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        <name>CULLEN/FROST BANKERS, INC.</name>
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        <name>COCA-COLA CONSOLIDATED, INC.</name>
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        <name>VULCAN MATERIALS COMPANY</name>
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        <name>DAIMLER TRUCK FINANCE NORTH AMERICA LLC</name>
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        <name>BIMBO BAKERIES USA, INC.</name>
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        <name>M&amp;T BANK CORPORATION</name>
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        <name>AMGEN INC.</name>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <title>HUNTINGTON BANCSHARES INC OH</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SK hynix Inc.</name>
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        <invCountry>KR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VOLKSWAGEN GROUP OF AMERICA FINANCE, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BLUE OWL FINANCE LLC</name>
        <lei>254900OF2NO2GYFV5T41</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
        <lei>549300MCGUSL5B852H65</lei>
        <title>MACQUARIE AIRFINANCE HOLDINGS LTD</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-17</maturityDt>
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      <invstOrSec>
        <name>Mizuho Financial Group, Inc.</name>
        <lei>353800CI5L6DDAN5XZ33</lei>
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          <isin value="US60687YDE68"/>
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        <curCd>USD</curCd>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-26</maturityDt>
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      <invstOrSec>
        <name>ROYALTY PHARMA PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>ROYALTY PHARMA PLC</title>
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          <isin value="US78081BAM54"/>
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        <balance>750000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>THE J. M. SMUCKER COMPANY</name>
        <lei>5493000WDH6A0LHDJD55</lei>
        <title>J M SMUCKER CO THE</title>
        <cusip>832696AY4</cusip>
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          <isin value="US832696AY47"/>
          <other otherDesc="Internal" value="BMTQVH6"/>
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        <balance>225000.00000000</balance>
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        <valUSD>241480.92000000</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>2043-11-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE CO</title>
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        <balance>500000.00000000</balance>
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        <valUSD>372895.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-22</maturityDt>
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      <invstOrSec>
        <name>OGLETHORPE POWER CORP</name>
        <lei>3EERXCUSWMS9GV5D9M98</lei>
        <title>OGLETHORPE POWER CORP</title>
        <cusip>677050AV8</cusip>
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          <isin value="US677050AV80"/>
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        <balance>150000.00000000</balance>
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        <valUSD>147080.86000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
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          <annualizedRt>5.80000000</annualizedRt>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP CAPITAL MARKETS PLC</title>
        <cusip>05565QDV7</cusip>
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          <isin value="US05565QDV77"/>
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        <balance>250000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2199-12-31</maturityDt>
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        <name>B.A.T CAPITAL CORPORATION</name>
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        <title>BAT CAPITAL CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-02</maturityDt>
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        <name>WESTERN DIGITAL CORPORATION</name>
        <lei>549300QQXOOYEF89IC56</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WarnerMedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>MAGALLANES INC</title>
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        <name>United States of America</name>
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        <issuerCat>UST</issuerCat>
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        <name>CARRIER GLOBAL CORPORATION</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>CARRIER GLOBAL CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Northern States Power Company (Wisconsin)</name>
        <lei>OOVRSRHKQSBLKRB7QM17</lei>
        <title>NORTHERN STATES POWER CO WI</title>
        <cusip>665789BC6</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201431.72000000</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>2054-06-15</maturityDt>
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        <name>ELEVANCE HEALTH, INC.</name>
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        <name>THE BANK OF NOVA SCOTIA</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HF SINCLAIR CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SK hynix Inc.</name>
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        <invCountry>KR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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

