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      <invstOrSec>
        <name>Entergy New Orleans LLC</name>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Northern Trust Corp</name>
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        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transcanada Trust</name>
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      <invstOrSec>
        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage</name>
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      <invstOrSec>
        <name>Koninklijke KPN NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American International Group Inc</name>
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        <name>BNP Paribas SA</name>
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        <name>Credit Suisse Group AG</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Southern Co/The</name>
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        <name>HSBC Holdings PLC</name>
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        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <invCountry>CA</invCountry>
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        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WR Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp</title>
        <cusip>084423706</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis Inc</title>
        <cusip>74340W202</cusip>
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        <name>Barclays Bank PLC</name>
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        <name>Bank of New York Mellon Corp/The</name>
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        <name>Lincoln National Corp</name>
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        <name>US Bancorp</name>
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        <name>Legal &amp; General Group PLC</name>
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        <name>Everest Reinsurance Holdings Inc</name>
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        <name>PS Business Parks Inc</name>
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        <name>KeyCorp Capital III</name>
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        <name>Federal Realty Investment Trust</name>
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        <name>Societe Generale SA</name>
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      <invstOrSec>
        <name>Liberty Mutual Insurance Co</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.13000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RBS Capital Trust II</name>
        <lei>2138002WRZFLYXSLLG07</lei>
        <title>RBS Capital Trust II</title>
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          <isin value="US74927PAA75"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.43000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sompo Japan Insurance Inc</name>
        <lei>549300IOFUQ8JIFJOY25</lei>
        <title>Sompo Japan Insurance Inc</title>
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          <isin value="US835407AA55"/>
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        <balance>60300000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2073-03-28</maturityDt>
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          <annualizedRt>5.33000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cloverie PLC for Zurich Insurance Co Ltd</name>
        <lei>5493002N598MXOKUEF55</lei>
        <title>Cloverie PLC for Zurich Insurance Co Ltd</title>
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          <isin value="XS1385999492"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-24</maturityDt>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <cusip>38148BAB4</cusip>
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        <balance>11300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10129094.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.37000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Preferred ETF</name>
        <lei>549300J11Q08WEERN210</lei>
        <title>Invesco Preferred ETF</title>
        <cusip>46138E511</cusip>
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          <isin value="US46138E5116"/>
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        <balance>547091.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368JFA3</cusip>
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          <isin value="US83368JFA34"/>
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        <balance>23900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25573000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280BC2</cusip>
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          <isin value="US404280BC26"/>
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        <balance>54800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477AQ6</cusip>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3770000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>94988U151</cusip>
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        <balance>330978.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>13000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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          <isin value="US45685EAG17"/>
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        <balance>77926000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>PNC Financial Services Group Inc/The</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc/The</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.88000000</annualizedRt>
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        <name>Corestates Capital III</name>
        <lei>N/A</lei>
        <title>Corestates Capital III</title>
        <cusip>21869MAA5</cusip>
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          <isin value="US21869MAA53"/>
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        <balance>18621000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16422841.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.96000000</annualizedRt>
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      <invstOrSec>
        <name>NTC Capital II</name>
        <lei>N/A</lei>
        <title>NTC Capital II</title>
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        <name>Public Storage</name>
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        <name>Standard Chartered PLC</name>
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        <name>RenaissanceRe Holdings Ltd</name>
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        <name>BNP Paribas SA</name>
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        <name>AT&amp;T Inc</name>
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        <name>HSBC Capital Funding Dollar 1 LP</name>
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        <name>Allstate Corp/The</name>
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        <name>UBS Group AG</name>
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        <name>AIG Life Holdings Inc</name>
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        <name>NiSource Inc</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Southern Co/The</name>
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        <name>Bank of New York Mellon Corp/The</name>
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        <name>Entergy New Orleans LLC</name>
        <lei>1Q8BAFRNDFTDI3IGJH73</lei>
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        <name>Fifth Third Bancorp</name>
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        <name>Arch Capital Group Ltd</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>AXIS Specialty Finance LLC</name>
        <lei>N/A</lei>
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        <cusip>05463HAC5</cusip>
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        <name>Cloverie PLC for Swiss Re Corporate Solutions Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Credit Suisse Group AG</name>
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        <name>Bank of America Corp</name>
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        <name>Dominion Energy Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>M&amp;G PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BPCE SA</name>
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        <name>Alabama Power Co</name>
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        <name>Morgan Stanley</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>MetLife Inc</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Barclays PLC</name>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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          <isin value="US225313AD75"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.88000000</annualizedRt>
