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        <name>Federal National Mortgage Association</name>
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        <name>OCCIDENTAL PETROLEUM CORPORATION</name>
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        <name>United States of America</name>
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        <name>FIRST AMERICAN FINANCIAL CORPORATION</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>PITTSBURGH PA PUB PKG AUTH PKG REV</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>ORLANDO HEALTH, INC.</name>
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        <name>United States of America</name>
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        <name>ALA TRUST</name>
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        <name>VULCAN MATERIALS COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>CREDIT SUISEE GROUP AG</title>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <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>DCP MIDSTREAM OPERATING, LP</name>
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        <title>DCP MIDSTREAM OPERATING</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AEP TEXAS INC.</name>
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        <title>AEP TEXAS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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      <invstOrSec>
        <name>AVIS BUDGET RENTAL CAR FUNDING</name>
        <lei>N/A</lei>
        <title>AVIS BUDGET RENTAL CAR FUNDING AESOP LLC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-20</maturityDt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY NOTE</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>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP</title>
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          <isin value="US68389XBX21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>698870.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>NATWEST GROUP PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>ROYAL BK OF SCOTLND GRP PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA INC.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC</title>
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        <balance>1150000.00000000</balance>
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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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Becle, S.A.B. de C.V.</name>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOUTHWESTERN ELECTRIC POWER COMPANY</name>
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        <title>SOUTHWESTERN ELECTRIC POWER CO</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OSCAR US FUNDING TRUST</name>
        <lei>549300GTSLUONMR77U11</lei>
        <title>OSCAR US FUNDING TRUST</title>
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        <name>FLORIDA GAS TRANSMISSION COMPANY, LLC</name>
        <lei>549300Q0UQF87NXNOC32</lei>
        <title>FLORIDA GAS TRANSMISSION CO LLC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>DEUTSCHE BANK AG NEW YORK BRANCH</name>
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        <title>DEUTSCHE BANK AG NEW YORK NY</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OGLETHORPE POWER CORP</name>
        <lei>3EERXCUSWMS9GV5D9M98</lei>
        <title>OGLETHORPE POWER CORP</title>
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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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        <name>Federal National Mortgage Association</name>
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        <name>RENAISSANCERE HOLDINGS LTD.</name>
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        <name>Open Text Corporation</name>
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      <invstOrSec>
        <name>RAYBURN COUNTRY SECURITIZATION LLC</name>
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      <invstOrSec>
        <name>BUCKEYE PARTNERS, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>U.S. BANCORP</name>
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      <invstOrSec>
        <name>BPR TRUST</name>
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      <invstOrSec>
        <name>Shell International Finance B.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EQUITABLE HOLDINGS, INC.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>WHEELS FLEET LEASE FUNDING LLC</name>
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      <invstOrSec>
        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST</name>
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        <title>CITIGROUP COMMERCIAL MORTGAGE TRUST</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CANADIAN NATURAL RESOURCES LIMITED</name>
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        <title>CANADIAN NATURAL RESOURCES LTD</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>United States of America</name>
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        <name>Hawaiian Airlines Pass Through Trust</name>
        <lei>N/A</lei>
        <title>HAWAIIAN AIRLINES 2013 1 CLASS A PASS THROUGH CERT</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC</title>
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        <valUSD>692909.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>ING Groep N.V.</name>
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        <name>MMAF EQUIPMENT FINANCE LLC</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERTICAL BRIDGE CC LLC</name>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE ACES</title>
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        <issuerCat>USGSE</issuerCat>
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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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        <name>SONOCO PRODUCTS COMPANY.</name>
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        <name>D.R. HORTON, INC.</name>
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        <name>United States of America</name>
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        <name>QUANTA SERVICES, INC.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VB-S1 ISSUER, LLC</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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        <name>BUNGE LIMITED FINANCE CORP.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORPORATION</name>
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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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          <couponKind>Fixed</couponKind>
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        <name>MSILF Government Portfolio</name>
        <lei>N/A</lei>
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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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        <name>MERCHANTS FLEET FUNDING LLC</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <title>FEDERAL FARM CREDIT BANK</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <name>ROYALTY PHARMA PLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <issuerCat>CORP</issuerCat>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
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        <issuerCat>CORP</issuerCat>
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        <name>ALEXANDRIA REAL ESTATE EQUITIES, INC.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ALEXANDRIA REAL ESTATE EQUITIES INC</title>
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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>5.50000000</annualizedRt>