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        <name>200 PARK FUNDING TRUST</name>
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        <name>KOHL'S CORPORATION</name>
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        <name>BROWN &amp; BROWN, INC.</name>
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        <name>THE BOEING COMPANY</name>
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        <name>DT MIDSTREAM, INC.</name>
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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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      <invstOrSec>
        <name>WRKCO INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE TIMKEN COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AGCO CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TSMC ARIZONA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOLVENTUM CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY</name>
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        <title>MORGAN STANLEY</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE ALLSTATE CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MACQUARIE BANK LIMITED</name>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>JABIL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MARTIN MARIETTA MATERIALS, INC.</name>
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        <name>HUNTSMAN INTERNATIONAL LLC</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <name>Truist Financial Corporation</name>
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        <name>EVERGY MISSOURI WEST, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KEURIG DR PEPPER INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STANDARD CHARTERED PLC</name>
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          <isin value="US853254CN89"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BRUNSWICK CORPORATION</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
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          <isin value="US117043AU39"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228671.14000000</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>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <balance>600000.00000000</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>2026-03-25</maturityDt>
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          <annualizedRt>1.65000000</annualizedRt>
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      <invstOrSec>
        <name>Santander Holdings USA, Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
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        <balance>250000.00000000</balance>
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        <valUSD>259060.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ABBVIE INC.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC</title>
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          <isin value="US00287YCB39"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>414515.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WEBSTER FINANCIAL CORPORATION</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>WEBSTER FINANCIAL CORP</title>
        <cusip>947890AJ8</cusip>
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          <isin value="US947890AJ87"/>
          <other otherDesc="Internal" value="BJVKHM2"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>479099.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP</title>
        <cusip>06051GJT7</cusip>
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          <other otherDesc="Internal" value="BN2R5L5"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1540366.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.68700000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shell International Finance B.V.</name>
        <lei>213800ITMMKU4Z7I4F78</lei>
        <title>SHELL INTERNATIONAL FINANCE BV</title>
        <cusip>822582CK6</cusip>
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          <isin value="US822582CK64"/>
          <other otherDesc="Internal" value="BMZQF90"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359890.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SMITH &amp; NEPHEW PLC</name>
        <lei>213800ZTMDN8S67S1H61</lei>
        <title>SMITH NEPHEW PLC</title>
        <cusip>83192PAD0</cusip>
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          <isin value="US83192PAD06"/>
          <other otherDesc="Internal" value="BRPT5W7"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100134.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>WORKDAY, INC.</name>
        <lei>549300J0DYC0N31V7G13</lei>
        <title>WORKDAY INC</title>
        <cusip>98138HAH4</cusip>
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          <isin value="US98138HAH49"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>481636.06000000</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>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <name>MASTEC, INC.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MASTEC INC</title>
        <cusip>576323AT6</cusip>
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          <isin value="US576323AT63"/>
          <other otherDesc="Internal" value="BRRGXL1"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>GENUINE PARTS COMPANY</name>
        <lei>549300D46DQVEU651W04</lei>
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        <balance>167000.00000000</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>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>KEYSIGHT TECHNOLOGIES, INC.</name>
        <lei>549300GLKVIO8YRCYN02</lei>
        <title>KEYSIGHT TECHNOLOGIES INC</title>
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          <isin value="US49338LAG86"/>
          <other otherDesc="Internal" value="BQKS566"/>
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        <balance>200000.00000000</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>2034-10-15</maturityDt>
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      <invstOrSec>
        <name>DTE ENERGY COMPANY</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO</title>
        <cusip>233331BM8</cusip>
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          <isin value="US233331BM83"/>
          <other otherDesc="Internal" value="BSWWXL1"/>
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        <curCd>USD</curCd>
        <valUSD>100782.47000000</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>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>Highwoods Realty Limited Partnership</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>HIGHWOODS REALTY LP</title>
        <cusip>431282AT9</cusip>
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          <isin value="US431282AT94"/>
          <other otherDesc="Internal" value="BLD6QJ2"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339592.00000000</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>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REVVITY, INC.</name>
        <lei>549300IKL1SDPFI7N655</lei>
        <title>PERKINELMER INC</title>
        <cusip>714046AH2</cusip>
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          <isin value="US714046AH29"/>
          <other otherDesc="Internal" value="BK7Z7Q2"/>
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        <name>RYDER SYSTEM, INC.</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>QUANTA SERVICES, INC.</name>
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        <name>ArcelorMittal SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FORTUNE BRANDS INNOVATIONS, INC.</name>
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        <name>ONCOR ELECTRIC DELIVERY COMPANY LLC</name>
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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
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        <name>American Airlines Pass Through Trust</name>
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        <name>NEXTERA ENERGY CAPITAL HOLDINGS, INC.</name>
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        <name>OGLETHORPE POWER CORP</name>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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        <name>LEIDOS, INC.</name>
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        <name>HEALTH CARE SERVICE CORP MUT LEG RES CO</name>
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        <name>SMITH &amp; NEPHEW PLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MARSH &amp; MCLENNAN COMPANIES, INC.</name>
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        <name>UBS Group AG</name>
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        <name>DENTSPLY SIRONA INC.</name>
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        <name>HCA INC.</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
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        <name>DTE ELECTRIC COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NATWEST GROUP PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PARAMOUNT GLOBAL</name>
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        <title>CBS CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BURLINGTON NORTHERN SANTA FE, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PHILLIPS 66 COMPANY</name>
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        <name>TARGA RESOURCES PARTNERS LP</name>
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        <name>B.A.T CAPITAL CORPORATION</name>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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        <name>MSILF Government Portfolio</name>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
        <lei>549300CRVT18MXX0AG93</lei>
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        <name>DELL INTERNATIONAL L.L.C.</name>
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        <name>GLP Capital, L.P.</name>
        <lei>2549005PXW31DRW8EC44</lei>
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        <name>LA BANQUE TORONTO-DOMINION</name>
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        <name>Duke Energy Carolinas, LLC</name>
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        <name>CMS ENERGY CORPORATION</name>
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        <name>GENERAL MOTORS FINANCIAL COMPANY, INC.</name>
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        <name>COLUMBIA PIPELINES OPERATING COMPANY LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SYSCO CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARIZONA PUBLIC SERVICE COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
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        <name>HUBBELL INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ASHTEAD CAPITAL, INC.</name>
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        <name>GENUINE PARTS COMPANY</name>
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        <name>Ontario Teachers' Cadillac Fairview Properties Trust</name>
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        <name>BLUE OWL CREDIT INCOME CORP.</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>CANADIAN NATURAL RESOURCES LIMITED</name>
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        <name>Piedmont Natural Gas Company, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>QORVO, INC.</name>
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      <invstOrSec>
        <name>THE BOEING COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2031-02-01</maturityDt>
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      <invstOrSec>
        <name>GLOBE LIFE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HUMANA INC.</name>
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        <name>CROWN CASTLE INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <balance>750000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>CARLISLE COMPANIES INCORPORATED</name>
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        <name>United States of America</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>EAGLE MATERIALS INC.</name>
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        <name>MPLX LP</name>
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        <name>Alabama Power Company</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>JBS USA Holding Lux S.a r.l.</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
        <title>BS USA FOODS GROUP</title>
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        <invCountry>LU</invCountry>