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      <invstOrSec>
        <name>Depository Trust &amp; Clearing Corp/The</name>
        <lei>MLDY5N6PZ58ZE60QU102</lei>
        <title>Depository Trust &amp; Clearing Corp/The</title>
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          <isin value="US249670AA83"/>
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        <balance>27000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.88000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477608</cusip>
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          <isin value="US8574776089"/>
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        <balance>236076.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dai-ichi Life Insurance Co Ltd/The</name>
        <lei>3538001235ACEIORUV72</lei>
        <title>Dai-ichi Life Insurance Co Ltd/The</title>
        <cusip>23380YAB3</cusip>
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          <isin value="US23380YAB39"/>
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        <balance>13250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
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        <title>Svenska Handelsbanken AB</title>
        <cusip>N/A</cusip>
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          <isin value="XS1952091202"/>
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        <balance>4600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4781102.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <balance>414370.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
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        <curCd>USD</curCd>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <title>Options</title>
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          <ticker value="5CK0P 177.5 Comdty"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
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        <name>United States Cellular Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lincoln National Corp</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of Nova Scotia/The</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>American Financial Group Inc/OH</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc/OH</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <balance>207457.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nationwide Financial Services Inc</name>
        <lei>5493001H7AZNDS6BKJ36</lei>
        <title>Nationwide Financial Services Inc</title>
        <cusip>638612AJ0</cusip>
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        <balance>79015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89149068.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>Mitsui Sumitomo Insurance Co Ltd</name>
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        <name>Bank of America Corp</name>
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        <name>Societe Generale SA</name>
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        <name>Credit Suisse Group AG</name>
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        <name>BNSF Funding Trust I</name>
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        <name>HSBC Capital Funding Dollar 1 LP</name>
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        <name>Meiji Yasuda Life Insurance Co</name>
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        <name>QBE Capital Funding III Ltd</name>
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        <name>Argentum Netherlands BV for Swiss Re Ltd</name>
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        <name>Stanley Black &amp; Decker Inc</name>
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        <name>ING Groep NV</name>
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        <name>BNP Paribas SA</name>
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        <name>Argentum Netherlands BV for Swiss Re Ltd</name>
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        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Emera Inc</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Huntington Bancshares Inc/OH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Principal Government Money Market Fund - Institutional Class</name>
        <lei>549300WWK3YB7DNN4U34</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890505</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC</title>
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        <balance>147158.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WR Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp</title>
        <cusip>084423409</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.37000000</annualizedRt>
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        <name>Stanley Black &amp; Decker Inc</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker Inc</title>
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          <isin value="US8545028537"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
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        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>225436AA2</cusip>
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        <balance>6000000.00000000</balance>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <balance>22400000.00000000</balance>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>CoBank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
        <title>CoBank ACB</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Synovus Financial Corp</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C709</cusip>
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        <balance>344000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>M&amp;T Bank Corp</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
        <cusip>55261FAL8</cusip>
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        <balance>1465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1440988.65000000</valUSD>
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        <name>USB Realty Corp</name>
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        <name>Dominion Energy Inc</name>
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        <name>Dairy Farmers of America Inc</name>
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        <name>Charles Schwab Corp/The</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>WR Berkley Corp</name>
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        <name>Credit Agricole SA</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Public Storage</name>
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        <name>Liberty Mutual Group Inc</name>
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        <name>Bank of New York Mellon Corp/The</name>
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        <name>Nordea Bank Abp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Credit Suisse AG</name>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meiji Yasuda Life Insurance Co</name>
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        <name>Valley National Bancorp</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>N/A</name>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <name>BlackRock Liquidity FedFund - Institutional Class</name>
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        <name>Argentum Netherlands BV for Zurich Insurance Co Ltd</name>
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        <name>Farm Credit Bank of Texas</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Svenska Handelsbanken AB</name>
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        <name>Citigroup Inc</name>
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        <name>Barclays PLC</name>
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        <name>M&amp;T Bank Corp</name>
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        <name>Citigroup Capital III</name>
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        <name>SITE Centers Corp</name>
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        <name>Credit Agricole SA</name>
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        <name>CoBank ACB</name>
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        <name>Standard Chartered PLC</name>
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        <name>Koninklijke KPN NV</name>
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        <name>Sterling Bancorp/DE</name>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <valUSD>35878920.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254BA7</cusip>
