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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Evergy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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        <title>Enbridge Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Liberty Mutual Group Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Xcel Energy Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-12-03</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer L.P.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc., Series A-9</title>
        <cusip>026874DM6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy, Series A</title>
        <cusip>30040WBC1</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>TransCanada Trust</name>
        <lei>549300Y0MFCAXLBWUV51</lei>
        <title>TransCanada Trust</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>TransCanada Pipelines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada Pipelines Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra</title>
        <cusip>816851BW8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
        <lei>N/A</lei>
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        <cusip>00774MBK0</cusip>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NCG8</cusip>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AES Corp. (The)</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>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc.</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Assured Guaranty Municipal Holdings Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puget 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>Southern Co. Gas Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nippon Life Insurance Co.</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Emera US Finance, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NiSource Inc.</name>
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        <title>NiSource Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PartnerRe Finance B LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS Corp.</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American National Group Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Nevada Power Co.</name>
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        <title>Nevada Power Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>DENTSPLY SIRONA Inc.</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>DENTSPLY SIRONA Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109DG3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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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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        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-15</maturityDt>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc.</title>
        <cusip>29250NBP9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2083-01-15</maturityDt>
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          <annualizedRt>7.62500000</annualizedRt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-05-01</maturityDt>
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          <annualizedRt>5.65000000</annualizedRt>
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        <name>TXNM Energy, Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM Energy, Inc.</title>
        <cusip>69349HAJ6</cusip>
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        <valUSD>35335.51000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-31</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc., Series A</title>
        <cusip>25746UDT3</cusip>
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        <valUSD>93599.42000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-01</maturityDt>
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          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc., Series AA</title>
        <cusip>65339KEF3</cusip>
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          <isin value="US65339KEF30"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-10-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.20000000</annualizedRt>
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        <name>EUSHI Finance, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Meiji Yasuda Life Insurance Co.</name>
        <lei>549300SLU4LP6YMRLK07</lei>
        <title>Meiji Yasuda Life Insurance Co.</title>
        <cusip>585270AC5</cusip>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-26</maturityDt>
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        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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        <name>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351AV1</cusip>
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        <balance>40000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-15</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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        <name>Sierra Pacific Power Co.</name>
        <lei>QB888G5GSVGE1LD1WV84</lei>
        <title>Sierra Pacific Power Co.</title>
        <cusip>826418BR5</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Global Management, Inc.</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>Apollo Global Management, Inc.</title>
        <cusip>03769MAD8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International</title>
        <cusip>281020AX5</cusip>
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          <isin value="US281020AX52"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50783.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-15</maturityDt>
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          <annualizedRt>8.12500000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puget Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS Corp.</name>
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        <title>TELUS Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-15</maturityDt>
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        <name>TransCanada Pipelines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pelagos Insurance Capital Ltd.</name>
        <lei>549300CDMGCAGJQ7DX03</lei>
        <title>Pelagos Insurance Capital Ltd.</title>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-15</maturityDt>
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      <invstOrSec>
        <name>Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vodafone Group PLC</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Allianz SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>British Telecommunications Ltd.</name>
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        <title>British Telecommunications Ltd.</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Nippon Life Insurance Co.</name>
        <lei>549300Y0HHMFW3EVWY08</lei>
        <title>Nippon Life Insurance Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC / AerCap Global Aviation Trust</name>
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        <cusip>00774MBQ7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc.</title>
        <cusip>775109DL2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Equitable Holdings, Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc.</title>
        <cusip>29452EAD3</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy, Series B</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Spire 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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        <fairValLevel>2</fairValLevel>
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        <name>Aptiv Swiss Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>American Electric Power Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alliant Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Reinsurance Group of America, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enterprise Products Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exelon Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NiSource Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Finance Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dominion Energy, Inc.</name>
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        <name>Allianz SE</name>
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        <name>Energy Transfer L.P.</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>WEC Energy Group Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group Inc.</title>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NiSource Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Voya Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northwest Natural Holding Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Bow Canadian infrastructure Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meiji Yasuda Life Insurance Co.</name>
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        <title>Meiji Yasuda Life Insurance Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nippon Life Insurance Co.</name>
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        <name>Enbridge Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enstar Group Ltd.</name>
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        <name>Goldman Sachs Capital I</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Aegon Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ACE Capital Trust II</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Phillips 66 Co.</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>Dominion Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meiji Yasuda Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Enterprise Products Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Life Insurance Co.</name>
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        <title>Sumitomo Life Insurance Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TELUS Corp.</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>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Life Insurance Co.</name>
        <lei>549300I5OQCDADQSPI57</lei>
        <title>Sumitomo Life Insurance Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TransCanada Pipelines Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Humana Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Mutual Group Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Entergy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Swiss Re Finance (Luxembourg) S.A.</name>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>PacifiCorp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sempra</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HA Sustainable Infrastructure Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
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        <name>MetLife, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Atlantic (Fin) Co.</name>
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        <name>Sempra</name>
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        <name>Athene Holding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bell Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AltaGas Ltd.</name>
        <lei>2549008X5V70MOS4HM10</lei>
        <title>AltaGas Ltd.</title>
        <cusip>021361AD2</cusip>
        <identifiers>
          <isin value="US021361AD20"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93092.40000000</valUSD>
        <pctVal>0.641328606931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.20000000</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>Assurant, Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant, Inc.</title>
        <cusip>04621XAK4</cusip>
        <identifiers>
          <isin value="US04621XAK46"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40535.42000000</valUSD>
        <pctVal>0.279255067438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.00000000</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>CenterPoint Energy, Inc.</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CenterPoint Energy, Inc.</title>
        <cusip>15189TBP1</cusip>
        <identifiers>
          <isin value="US15189TBP12"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50847.60000000</valUSD>
        <pctVal>0.350297344077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sierra Pacific Power Co.</name>
        <lei>QB888G5GSVGE1LD1WV84</lei>
        <title>Sierra Pacific Power Co.</title>
        <cusip>826418BS3</cusip>
        <identifiers>
          <isin value="US826418BS35"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59747.83000000</valUSD>
        <pctVal>0.411612468698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
