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        <name>National Australia Bank Ltd.</name>
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        <name>Svenska Handelsbanken AB</name>
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          <maturityDt>2026-04-22</maturityDt>
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        <name>ABN AMRO Funding USA LLC</name>
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        <balance>8250000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-09</maturityDt>
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        <name>Swedbank AB</name>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7853575.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-28</maturityDt>
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        <name>Toronto-Dominion Bank (The)</name>
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        <title>Toronto-Dominion Bank (The)</title>
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        <balance>8650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8626581.86000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-25</maturityDt>
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        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <balance>13000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW Bank</title>
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        <invCountry>DE</invCountry>
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        <name>Export Development Canada</name>
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        <title>Export Development Canada</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2026-03-03</maturityDt>
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        <name>Cooperatieve Rabobank UA</name>
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        <name>RBC Capital Markets LLC</name>
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        <invCountry>US</invCountry>
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        <name>Nordea Bank Abp</name>
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        <invCountry>FI</invCountry>
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        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW Bank</title>
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        <valUSD>7943222.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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        <balance>9050000.00000000</balance>
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        <valUSD>9045459.62000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-04</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Province of Quebec Canada</name>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>National Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TotalEnergies Capital SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DNB Bank ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Bank of Canada</name>
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        <invCountry>CA</invCountry>
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        <name>Swedbank AB</name>
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        <invCountry>SE</invCountry>
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        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sanofi SA</name>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank of Montreal</name>
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        <balance>8100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8099149.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-12</maturityDt>
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      <invstOrSec>
        <name>Mizuho Bank Ltd.</name>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7974290.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-02</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America NA</name>
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        <title>Bank of America NA</title>
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          <isin value="US06053RCP64"/>
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        <balance>8900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8905242.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.01963760</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MUFG Bank Ltd.</name>
        <lei>C3GTMMZIHMY46P4OIX74</lei>
        <title>MUFG Bank Ltd.</title>
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        <balance>8400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8376325.44000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>John Deere Financial, Inc.</name>
        <lei>CWQ698NK2DINVLMZRZ97</lei>
        <title>John Deere Financial, Inc.</title>
        <cusip>24422DCR0</cusip>
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          <isin value="US24422DCR08"/>
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        <balance>7800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7755914.40000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA</title>
        <cusip>95001KUR3</cusip>
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          <isin value="US95001KUR30"/>
          <other otherDesc="Inhouse Asset ID" value="1555399"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8498344.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust NY</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust NY</title>
        <cusip>86563HCA6</cusip>
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          <isin value="US86563HCA68"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8465658.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8504112.30000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
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        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Swedbank AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB</title>
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        <balance>8700000.00000000</balance>
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        <valUSD>8701070.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.92000040</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mizuho Bank Ltd.</name>
        <lei>RB0PEZSDGCO3JS6CEU02</lei>
        <title>Mizuho Bank Ltd.</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-06</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
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          <isin value="US89233HBA14"/>
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        <curCd>USD</curCd>
        <valUSD>7991032.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-10</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of Montreal</name>
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        <curCd>USD</curCd>
        <valUSD>8504428.50000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-11</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Wells Fargo Bank NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA</title>
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          <isin value="US95001KVG65"/>
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        <balance>8000000.00000000</balance>
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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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      <invstOrSec>
        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <invstCat>ADAS</invstCat>
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      <invstOrSec>
        <name>Santander UK plc</name>
        <lei>PTCQB104N23FMNK2RZ28</lei>
        <title>Santander UK plc</title>
        <cusip>80285QC57</cusip>
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          <isin value="US80285QC572"/>
          <other otherDesc="Inhouse Asset ID" value="1542020"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ING US Funding LLC</name>
        <lei>254900QX5Y2ZDZ6XBT08</lei>
        <title>ING US Funding LLC</title>
        <cusip>44988GH92</cusip>
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          <isin value="US44988GH923"/>
          <other otherDesc="Inhouse Asset ID" value="1535893"/>
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        <balance>9250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9251308.88000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.84000120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW Bank</title>
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          <isin value="US62939MD201"/>
          <other otherDesc="Inhouse Asset ID" value="1531052"/>
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        <balance>8250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8198025.83000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Funding USA LLC</name>
        <lei>549300WEQ09INLYV6558</lei>
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          <isin value="US00084CBH43"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>BPCE SA</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Canada</name>
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        <title>Canada Government Bond</title>
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        <valUSD>9490381.25000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>HSBC Securities (USA) Inc.</name>
        <lei>CYYGQCGNHMHPSMRL3R97</lei>
