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        <name>United Airlines Pass Through Trust</name>
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        <name>Banco Santander Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United Airlines Pass Through Trust</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PEAC SOLUTIONS RECEIVABLES</name>
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        <name>GECU AUTO RECEIVABLES TRUST</name>
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        <name>VULCAN MATERIALS COMPANY</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>PENSKE TRUCK LEASING CO., L.P.</name>
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        <name>ABBVIE INC.</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association 2</name>
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        <name>SANTANDER BANK, N.A.</name>
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        <name>AEP TEXAS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>United States of America</name>
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        <title>U S TREASURY NOTE</title>
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        <fairValLevel>2</fairValLevel>
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        <name>SMURFIT WESTROCK FINANCING DESIGNATED ACTIVITY COMPANY</name>
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        <title>SMURFIT WESTROCK FINANCING DAC</title>
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        <invCountry>IE</invCountry>

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        <name>ORACLE CORPORATION</name>
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        <name>NATWEST GROUP PLC</name>
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        <title>ROYAL BK OF SCOTLND GRP PLC</title>
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        <invCountry>GB</invCountry>

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        <name>HCA INC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <name>Becle, S.A.B. de C.V.</name>
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        <title>BECLE SAB DE CV</title>
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        <name>SOUTHWESTERN ELECTRIC POWER COMPANY</name>
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        <title>SOUTHWESTERN ELECTRIC POWER CO</title>
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        <name>OSCAR US FUNDING TRUST</name>
        <lei>549300GTSLUONMR77U11</lei>
        <title>OSCAR US FUNDING TRUST</title>
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        <name>Government National Mortgage Association 2</name>
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        <name>F&amp;G GLOBAL FUNDING</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>EASTERN MAINE HEALTHCARE SYSTEMS</name>
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      <invstOrSec>
        <name>THE KROGER CO.</name>
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        <name>MORGAN STANLEY</name>
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        <name>ENERGY TRANSFER LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>WHEELS FLEET LEASE FUNDING LLC</name>
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        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST</name>
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        <name>United States of America</name>
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        <name>Hawaiian Airlines Pass Through Trust</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ING Groep N.V.</name>
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        <name>MMAF EQUIPMENT FINANCE LLC</name>
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        <name>Government National Mortgage Association 2</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>VERTICAL BRIDGE CC LLC</name>
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        <balance>1000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</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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        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE ACES</title>
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          <isin value="US3136B5NV39"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE FEDERAL HOME LOAN BANKS</name>
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        <name>MASTER CREDIT CARD TRUST II</name>
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      <invstOrSec>
        <name>SONOCO PRODUCTS COMPANY.</name>
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        <name>D.R. HORTON, INC.</name>
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        <name>QUANTA SERVICES, INC.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>QUANTA SERVICES INC</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>THE HERSHEY COMPANY</name>
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        <name>SLG OFFICE TRUST</name>
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        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <name>UNIVERSAL HEALTH SERVICES, INC.</name>
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        <name>ONE BRYANT PARK TRUST</name>
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        <name>United States of America</name>
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        <name>Enbridge Inc.</name>
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        <name>VB-S1 ISSUER, LLC</name>
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        <name>Freddie Mac</name>
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        <name>SBNA AUTO RECEIVABLES TRUST</name>
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        <name>Brookfield Finance Inc.</name>
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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>United States of America</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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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        <valUSD>501143.61000000</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>2050-09-02</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>VERISK ANALYTICS, INC.</name>
        <lei>549300I1YSWNIRKBWP67</lei>
        <title>VERISK ANALYTICS INC</title>
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          <isin value="US92345YAJ55"/>
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        <balance>1450000.00000000</balance>
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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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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBN9</cusip>
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          <isin value="US55336VBN91"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAD AUTO RECEIVABLES TRUST</name>
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          <isin value="US50571AAE10"/>
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        <balance>1500000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-01</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
