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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <isin value="US36179TXX89"/>
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        <valUSD>20882.49000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-20</maturityDt>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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          <isin value="US29364GAL77"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CBN02"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2023-02-28</maturityDt>
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          <annualizedRt>0.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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          <isin value="US12592XBD75"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-10</maturityDt>
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      <invstOrSec>
        <name>PepsiCo, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US31418DRV63"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Inter-American Development Bank</name>
        <lei>VKU1UKDS9E7LYLMACP54</lei>
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          <maturityDt>2023-11-15</maturityDt>
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        <name>GlaxoSmithKline Capital PLC</name>
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        <invCountry>GB</invCountry>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>Province of Ontario</name>
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        <invCountry>CA</invCountry>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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      <invstOrSec>
        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810RB6</cusip>
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        <balance>75000.00000000</balance>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Virginia Electric and Power Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>U.S. Treasury Notes</name>
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          <isin value="US912828U246"/>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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          <isin value="US68389XBW48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>Wyeth LLC</name>
        <lei>549300Q9GR3WRH4N4836</lei>
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        <balance>50000.00000000</balance>
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      <invstOrSec>
        <name>Hungary Government International Bond</name>
        <lei>5299003F3UFKGCCMAP43</lei>
        <title>Hungary Government International Bond</title>
        <cusip>445545AH9</cusip>
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          <isin value="US445545AH91"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>HU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810RD2</cusip>
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          <isin value="US912810RD28"/>
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        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-19</maturityDt>
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          <annualizedRt>4.32700000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128284N7</cusip>
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          <isin value="US9128284N73"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56004.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140K8SG7</cusip>
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          <maturityDt>2050-03-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Energy Transfer Partners LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer Partners LP</title>
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          <maturityDt>2045-12-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140X4MC7</cusip>
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        <name>Walt Disney Co. (The)</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CBM2</cusip>
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        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810QD3</cusip>
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        <name>Equinix, Inc.</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>Equinix, Inc.</title>
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      <invstOrSec>
        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810FM5</cusip>
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        <name>Uruguay Government International Bond</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>CSX Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>U.S. Treasury Note</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>U.S. Treasury Notes</name>
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        <title>U.S. Treasury Notes</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
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        <name>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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          <maturityDt>2027-03-25</maturityDt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828YM6</cusip>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
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        <name>U.S. Treasury Bonds</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>U.S. Treasury Notes</title>
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        <name>United Parcel Service, Inc.</name>
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        <name>U.S. Treasury Notes</name>
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        <title>U.S. Treasury Notes</title>
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        <name>International Business Machines Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
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        <name>Berkshire Hathaway, Inc.</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Bonds</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Wal-Mart Stores</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Walt Disney Co. (The)</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>91282CCH2</cusip>
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        <name>U.S. Treasury Notes</name>
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        <title>U.S. Treasury Notes</title>
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        <name>Anthem, Inc.</name>
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        <name>U.S. Treasury Bonds</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>Government National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
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        <name>International Bank for Reconstruction &amp; Development</name>
        <lei>ZTMSNXROF84AHWJNKQ93</lei>
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        <name>TWDC Enterprises 18 Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Dow Chemical Co. (The)</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>TransCanada PipeLines Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Asian Development Bank</name>
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        <name>Government National Mortgage Association</name>
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        <name>U.S Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
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        <name>Trane Technologies Global Holding Co. Ltd.</name>
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        <name>U.S. Treasury Note</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>AT&amp;T, Inc.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Apollo Management Holdings L.P.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Steel Dynamics, Inc.</name>
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        <name>Verizon Owner Trust 2020-B</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Capital One Multi-Asset Execution Trust</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Government National Mortgage Association</name>
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        <name>U.S. Treasury Note</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
        <cusip>912828XX3</cusip>
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          <isin value="US912828XX34"/>
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      <invstOrSec>
        <name>Mexico Government Bond</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government Bond</title>
        <cusip>91086QBE7</cusip>
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          <isin value="US91086QBE70"/>
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        <balance>60000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-21</maturityDt>
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          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>General Electric Co.</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co.</title>