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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>COMM MORTGAGE TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>HYUNDAI AUTO RECEIVABLES TRUST</name>
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        <name>PORT OF NEWCASTLE INVESTMENTS (FINANCING) PTY LIMITED</name>
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        <name>Ferguson Finance Plc</name>
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        <name>ROYALTY PHARMA PLC</name>
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        <name>VERISK ANALYTICS, INC.</name>
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        <name>MPLX LP</name>
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        <name>LAD AUTO RECEIVABLES TRUST</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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        <name>Mercedes-Benz Auto Receivables Trust</name>
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        <name>MACQUARIE GROUP LIMITED.</name>
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        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
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        <name>HPEFS EQUIPMENT TRUST</name>
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        <name>BOSTON PROPERTIES LIMITED PARTNERSHIP</name>
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        <name>T-MOBILE USA, INC.</name>
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        <name>GXO LOGISTICS, INC.</name>
        <lei>5493007CNWMXN78JRN66</lei>
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        <name>ALLY AUTO RECEIVABLES TRUST</name>
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        <name>ORLANDO HEALTH, INC.</name>
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        <name>United States of America</name>
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        <name>AMERICAN AIRLINES, INC.</name>
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        <name>TRILLIUM CREDIT CARD TRUST II</name>
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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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        <name>Federal National Mortgage Association</name>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>United States of America</name>
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        <name>HF SINCLAIR CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>HONDA AUTO RECEIVABLES OWNER TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BXP TRUST</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <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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          <maturityDt>2028-09-30</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <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>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Northern States Power Company (Wisconsin)</name>
        <lei>OOVRSRHKQSBLKRB7QM17</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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

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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>CENTENE CORPORATION</name>
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        <invCountry>US</invCountry>

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          <maturityDt>2031-03-01</maturityDt>
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        <name>PRICOA GLOBAL FUNDING I</name>
        <lei>635400IBXEBMD9ADYA79</lei>
        <title>PRICOA GLOBAL FUNDING I</title>
        <cusip>74153WCV9</cusip>
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        <invCountry>US</invCountry>

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        <name>SIMON PROPERTY GROUP, L.P.</name>
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        <name>KEYBANK NATIONAL ASSOCIATION</name>
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        <title>KEY BANK NA</title>
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        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <name>Pentair Finance S.a r.l.</name>
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        <title>PENTAIR FINANCE SARL</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LBA TRUST</name>
        <lei>N/A</lei>
        <title>LBA TRUST 2024 7IND</title>
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        <name>Alabama Power Company</name>
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        <name>LEIDOS, INC.</name>
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        <curCd>USD</curCd>
        <valUSD>2753480.53000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US31418ERQ51"/>
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        <balance>1052451.38000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1031695.11000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DBWF MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>DBWF 2024 LCRS MORTGAGE TRUST</title>
        <cusip>23307KAA5</cusip>
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          <isin value="USU24014AA70"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999789.11000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.07000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BXP TRUST</name>
        <lei>N/A</lei>
        <title>BXP TRUST 2017 GM</title>
        <cusip>05607TAJ1</cusip>
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          <isin value="USU1227TAE83"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>396859.61000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.77546000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CBRE SERVICES, INC.</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBRE SERVICES INC</title>
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          <isin value="US12505BAK61"/>
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        <balance>1604000.00000000</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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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>ARI FLEET LEASE TRUST</name>
        <lei>N/A</lei>
        <title>ARI FLEET LEASE TRUST</title>
        <cusip>00218KAD5</cusip>
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          <isin value="US00218KAD54"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Huntington National Bank</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>HUNTINGTON NATIONAL BANK THE</title>
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          <isin value="US44644MAJ09"/>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>582233.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP</title>
        <cusip>316773DF4</cusip>
        <identifiers>
          <isin value="US316773DF47"/>
          <other otherDesc="Internal" value="316773DF4"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1910382.66000000</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>2033-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BENCHMARK MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>BENCHMARK 2020 B22 MORTGAGE TRUST</title>
        <cusip>08163BBA8</cusip>
        <identifiers>
          <isin value="US08163BBA89"/>
          <other otherDesc="Internal" value="08163BBA8"/>
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        <balance>2400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2063303.12000000</valUSD>
        <pctVal>0.088077008680</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.97300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE SOUTHERN COMPANY</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO THE</title>
        <cusip>842587DF1</cusip>
        <identifiers>
          <isin value="US842587DF14"/>
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        <balance>1525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1516839.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
