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        <fairValLevel>2</fairValLevel>
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        <name>INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>INTERNATIONAL FINANCE CORP</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ABU DHABI FUTURE ENERGY CO PJSC - MASDAR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NOKIA OYJ (NOKIA CORP)</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>TELECOM ITALIA CAPITAL SA</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TELECOM ITALIA SPA</name>
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          <isin value="XS2288109676"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US31418FEL76"/>
          <ticker value="FNMA"/>
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        <curCd>USD</curCd>
        <valUSD>180696.45</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN BANKS</name>
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          <isin value="US3130B3A868"/>
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        <curCd>USD</curCd>
        <valUSD>240788.24</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>NEW YORK (NY), CITY OF</name>
        <lei>N/A</lei>
        <title>NY NYC 5.85 06/01/2040</title>
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          <ticker value="NYC"/>
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        <valUSD>201826.96</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.846000000000</annualizedRt>
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      <invstOrSec>
        <name>MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT (MD)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MINNESOTA ST HSG FIN AGY</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>FS LUXEMBOURG SARL</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>COTY INC / HFC PRESTIGE PRODUCTS INC / HFC PRESTIGE INTERNATIONAL US LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MASSACHUSETTS HOUSING FINANCE AGENCY (MA)</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN DIEGO UNIFIED SCHOOL DISTRICT (CA)</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FEDERAL HOME LOAN BANKS</name>
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          <isin value="US3130B47A33"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VIRGINIA HOUSING DEVELOPMENT AUTHORITY (VA)</name>
        <lei>N/A</lei>
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          <isin value="US92812WUR32"/>
          <ticker value="VASHSG"/>
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        <balance>240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236977.94</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2066-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL FINANCE CORP</name>
        <lei>N/A</lei>
        <title>IFC 7.02 04/06/28 GMTN</title>
        <cusip>U4R843HZ8</cusip>
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          <isin value="XS1801143196"/>
          <ticker value="IFC"/>
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        <balance>23000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="16.99645"/>
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        <pctVal>1.2830280526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.020000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT ST HSG FIN AUTH</name>
        <lei>N/A</lei>
        <title>CT CTSHSG 5.92 11/15/2055</title>
        <cusip>20775H7Z0</cusip>
        <identifiers>
          <isin value="US20775H7Z01"/>
          <ticker value="CTSHSG"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>495425.3</valUSD>
        <pctVal>0.4784579855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT ST HSG FIN AUTH</name>
        <lei>N/A</lei>
        <title>CT CTSHSG 5.8 11/15/2045</title>
        <cusip>20775H7X5</cusip>
        <identifiers>
          <isin value="US20775H7X52"/>
          <ticker value="CTSHSG"/>
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        <balance>450000</balance>
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        <curCd>USD</curCd>
        <valUSD>444541.37</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.798000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TABREED SUKUK PROGRAMME LTD</name>
        <lei>N/A</lei>
        <title>TABRED 5.279 03/05/30</title>
        <cusip>M8T08RAA8</cusip>
        <identifiers>
          <isin value="XS3013061489"/>
          <ticker value="TABRED"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3005179.02</valUSD>
        <pctVal>2.9022577167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.279000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
        <lei>N/A</lei>
        <title>FHLMC 4.75 12/18/29</title>
        <cusip>3134HAW33</cusip>
        <identifiers>
          <isin value="US3134HAW339"/>
          <ticker value="FHLMC"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299617.55</valUSD>
        <pctVal>0.2893562549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS HSG DEV AUTH</name>
        <lei>N/A</lei>
        <title>IL ILSHSG 5.93 10/01/2050</title>
        <cusip>45203MN64</cusip>
        <identifiers>
          <isin value="US45203MN641"/>
          <ticker value="ILSHSG"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483105.65</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.929000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INTERNATIONAL FINANCE CORP</name>
        <lei>N/A</lei>
        <title>IFC 7 07/20/27 GMTN</title>
        <cusip>U4R843CL4</cusip>
        <identifiers>
          <isin value="XS1649504096"/>
          <ticker value="IFC"/>
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        <balance>26000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="16.99645"/>
        <valUSD>1519604.38</valUSD>
        <pctVal>1.4675610035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>T 4.5 05/31/29</title>
        <cusip>91282CKT7</cusip>
        <identifiers>
          <isin value="US91282CKT70"/>
          <ticker value="T"/>
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        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350806.64</valUSD>
        <pctVal>0.3387922221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>S 0 02/15/45</title>
        <cusip>912834PH5</cusip>
        <identifiers>
          <isin value="US912834PH51"/>
          <ticker value="S"/>
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        <balance>5050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1853160.28</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AFRICAN DEVELOPMENT BANK</name>
        <lei>N/A</lei>
        <title>AFDB V5.75 PERP</title>
        <cusip>008281BF3</cusip>
        <identifiers>
          <isin value="US008281BF39"/>
