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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Affiliated Managers Group Inc</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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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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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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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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          <annualizedRt>9.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXYZ3C"/>
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        <balance>1368.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1627947.36000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>N/A</issuerName>
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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>
        <lei>549300CRVT18MXX0AG93</lei>
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        <cusip>05565QDV7</cusip>
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        <balance>22562000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>First Horizon Corp</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp</title>
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          <isin value="US3205178656"/>
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        <balance>24.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CoBank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
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        <cusip>19075Q862</cusip>
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          <isin value="US19075Q8621"/>
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        <balance>45175.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4404562.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65557DAL5</cusip>
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          <isin value="US65557DAL55"/>
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        <balance>18735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17928558.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <curCd>USD</curCd>
        <valUSD>25040954.61000000</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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          <annualizedRt>3.70000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2080-07-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>PNC Financial Services Group Inc/The</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arch Capital Group Ltd</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>03939A107</cusip>
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        <balance>51897.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Entergy Texas Inc</name>
        <lei>LWXX58X12AJXISQ28573</lei>
        <title>Entergy Texas Inc</title>
        <cusip>29365T302</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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        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB</title>
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          <isin value="XS2233263404"/>
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        <balance>20400000.00000000</balance>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Scentre Group Trust 2</name>
        <lei>549300VRF0U0JH8TBJ74</lei>
        <title>Scentre Group Trust 2</title>
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          <isin value="US76025LAB09"/>
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        <balance>51600000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2080-09-24</maturityDt>
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      <invstOrSec>
        <name>Transcanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>Transcanada Trust</title>
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        <balance>28000000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65557CAN3</cusip>
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        <balance>29631000.00000000</balance>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dairy Farmers of America Inc</name>
        <lei>1LTUIZEFFT7MUIERI838</lei>
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        <balance>8700000.00000000</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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MetLife Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp/The</name>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage Operating Co</name>
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        <name>Nippon Life Insurance Co</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Bank of New York Mellon Corp/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage Operating Co</name>
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        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
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        <cusip>05565QDU9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Dairy Farmers of America Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <cusip>N/A</cusip>
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        <balance>18100000.00000000</balance>
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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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        <name>Corestates Capital III</name>
        <lei>N/A</lei>
        <title>Corestates Capital III</title>
        <cusip>21869MAA5</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <invCountry>GB</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>38148B108</cusip>
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        <balance>7685.00000000</balance>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280AS8</cusip>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
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        <name>Bank of Nova Scotia/The</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <invCountry>CA</invCountry>
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        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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          <isin value="US53944YAV56"/>
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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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          <annualizedRt>8.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitsui Sumitomo Insurance Co Ltd</name>
        <lei>5493006KRZ0SJO41LZ83</lei>
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          <isin value="USJ4517MAA74"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Affiliated Managers Group Inc</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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        <cusip>008252843</cusip>
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          <isin value="US0082528433"/>
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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>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
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          <isin value="US539439AU36"/>
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        <balance>39780000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC</title>
        <cusip>29364D100</cusip>
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          <isin value="US29364D1000"/>
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        <balance>24641.00000000</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>Stifel Financial Corp</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp</title>
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          <isin value="US8606308620"/>
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        <balance>554913.00000000</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>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co</title>
        <cusip>74460W578</cusip>
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          <isin value="US74460W5783"/>
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        <balance>187344.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>05565AAN3</cusip>
