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        <name>BANK OF NEW ZEALAND</name>
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        <name>FEDEX CORPORATION</name>
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        <name>ITC HOLDINGS CORP.</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
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        <name>Shell International Finance B.V.</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>ORACLE CORPORATION</name>
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        <invCountry>US</invCountry>

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        <name>Rogers Communications Inc.</name>
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        <name>GLOBAL PAYMENTS INC.</name>
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        <name>CREDIT AGRICOLE S.A. LONDON BRANCH</name>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>CARRIER GLOBAL CORPORATION</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>CARRIER GLOBAL CORP</title>
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        <name>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>ALBEMARLE CORP</title>
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        <name>THE BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA THE</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KOHL'S CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE BOEING COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AUTODESK, INC.</name>
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        <name>GLP Capital, L.P.</name>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>WRKCO INC.</name>
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        <name>THE TIMKEN COMPANY</name>
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        <name>TSMC ARIZONA CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THE DOW CHEMICAL COMPANY</name>
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        <name>THE ALLSTATE CORPORATION</name>
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        <name>MACQUARIE BANK LIMITED</name>
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        <name>JABIL INC.</name>
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        <name>Truist Financial Corporation</name>
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        <name>KEURIG DR PEPPER INC.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <name>STANDARD CHARTERED PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>STANDARD CHARTERED PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ABBVIE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PULTEGROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WEBSTER FINANCIAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-25</maturityDt>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>Shell International Finance B.V.</name>
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        <name>ANHEUSER-BUSCH INBEV WORLDWIDE INC.</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>WORKDAY, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GENUINE PARTS COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>PERKINELMER, INC.</name>
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        <name>DISCOVERY COMMUNICATIONS, LLC</name>
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        <name>APTARGROUP, INC.</name>
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        <name>RYDER SYSTEM, INC.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
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        <name>DUKE ENERGY FLORIDA, LLC</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
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        <invCountry>JP</invCountry>

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        <name>DELL INC.</name>
        <lei>3E70L4WYANTIWWIPHC81</lei>
        <title>DELL INC</title>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>BUNGE LIMITED FINANCE CORP.</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>MORGAN STANLEY</name>
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        <name>PARAMOUNT GLOBAL</name>
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        <name>BLUE OWL FINANCE LLC</name>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
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        <name>HOST HOTELS &amp; RESORTS, L.P.</name>
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        <name>LA BANQUE TORONTO-DOMINION</name>
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        <name>AT&amp;T INC.</name>
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        <lei>5493007CNWMXN78JRN66</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Carolinas, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MCCORMICK &amp; COMPANY, INCORPORATED</name>
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        <name>AMGEN INC.</name>
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        <name>ENTERGY CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BROADCOM INC.</name>
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          <maturityDt>2033-02-15</maturityDt>
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        <name>VOLKSWAGEN GROUP OF AMERICA FINANCE, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Group AG</name>
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        <invCountry>CH</invCountry>

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        <name>HUBBELL INCORPORATED</name>
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        <name>ASHTEAD CAPITAL, INC.</name>
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        <name>NORTHERN TRUST CORPORATION</name>
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        <name>Ontario Teachers' Cadillac Fairview Properties Trust</name>
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        <name>TRACTOR SUPPLY COMPANY</name>
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        <name>KILROY REALTY, L.P.</name>
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        <name>CROWN CASTLE INC.</name>
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        <name>EAGLE MATERIALS INC.</name>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
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        <name>PECO Energy Company</name>
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        <name>The Huntington National Bank</name>
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        <name>KEURIG DR PEPPER INC.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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          <isin value="US015271AW93"/>
