APPLE INC</name>
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        <title>Apple Inc</title>
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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>FIRST-CITIZENS BANK/TRST</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>CVS HEALTH CORP</name>
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        <name>Countrywide Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corporation</name>
        <lei>529900A7SLLSJMEDIN80</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>529900A7SLLSJMEDIN80</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHENIERE ENERGY PARTNERS</name>
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        <title>Cheniere Energy Partners LP</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <title>Cheniere Energy Partners LP</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CHENIERE ENERGY INC</name>
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        <title>Cheniere Energy Inc</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CHENIERE ENERGY INC</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy Inc</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>CHENIERE CORP CHRISTI HD</name>
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        <title>Cheniere Corpus Christi Holdings LLC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>CHOICE HOTELS INTL INC</name>
        <lei>5493003CYRY5RFGTIR97</lei>
        <title>Choice Hotels International Inc</title>
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        <balance>1938000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <name>CIMIC FINANCE LTD</name>
        <lei>213800SWJBM5VMCQJW54</lei>
        <title>CIMIC Finance Ltd</title>
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        <balance>925000.00000000</balance>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CITADEL SECURITIES GLOBA</name>
        <lei>549300NV5RXBUS3X7L47</lei>
        <title>Citadel Securities Global Holdings LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEVELAND ELECTRIC ILLUM</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CLEVELAND-CLIFFS INC</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>Cleveland-Cliffs Inc</title>
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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>CONAGRA BRANDS 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>Government National Mortgage Association</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>DK Trust</name>
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        <name>DAIMLER TRUCK FINAN NA</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Bank &amp; Trust Co.</name>
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        </identifiers>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank NA</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank NA</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <cusip>000000000</cusip>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Citibank NA</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="26GGKBB2Z7B"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>-27913.96000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Citibank NA</counterpartyName>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED GBP / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="26GGKBB65KR"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74197700"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank NA</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="26GGKBB65KZ"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="26GGKBB7CNF"/>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Citibank NA</counterpartyName>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <currencyConditional curCd="COP" exchangeRt="3155.02000000"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED CNY / SOLD USD</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD HUF</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED TRY / SOLD USD</title>
        <cusip>000000000</cusip>
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        <currencyConditional curCd="TRY" exchangeRt="47.51875000"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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        <name>Citibank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank NA</name>
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      <invstOrSec>
        <name>Citibank NA</name>
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      <invstOrSec>
        <name>Citibank NA</name>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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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>ESSENT GROUP LTD</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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>Home Re Ltd</name>
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        <title>Honeywell International Inc</title>
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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>HUMANA INC</name>
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        <title>Humana Inc</title>
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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>Hudson Yards</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <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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        <fairValLevel>2</fairValLevel>
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        <title>Stellantis Financial Services US Corp</title>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Textainer Marine Containers Limited</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <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>Towd Point Mortgage 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>TRANSPRTDRA DE GAS INTL</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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        <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>Wellesley Park CLO LTD</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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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>YUM! BRANDS INC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ZIONS BANCORP NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RIKISBREF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN STATES</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>Japan Government Forty Year Bonds</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED MEXICAN STATES</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Japan Government Thirty Year Bonds</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vantage Data Centers Jersey Borrower SPV Limited</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
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          <isin value="JP1300841QA6"/>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNITED MEXICAN STATES</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2991917613"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RIKISBREF</name>
        <lei>549300K5GD3JPA2LLG98</lei>
        <title>Iceland Rikisbref</title>
        <cusip>000000000</cusip>
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          <isin value="IS0000037265"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>IS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BULGARIA</name>
        <lei>529900PG0XCL4LICL838</lei>
        <title>Bulgaria Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3063879442"/>
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        <balance>1837000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BG</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-07</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>
        <name>VANTAGE DATA CENTERS GERMANY BORROWER LUX S.A R.L.</name>
        <lei>2549008VW14T3IH21H24</lei>
