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      <invstOrSec>
        <name>Affiliated Managers Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NiSource Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>KeyCorp Capital I</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Vornado Realty Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CoBank ACB</name>
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          <isin value="US19075Q8621"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>US Bancorp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Enbridge Inc</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Arch Capital Group Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Entergy Texas Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Scentre Group Trust 2</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Transcanada Trust</name>
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        <name>Nordea Bank Abp</name>
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        <name>Credit Suisse Group AG</name>
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        <name>Dairy Farmers of America Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
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          <isin value="US853254BA77"/>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
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          <isin value="US064058AJ97"/>
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        <curCd>USD</curCd>
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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>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
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          <isin value="US654579AH48"/>
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        <curCd>USD</curCd>
        <valUSD>2909248.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-01-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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          <isin value="US94988U1512"/>
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        <curCd>USD</curCd>
        <valUSD>7732302.90000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
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          <isin value="US064058AL44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Synovus Financial Corp</name>
        <lei>549300EIUS8UN5JTLE54</lei>
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          <isin value="US87161C7092"/>
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        <curCd>USD</curCd>
        <valUSD>9177413.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460W644</cusip>
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          <isin value="US74460W6443"/>
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        <balance>311855.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8036503.35000000</valUSD>
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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>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDU9</cusip>
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        <curCd>USD</curCd>
        <valUSD>24400000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.38000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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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          <isin value="US23385H4065"/>
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        <balance>236300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23748150.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse AG</name>
        <lei>ANGGYXNX0JLX3X63JN86</lei>
        <title>Credit Suisse AG</title>
        <cusip>22546DAA4</cusip>
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          <isin value="US22546DAA46"/>
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        <balance>23254000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24375772.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
        <cusip>N/A</cusip>
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          <isin value="USF22797RT78"/>
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        <balance>18100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19276500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.88000000</annualizedRt>
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        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
        <cusip>744320BH4</cusip>
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        <balance>5300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4876000.00000000</valUSD>
        <pctVal>0.065762986920</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>PS Business Parks Inc</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc</title>
        <cusip>69360J552</cusip>
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        <balance>3847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88442.53000000</valUSD>
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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>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>18069665.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.08000000</annualizedRt>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>853254CD0</cusip>
        <identifiers>
          <isin value="US853254CD08"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10710000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280AS8</cusip>
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          <isin value="US404280AS86"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3403125.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.38000000</annualizedRt>
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        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank PLC</title>
        <cusip>N/A</cusip>
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        <balance>517000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>662535.50000000</valUSD>
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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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          <annualizedRt>6.86000000</annualizedRt>
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        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</title>
        <cusip>Q08328AA6</cusip>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2935440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>780099CK1</cusip>
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          <isin value="US780099CK11"/>
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        <balance>22825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24936312.50000000</valUSD>
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        <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>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Mitsui Sumitomo Insurance Co Ltd</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Affiliated Managers Group Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AXA SA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
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        <balance>22500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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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>Stifel Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Storage</name>
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        <title>Public Storage</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Corp</name>
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        <title>Algonquin Power &amp; Utilities Corp</title>
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        <balance>490152.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MMI Capital Trust I</name>
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        <balance>1073000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Financial Group Inc/OH</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Equitable Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kimco Realty Corp</name>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Trust Corp</name>
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        <title>Northern Trust Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Depository Trust &amp; Clearing Corp/The</name>
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        <title>Depository Trust &amp; Clearing Corp/The</title>
        <cusip>249670AB6</cusip>
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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>
        <cusip>N/A</cusip>
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        <invCountry>CH</invCountry>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</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>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
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          <isin value="XS2076169668"/>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.13000000</annualizedRt>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
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          <isin value="US05254HAA23"/>
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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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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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          <isin value="US89832Q6952"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
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        <balance>277529.00000000</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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      <invstOrSec>
        <name>ACE Capital Trust II</name>
        <lei>N/A</lei>
        <title>ACE Capital Trust II</title>
        <cusip>00440FAA2</cusip>
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          <isin value="US00440FAA21"/>