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        <curCd>USD</curCd>
        <valUSD>769460.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-18</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>OLYMPUS CORPORATION</name>
        <lei>5299000Y52IFDI1I2A21</lei>
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          <isin value="US68163WAA71"/>
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        <curCd>USD</curCd>
        <valUSD>134526.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-08</maturityDt>
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          <annualizedRt>2.14300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENEL Finance International N.V.</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>ENEL FINANCE INTERNATIONAL NV</title>
        <cusip>29278GBA5</cusip>
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          <isin value="US29278GBA58"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-14</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OWL ROCK CORE INCOME CORP.</name>
        <lei>5493003I42XBWPE05N35</lei>
        <title>OWL ROCK CORE INCOME CORP</title>
        <cusip>69120VAE1</cusip>
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          <isin value="US69120VAE11"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>336067.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BRISTOL MYERS SQUIBB CO</title>
        <cusip>110122DS4</cusip>
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          <isin value="US110122DS47"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>315795.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Becle, S.A.B. de C.V.</name>
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        <title>BECLE SAB DE CV</title>
        <cusip>07586PAA9</cusip>
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          <isin value="US07586PAA93"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACUITY BRANDS LIGHTING, INC.</name>
        <lei>549300OTPVPFLUC38K21</lei>
        <title>ACUITY BRANDS LIGHTING</title>
        <cusip>00510RAD5</cusip>
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          <isin value="US00510RAD52"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>576285.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAYPORT POLYMERS LLC</name>
        <lei>N/A</lei>
        <title>BAYPORT POLYMERS LLC</title>
        <cusip>073096AA7</cusip>
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          <isin value="US073096AA75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>464780.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74300000</annualizedRt>
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      <invstOrSec>
        <name>BIO-RAD LABORATORIES, INC.</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>BIO RAD LABORATORIES INC</title>
        <cusip>090572AR9</cusip>
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          <isin value="US090572AR99"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230647.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC</title>
        <cusip>53944YAP8</cusip>
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          <isin value="US53944YAP88"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>864900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62700000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC</title>
        <cusip>404280CV9</cusip>
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          <isin value="US404280CV97"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>807670.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.20600000</annualizedRt>
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      <invstOrSec>
        <name>ADVANCE AUTO PARTS, INC.</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>ADVANCE AUTO PARTS INC</title>
        <cusip>00751YAG1</cusip>
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          <isin value="US00751YAG17"/>
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        <balance>250000.00000000</balance>
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        <valUSD>204380.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>FLORIDA POWER &amp; LIGHT COMPANY</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>FLORIDA POWER LIGHT CO</title>
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          <isin value="US341081FX06"/>
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        <balance>250000.00000000</balance>
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        <valUSD>181607.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>3.15000000</annualizedRt>
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      <invstOrSec>
        <name>AIRCASTLE LIMITED</name>
        <lei>549300PNK8AKY3OIKP58</lei>
        <title>AIRCASTLE LTD</title>
        <cusip>00928QAS0</cusip>
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          <isin value="US00928QAS03"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>470740.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>AMEREN CORPORATION</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>AMEREN CORP</title>
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        <balance>250000.00000000</balance>
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        <valUSD>220690.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH ACQUISITION SUB INC.</name>
        <lei>254900JOFV74IJ7H9933</lei>
        <title>MYLAN NV</title>
        <cusip>62854AAN4</cusip>
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          <isin value="US62854AAN46"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>467295.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE CO</title>
        <cusip>48128BAG6</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443965.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2199-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>GA GLOBAL FUNDING TRUST</name>
        <lei>54930029I8ROQ4OROZ88</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>W. R. BERKLEY CORPORATION</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Pentair Finance S.a r.l.</name>
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          <isin value="US709629AS88"/>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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        <name>WALGREENS BOOTS ALLIANCE, INC.</name>
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        <valUSD>183960.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-15</maturityDt>