        <title>Vantage Data Centers Germany Borrower Lux Sarl</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3045501718"/>
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        <balance>6578000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.29000000</annualizedRt>
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      <invstOrSec>
        <name>UNITED MEXICAN STATES</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3185370973"/>
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        <balance>1636000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apna Park CLO DAC</name>
        <lei>635400KMHOF69XBTWP26</lei>
        <title>Apna Park Clo DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3199102479"/>
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        <balance>9100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.69000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OCP Euro CLO</name>
        <lei>635400OLDPPTXRI97J03</lei>
        <title>OCP Euro Clo 2024-9 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3208459555"/>
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        <balance>1200000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.79000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Japan Government Thirty Year Bonds</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Thirty Year Bonds</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP1300891S18"/>
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        <balance>501600000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.10500000"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITED MEXICAN STATES</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3265539729"/>
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        <balance>2820000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
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      <invstOrSec>
        <name>UNITED MEXICAN STATES</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>000000000</cusip>
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          <isin value="XS3265540909"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</annualizedRt>
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      <invstOrSec>
        <name>RRE Loan Management</name>
        <lei>254900BC7AH4CP7MK655</lei>
        <title>Rre 28 Loan Management DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3298378319"/>
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        <balance>11700000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
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      <invstOrSec>
        <name>OCP Euro CLO</name>
        <lei>635400SWPXTSHQKC7J29</lei>
        <title>OCP Euro CLO 2026-15 DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3290536799"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.69000000</annualizedRt>
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      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>000000000</cusip>
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          <isin value="MX95PE1X00Q0"/>
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        <fairValLevel>2</fairValLevel>
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        <name>REPUBLIC OF INDONESIA</name>
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        <title>Indonesia Government International Bond</title>
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          <isin value="XS3307444482"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>HUNGARY GOVERNMENT BOND</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government Bond</title>
        <cusip>000000000</cusip>
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          <isin value="HU0000407564"/>
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        <balance>1001650000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>FED REPUBLIC OF BRAZIL</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazilian Government International Bond</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3344411486"/>
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        <balance>1200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME New Zealand Dollar Currency Futures</indexName>
                <indexIdentifier>NVU6 Curncy</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
            <notionalAmt>11920687.19000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>169187.81000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASX Clear (Futures)</name>
        <lei>549300ZD7BBOVZFVHK49</lei>
        <title>AUST 10Y BOND FUT SEP26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG021011313"/>
        </identifiers>
        <balance>205.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42116100"/>
        <valUSD>-59567.09000000</valUSD>
        <pctVal>-0.00252526033</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SFE 10 Year Commonwealth Treasury Bond Futures</indexName>
                <indexIdentifier>XMU6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-15</expDate>
            <notionalAmt>22249602.93000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>-59567.09000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>3538001249AILNPRUX57</lei>
        <title>JPN 10Y BOND(OSE) SEP26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01Z28SZW8"/>
        </identifiers>
        <balance>-120.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="159.10500000"/>
        <valUSD>353811.94000000</valUSD>
        <pctVal>0.014999343707</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Osaka Exchange</counterpartyName>
              <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>OSE Japanese 10 Year Bond Futures</indexName>
                <indexIdentifier>JBU6 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
            <notionalAmt>-15304693248.00000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>353811.94000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>French Republic Government Bonds OAT</name>
        <lei>969500KCGF3SUYJHPV70</lei>
        <title>French Republic Government Bonds OAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0014003513"/>
        </identifiers>
        <balance>29000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>32953101.40000000</valUSD>
        <pctVal>1.396998908882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PETROLEOS MEXICANOS</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1568888777"/>
        </identifiers>
        <balance>280000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86719000"/>
        <valUSD>326343.25000000</valUSD>
        <pctVal>0.013834848460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.88000000</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"/>
      <explntrNote note="1 day BRL CDI - Brazil Cetip DI Interbank Deposit Rate / 1 day CAD CORRA - Canadian Overnight Repo Rate Average / 1 day CHF SARON - Swiss Average Rate Overnight / 7 day CNY Repo Fixing - CFETS China Fixing Repo Rate 7 Days / 6 mo. CZK PRIBOR - Prague Interbank Offer Rate 6 Months /  1 day EUR STR - Euro Short-Term Overnight Rate / 6 mo. EURIBOR - Euribor 6 Month / 1 day GBP SONIA - Sterling Overnight Index Average Rate / 6 mo. HUF BIBOR - National Bank of Hungary Budapest Interbank Offer Rate 6 Month / 1 day JPY TONA - Tokyo Overnight Average Rate / 3 mo. NZD Bank Bill - New Zealand Bank Bills 3 Months /  6 mo. NOK NIBOR - Norwegian Interbank Offer Rate 6 Months /  3 mo. SEK STIBOR - Stockholm Interbank Offer Rate 3 Months /  28 day TIIE-Banxico - Mexican Interbank Equilibrium Interest Rate / 1 day USD OBFR - Overnight Bank Funding Rate / 1 day USD SOFR - Secured Overnight Financing Rate / 3 mo. ZAR JIBAR - SAFE South Africa Johannesburg Interbank Agreed Rate 3 Months" noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-31</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>
  <documents>XXXX</documents>
</edgarSubmission>