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        <balance>15505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21629475.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Entergy Louisiana LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC</title>
        <cusip>29364W108</cusip>
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          <isin value="US29364W1080"/>
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        <balance>8154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202626.90000000</valUSD>
        <pctVal>0.002732844580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stanley Black &amp; Decker Inc</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker Inc</title>
        <cusip>854502AM3</cusip>
        <identifiers>
          <isin value="US854502AM31"/>
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        <balance>12900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12597753.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280AT6</cusip>
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          <isin value="US404280AT69"/>
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        <balance>14800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15244000.00000000</valUSD>
        <pctVal>0.205597000127</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.37000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
        <cusip>045487204</cusip>
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          <isin value="US0454872047"/>
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        <balance>2070.00000000</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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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746TB7</cusip>
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          <isin value="US949746TB78"/>
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        <balance>3700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
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        <balance>68264.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1795343.20000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486QAJ0</cusip>
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          <isin value="US78486QAJ04"/>
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        <balance>22100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20774000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>PS Business Parks Inc</name>
        <lei>N/A</lei>
        <title>PS Business Parks Inc</title>
        <cusip>69360J594</cusip>
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          <isin value="US69360J5948"/>
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        <balance>57663.00000000</balance>
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        <curCd>USD</curCd>
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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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        <name>AXA SA</name>
        <lei>F5WCUMTUM4RKZ1MAIE39</lei>
        <title>AXA SA</title>
        <cusip>054536AA5</cusip>
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          <isin value="US054536AA57"/>
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        <balance>21874000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29498978.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.60000000</annualizedRt>
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        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>949746RN3</cusip>
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          <isin value="US949746RN35"/>
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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>5.88000000</annualizedRt>
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        <name>BNSF Funding Trust I</name>
        <lei>N/A</lei>
        <title>BNSF Funding Trust I</title>
        <cusip>05567SAA0</cusip>
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          <isin value="US05567SAA06"/>
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        <balance>35709000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38387175.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.61000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>G84228EH7</cusip>
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          <isin value="USG84228EH74"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8180000.00000000</valUSD>
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        <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>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Federal Realty Investment Trust</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CMS Energy Corp</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
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        <title>Kimco Realty Corp</title>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PNC Financial Services Group Inc/The</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <cusip>174610AQ8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife Capital Trust IV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allstate Corp/The</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares Inc/OH</name>
        <lei>549300XTVCVV9I7B5T19</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Farm Credit Bank of Texas</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38144GAB7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial Inc</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial Inc</title>
        <cusip>02005NBM1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>W R Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
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        <name>Alabama Power Co</name>
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        <name>M&amp;T Bank Corp</name>
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        <name>Southern Co/The</name>
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        <name>American Electric Power Co Inc</name>
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        <name>BNP Paribas SA</name>
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        <name>Vodafone Group PLC</name>
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        <name>Allianz SE</name>
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        <name>ING Groep NV</name>
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        <name>Citigroup Inc</name>
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        <name>Public Storage</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>Invesco Preferred ETF</name>
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        <name>Svenska Handelsbanken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co/The</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Aon Corp</name>
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        <name>Barclays PLC</name>
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        <name>CoBank ACB</name>
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        <name>Washington Federal Inc</name>
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        <name>BlackRock Liquidity FedFund - Institutional Class</name>
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        <name>Webster Financial Corp</name>
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        <name>Bank of America Corp</name>
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        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
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        <name>Credit Suisse Group AG</name>
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        <name>AXA SA</name>
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        <name>American Express Co</name>
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        <name>UBS Group AG</name>
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        <name>Macquarie Bank Ltd/London</name>
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        <name>Public Storage</name>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
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        <name>Hudson Pacific Properties Inc</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <name>Standard Chartered PLC</name>
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        <name>MetLife Inc</name>
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        <name>Credit Agricole SA</name>
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        <name>Bank of America Corp</name>
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        <name>AgriBank FCB</name>
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        <name>Scentre Group Trust 2</name>
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        <name>Cullen/Frost Bankers Inc</name>
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        <name>Mitsui Sumitomo Insurance Co Ltd</name>
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        <title>Mitsui Sumitomo Insurance Co Ltd</title>
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        <name>Sumitomo Life Insurance Co</name>
        <lei>549300I5OQCDADQSPI57</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>M&amp;T Bank Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Mutual Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nationwide Financial Services Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc/The</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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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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      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</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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      <invstOrSec>
        <name>Standard Chartered PLC</name>
