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        <name>STEEL DYNAMICS, INC.</name>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <name>ABBVIE INC.</name>
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        <name>DUKE REALTY Ltd PARTNERSHIP</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST</name>
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        <name>PLAINS ALL AMERICAN PIPELINE, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT SUISSE FIRST BOSTON CORPORATION</name>
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        <name>COMCAST CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LUKOIL International Finance B.V.</name>
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        <name>BRISTOL-MYERS SQUIBB COMPANY</name>
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        <name>AT&amp;T INC.</name>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <name>ELECTRONIC ARTS INC.</name>
        <lei>549300O7A67PUEYKDL45</lei>
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        <name>Freddie Mac</name>
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        <name>ZIONS BANCORPORATION, NATIONAL ASSOCIATION</name>
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        <name>Federal National Mortgage Association</name>
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        <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>Altria Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>VERIZON COMMUNICATIONS INC.</name>
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        <name>STEELE CREEK CLO</name>
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        <name>NETAPP, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>PERNOD RICARD SA</name>
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        <name>Dana Financing Luxembourg S.a r.l.</name>
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        <name>CREDIT SUISSE FIRST BOSTON CORPORATION</name>
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        <name>United States of America</name>
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        <name>FLIR SYSTEMS, INC.</name>
        <lei>VOBD35NEPH6WISIRTJ85</lei>
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        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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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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        <name>Federal National Mortgage Association</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HUMANA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-15</maturityDt>
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        <name>BEAR STEARNS ALT-A TRUST</name>
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          <isin value="US07386HCT68"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2033-10-25</maturityDt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EQM Midstream Partners, LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VOYA CLO</name>
        <lei>N/A</lei>
        <title>VOYA CLO 2017-4 LTD</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T INC.</name>
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        <title>AT&amp;T INC</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ANGLO AMERICAN CAPITAL PLC</name>
        <lei>TINT358G1SSHR3L3PW36</lei>
        <title>ANGLO AMERICAN CAPITAL</title>
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        <balance>3525000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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        <title>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</title>
        <cusip>03065DAF4</cusip>
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        <name>GS MORTGAGE SECURITIES TRUST</name>
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        <title>GS MORTGAGE SECURITIES TRUST</title>
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        <name>LYB International Finance II B.V.</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Heineken N.V.</name>
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      <invstOrSec>
        <name>BIOGEN INC.</name>
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        <name>BEST BUY CO., INC.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>BEST BUY CO INC</title>
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        <name>CONSTELLATION BRANDS, INC.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>CONSTELLATION BRANDS 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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      <invstOrSec>
        <name>J.P. MORGAN MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>JP MORGAN MORTGAGE TRUST</title>
        <cusip>46643KAW1</cusip>
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        <balance>3091142.69000000</balance>
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        <valUSD>3134805.08000000</valUSD>
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        <name>CONTINENTAL RESOURCES, INC.</name>
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        <name>Freddie Mac</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LGI HOMES, INC.</name>
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        <name>Freddie Mac</name>
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        <name>ENEL Finance International N.V.</name>
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        <name>KEURIG DR PEPPER INC.</name>
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        <name>Freddie Mac</name>
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        <name>BEST BUY CO., INC.</name>
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        <name>SANTANDER RETAIL AUTO LEASE TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Eversource Energy</name>
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        <name>LAM RESEARCH CORPORATION</name>
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        <name>J.P. MORGAN MORTGAGE TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>J.P. MORGAN MORTGAGE TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-29</maturityDt>
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      <invstOrSec>
        <name>Highwoods Realty Limited Partnership</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-06-15</maturityDt>