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        <name>Deutsche Bank AG (New York Branch)</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>417490.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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        <name>ANHEUSER-BUSCH INBEV WORLDWIDE INC.</name>
        <lei>549300CRGMZK3K53BF92</lei>
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        <cusip>035240AV2</cusip>
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          <isin value="US035240AV25"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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        <name>CHURCH &amp; DWIGHT CO., INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
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      <invstOrSec>
        <name>AVERY DENNISON CORPORATION</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>AVERY DENNISON CORP</title>
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        <valUSD>380880.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
        <lei>529900TV1XI0PLKENU10</lei>
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        <cusip>86038AAA0</cusip>
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        <valUSD>190620.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>3.60000000</annualizedRt>
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        <name>NEWELL BRANDS INC.</name>
        <lei>549300LWGYFM1TVO1Z12</lei>
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        <valUSD>248215.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
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        <name>PRUDENTIAL FINANCIAL, INC.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-07</maturityDt>
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        <name>VAR ENERGI ASA</name>
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        <title>VAR ENERGI ASA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Siemens Financieringsmaatschappij N.V.</name>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>

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        <name>Regions Bank</name>
        <lei>EQTWLK1G7ODGC2MGLV11</lei>
        <title>REGIONS BANK</title>
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          <maturityDt>2037-06-26</maturityDt>
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        <name>ASSURANT, INC.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>ASSURANT INC</title>
        <cusip>04621XAN8</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-25</maturityDt>
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      <invstOrSec>
        <name>JAB Holdings B.V.</name>
        <lei>529900RRNKUM3INJGF98</lei>
        <title>JAB HOLDINGS BV</title>
        <cusip>46653KAC2</cusip>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>CROWN CASTLE INC.</name>
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        <name>Xcel Energy Inc.</name>
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        <name>FELLS POINT FUNDING TRUST</name>
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        <name>HCA INC.</name>
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        <name>UNION ELECTRIC COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BACARDI LIMITED</name>
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        <name>MICROSOFT CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-08</maturityDt>
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        <name>SIMON PROPERTY GROUP, L.P.</name>
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        <name>Credit Suisse Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>METLIFE, INC.</name>
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        <name>The Bank of New York Mellon Corporation</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2199-12-31</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>SkyMiles IP Ltd.</name>
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        <title>DELTA AIR LINES SKYMILES</title>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>ROCHE HOLDINGS, INC.</name>
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        <name>PHOENIX GROUP HOLDINGS PLC</name>
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        <name>Ferguson Finance Plc</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <title>HUNTINGTON BANCSHARES INC OH</title>
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        <name>NEXTERA ENERGY CAPITAL HOLDINGS, INC.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <name>IDEX CORPORATION</name>
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        <name>FRESENIUS MEDICAL CARE US FINANCE III, INC.</name>
        <lei>5299006ZHLMXOOUVTU44</lei>
        <title>FRESENIUS MED CARE III</title>
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        <name>MARRIOTT INTERNATIONAL, INC.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MARRIOTT INTERNATIONAL</title>
        <cusip>571903BF9</cusip>
        <identifiers>
          <isin value="US571903BF91"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415610.00000000</valUSD>
        <pctVal>0.411247485400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIMENTATION COUCHE-TARD INC.</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>ALIMENTATION COUCHE TARD</title>
        <cusip>01626PAM8</cusip>
        <identifiers>
          <isin value="US01626PAM86"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>422500.00000000</valUSD>
        <pctVal>0.418065163450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ECOLAB INC.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>ECOLAB INC</title>
        <cusip>278865BN9</cusip>
        <identifiers>
          <isin value="US278865BN99"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>156565.00000000</valUSD>
        <pctVal>0.154921591279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMCAST CORPORATION</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>COMCAST CORP</title>
        <cusip>20030NDR9</cusip>
        <identifiers>
          <isin value="US20030NDR98"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>647170.00000000</valUSD>
        <pctVal>0.640376880071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.88700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SODEXO, INC.</name>
        <lei>549300WSZGQGJQXRFU84</lei>
        <title>SODEXO INC</title>
        <cusip>833794AB6</cusip>
        <identifiers>
          <isin value="US833794AB68"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>593460.00000000</valUSD>
        <pctVal>0.587230655387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.71800000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