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        <title>Standard Chartered PLC</title>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
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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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          <annualizedRt>7.01000000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <cusip>14040H782</cusip>
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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>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <name>Wells Fargo &amp; Co</name>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
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        <name>Algonquin Power &amp; Utilities Corp</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp</title>
        <cusip>015857AH8</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38148BAE8</cusip>
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        <balance>13750000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co</title>
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          <isin value="US654579AD34"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83370RAB4</cusip>
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          <isin value="US83370RAB42"/>
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        <balance>16300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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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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      <invstOrSec>
        <name>Argentum Netherlands BV for Zurich Insurance Co Ltd</name>
        <lei>50ZCTKCMUDIABGHX3R52</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1795323952"/>
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        <balance>8590000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Affiliated Managers Group Inc</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc</title>
        <cusip>008252835</cusip>
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          <isin value="US0082528359"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>N/A</cusip>
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          <isin value="XS1825417535"/>
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        <balance>62745000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
        <cusip>172967JM4</cusip>
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          <isin value="US172967JM45"/>
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        <balance>11048000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11448490.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Meiji Yasuda Life Insurance Co</name>
        <lei>549300SLU4LP6YMRLK07</lei>
        <title>Meiji Yasuda Life Insurance Co</title>
        <cusip>585270AA9</cusip>
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          <isin value="US585270AA92"/>
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        <balance>9545000.00000000</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>2045-10-20</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AGF4</cusip>
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          <isin value="US05565AGF49"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2718750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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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>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cloverie PLC for Swiss Reinsurance Co Ltd</name>
        <lei>5493002N598MXOKUEF55</lei>
        <title>Cloverie PLC for Swiss Reinsurance Co Ltd</title>
        <cusip>N/A</cusip>
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          <isin value="XS1108784510"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20126600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-11</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613AD0</cusip>
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        <balance>17000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15363750.00000000</valUSD>
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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>4.38000000</annualizedRt>
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      <invstOrSec>
        <name>First Republic Bank/CA</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</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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        <name>Huntington Bancshares Inc/OH</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150AV6</cusip>
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        <balance>80434000.00000000</balance>
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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>Sompo Japan Insurance Inc</name>
        <lei>549300IOFUQ8JIFJOY25</lei>
        <title>Sompo Japan Insurance Inc</title>
        <cusip>835407AA5</cusip>
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        <balance>60300000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2073-03-28</maturityDt>
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      <invstOrSec>
        <name>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co</title>
        <cusip>233331859</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Truist Bank</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>Truist Bank</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prologis Inc</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis Inc</title>
        <cusip>74340W202</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83367TBF5</cusip>
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        <balance>4900000.00000000</balance>
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        <valUSD>5138875.00000000</valUSD>
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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>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>06055H202</cusip>
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      <invstOrSec>
        <name>Everest Reinsurance Holdings Inc</name>
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        <name>Danske Bank A/S</name>
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        <name>MetLife Inc</name>
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        <name>SVB Financial Group</name>
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        <name>Liberty Mutual Group Inc</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>
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        <name>Credit Agricole SA</name>
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        <name>KeyCorp Capital III</name>
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        <name>Citigroup Inc</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Citigroup Inc</name>
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        <name>Zurich Finance Ireland Designated Activity Co</name>
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        <name>AT&amp;T Inc</name>
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        <name>Comerica Inc</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <name>Credit Suisse AG</name>
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        <name>iShares Preferred &amp; Income Securities ETF</name>
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        <name>Liberty Mutual Insurance Co</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <name>HSBC Capital Funding Dollar 1 LP</name>
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        <name>US Bancorp</name>
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        <name>Transcanada Trust</name>
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        <name>Societe Generale SA</name>
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        <name>Enel SpA</name>
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        <name>Credit Suisse Group AG</name>
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        <name>Argentum Netherlands BV for Swiss Re Ltd</name>
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        <name>Charles Schwab Corp/The</name>
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        <name>ING Groep NV</name>
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        <name>Truist Financial Corp</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>RenaissanceRe Holdings Ltd</name>
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        <name>Public Storage</name>
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        <name>Allstate Corp/The</name>
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      <invstOrSec>
        <name>Discover Financial Services</name>
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        <name>Bank of America Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of Hawaii Corp</name>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Georgia Power Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of America Corp</name>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <name>UBS Group AG</name>
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        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Group AG</name>
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        <name>Fifth Third Bancorp</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>Farm Credit Bank of Texas</name>
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        <name>Scentre Group Trust 2</name>
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        <invCountry>AU</invCountry>
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        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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        <invCountry>CH</invCountry>
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        <name>Sumitomo Life Insurance Co</name>
        <lei>549300I5OQCDADQSPI57</lei>
        <title>Sumitomo Life Insurance Co</title>