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      <invstOrSec>
        <name>B.A.T CAPITAL CORPORATION</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BAT CAPITAL CORP</title>
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        <curCd>USD</curCd>
        <valUSD>1605576.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-02</maturityDt>
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      <invstOrSec>
        <name>VERIZON COMMUNICATIONS INC.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-15</maturityDt>
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        <name>PAYPAL HOLDINGS, INC.</name>
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        <balance>757000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-26</maturityDt>
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      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-10-01</maturityDt>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-05-04</maturityDt>
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      <invstOrSec>
        <name>NVR, Inc.</name>
        <lei>529900RWXR4JI3JYTV70</lei>
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        <balance>3283000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-15</maturityDt>
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        <name>NUCOR CORPORATION</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hasbro, Inc.</name>
        <lei>549300NUB6D2R1ITYR45</lei>
        <title>HASBRO INC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ECOPETROL S.A.</name>
        <lei>254900IDGKCJICKBPA66</lei>
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        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LAM RESEARCH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>VODAFONE GROUP PUBLIC LIMITED COMPANY</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VODAFONE GROUP PLC</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PIEDMONT OPERATING PARTNERSHIP, LP</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GALAXY CLO, LTD</name>
        <lei>N/A</lei>
        <title>GALAXY CLO LTD</title>
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        <balance>2000000.00000000</balance>
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      <invstOrSec>
        <name>EnPro Industries, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CUBESMART, L.P.</name>
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        <name>UPJOHN INC.</name>
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        <name>SIRIUS XM RADIO INC.</name>
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        <name>EXELON CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CAPITAL ONE FINANCIAL CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-30</maturityDt>
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        <name>FIFTH THIRD BANCORP</name>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>United States of America</name>
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        <name>TYSON FOODS, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States of America</name>
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          <isin value="US912828YV68"/>
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        <name>GENERAL MOTORS COMPANY</name>
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        <name>EXELON CORPORATION</name>
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        <name>United States of America</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>XCBT</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>US 2-Year Note (CBT) Consolidated Sep 2020</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <isin value="US9128286Y11"/>
                  <ticker value="TUU0"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2020-09-30</expDate>
            <notionalAmt>102688812.46000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3734.33000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO</name>
        <lei>N/A</lei>
        <title>Blackrock Liquidity Funds Temp Fund Portfolio - TMPXX 1.67% 1/30/2020 - Extendable</title>
        <cusip>09248U619</cusip>
        <identifiers>
          <ticker value="TMPXX"/>
        </identifiers>
        <balance>27140.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27140.42000000</valUSD>
        <pctVal>0.010724844510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="27140.42000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Sq Prime Obligations- FPOXX Victory 1.62% 2/28/2018 - Extendable</title>
        <cusip>38141W364</cusip>
        <identifiers>
          <ticker value="FPOXX"/>
        </identifiers>
        <balance>188734.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188733.86999999</valUSD>
        <pctVal>0.074580327406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="188733.86999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN PRIME MONEY MARKET FUND</name>
        <lei>N/A</lei>
        <title>JPMorgan Prime Money Market Fund - CJPXX 1.67% 1/31/2020 - Extendable</title>
        <cusip>4812A0367</cusip>
        <identifiers>
          <ticker value="CJPXX"/>
        </identifiers>
        <balance>107999.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107998.91999999</valUSD>
        <pctVal>0.042676997049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="107998.91999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS - PRIME PORTFOL</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Institutional Liquidity Fund - MPFXX 2.0073% 6/18/2018 - Extendable</title>
        <cusip>61747C715</cusip>
        <identifiers>
          <ticker value="MPFXX"/>
        </identifiers>
        <balance>485584.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>485584.22999999</valUSD>
        <pctVal>0.191884110980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="485584.22999999" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIDELITY GOVERNMENT PORTFOLIO</name>
        <lei>N/A</lei>
        <title>FIDELITY GOVERNMENT PORTFOLIO FRGXX 1.51% 2/11/2020 - Extendable</title>
        <cusip>1849969A6</cusip>
        <identifiers>
          <ticker value="FRGXX"/>
        </identifiers>
        <balance>821423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821423.33000000</valUSD>
        <pctVal>0.324594736974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="821423.33000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