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          <isin value="US36962GXZ26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179WJS8</cusip>
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          <isin value="US36179WJS89"/>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828YS3</cusip>
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          <isin value="US912828YS30"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810ST6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCC3</cusip>
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          <isin value="US91282CCC38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-15</maturityDt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
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      <invstOrSec>
        <name>Boston Properties LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-02-01</maturityDt>
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        <name>Province of Quebec</name>
        <lei>549300WN65YFEQH74Y36</lei>
        <title>Province of Quebec</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-23</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-24</maturityDt>
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          <annualizedRt>3.06900000</annualizedRt>
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        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <name>U.S. Treasury Note</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
        <cusip>912828VS6</cusip>
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          <isin value="US912828VS66"/>
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        <name>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
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        <name>Xcel Energy Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <maturityDt>2022-10-15</maturityDt>
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        <name>American Water Capital Corp.</name>
        <lei>5IDHQUFVC8Q2KIBBFF06</lei>
        <title>American Water Capital Corp.</title>
        <cusip>03040WAX3</cusip>
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        <balance>25000.00000000</balance>
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        <name>Verizon Communications, Inc.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Morgan Stanley</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Cigna Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Citigroup, Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Government National Mortgage Association</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Invesco Private Prime Fund</name>
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        <name>Georgia Power Co.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Intel Corp.</name>
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        <name>Liberty Mutual Group, Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>U.S. Treasury Notes</name>
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        <name>United Airlines Pass Through Trust</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Georgia-Pacific LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
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        <name>Bank of America Corp.</name>
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          <maturityDt>2025-08-01</maturityDt>
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        <name>U.S. Treasury Notes</name>
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          <maturityDt>2027-06-30</maturityDt>
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        <name>U.S. Treasury Notes</name>
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        <title>U.S. Treasury Notes</title>
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          <maturityDt>2023-06-15</maturityDt>
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          <annualizedRt>0.25000000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128283F5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CBQ3</cusip>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
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        <balance>35402.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38569.81000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Toyota Motor Corp.</name>
        <lei>5493006W3QUS5LMH6R84</lei>
        <title>Toyota Motor Corp.</title>
        <cusip>892331AD1</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66900000</annualizedRt>
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        <name>Duke Energy Corp.</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp.</title>
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          <isin value="US26441CAT27"/>
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        <balance>50000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
        <title>Aon PLC</title>
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        <invCountry>IE</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810FF0</cusip>
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          <isin value="US912810FF04"/>
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        <balance>15000.00000000</balance>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31417DK77</cusip>
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        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp</title>
        <cusip>91159HHV5</cusip>
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        <balance>50000.00000000</balance>
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        <name>Mexico Government International Bond</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>91086QAZ1</cusip>
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          <isin value="US91086QAZ19"/>
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        <balance>70000.00000000</balance>
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        <valUSD>85663.20000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2110-10-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>3M Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <name>Cleveland Electric Illuminating Co. (The)</name>
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        <name>General Motors Co.</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Continental Airlines Pass Through Trust</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <title>U.S. Treasury Notes</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US912828ZW33"/>
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        <name>California (State of)</name>
        <lei>N/A</lei>
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          <isin value="US13063A5G50"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-01</maturityDt>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SE9</cusip>
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          <isin value="US912810SE91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3138WAQM2</cusip>
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          <isin value="US3138WAQM21"/>
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        <curCd>USD</curCd>
        <valUSD>41773.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810RV2</cusip>
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          <isin value="US912810RV26"/>
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        <curCd>USD</curCd>
        <valUSD>48896.88000000</valUSD>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
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        <cusip>378272AN8</cusip>
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          <isin value="US378272AN87"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-27</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>U.S. Treasury Note</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Note</title>
        <cusip>912828D56</cusip>
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          <isin value="US912828D564"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-15</maturityDt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>9128284V9</cusip>
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          <isin value="US9128284V99"/>
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          <maturityDt>2028-08-15</maturityDt>
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        <name>U.S. Treasury Notes</name>
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        <cusip>91282CBH3</cusip>
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        <name>U.S. Treasury Bonds</name>
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        <title>U.S. Treasury Bonds</title>
        <cusip>912810FP8</cusip>
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          <isin value="US912810FP85"/>
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        <name>European Investment Bank</name>
        <lei>5493006YXS1U5GIHE750</lei>
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        <name>U.S. Treasury Notes</name>
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        <cusip>912828Z52</cusip>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828WJ5</cusip>
