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        <name>Federal National Mortgage Association</name>
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        <name>EVERGREEN CREDIT CARD TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Sumitomo Mitsui Trust Bank, Limited</name>
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        <name>CHASE AUTO OWNER TRUST</name>
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        <name>Freddie Mac</name>
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        <name>AT&amp;T INC.</name>
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        <name>ANSLEY PARK CAPITAL LLC</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <invCountry>BM</invCountry>

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        <name>Freddie Mac</name>
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        <name>Duke University Health System, Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>Government National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>KENNAMETAL INC.</name>
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        <name>WISCONSIN ELECTRIC POWER COMPANY</name>
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        <invCountry>US</invCountry>

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        <name>KEURIG DR PEPPER INC.</name>
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        <name>HP INC.</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>MASTER CREDIT CARD TRUST II</name>
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        <name>BACARDI LIMITED</name>
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        <name>THE KROGER CO.</name>
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        <name>DELL EQUIPMENT FINANCE TRUST</name>
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        <name>AUSTRALIAN METCOAL FINANCING PTY LTD</name>
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        <name>THE DOW CHEMICAL COMPANY</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>GTE AUTO RECEIVABLES TRUST</name>
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        <name>American Airlines 2017-2 Pass Through Trusts</name>
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        <name>BLUE OWL ASSET LEASING TRUST</name>
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        <name>SODEXO, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Amcor Flexibles North America, Inc</name>
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        <name>UPTOWN DEV AUTH TEX TAX INCREMENT CONTRACT REV</name>
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        <name>Eastern Energy Gas Holdings, LLC</name>
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        <name>NAVIENT STUDENT LOAN TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ADVENTIST HEALTH SYSTEM/WEST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NEW JERSEY HEALTH CARE FACS FING AUTH REV</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>HELMERICH &amp; PAYNE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RETAINED VANTAGE DATA CENTERS ISSUER LLC</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <name>POST ROAD EQUIPMENT FINANCE LLC</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>AEP TEXAS INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SWITCH ABS ISSUER LLC</name>
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        <name>EVERGY MISSOURI WEST STORM FUNDING I, LLC</name>
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        <name>SWCH COMMERCIAL MORTGAGE TRUST</name>
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        <name>ENTERGY LOUISIANA, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MSILF Government Portfolio</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GLOBAL PAYMENTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN NATIONAL CORPORATION</name>
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        <name>HCA INC.</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>United States of America</name>
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        <name>THE CIGNA GROUP</name>
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        <name>SLM STUDENT LOAN TRUST</name>
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        <name>APA CORPORATION</name>
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        <name>Government National Mortgage Association</name>
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        <name>Duke Energy Carolinas, LLC</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>DUKE ENERGY CAROLINAS NC STORM FUNDING LLC</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>BENCHMARK MORTGAGE TRUST</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>ROYALTY PHARMA PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
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        <name>BUNGE Ltd FINANCE CORP</name>
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        <name>JW COMMERCIAL MORTGAGE TRUST</name>
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        <name>MASSMUTUAL GLOBAL FUNDING II</name>
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        <name>United States of America</name>
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        <name>ARI FLEET LEASE TRUST</name>
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        <name>M&amp;T BANK AUTO RECEIVABLES TRUST</name>
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        <name>GREENSTATE AUTO RECEIVABLES TRUST</name>
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        <name>HCA INC.</name>
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        <name>DEXT ABS LLC</name>
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        <name>AUXILIOR TERM FUNDING LLC</name>
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        <name>AMEREN CORPORATION</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>Freddie Mac</name>
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        <name>HONDA AUTO RECEIVABLES OWNER TRUST</name>
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      <invstOrSec>
        <name>SOUTHWEST AIRLINES CO.</name>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <name>United States of America</name>
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        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
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        <name>AMERICAN HONDA FINANCE CORPORATION</name>
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        <name>MOLSON COORS BEVERAGE COMPANY</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>Mizuho Bank, Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>STELLANTIS FINANCIAL UNDERWRITTEN ENHANCED LEASE TRUST</name>
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        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>HUDSON YARDS MORTGAGE TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>EASTERN MAINE HEALTHCARE SYSTEMS</name>
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        <name>VIRGINIA ST HSG DEV AUTH</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>TESLA ELECTRIC VEHICLE TRUST</name>
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        <name>REVVITY, INC.</name>
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        <name>United States of America</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>INTL COMMERCIAL MORTGAGE TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States of America</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Xcel Energy Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC</title>
        <cusip>98388MAC1</cusip>
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          <isin value="US98388MAC10"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LAD AUTO RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>LAD AUTO RECEIVABLES TRUST 2026 1</title>
        <cusip>505708AE7</cusip>
        <identifiers>
          <isin value="US505708AE72"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1461605.78000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALA TRUST</name>
        <lei>N/A</lei>
        <title>ALA TRUST 2025 OANA</title>
        <cusip>009920AC3</cusip>
        <identifiers>