          <ticker value="AFDB"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3409198.8</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CI</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2500-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TII 2.125 02/15/54</title>
        <cusip>912810TY4</cusip>
        <identifiers>
          <isin value="US912810TY47"/>
          <ticker value="T"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2487349.35</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.125000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NXP BV / NXP FUNDING LLC / NXP USA INC</name>
        <lei>N/A</lei>
        <title>NXPI 3.25 05/11/41</title>
        <cusip>62954HAU2</cusip>
        <identifiers>
          <isin value="US62954HAU23"/>
          <ticker value="NXPI"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1087128.34</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RELX FINANCE BV</name>
        <lei>N/A</lei>
        <title>RELLN 0.875 03/10/32</title>
        <cusip>N7S84NJT6</cusip>
        <identifiers>
          <isin value="XS2126162069"/>
          <ticker value="RELLN"/>
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        <balance>1000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86092"/>
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        <pctVal>0.9586653729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.875000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED RENTALS (NORTH AMERICA) INC</name>
        <lei>N/A</lei>
        <title>URI 5.25 01/15/30</title>
        <cusip>911365BL7</cusip>
        <identifiers>
          <isin value="US911365BL76"/>
          <ticker value="URI"/>
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        <balance>350000</balance>
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        <curCd>USD</curCd>
        <valUSD>348560.63</valUSD>
        <pctVal>0.3366231334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASSACHUSETTS ST HSG FIN AGY</name>
        <lei>N/A</lei>
        <title>MA MASHSG 5.78 12/01/2040</title>
        <cusip>57587G2Q7</cusip>
        <identifiers>
          <isin value="US57587G2Q79"/>
          <ticker value="MASHSG"/>
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        <balance>215000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>214985.14</valUSD>
        <pctVal>0.2076223338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.781000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIRST NATIONS FINANCE AUTHORITY</name>
        <lei>N/A</lei>
        <title>FNFACA 4.05 06/01/35</title>
        <cusip>32117DAF1</cusip>
        <identifiers>
          <isin value="CA32117DAF11"/>
          <ticker value="FNFPKG"/>
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        <balance>2500000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.38595"/>
        <valUSD>1798490.2</valUSD>
        <pctVal>1.7368955482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.050000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OHIO ST HSG FIN AGY</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ANTOFAGASTA PLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>BROOKFIELD RENEWABLE PARTNERS ULC</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)</name>
        <lei>N/A</lei>
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        <cusip>U4586HGH0</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL FINANCE CORP</name>
        <lei>N/A</lei>
        <title>IFC 10.75 02/15/28 GMTN</title>
        <cusip>U4R8432Y7</cusip>
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          <isin value="XS2586778115"/>
          <ticker value="IFC"/>
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        <currencyConditional curCd="BRL" exchangeRt="5.18155"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>10.750000000000</annualizedRt>
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      <invstOrSec>
        <name>INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)</name>
        <lei>N/A</lei>
        <title>IBRD 9.5 02/09/29 EMTN</title>
        <cusip>U4586HNS8</cusip>
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          <isin value="XS2439224705"/>
          <ticker value="IBRD"/>
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        <pctVal>0.4333401081</pctVal>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)</name>
        <lei>N/A</lei>
        <title>IBRD 10 11/08/27 EMTN</title>
        <cusip>U4586HV67</cusip>
        <identifiers>
          <isin value="XS2934329967"/>
          <ticker value="IBRD"/>
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        <balance>12500000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.18155"/>
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        <pctVal>2.2661824051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.000000000000</annualizedRt>
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      <invstOrSec>
        <name>AXA SA</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXASA V5.125 01/17/47 EMTN</title>
        <cusip>F0609NBB3</cusip>
        <identifiers>
          <isin value="XS1550938978"/>
          <ticker value="AXASA"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2997690.56</valUSD>
        <pctVal>2.8950257214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEERE &amp; COMPANY</name>
        <lei>N/A</lei>
        <title>DE 8.1 05/15/30</title>
        <cusip>244199AZ8</cusip>
        <identifiers>
          <isin value="US244199AZ87"/>
          <ticker value="DE"/>
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        <balance>95000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105155.38</valUSD>
        <pctVal>0.1015540209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.100000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOWE'S COMPANIES INC</name>
        <lei>N/A</lei>
        <title>LOW 5.8 10/15/36</title>
        <cusip>548661CL9</cusip>
        <identifiers>
          <isin value="US548661CL92"/>
          <ticker value="LOW"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257662.52</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.800000000000</annualizedRt>
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      <invstOrSec>
        <name>BECTON DICKINSON &amp; COMPANY</name>
        <lei>N/A</lei>
        <title>BDX 6.7 08/01/28</title>
        <cusip>075887AQ2</cusip>
        <identifiers>
          <isin value="US075887AQ26"/>
          <ticker value="BDX"/>
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        <balance>240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246999.46</valUSD>
        <pctVal>0.2385402281</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.700000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
        <lei>N/A</lei>
        <title>BNY 3.3 08/23/29 MTN</title>
        <cusip>06406YAA0</cusip>
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          <isin value="US06406YAA01"/>
          <ticker value="BNY"/>
