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        <fairValLevel>1</fairValLevel>
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        <name>AT&amp;T Inc</name>
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        <name>ACE Capital Trust II</name>
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        <name>Affiliated Managers Group Inc</name>
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        <name>Affiliated Managers Group Inc</name>
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        <name>Affiliated Managers Group Inc</name>
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        <name>Allianz SE</name>
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        <name>Allianz SE</name>
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        <name>Allstate Corp/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Allstate Corp/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Allstate Corp/The</name>
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        <name>Allstate Corp/The</name>
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        <name>Ally Financial Inc</name>
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        <name>American Electric Power Co Inc</name>
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        <name>American Electric Power Co Inc</name>
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        <name>American Express Co</name>
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        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <name>Aon Corp</name>
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        <name>Arch Capital Group Ltd</name>
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        <name>Arch Capital Group Ltd</name>
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        <name>Assurant Inc</name>
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        <name>BNP Paribas SA</name>
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        <lei>549300CRVT18MXX0AG93</lei>
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        <name>Banco Santander SA</name>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>W R Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>W R Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
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          <isin value="US0844238701"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock Liquidity FedFund - Institutional Class</name>
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          <ticker value="TFDXX"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CMS Energy Corp</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CMS Energy Corp</name>
        <lei>549300IA9XFBAGNIBW29</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Capital One Financial Corp</name>
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        <name>Capital One Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Capital One Financial Corp</name>
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        <name>Capital One Financial Corp</name>
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        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Citigroup Inc</name>
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        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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      <invstOrSec>
        <name>Citigroup Inc</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <name>CoBank ACB</name>
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        <name>Corestates Capital III</name>
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        <name>Corebridge Financial Inc</name>
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        <name>Credit Agricole SA</name>
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        <name>Credit Agricole SA</name>
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        <name>Cullen/Frost Bankers Inc</name>
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        <name>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
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        <name>DTE Energy Co</name>
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        <name>Dairy Farmers of America Inc</name>
        <lei>1LTUIZEFFT7MUIERI838</lei>
        <title>Dairy Farmers of America Inc</title>
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        <name>Duke Energy Corp</name>
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        <name>Entergy Louisiana LLC</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Equitable Holdings Inc</name>
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        <name>Everest Reinsurance Holdings Inc</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Farm Credit Bank of Texas</name>
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        <name>Farm Credit Bank of Texas</name>
        <lei>V1EBJIOLRNYDHDF63Z33</lei>
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        <name>Federal Realty Investment Trust</name>
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        <name>Fifth Third Bancorp</name>
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        <name>First Horizon Corp</name>
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        <name>First Horizon Corp</name>
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        <name>First Maryland Capital I</name>
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        <name>Georgia Power Co</name>
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        <name>Goldman Sachs Group Inc/The</name>
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        <name>MetLife Capital Trust IV</name>
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        <name>MetLife Inc</name>
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        <name>MetLife Inc</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Morgan Stanley</name>
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        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
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        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-05-01</maturityDt>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-03-15</maturityDt>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339KCW8</cusip>
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          <isin value="US65339KCW80"/>
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        <balance>16700000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
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          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co</title>
        <cusip>654579AD3</cusip>
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          <isin value="US654579AD34"/>
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        <balance>19700000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-16</maturityDt>
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          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co</title>
        <cusip>654579AE1</cusip>
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        <balance>5000000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-20</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co</title>
        <cusip>654579AH4</cusip>
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          <isin value="US654579AH48"/>
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        <balance>3200000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-21</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Nippon Life Insurance Co</name>
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        <title>Nippon Life Insurance Co</title>
        <cusip>654579AK7</cusip>
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        <balance>22900000.00000000</balance>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-16</maturityDt>
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          <annualizedRt>2.90000000</annualizedRt>
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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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          <maturityDt>2054-04-16</maturityDt>
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        <name>NiSource Inc</name>
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        <title>NiSource Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-30</maturityDt>
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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
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          <maturityDt>N/A</maturityDt>
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        <name>Nordea Bank Abp</name>
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        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
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          <maturityDt>N/A</maturityDt>
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        <name>Northern Trust Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Southern Co/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Standard Chartered PLC</name>
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        <fairValLevel>2</fairValLevel>
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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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          <maturityDt>N/A</maturityDt>
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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>State Street Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stifel Financial Corp</name>
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        <name>Stifel Financial Corp</name>
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        <name>Sumitomo Life Insurance Co</name>
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        <name>Truist Financial Corp</name>
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        <name>Truist Financial Corp</name>
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        <name>Swiss RE Subordinated Finance PLC</name>
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        <name>Toronto-Dominion Bank/The</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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          <maturityDt>2084-07-31</maturityDt>
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        <name>Toronto-Dominion Bank/The</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-10-31</maturityDt>
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        <name>UBS Group AG</name>
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        <name>US Bancorp</name>
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        <name>Voya Financial Inc</name>
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        <name>Webster Financial Corp</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>Wells Fargo &amp; Co</name>
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        <name>ING Groep NV</name>
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        <name>Standard Chartered PLC</name>
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        <name>Credit Agricole SA</name>
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        <name>Argentum Netherlands BV for Zurich Insurance Co Ltd</name>
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        <name>HSBC Capital Funding Dollar 1 LP</name>
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        <name>RenaissanceRe Holdings Ltd</name>
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        <name>Standard Chartered PLC</name>
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        <name>Mitsui Sumitomo Insurance Co Ltd</name>
        <lei>5493006KRZ0SJO41LZ83</lei>
        <title>Mitsui Sumitomo Insurance Co Ltd</title>
        <cusip>J4517MAA7</cusip>
        <identifiers>
          <isin value="USJ4517MAA74"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>512206.81000000</valUSD>
        <pctVal>0.008226649234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.95000000</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>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd/United Kingdom</title>
        <cusip>Q08328AA6</cusip>
        <identifiers>
          <isin value="USQ08328AA64"/>
        </identifiers>
        <balance>2700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2754159.30000000</valUSD>
        <pctVal>0.044235066882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie Bank Ltd/London</name>
        <lei>549300MPRNPO6FWNKN78</lei>
        <title>Macquarie Bank Ltd/London</title>
        <cusip>Q568A9SP3</cusip>
        <identifiers>
          <isin value="USQ568A9SP31"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4986127.00000000</valUSD>
        <pctVal>0.080083116953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</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>Scentre Group Trust 2</name>
        <lei>549300VRF0U0JH8TBJ74</lei>
        <title>Scentre Group Trust 2</title>
        <cusip>Q8053LAA2</cusip>
        <identifiers>
          <isin value="USQ8053LAA28"/>
        </identifiers>
        <balance>4300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4252976.92000000</valUSD>
        <pctVal>0.068307856596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2080-09-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNZ4C"/>
        </identifiers>
        <balance>250.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>265007.50000000</valUSD>
        <pctVal>0.004256334950</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Other - Exchange" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CBT</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US Ultra Bond; December 2024</issueTitle>
                <identifiers>
                  <ticker value="WNZ4C"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2024-12-20</expDate>
            <notionalAmt>32984375.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>265007.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allianz SE</name>
        <lei>529900K9B0N5BT694847</lei>
        <title>Allianz SE</title>
        <cusip>X10001AA7</cusip>
        <identifiers>
          <isin value="USX10001AA78"/>
        </identifiers>
        <balance>6200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5885322.10000000</valUSD>
        <pctVal>0.094525257388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="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>2024-09-30</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>