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          <isin value="US05565AAN37"/>
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        <balance>1600000.00000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
        <cusip>018820AB6</cusip>
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          <isin value="US018820AB64"/>
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        <balance>5800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38145G308</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
        <cusip>95002YAA1</cusip>
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        <balance>59300000.00000000</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>MMI Capital Trust I</name>
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        <cusip>553086AC3</cusip>
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        <balance>1073000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Financial Group Inc/OH</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc/OH</title>
        <cusip>025932807</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
        <lei>549300EA7I6T15IBYS12</lei>
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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>446150773</cusip>
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        <balance>29006.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280BP3</cusip>
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        <balance>5600000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Northern Trust Corp</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp</title>
        <cusip>665859AQ7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Depository Trust &amp; Clearing Corp/The</name>
        <lei>MLDY5N6PZ58ZE60QU102</lei>
        <title>Depository Trust &amp; Clearing Corp/The</title>
        <cusip>249670AB6</cusip>
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        <balance>19750000.00000000</balance>
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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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        <balance>13900000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>MetLife Inc</name>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
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        <name>Truist Financial Corp</name>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
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        <name>ACE Capital Trust II</name>
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        <name>Entergy Louisiana LLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>404280AT6</cusip>
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        <balance>14800000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.37000000</annualizedRt>
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        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <balance>3700000.00000000</balance>
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        <valUSD>4039268.36000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Duke Energy Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <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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        <name>Wells Fargo &amp; Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial Inc</name>
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        <name>BNSF Funding Trust I</name>
        <lei>N/A</lei>
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        <name>Standard Chartered PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
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        <invCountry>US</invCountry>
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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
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        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc</title>
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        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Federal Realty Investment Trust</name>
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        <name>CMS Energy Corp</name>
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        <name>PNC Financial Services Group Inc/The</name>
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        <name>BNP Paribas SA</name>
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        <name>KeyCorp</name>
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        <name>Swedbank AB</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>MetLife Capital Trust IV</name>
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        <name>Huntington Bancshares Inc/OH</name>
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        <name>Nippon Life Insurance Co</name>
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        <name>Goldman Sachs Group Inc/The</name>
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        <name>Ally Financial Inc</name>
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        <name>Charles Schwab Corp/The</name>
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        <name>M&amp;T Bank Corp</name>
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        <name>Enbridge Inc</name>
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        <name>American Electric Power Co Inc</name>
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        <name>Northern Trust Corp</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp</title>
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        <name>Voya Financial Inc</name>
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        <name>Equitable Holdings Inc</name>
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        <name>Toronto-Dominion Bank/The</name>
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        <name>BNP Paribas SA</name>
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        <name>NatWest Group PLC</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Duke Energy Corp</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>Allstate Corp/The</name>
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        <name>Bank of America Corp</name>
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        <name>Public Storage Operating Co</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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        <name>Southern Co/The</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <name>Intesa Sanpaolo SpA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aon Corp</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Group Inc/The</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Prudential Financial Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prudential Financial Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BlackRock Liquidity FedFund - Institutional Class</name>
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          <ticker value="TFDXX"/>
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        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Citizens Financial Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AXA SA</name>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Macquarie Bank Ltd/London</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage Operating Co</name>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <name>N/A</name>
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          <ticker value="TUZ3C"/>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
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        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <curCd>USD</curCd>
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        <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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          <annualizedRt>3.90000000</annualizedRt>
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        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <name>Lloyds Banking Group PLC</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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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Mutual Group Inc</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Nationwide Financial Services Inc</name>
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        <name>BNP Paribas SA</name>