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        <balance>250000</balance>
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        <curCd>USD</curCd>
        <valUSD>239588.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.300000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>APPLE INC</name>
        <lei>N/A</lei>
        <title>AAPL 4.5 02/23/36</title>
        <cusip>037833BW9</cusip>
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          <isin value="US037833BW97"/>
          <ticker value="AAPL"/>
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        <balance>350000</balance>
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        <curCd>USD</curCd>
        <valUSD>338414.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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        <name>BURLINGTON NORTHERN SANTA FE LLC</name>
        <lei>N/A</lei>
        <title>BNSF 5.05 03/01/41</title>
        <cusip>12189LAC5</cusip>
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          <ticker value="BNSF"/>
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        <curCd>USD</curCd>
        <valUSD>292002.29</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.050000000000</annualizedRt>
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        <name>FLORIDA POWER &amp; LIGHT COMPANY</name>
        <lei>N/A</lei>
        <title>NEE 5.95 10/01/33</title>
        <cusip>341081ER4</cusip>
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          <ticker value="NEE"/>
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        <curCd>USD</curCd>
        <valUSD>103328.21</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.950000000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>MEDTRONIC INC</name>
        <lei>N/A</lei>
        <title>MDT 4.375 03/15/35</title>
        <cusip>585055BT2</cusip>
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          <isin value="US585055BT26"/>
          <ticker value="MDT"/>
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        <balance>260000</balance>
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        <curCd>USD</curCd>
        <valUSD>244368.57</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNILEVER CAPITAL CORP</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>T 6.125 08/15/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>T 5.375 02/15/31</title>
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          <isin value="US912810FP85"/>
          <ticker value="T"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>T 3.125 11/15/41</title>
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          <ticker value="T"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>QUALCOMM INC</name>
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          <ticker value="QCOM"/>
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        <balance>100000</balance>
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        <curCd>USD</curCd>
        <valUSD>99229.59</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>N/A</lei>
        <title>T 3.375 11/15/48</title>
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          <isin value="US912810SE91"/>
          <ticker value="T"/>
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        <curCd>USD</curCd>
        <valUSD>419409.37</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>RELX CAPITAL INC</name>
        <lei>2R15C3RTKJN1RCBOV146</lei>
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          <isin value="US74949LAC63"/>
          <ticker value="RELLN"/>
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        <curCd>USD</curCd>
        <valUSD>392304.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>STORA ENSO OYJ</name>
        <lei>N/A</lei>
        <title>STERV 7.25 04/15/36 144A</title>
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        <curCd>USD</curCd>
        <valUSD>550008.95</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PUGET SOUND ENERGY INC</name>
        <lei>N/A</lei>
        <title>PSD 4.434 11/15/41</title>
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          <ticker value="PSD"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>LINDE INC</name>
        <lei>N/A</lei>
        <title>LIN 3.55 11/07/42</title>
        <cusip>74005PBD5</cusip>
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          <ticker value="LIN"/>
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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>
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      <invstOrSec>
        <name>UNITED UTILITIES PLC</name>
        <lei>213800KYT12UFB2VE455</lei>
        <title>UU 6.875 08/15/28</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PAYPAL HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>PYPL 2.65 10/01/26</title>
        <cusip>70450YAD5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QUEENSLAND TREASURY CORP</name>
        <lei>98INKCEEHOU5YJS0HQ88</lei>
        <title>QTC 2.5 03/06/29</title>
        <cusip>Q7943QXB0</cusip>
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          <isin value="AU3SG0001928"/>
          <ticker value="QTC"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KONINKLIJKE KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>KPN 8.375 10/01/30</title>
        <cusip>780641AH9</cusip>
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          <isin value="US780641AH94"/>
          <ticker value="KPN"/>
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        <curCd>USD</curCd>
        <valUSD>3976428.01</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHUBB INA HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CB 4.35 11/03/45</title>
        <cusip>00440EAW7</cusip>
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          <isin value="US00440EAW75"/>
          <ticker value="CB"/>
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        <curCd>USD</curCd>
        <valUSD>82202.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.350000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATURA &amp; CO. LUXEMBOURG HOLDINGS SARL</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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        <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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        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
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        <name>PERUSAHAAN PENERBIT SURAT BERHARGA SYARIAH NEGARA INDONESIA III</name>
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    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>SATURNA INVESTMENT TRUST</ncom:nameOfApplicant>
      <ncom:signature>Christopher Fankhauser</ncom:signature>
      <ncom:signerName>Christopher Fankhauser</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