        <cusip>912810SS8</cusip>
        <identifiers>
          <isin value="US912810SS87"/>
          <other otherDesc="Internal" value="912810SS8"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
        <cusip>3137HFNP6</cusip>
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          <isin value="US3137HFNP67"/>
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        <valUSD>2603436.65000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>SECURITIZED TERM AUTO RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>SECURITIZED TERM AUTO RECEIVABLES TRUST</title>
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          <isin value="US81378RAB06"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-25</maturityDt>
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          <annualizedRt>5.03800000</annualizedRt>
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      <invstOrSec>
        <name>THE TIMKEN COMPANY</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>TIMKEN CO THE</title>
        <cusip>887389AL8</cusip>
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          <isin value="US887389AL89"/>
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        <balance>3150000.00000000</balance>
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        <valUSD>2953900.08000000</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>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
        <cusip>912810TF5</cusip>
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          <isin value="US912810TF57"/>
          <other otherDesc="Internal" value="912810TF5"/>
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        <balance>10250000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T INC.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT T INC</title>
        <cusip>00206RKD3</cusip>
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        <balance>2150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1546604.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNION ELECTRIC COMPANY</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>UNION ELECTRIC CO</title>
        <cusip>906548CY6</cusip>
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          <other otherDesc="Internal" value="906548CY6"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1525577.19000000</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>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <name>Federal National Mortgage Association</name>
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        <name>ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST</name>
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        <name>GENUINE PARTS COMPANY</name>
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        <name>HOST HOTELS &amp; RESORTS, L.P.</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>Altria Group, Inc.</name>
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        <name>Takeda Pharmaceutical Company Limited</name>
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        <name>WEBSTER FINANCIAL CORPORATION</name>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>MARS, INCORPORATED</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS INC</title>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BOARDWALK PIPELINES, LP</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LLOYDS BANKING GROUP PLC</name>
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        <name>KEURIG DR PEPPER INC.</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>VERIDIAN AUTO RECEIVABLES TRUST</name>
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        <name>HEALTH CARE SERVICE CORP MUT LEG RES CO</name>
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        <name>CCG RECEIVABLES TRUST</name>
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        <title>CCG RECEIVABLES TRUST 2023 1</title>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-20</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV</name>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>POTOMAC ELECTRIC POWER COMPANY</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>VIRGINIA ST HSG DEV AUTH</name>
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        <title>VIRGINIA HOUSING DEVELOPMENT AUTHORITY</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATE PUB SCH BLDG AUTH PA LEASE REV</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.14600000</annualizedRt>
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      <invstOrSec>
        <name>TRILLIUM CREDIT CARD TRUST II</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AUTONATION, INC.</name>
        <lei>N/A</lei>
        <title>AUTONATION INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <balance>1291064.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1240906.69000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MORGAN STANLEY</title>
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        <curCd>USD</curCd>
        <valUSD>1325851.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KEYSIGHT TECHNOLOGIES, INC.</name>
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        <title>KEYSIGHT TECHNOLOGIES INC</title>
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        <curCd>USD</curCd>
        <valUSD>947553.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GLOBAL PAYMENTS INC</title>
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        <balance>1500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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        <name>GLP Capital, L.P.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>Appalachian Power Company</name>
        <lei>3SCHO1ABYYIG382BEI70</lei>
        <title>APPALACHIAN POWER CO</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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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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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AON NORTH AMERICA, INC.</name>
        <lei>N/A</lei>
        <title>AON NORTH AMERICA INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TOYOTA AUTO RECEIVABLES OWNER TRUST</name>
        <lei>N/A</lei>
        <title>TOYOTA AUTO RECEIVABLES 2023 A OWNER TRUST</title>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV</name>
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        <name>ITC HOLDINGS CORP.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>APA CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>TOYOTA AUTO LOAN EXTENDED NOTE TRUST</name>
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        <name>CARMAX AUTO OWNER TRUST</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>Xcel Energy Inc.</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>Freddie Mac</name>
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        <name>AVIS BUDGET RENTAL CAR FUNDING</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>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</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>DIAMOND ISSUER LLC</name>
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        <name>CHESAPEAKE FUNDING LLC</name>
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        <name>LPL HOLDINGS, INC.</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>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>

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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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        <fairValLevel>2</fairValLevel>
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          <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>2025-07-30</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>
</edgarSubmission>
