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        <name>Allianz SE</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 Electric Power Co Inc</name>
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        <name>American Express Co</name>
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        <name>Assurant Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <name>BP Capital Markets PLC</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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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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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of New York Mellon Corp/The</name>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-10-27</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <invCountry>GB</invCountry>
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        <name>Barclays PLC</name>
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        <name>Barclays PLC</name>
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        <name>Barclays PLC</name>
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        <name>BlackRock Liquidity FedFund - Institutional Class</name>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <invCountry>CA</invCountry>
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        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
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        <name>Citizens Financial Group Inc</name>
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        <name>Credit Agricole SA</name>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dai-ichi Life Insurance Co Ltd/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dairy Farmers of America Inc</name>
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        <name>Dominion Energy Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-01-15</maturityDt>
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        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2078-03-01</maturityDt>
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      <invstOrSec>
        <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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          <maturityDt>2080-07-15</maturityDt>
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        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc</name>
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        <name>Enterprise Products Operating 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>EUSHI Finance Inc</name>
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        <name>Evergy Inc</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy Inc</title>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-05-23</maturityDt>
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        <name>NatWest Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>Nippon Life Insurance Co</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co</title>
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        <balance>4600000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-01-21</maturityDt>
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        <name>Nippon Life Insurance Co</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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        <name>NiSource Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
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        <invCountry>FI</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC Financial Services Group Inc/The</name>
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        <name>Principal Government Money Market Fund - Class R-6</name>
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        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <name>Prudential Financial Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Storage</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Public Storage</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Scentre Group Trust 2</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rexford Industrial Realty Inc</name>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BU2</cusip>
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          <isin value="US816851BU28"/>
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        <valUSD>1411454.31000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <cusip>83370RAD0</cusip>
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        <valUSD>3694975.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <name>Southern Co/The</name>
        <lei>549300FC3G3YU2FBZD92</lei>
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        <name>Standard Chartered PLC</name>
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        <title>Standard Chartered PLC</title>
        <cusip>853254AB6</cusip>
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        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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          <isin value="US857477CS03"/>
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        <curCd>USD</curCd>
        <valUSD>3787854.06000000</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>6.45000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Life Insurance Co</name>
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          <isin value="US86564CAC47"/>
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        <curCd>USD</curCd>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2081-04-15</maturityDt>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
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        <curCd>USD</curCd>
        <valUSD>1921487.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
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      <invstOrSec>
        <name>Swiss RE Subordinated Finance PLC</name>
        <lei>636700H29EH5Z8ZU8L04</lei>
        <title>Swiss RE Subordinated Finance PLC</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Swiss RE Subordinated Finance PLC</name>
        <lei>636700H29EH5Z8ZU8L04</lei>
        <title>Swiss RE Subordinated Finance PLC</title>
        <cusip>87088QAB0</cusip>
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          <isin value="US87088QAB05"/>
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        <balance>4600000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-04-01</maturityDt>
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      <invstOrSec>
        <name>Huntington National Bank/The</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
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        <balance>2000000.00000000</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>2030-05-06</maturityDt>
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      <invstOrSec>
        <name>Toronto-Dominion Bank/The</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <valUSD>1021621.00000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-07-31</maturityDt>
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        <name>Toronto-Dominion Bank/The</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2082-10-31</maturityDt>
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      <invstOrSec>
        <name>Transcanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Transcanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Transcanada Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
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        <balance>2000000.00000000</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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          <annualizedRt>5.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613AG3</cusip>
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          <isin value="US902613AG32"/>
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      <invstOrSec>
        <name>Voya Financial Inc</name>
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        <name>Wintrust Financial Corp</name>
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        <name>UBS Group AG</name>
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        <name>Zurich Finance Ireland Designated Activity Co</name>
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        <name>Standard Chartered PLC</name>
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        <name>Deutsche Bank AG</name>
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        <name>Zurich Finance Ireland Designated Activity Co</name>
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        <name>Swedbank AB</name>
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        <name>Cloverie PLC for Zurich Insurance Co Ltd</name>
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        <title>Cloverie PLC for Zurich Insurance Co Ltd</title>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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        <valUSD>19507800.00000000</valUSD>
        <pctVal>1.695871250920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>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>Argentum Netherlands BV for Zurich Insurance Co Ltd</name>
        <lei>50ZCTKCMUDIABGHX3R52</lei>
        <title>Argentum Netherlands BV for Zurich Insurance Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1795323952"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1972500.00000000</valUSD>
        <pctVal>0.171475309488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.13000000</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>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>F8600KAA4</cusip>
        <identifiers>
          <isin value="USF8600KAA46"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>652570.20000000</valUSD>
        <pctVal>0.056729874275</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>10.00000000</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>2025-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