          <isin value="US009920AC38"/>
          <other otherDesc="Internal" value="009920AC3"/>
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        <balance>2000000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS CO</title>
        <cusip>025816CX5</cusip>
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          <isin value="US025816CX59"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-26</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
        <cusip>3133KUKX4</cusip>
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          <isin value="US3133KUKX45"/>
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        <balance>1836304.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1788928.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>36179WQB7</cusip>
        <identifiers>
          <isin value="US36179WQB71"/>
          <other otherDesc="Internal" value="36179WQB7"/>
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        <balance>1847279.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1643077.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT MCMORAN INC</title>
        <cusip>35671DCG8</cusip>
        <identifiers>
          <isin value="US35671DCG88"/>
          <other otherDesc="Internal" value="35671DCG8"/>
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        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>695301.76000000</valUSD>
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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>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
        <cusip>3618J6EW8</cusip>
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          <isin value="US3618J6EW87"/>
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        <balance>345135.16000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>GXO LOGISTICS, INC.</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO LOGISTICS INC</title>
        <cusip>36262GAG6</cusip>
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          <isin value="US36262GAG64"/>
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        <balance>1367000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-06</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>NMEF FUNDING LLC</name>
        <lei>N/A</lei>
        <title>NMEF FUNDING 2026 A LLC</title>
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          <isin value="US62919FAC05"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HILCORP ENERGY I, L.P.</name>
        <lei>549300ITPIHLG0LHEC09</lei>
        <title>HILCORP ENERGY I LP HILCORP FINANCE CO</title>
        <cusip>431318AS3</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DEXT ABS LLC</name>
        <lei>N/A</lei>
        <title>DEXT ABS 2023 2 LLC</title>
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          <isin value="US25216CAC47"/>
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        <valUSD>1405636.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.41000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY NOTE</title>
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          <isin value="US91282CPA35"/>
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        <balance>22809000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>FCCU AUTO RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>FCCU AUTO RECEIVABLES TRUST 2026 1</title>
        <cusip>30343XAD2</cusip>
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          <isin value="US30343XAD21"/>
          <other otherDesc="Internal" value="30343XAD2"/>
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        <balance>3000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32000000</annualizedRt>
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      <invstOrSec>
        <name>JBS USA Holding Lux S.a r.l.</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
        <title>JBS USA HOLDING LUX SARL</title>
        <cusip>47214BAC2</cusip>
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        <balance>234000.00000000</balance>
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        <valUSD>254856.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <name>COTY INC.</name>
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        <name>Freddie Mac</name>
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        <name>OGLETHORPE POWER CORP</name>
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        <name>COMM MORTGAGE TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>SALESFORCE, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Shell International Finance B.V.</name>
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        <name>JBS N.V.</name>
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        <name>SCCU AUTO RECEIVABLES TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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        <name>BUCKEYE PARTNERS, L.P.</name>
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        <name>VERDANT RECEIVABLES LLC</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
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        <name>United States of America</name>
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        <name>THE BOEING COMPANY</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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        <name>ALLY AUTO RECEIVABLES TRUST</name>
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        <name>NIAGARA MOHAWK POWER CORPORATION</name>
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        <name>GLS AUTO RECEIVABLES TRUST</name>
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        <name>The Bank of New York Mellon Corporation</name>
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        <name>CENTERPOINT ENERGY RESTORATION BOND COMPANY LLC</name>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>ROYALTY PHARMA PLC</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>CUMMINS INC.</name>
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        <name>WORLD OMNI SELECT AUTO TRUST</name>
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        <name>UNITED AIRLINES INC 2018-1A PASS THROUGH TRUST</name>
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        <name>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>CENTERPOINT ENERGY RESTORATION BOND COMPANY LLC</name>
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        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <name>CCG RECEIVABLES TRUST</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <curCd>USD</curCd>
        <valUSD>48319.90000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
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        <name>Federal National Mortgage Association</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <valUSD>8675931.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEXT ABS LLC</name>
        <lei>N/A</lei>
        <title>DEXT ABS 2025 2 LLC</title>
        <cusip>252153AC5</cusip>
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          <other otherDesc="Internal" value="252153AC5"/>
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        <valUSD>1985090.84000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.23000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AVENTURA MALL VENTURE</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERIZON MASTER TRUST</name>
        <lei>N/A</lei>
        <title>VERIZON MASTER TRUST</title>
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          <isin value="US92348KEZ21"/>
          <other otherDesc="Internal" value="92348KEZ2"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1977572.96000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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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>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <balance>88922.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85107.88000000</valUSD>
        <pctVal>0.003186921324</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CYRUSONE DATA CENTER ISSUER LLC</name>
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        <valUSD>1303978.67000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