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          <isin value="US853254BA77"/>
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        <balance>17700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18164625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <cusip>026874BS5</cusip>
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          <isin value="US026874BS54"/>
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        <balance>22300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27533810.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.18000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Progressive Corp/The</name>
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        <title>Progressive Corp/The</title>
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          <isin value="US743315AU74"/>
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        <balance>4750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4579095.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>456837AR4</cusip>
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          <isin value="US456837AR44"/>
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        <curCd>USD</curCd>
        <valUSD>13635156.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <ticker value="5CK0P 177 Comdty"/>
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        <balance>100.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CBT</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <nestedDerivInfo>
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                    <name>N/A</name>
                    <lei>N/A</lei>
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                    <cusip>N/A</cusip>
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                      <ticker value="USU0C"/>
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                    <units>NC</units>
                    <curCd>USD</curCd>
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                        <ticker value="USU0C"/>
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        <name>Enel SpA</name>
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        <title>Enel SpA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65557DAL5</cusip>
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          <isin value="US65557DAL55"/>
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        <curCd>USD</curCd>
        <valUSD>8230882.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>RenaissanceRe Holdings Ltd</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd</title>
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        <balance>29666.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0331455318"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6135504.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.13000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Reinsurance Group of America Inc</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc</title>
        <cusip>759351703</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Entergy Louisiana LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC</title>
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        <balance>156785.00000000</balance>
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        <valUSD>4024670.95000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NTC Capital I</name>
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        <title>NTC Capital I</title>
        <cusip>629394AA5</cusip>
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        <balance>5500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5021789.08000000</valUSD>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>First Maryland Capital I</name>
        <lei>N/A</lei>
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        <cusip>320808AD0</cusip>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1714352.18000000</valUSD>
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          <couponKind>Floating</couponKind>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <balance>1026000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1092137.66000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.87000000</annualizedRt>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <balance>77046.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2074848.78000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Comerica Inc</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica Inc</title>
        <cusip>200340AU1</cusip>
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          <isin value="US200340AU17"/>
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        <balance>9400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9348300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Affiliated Managers Group Inc</name>
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        <name>Farm Credit Bank of Texas</name>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
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        <name>Truist Bank</name>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Bank PLC</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>12.00000000</annualizedRt>
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        <name>Capital One Financial Corp</name>
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        <name>Hartford Financial Services Group Inc/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Interstate Power and Light Co</name>
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        <name>Charles Schwab Corp/The</name>
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        <name>Southern Co/The</name>
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        <name>Citigroup Inc</name>
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        <name>Royal Bank of Scotland Group PLC</name>
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        <name>Nippon Life Insurance Co</name>
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        <name>DTE Energy Co</name>
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        <name>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
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        <name>Vornado Realty Trust</name>
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        <name>KeyCorp</name>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mitsui Sumitomo Insurance Co Ltd</name>
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        <name>PPL Capital Funding Inc</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entergy Texas Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Allstate Corp/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QBE Insurance Group Ltd</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>QBE Insurance Group Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UniCredit SpA</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc</name>
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        <name>MMI Capital Trust I</name>
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        <name>KeyCorp</name>
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        <name>CoBank ACB</name>
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        <name>Royal Bank of Scotland Group PLC</name>
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        <invCountry>GB</invCountry>
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        <name>National Rural Utilities Cooperative Finance Corp</name>
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        <name>Credit Suisse AG</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>Credit Suisse AG</title>
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        <invCountry>CH</invCountry>
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        <name>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Standard Chartered PLC</name>
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      <invstOrSec>
        <name>KeyCorp Capital I</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial Inc</name>
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      <invstOrSec>
        <name>American Financial Group Inc/OH</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Algonquin Power &amp; Utilities Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>BNP Paribas SA</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Bank of America Corp</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>iShares Preferred &amp; Income Securities ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <name>Mitsui Sumitomo Insurance Co Ltd</name>
        <lei>5493006KRZ0SJO41LZ83</lei>