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        <name>GENERAL MILLS, INC.</name>
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        <name>OWENS CORNING</name>
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        <name>Ferguson Finance Plc</name>
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        <name>OGLETHORPE POWER CORP</name>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <name>The Huntington National Bank</name>
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        <name>THE J. M. SMUCKER COMPANY</name>
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        <name>LEIDOS, INC.</name>
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        <name>MACQUARIE AIRFINANCE HOLDINGS LIMITED</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <name>QBE INSURANCE GROUP LIMITED</name>
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        <name>FIRST HORIZON CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Takeda Pharmaceutical Company Limited</name>
        <lei>549300ZLMVP4X0OGR454</lei>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-05</maturityDt>
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      <invstOrSec>
        <name>FLORIDA POWER &amp; LIGHT COMPANY</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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      <invstOrSec>
        <name>AMEREN CORPORATION</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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          <isin value="US912810SE91"/>
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        <balance>500000.00000000</balance>
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        <valUSD>405781.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>PRIMERICA, INC.</name>
        <lei>254900621R686KJR7022</lei>
        <title>PRIMERICA INC</title>
        <cusip>74164MAB4</cusip>
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          <isin value="US74164MAB46"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216815.73000000</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>2031-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>CHARTER COMMUNICATIONS OPERATING, LLC</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>CHARTER COMMUNICATIONS OPERATING LLC</title>
        <cusip>161175BM5</cusip>
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          <isin value="US161175BM51"/>
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        <balance>750000.00000000</balance>
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        <valUSD>675526.74000000</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>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <valUSD>503650.10000000</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>2034-02-01</maturityDt>
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        <name>AMERICAN EXPRESS COMPANY</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <valUSD>419483.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-26</maturityDt>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-22</maturityDt>
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        <name>W. R. BERKLEY CORPORATION</name>
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        <invCountry>US</invCountry>