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        <balance>15500000.00000000</balance>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>American Financial Group Inc/OH</name>
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        <fairValLevel>1</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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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          <isin value="US25746UDD81"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Ally Financial Inc</name>
        <lei>549300JBN1OSM8YNAI90</lei>
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        <cusip>02005NBN9</cusip>
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        <valUSD>7883750.00000000</valUSD>
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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>UBS Group AG</name>
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        <balance>20500000.00000000</balance>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
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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>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Southern Co/The</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
        <cusip>842587404</cusip>
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          <isin value="US8425874042"/>
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        <balance>552515.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13718947.45000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
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          <isin value="US654579AE17"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5137500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-20</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>First Maryland Capital I</name>
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        <cusip>320808AD0</cusip>
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          <isin value="US320808AD01"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1940762.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.24000000</annualizedRt>
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      <invstOrSec>
        <name>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
        <cusip>929089AF7</cusip>
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        <balance>8055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7783373.64000000</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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          <couponKind>Variable</couponKind>
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        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
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        <cusip>N/A</cusip>
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          <isin value="XS1046224884"/>
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        <balance>23000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>IT</invCountry>
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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>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>G84228CQ9</cusip>
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        <balance>23500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23558750.00000000</valUSD>
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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>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460W537</cusip>
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        <balance>317525.00000000</balance>
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        <curCd>USD</curCd>
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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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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
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        <balance>2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2426915.00000000</valUSD>
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        <assetCat>DIR</assetCat>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CBT</counterpartyName>
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                <issuerName>N/A</issuerName>
                <issueTitle>US 10 Year Note; June 2022</issueTitle>
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      <invstOrSec>
        <name>Transcanada Trust</name>
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        <title>Transcanada Trust</title>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5760000.00000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
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        <balance>5200000.00000000</balance>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040H824</cusip>
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        <balance>345769.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8215471.44000000</valUSD>
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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>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042828</cusip>
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          <isin value="US9290428286"/>
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        <balance>382344.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8805382.32000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Societe Generale SA</name>
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      <invstOrSec>
        <name>Citigroup Capital III</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Citigroup Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>US Bancorp</name>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
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        <invCountry>CH</invCountry>
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        <name>KeyCorp</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>M&amp;T Bank Corp</name>
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        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>UBS Group AG</name>
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        <name>M&amp;T Bank Corp</name>
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        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>DNB Bank ASA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of Nova Scotia/The</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Discover Financial Services</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NatWest Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fulton Financial Corp</name>
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      <invstOrSec>
        <name>USB Realty Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61762V8046"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-08-16</maturityDt>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Groep NV</name>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Bank of America Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Valley National Bancorp</name>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Enbridge Inc</name>
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        <name>Bank of America Corp</name>
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        <name>Southern Co/The</name>
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        <name>Sumitomo Life Insurance Co</name>
        <lei>549300I5OQCDADQSPI57</lei>
        <title>Sumitomo Life Insurance Co</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
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        <name>HSBC Capital Funding Dollar 1 LP</name>
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          <isin value="USG4637HAB45"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Emera Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
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          <isin value="US808513BD67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
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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>AT&amp;T Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Banco Santander SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
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        <name>RenaissanceRe Holdings Ltd</name>
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        <title>RenaissanceRe Holdings Ltd</title>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>10000000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <title>JPMorgan Chase &amp; Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <balance>8700000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBN4</cusip>
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        <balance>5900000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage</title>
        <cusip>74460W420</cusip>
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        <curCd>USD</curCd>
        <valUSD>7985760.00000000</valUSD>
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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>Lincoln National Corp</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp</title>
        <cusip>534187BP3</cusip>
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        <balance>43198000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33694440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2067-04-20</maturityDt>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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"/>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
      <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"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Principal Funds, Inc</ncom:nameOfApplicant>
      <ncom:signature>Megan Hoffmann</ncom:signature>
      <ncom:signerName>/s/ Megan Hoffmann</ncom:signerName>
      <ncom:title>Vice President and Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