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        <name>Capital One Financial Corp</name>
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        <name>MetLife Inc</name>
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        <name>Societe Generale SA</name>
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        <name>Truist Financial Corp</name>
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        <name>Vodafone Group PLC</name>
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        <title>Vodafone Group PLC</title>
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      <invstOrSec>
        <name>Algonquin Power &amp; Utilities Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Argentum Netherlands BV for Zurich Insurance Co Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Affiliated Managers Group Inc</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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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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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Huntington Bancshares Inc/OH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Voya Financial Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DTE Energy Co</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <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>Truist Financial Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prologis Inc</name>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <balance>4900000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <balance>41500000.00000000</balance>
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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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Everest Reinsurance Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
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          <isin value="XS1586367945"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MetLife Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Mutual Group Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <curCd>USD</curCd>
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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>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp</name>
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        <title>Bank of America Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>KeyCorp Capital III</name>
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        <name>Citigroup Inc</name>
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        <name>Principal Government Money Market Fund - Class R-6</name>
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        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <name>Zurich Finance Ireland Designated Activity Co</name>
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        <name>American Financial Group Inc/OH</name>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
        <cusip>53944YAJ2</cusip>
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        <balance>200000.00000000</balance>
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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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        <name>Arch Capital Group Ltd</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd</title>
        <cusip>03939A404</cusip>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>iShares Preferred &amp; Income Securities ETF</name>
        <lei>549300YX74JNY54XCY80</lei>
        <title>iShares Preferred &amp; Income Securities ETF</title>
        <cusip>464288687</cusip>
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        <balance>222477.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liberty Mutual Insurance Co</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Capital Funding Dollar 1 LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>US Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Argentum Netherlands BV for Swiss Re Ltd</name>
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        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
        <lei>529900MUF4C20K50JS49</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>RenaissanceRe Holdings Ltd</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
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        <invCountry>BM</invCountry>
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        <name>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Allstate Corp/The</name>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>KeyCorp</name>
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        <name>Bank of America Corp</name>
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        <name>Standard Chartered PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
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        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <invCountry>US</invCountry>
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        <name>Georgia Power Co</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co</title>
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        <balance>199784.00000000</balance>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>635454AC5</cusip>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>UBS Group AG</name>
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        <name>Fifth Third Bancorp</name>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citizens Financial Group Inc</name>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>PNC Financial Services Group Inc/The</name>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares Inc/OH</name>
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        <name>American Financial Group Inc/OH</name>
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        <name>Allstate Corp/The</name>
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        <name>Dominion Energy Inc</name>
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        <name>Barclays PLC</name>
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        <name>Ally Financial Inc</name>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <invCountry>FR</invCountry>
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        <name>UBS Group AG</name>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern Co/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First Maryland Capital I</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Voya Financial Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UniCredit SpA</name>
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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>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
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        <balance>4100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3019661.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-01-15</maturityDt>
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      <invstOrSec>
        <name>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co</title>
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          <isin value="US74460W5379"/>
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        <balance>488630.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</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>346679.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CoBank ACB</name>
        <lei>P0J8I7M2E0A77CKF1705</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Capital III</name>
        <lei>549300XM9G8HLD2LDU04</lei>
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      <invstOrSec>
        <name>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co</title>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>US Bancorp</name>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <balance>29290.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
        <cusip>744320AN2</cusip>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <name>M&amp;T Bank Corp</name>
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      <invstOrSec>
        <name>Citigroup Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <name>Associated Banc-Corp</name>