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        <name>U.S. Treasury Notes</name>
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        <name>Ginnie Mae</name>
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        <name>Government National Mortgage Association</name>
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        <name>Air Lease Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Raytheon Technologies Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bank of Montreal</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Telefonica Emisiones S.A.</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association</title>
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        <name>Government National Mortgage Association</name>
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        <title>Government National Mortgage Association</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Toronto-Dominion Bank (The)</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>U.S. Treasury Notes</name>
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        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co.</title>
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        <valUSD>75393.82000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GJF72"/>
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        <valUSD>49018.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-23</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179TVC6</cusip>
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          <isin value="US36179TVC60"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-20</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179WJQ2</cusip>
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          <isin value="US36179WJQ24"/>
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        <balance>49847.82000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-20</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Philippines Bond</name>
        <lei>529900RAHBALMYIJ3T08</lei>
        <title>Republic of Philippines Bond</title>
        <cusip>718286AY3</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-02</maturityDt>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAW1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-15</maturityDt>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810EZ7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828TY6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-15</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179S5M5</cusip>
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          <isin value="US36179S5M51"/>
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        <balance>53474.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57355.33000000</valUSD>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810QU5</cusip>
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          <maturityDt>2042-02-15</maturityDt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140E0VP7</cusip>
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        <balance>68686.14000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810FJ2</cusip>
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          <isin value="US912810FJ26"/>
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          <maturityDt>2029-08-15</maturityDt>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RT7</cusip>
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        <name>Public Service Co. of Oklahoma</name>
        <lei>F3TJNSIZRGXRH8GEIK79</lei>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
        <lei>BZLRL03D3GPGMOGFO832</lei>
        <title>International Flavors &amp; Fragrances, Inc.</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAL5</cusip>
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          <maturityDt>2027-09-30</maturityDt>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TA6</cusip>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CCS8</cusip>
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          <isin value="US91282CCS89"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <maturityDt>2027-08-31</maturityDt>
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        <name>U.S. Treasury Bond</name>
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        <title>U.S. Treasury Bond</title>
        <cusip>912810FG8</cusip>
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          <isin value="US912810FG86"/>
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          <maturityDt>2029-02-15</maturityDt>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SQ2</cusip>
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          <isin value="US912810SQ22"/>
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        <curCd>USD</curCd>
        <valUSD>66568.36000000</valUSD>
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          <maturityDt>2040-08-15</maturityDt>
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          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828ZN3</cusip>
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          <isin value="US912828ZN34"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24484.38000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-30</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231GAR3</cusip>
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          <isin value="US30231GAR39"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.72600000</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3132DWBG7</cusip>
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          <isin value="US3132DWBG78"/>
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        <balance>97861.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96287.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RG5</cusip>
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          <isin value="US912810RG58"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38366.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
        <cusip>58013MFR0</cusip>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61398.67000000</valUSD>
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          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828V98</cusip>
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          <isin value="US912828V988"/>
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        <balance>50000.00000000</balance>
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          <maturityDt>2027-02-15</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>Canada Government Bond</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Bond</title>
        <cusip>135087K78</cusip>
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          <isin value="US135087K787"/>
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        <balance>60000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-22</maturityDt>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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          <maturityDt>2028-10-15</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3132D6N48</cusip>
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          <maturityDt>2036-05-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>U.S. Treasury Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810QB7</cusip>
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        <balance>50000.00000000</balance>
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        <valUSD>69958.98000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-05-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828P46</cusip>
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        <balance>100000.00000000</balance>
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        <valUSD>104078.13000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CAY7</cusip>
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          <isin value="US91282CAY75"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-30</maturityDt>
          <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>Caterpillar Financial Services Corp.</name>
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        <valUSD>50292.11000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
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        <valUSD>152267.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <curCd>USD</curCd>
        <valUSD>25819.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <identifiers>
          <isin value="US912810SW99"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75562.50000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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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>
      <invstOrSec>
        <name>Kimberly-Clark Corp.</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26210.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="26088.89000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