        <lei>4CUJ1D8WDXK9X7QI6B93</lei>
        <title>DUQUESNE LIGHT HOLDINGS INC</title>
        <cusip>266233AJ4</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-07</maturityDt>
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      <invstOrSec>
        <name>Mercedes-Benz Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>MERCEDES BENZ AUTO RECEIVABLES TRUST 2025 1</title>
        <cusip>58773DAE4</cusip>
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          <isin value="US58773DAE40"/>
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        <balance>1890000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
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      <invstOrSec>
        <name>MACQUARIE GROUP LIMITED.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>MACQUARIE GROUP LTD</title>
        <cusip>55608JBC1</cusip>
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          <isin value="US55608JBC18"/>
          <other otherDesc="Internal" value="BMVND46"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>591985.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-21</maturityDt>
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          <annualizedRt>4.09800000</annualizedRt>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
        <lei>N/A</lei>
        <title>GS MORTGAGE SECURITIES CORP II</title>
        <cusip>36270GAC5</cusip>
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        <balance>1080000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HPEFS EQUIPMENT TRUST</name>
        <lei>N/A</lei>
        <title>HPEFS EQUIPMENT TRUST 2023 2</title>
        <cusip>44328UAE6</cusip>
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          <isin value="US44328UAE64"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1264922.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
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      <invstOrSec>
        <name>BOSTON PROPERTIES LIMITED PARTNERSHIP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BOSTON PROPERTIES LP</title>
        <cusip>10112RBE3</cusip>
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          <isin value="US10112RBE36"/>
          <other otherDesc="Internal" value="BNTJ8N7"/>
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        <balance>1600000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
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      <invstOrSec>
        <name>T-MOBILE USA, INC.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T MOBILE USA INC</title>
        <cusip>87264ABF1</cusip>
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        <balance>1000000.00000000</balance>
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        <valUSD>958337.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>GXO LOGISTICS, INC.</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO LOGISTICS INC</title>
        <cusip>36262GAD3</cusip>
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          <isin value="US36262GAD34"/>
          <other otherDesc="Internal" value="BQB9BL5"/>
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        <balance>2100000.00000000</balance>
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        <valUSD>1799967.74000000</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>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC</title>
        <cusip>06738EBV6</cusip>
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          <isin value="US06738EBV65"/>
          <other otherDesc="Internal" value="BP6NKL8"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>433441.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.89400000</annualizedRt>
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      <invstOrSec>
        <name>WORLD OMNI SELECT AUTO TRUST</name>
        <lei>N/A</lei>
        <title>WORLD OMNI SELECT AUTO TRUST 2023 A</title>
        <cusip>98163UAF7</cusip>
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          <isin value="US98163UAF75"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011893.69000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSMC TRUST</name>
        <lei>N/A</lei>
        <title>CSMC SERIES 2019 UVIL</title>
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        <name>ORLANDO HEALTH, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICAN AIRLINES, INC.</name>
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      <invstOrSec>
        <name>TRILLIUM CREDIT CARD TRUST II</name>
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          <isin value="US89621ABB44"/>
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        <name>WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC</name>
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        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <name>SCCU AUTO RECEIVABLES TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>HF SINCLAIR CORPORATION</name>
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        <name>PRUDENTIAL FINANCIAL, INC.</name>
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        <name>BPR TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>United States of America</name>
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        <name>CAPITAL ONE MULTI-ASSET EXECUTION TRUST</name>
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        <name>GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>CARMAX AUTO OWNER TRUST</name>
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        <name>Freddie Mac</name>
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        <name>BP CAPITAL MARKETS P.L.C.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>HONDA AUTO RECEIVABLES OWNER TRUST</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Northern States Power Company (Wisconsin)</name>
        <lei>OOVRSRHKQSBLKRB7QM17</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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        <title>GLDMN SCHS FIN SQ GV-FST</title>
        <cusip>38141W273</cusip>
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          <isin value="US38141W2733"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTENE CORPORATION</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CENTENE CORP</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>PRICOA GLOBAL FUNDING I</name>
        <lei>635400IBXEBMD9ADYA79</lei>
        <title>PRICOA GLOBAL FUNDING I</title>
        <cusip>74153WCV9</cusip>
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          <isin value="US74153WCV90"/>
          <other otherDesc="Internal" value="BQXJV57"/>
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        <balance>1900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1881308.22000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-27</maturityDt>
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          <annualizedRt>4.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SIMON PROPERTY GROUP, L.P.</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SIMON PROPERTY GROUP LP</title>