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        <name>Bank of Nova Scotia/The</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Discover Financial Services</name>
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        <name>Fulton Financial Corp</name>
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        <name>USB Realty Corp</name>
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        <name>Morgan Stanley</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Lloyds Banking Group PLC</name>
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        <name>ING Groep NV</name>
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        <name>Bank of America Corp</name>
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        <name>W R Berkley Corp</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp</name>
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        <name>KeyCorp</name>
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        <name>Sumitomo Life Insurance Co</name>
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        <name>Goldman Sachs Group Inc/The</name>
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        <name>Macquarie Bank Ltd/London</name>
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        <name>Credit Agricole SA</name>
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        <name>Capital One Financial Corp</name>
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        <name>Citizens Financial Group Inc</name>
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        <name>Argentum Netherlands BV for Swiss Re Ltd</name>
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        <name>CoBank ACB</name>
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        <name>Allstate Corp/The</name>
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        <name>Capital One Financial Corp</name>
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        <name>ING Groep NV</name>
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        <name>Regions Financial Corp</name>
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        <name>Truist Financial Corp</name>
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        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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        <valUSD>9910759.94000000</valUSD>
        <pctVal>0.172267616211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
        <lei>529900MUF4C20K50JS49</lei>
        <title>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USD5558XAA66"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1767207.60000000</valUSD>
        <pctVal>0.030717386199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corebridge Financial Inc</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial Inc</title>
        <cusip>21871XAP4</cusip>
        <identifiers>
          <isin value="US21871XAP42"/>
        </identifiers>
        <balance>28590000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27797142.69000000</valUSD>
        <pctVal>0.483166531899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC Capital Funding Dollar 1 LP</name>
        <lei>213800HMY2DB765NHE46</lei>
        <title>HSBC Capital Funding Dollar 1 LP</title>
        <cusip>G4637HAB4</cusip>
        <identifiers>
          <isin value="USG4637HAB45"/>
        </identifiers>
        <balance>50708000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62244070.00000000</valUSD>
        <pctVal>1.081918806138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.18000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="122750.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
        <cusip>808513BD6</cusip>
        <identifiers>
          <isin value="US808513BD67"/>
        </identifiers>
        <balance>65131000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62851415.00000000</valUSD>
        <pctVal>1.092475602590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="491185.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65559CAA9</cusip>
        <identifiers>
          <isin value="US65559CAA99"/>
        </identifiers>
        <balance>74562000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70460586.71000000</valUSD>
        <pctVal>1.224737293899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
        <cusip>00206R706</cusip>
        <identifiers>
          <isin value="US00206R7061"/>
        </identifiers>
        <balance>1925507.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37316325.66000000</valUSD>
        <pctVal>0.648627805147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1951093894"/>
        </identifiers>
        <balance>53000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50877032.00000000</valUSD>
        <pctVal>0.884338342934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890703</cusip>
        <identifiers>
          <isin value="US9478907036"/>
        </identifiers>
        <balance>37427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>822645.46000000</valUSD>
        <pctVal>0.014299122694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assurant Inc</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc</title>
        <cusip>04621X306</cusip>
        <identifiers>
          <isin value="US04621X3061"/>
        </identifiers>
        <balance>2936.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58602.56000000</valUSD>
        <pctVal>0.001018622525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co</title>
        <cusip>74460W446</cusip>
        <identifiers>
          <isin value="US74460W4463"/>
        </identifiers>
        <balance>49490.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>866075.00000000</valUSD>
        <pctVal>0.015054009643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RenaissanceRe Holdings Ltd</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd</title>
        <cusip>G7498P127</cusip>
        <identifiers>
          <isin value="BMG7498P1279"/>
        </identifiers>
        <balance>126330.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2088234.90000000</valUSD>
        <pctVal>0.036297443434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
        <cusip>48128B655</cusip>
        <identifiers>
          <isin value="US48128B6552"/>
        </identifiers>
        <balance>82068.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1994252.40000000</valUSD>
        <pctVal>0.034663851122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="USF1R15XK938"/>
        </identifiers>
        <balance>17200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16986720.00000000</valUSD>
        <pctVal>0.295261087885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4938000.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC</title>
        <cusip>06738EBN4</cusip>
        <identifiers>
          <isin value="US06738EBN40"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22186072.75000000</valUSD>
        <pctVal>0.385635600991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.13000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Storage Operating Co</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>Public Storage Operating Co</title>
        <cusip>74460W420</cusip>
        <identifiers>
          <isin value="US74460W4208"/>
        </identifiers>
        <balance>431672.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7696711.76000000</valUSD>
        <pctVal>0.133783301743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636BBB4</cusip>
        <identifiers>
          <isin value="US23636BBB45"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4390879.20000000</valUSD>
        <pctVal>0.076321724815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65559D2A6</cusip>
        <identifiers>
          <isin value="US65559D2A65"/>
        </identifiers>
        <balance>12400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11717916.30000000</valUSD>
        <pctVal>0.203679386867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2078985.15000000"/>
        </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="It is a policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract." noteItem="C.12.a"/>
      <explntrNote note="Not applicable for derivative asset types" noteItem="C.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-09-29</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>