        <title>Mitsui Sumitomo Insurance Co Ltd</title>
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        <invCountry>JP</invCountry>
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        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>US Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QBE Insurance Group Ltd</name>
        <lei>549300D2FBW76FPUSG65</lei>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>ACE Capital Trust II</name>
        <lei>N/A</lei>
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          <isin value="US00440FAA21"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allstate Corp/The</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2067-05-15</maturityDt>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <balance>19645000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sumitomo Life Insurance Co</name>
        <lei>549300I5OQCDADQSPI57</lei>
        <title>Sumitomo Life Insurance Co</title>
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          <isin value="US86564CAA80"/>
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        <balance>15500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2073-09-20</maturityDt>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Dairy Farmers of America Inc</name>
        <lei>1LTUIZEFFT7MUIERI838</lei>
        <title>Dairy Farmers of America Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>CoBank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Vornado Realty Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of America Corp</name>
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        <name>HBOS Capital Funding LP</name>
        <lei>213800KYUD5TC7VH5419</lei>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Truist Bank</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>Truist Bank</title>
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        <name>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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        <name>Transcanada Trust</name>
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        <title>Transcanada Trust</title>
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        <balance>30081000.00000000</balance>
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        <name>Public Storage</name>
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      <invstOrSec>
        <name>Allstate Corp/The</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Enbridge Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PS Business Parks Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>AXA SA</name>
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        <invCountry>FR</invCountry>
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        <name>Swedbank AB</name>
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        <name>People's United Financial Inc</name>
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        <name>Capital One Financial Corp</name>
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        <name>MetLife Inc</name>
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        <name>US Bancorp</name>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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        <invCountry>CA</invCountry>
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        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874DM6</cusip>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47405689.60000000</valUSD>
        <pctVal>0.735266211858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Variable</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>Aon Corp</name>
        <lei>LTS3U8DGK38SETRUWX71</lei>
        <title>Aon Corp</title>
        <cusip>037389AK9</cusip>
        <identifiers>
          <isin value="US037389AK90"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5557500.00000000</valUSD>
        <pctVal>0.086197289964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21000000</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>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
        <cusip>26441C501</cusip>
        <identifiers>
          <isin value="US26441C5013"/>
        </identifiers>
        <balance>68264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1890230.16000000</valUSD>
        <pctVal>0.029317627926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460W669</cusip>
        <identifiers>
          <isin value="US74460W6690"/>
        </identifiers>
        <balance>177565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4668183.85000000</valUSD>
        <pctVal>0.072403922073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5258.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hartford Financial Services Group Inc/The</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group Inc/The</title>
        <cusip>416518504</cusip>
        <identifiers>
          <isin value="US4165185046"/>
        </identifiers>
        <balance>1042030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28259853.60000000</valUSD>
        <pctVal>0.438312693676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0352765157"/>
        </identifiers>
        <balance>24838000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25625861.36000000</valUSD>
        <pctVal>0.397459253662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.13000000</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>Huntington Bancshares Inc/OH</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150872</cusip>
        <identifiers>
          <isin value="US4461508727"/>
        </identifiers>
        <balance>325787.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8323857.85000000</valUSD>
        <pctVal>0.129103731663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2555.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern Co/The</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
        <cusip>842587305</cusip>
        <identifiers>
          <isin value="US8425873051"/>
        </identifiers>
        <balance>100061.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2574569.53000000</valUSD>
        <pctVal>0.039931788809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
        <cusip>064058AH3</cusip>
        <identifiers>
          <isin value="US064058AH32"/>
        </identifiers>
        <balance>12400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12756500.00000000</valUSD>
        <pctVal>0.197854382263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Scotland Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>Royal Bank of Scotland Group PLC</title>
        <cusip>780097BB6</cusip>
        <identifiers>
          <isin value="US780097BB64"/>
        </identifiers>
        <balance>35275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36628149.00000000</valUSD>
        <pctVal>0.568105655457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.62000000</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>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co</title>
        <cusip>233331800</cusip>
        <identifiers>
          <isin value="US2333318002"/>
        </identifiers>
        <balance>7539.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195184.71000000</valUSD>
        <pctVal>0.003027331182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp</title>
        <cusip>637432NK7</cusip>
        <identifiers>
          <isin value="US637432NK73"/>
        </identifiers>
        <balance>22969000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24152043.61000000</valUSD>
        <pctVal>0.374600217054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</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>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>060505EL4</cusip>
        <identifiers>
          <isin value="US060505EL47"/>
        </identifiers>
        <balance>97785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105378983.10000100</valUSD>
        <pctVal>1.634436844337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Note/Bond</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>912828ZG8</cusip>
        <identifiers>
          <isin value="US912828ZG82"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12045937.44000000</valUSD>
        <pctVal>0.186833497509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="It is a policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract." noteItem="C.12.a"/>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
      <explntrNote note="Returns shown in Item B.5.a have been calculated without deducting any applicable sales loads or redemption fees" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Sara Reece</ncom:signature>
      <ncom:signerName>/s/ Sara Reece</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