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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
        <lei>549300YGMGQDO0NMJD09</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Pentair Finance S.a r.l.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>AUTONATION, INC.</name>
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        <title>AUTONATION INC</title>
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        <invCountry>US</invCountry>

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        <name>THE PNC FINANCIAL SERVICES GROUP, INC.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP INC THE</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-22</maturityDt>
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        <name>DEUTSCHE BANK AG NEW YORK BRANCH</name>
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        <name>O'Reilly Automotive, Inc.</name>
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        <name>PATTERSON-UTI ENERGY, INC.</name>
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        <name>CHURCH &amp; DWIGHT CO., INC.</name>
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        <name>AVERY DENNISON CORPORATION</name>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <name>ONEOK, INC.</name>
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        <name>DAIMLER TRUCK FINANCE NORTH AMERICA LLC</name>
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        <name>BARCLAYS PLC</name>
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        <name>Regions Bank</name>
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        <name>ASSURANT, INC.</name>
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        <name>THE KROGER CO.</name>
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        <name>JAB Holdings B.V.</name>
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        <name>KEYBANK NATIONAL ASSOCIATION</name>
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        <name>GEORGIA POWER COMPANY</name>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>HSBC US GOVERNMENT MONEY MARKET FUND</name>
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        <name>FIRST HORIZON BANK</name>
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        <name>THE HOME DEPOT, INC.</name>
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        <name>AVIATION CAPITAL GROUP LLC</name>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>VULCAN MATERIALS COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PENSKE TRUCK LEASING CO., L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MIDAMERICAN ENERGY COMPANY</name>
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        <name>CROWN CASTLE INC.</name>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
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        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Xcel Energy Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>CHOICE HOTELS INTERNATIONAL, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>THE CHARLES SCHWAB CORPORATION</name>
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        <name>CCL INDUSTRIES INC.</name>
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        <name>BAXTER INTERNATIONAL INC.</name>
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        <name>DOC DR, LLC</name>
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        <name>Brookfield Finance Inc.</name>
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        <name>MICRON TECHNOLOGY, INC.</name>
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        <name>SOLVENTUM CORPORATION</name>
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        <invCountry>US</invCountry>

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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <name>ALLIANT ENERGY FINANCE, LLC</name>
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        <name>United Airlines Pass Through Trust</name>
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        <name>UBS Group AG</name>
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        <name>SYNOPSYS, INC.</name>
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        <name>POTOMAC ELECTRIC POWER COMPANY</name>
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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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SkyMiles IP Ltd.</name>
        <lei>2549008L7P4I8VB90936</lei>
        <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>Ferguson Finance Plc</name>
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        <invCountry>GB</invCountry>

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        <name>ENERGY TRANSFER LP</name>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <name>PROTECTIVE LIFE GLOBAL FUNDING</name>
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        <name>The Bank of New York Mellon Corporation</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <name>PENSKE TRUCK LEASING CO., L.P.</name>
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        <name>FRESENIUS MEDICAL CARE US FINANCE III, INC.</name>
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        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Eastern Energy Gas Holdings, LLC</name>
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        <name>MARRIOTT INTERNATIONAL, INC.</name>
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        <name>STATE STREET CORPORATION</name>
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        <name>ALIMENTATION COUCHE-TARD INC.</name>
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        <invCountry>CA</invCountry>

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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KIMCO REALTY OP, LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander, S.A.</name>
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        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ECOLAB INC.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
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        <invCountry>US</invCountry>

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        <name>COMCAST CORPORATION</name>
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        <name>SODEXO, INC.</name>
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    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