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          <other otherDesc="Internal" value="BMGQP77"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755227.50000000</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>2053-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KEYBANK NATIONAL ASSOCIATION</name>
        <lei>HUX2X73FUCYHUVH1BK78</lei>
        <title>KEY BANK NA</title>
        <cusip>49327V2B9</cusip>
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          <isin value="US49327V2B93"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1440283.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <balance>56500.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54874.46000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
        <cusip>36179XZL3</cusip>
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          <isin value="US36179XZL36"/>
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        <balance>1209422.17000000</balance>
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        <valUSD>1215811.53000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pentair Finance S.a r.l.</name>
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        <title>PENTAIR FINANCE SARL</title>
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        <valUSD>1027125.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.90000000</annualizedRt>
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        <name>LBA TRUST</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>MURPHY OIL USA, INC.</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>MURPHY OIL USA INC</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <name>LABORATORY CORPORATION OF AMERICA HOLDINGS</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>LABORATORY CORP OF AMERICA HOLDINGS</title>
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        <invCountry>US</invCountry>

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        <name>BOARDWALK PIPELINES, LP</name>
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        <title>BOARDWALK PIPELINES LP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY NOTE</title>
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        <valUSD>5295898.47000000</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>2026-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>American Airlines Pass Through Trust</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>DBWF MORTGAGE TRUST</name>
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        <name>ARI FLEET LEASE TRUST</name>
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        <name>The Huntington National Bank</name>
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        <name>THE SOUTHERN COMPANY</name>
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        <name>Freddie Mac</name>
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        <name>SECURITIZED TERM AUTO RECEIVABLES TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>TARRANT CNTY TEX CULTURAL ED FACS FIN CORP HOSP REV</name>
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        <name>AVALONBAY COMMUNITIES, INC.</name>
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        <name>THE J. M. SMUCKER COMPANY</name>
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        <name>Eastern Energy Gas Holdings, LLC</name>
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        <name>PRIMERICA, INC.</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <name>BACARDI LIMITED</name>
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        <name>Spirit Airlines Pass Through Trusts</name>
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        <name>Freddie Mac</name>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
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        <name>MASTER CREDIT CARD TRUST II</name>
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        <name>United States of America</name>
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        <name>ONCOR ELECTRIC DELIVERY COMPANY LLC</name>
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        <name>NAVIENT STUDENT LOAN TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LYB INTERNATIONAL FINANCE III, LLC</name>
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        <name>EVERGY MISSOURI WEST, INC.</name>
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        <name>TOYOTA AUTO RECEIVABLES OWNER TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>AVERY DENNISON CORPORATION</name>
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        <name>Highwoods Realty Limited Partnership</name>
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        <name>AEP TEXAS INC.</name>
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        <name>United States of America</name>
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        <name>DTE ELECTRIC COMPANY</name>
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        <name>LOEWS CORPORATION</name>
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        <name>BA CREDIT CARD TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NRTH MORTGAGE TRUST</name>
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        <name>DOC DR, LLC</name>
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        <name>Xcel Energy Inc.</name>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST</name>
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        <name>AMGEN INC.</name>
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        <name>ATALAYA EQUIPMENT LEASING TRUST LLC.</name>
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        <name>United States of America</name>
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        <name>STANDARD CHARTERED PLC</name>
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        <name>CHESAPEAKE FUNDING LLC</name>
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        <name>CARGILL, INCORPORATED</name>
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        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <name>RELIANCE, INC.</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <name>AKER BP ASA</name>
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        <name>GREATAMERICA LEASING RECEIVABLES FUNDING, L.L.C.</name>
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        <name>SCF EQUIPMENT LEASING LLC</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>337158AJ8</cusip>
        <identifiers>
          <isin value="US337158AJ88"/>
          <other otherDesc="Internal" value="BL6FPZ5"/>
        </identifiers>
        <balance>2450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2476409.95000000</valUSD>
        <pctVal>0.103428930620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>FELLS POINT FUNDING TRUST</name>
        <lei>N/A</lei>
        <title>FELLS POINT FUNDING TRUST</title>
        <cusip>314382AA0</cusip>
        <identifiers>
          <isin value="US314382AA01"/>
          <other otherDesc="Internal" value="BMXJPY6"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2906906.31000000</valUSD>
        <pctVal>0.121408901242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04600000</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>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>