        <title>HSBC Securities (USA) Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
        <title>National Australia Bank Ltd.</title>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Barclays Bank plc</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank plc</title>
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          <other otherDesc="Inhouse Asset ID" value="1563118"/>
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        <balance>8250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8186318.25000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>Lloyds Bank plc</title>
        <cusip>53943HCK5</cusip>
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          <isin value="US53943HCK59"/>
          <other otherDesc="Inhouse Asset ID" value="1533884"/>
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        <balance>9500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9453108.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
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        <title>Nationwide Building Society</title>
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        <valUSD>8206202.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-23</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
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        <curCd>USD</curCd>
        <valUSD>9224307.20000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
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          <isin value="US89152FCX15"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7950400.00000000</valUSD>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
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          <isin value="US05253CBP05"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8479168.20000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Credit de Puerto Rico Corp.</name>
        <lei>549300C3PZBB11ZOEC65</lei>
        <title>Toyota Credit de Puerto Rico Corp.</title>
        <cusip>8923A1ES6</cusip>
        <identifiers>
          <isin value="US8923A1ES60"/>
          <other otherDesc="Inhouse Asset ID" value="1560580"/>
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        <balance>3750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3703648.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-26</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06053RCT86"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7999950.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.98000160</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
        <cusip>89119BCD6</cusip>
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          <isin value="US89119BCD64"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8462792.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MUFG Bank Ltd.</name>
        <lei>C3GTMMZIHMY46P4OIX74</lei>
        <title>MUFG Bank Ltd.</title>
        <cusip>62479MCQ4</cusip>
        <identifiers>
          <isin value="US62479MCQ42"/>
          <other otherDesc="Inhouse Asset ID" value="1537066"/>
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        <balance>9250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9199583.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lloyds Bank plc</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>Lloyds Bank plc</title>
        <cusip>53943SGL5</cusip>
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          <isin value="US53943SGL51"/>
          <other otherDesc="Inhouse Asset ID" value="1564624"/>
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        <balance>7750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7614971.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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          <isin value="US06418NKV37"/>
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        <balance>14000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14005226.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-03</maturityDt>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>549300H8L46OOZOFHU82</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BofA Securities</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <valUSD>28490322.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
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        <balance>8000000.00000000</balance>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
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      <invstOrSec>
        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank USA Ltd.</name>
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        <title>Sumitomo Mitsui Trust Bank USA Ltd.</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Credit Agricole Corporate and Investment Bank SA</name>
        <lei>254900BN8XS34XZDJ223</lei>
        <title>Credit Agricole Corporate and Investment Bank SA</title>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-09</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group, Inc. (The)</title>
        <cusip>N/A</cusip>
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        <balance>317937000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>317937000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="784F5XWPLTWKTBV3E584" name="Goldman Sachs Group, Inc. (The)"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.68000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>415425698.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>324295741.01000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ADAS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>9612C46W6</cusip>
        <identifiers>
          <isin value="US9612C46W64"/>
          <other otherDesc="Inhouse Asset ID" value="1451053"/>
        </identifiers>
        <balance>20300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20302405.55000000</valUSD>
        <pctVal>1.199836327909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.87000000</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>Toyota Credit de Puerto Rico Corp.</name>
        <lei>549300C3PZBB11ZOEC65</lei>
        <title>Toyota Credit de Puerto Rico Corp.</title>
        <cusip>8923A1CL3</cusip>
        <identifiers>
          <isin value="US8923A1CL36"/>
          <other otherDesc="Inhouse Asset ID" value="1533431"/>
        </identifiers>
        <balance>6750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6715592.55000000</valUSD>
        <pctVal>0.396879664583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Credit Agricole Corporate and Investment Bank SA</name>
        <lei>254900BN8XS34XZDJ223</lei>
        <title>Credit Agricole Corporate and Investment Bank SA</title>
        <cusip>22533UF32</cusip>
        <identifiers>
          <isin value="US22533UF324"/>
          <other otherDesc="Inhouse Asset ID" value="1551061"/>
        </identifiers>
        <balance>9350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9231613.11000000</valUSD>
        <pctVal>0.545572038116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
        <cusip>89152FCL7</cusip>
        <identifiers>
          <isin value="US89152FCL76"/>
          <other otherDesc="Inhouse Asset ID" value="1563717"/>
        </identifiers>
        <balance>8825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8780316.38000000</valUSD>
        <pctVal>0.518901198053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>JP Morgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JP Morgan Securities LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1570607"/>
        </identifiers>
        <balance>100000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000000.00000000</valUSD>
        <pctVal>5.909823468724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="JP Morgan Securities LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.66000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>99711000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>102031134.72000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636RET7</cusip>
        <identifiers>
          <isin value="US23636RET77"/>
          <other otherDesc="Inhouse Asset ID" value="1568484"/>
        </identifiers>
        <balance>8750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8643914.13000000</valUSD>
        <pctVal>0.510840065871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Chariot Funding LLC</name>
        <lei>549300EEWRNP448AMT79</lei>
        <title>Chariot Funding LLC</title>
        <cusip>15963UBT2</cusip>
        <identifiers>
          <isin value="US15963UBT25"/>
          <other otherDesc="Inhouse Asset ID" value="1548834"/>
        </identifiers>
        <balance>9125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9098542.06000000</valUSD>
        <pctVal>0.537707773973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Australia &amp; New Zealand Banking Group Ltd.</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>Australia &amp; New Zealand Banking Group Ltd.</title>
        <cusip>05253CHL3</cusip>
        <identifiers>
          <isin value="US05253CHL37"/>
          <other otherDesc="Inhouse Asset ID" value="1546186"/>
        </identifiers>
        <balance>8625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8449677.90000000</valUSD>
        <pctVal>0.499361047565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Barclays Capital, Inc.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Inhouse Asset ID" value="1570612"/>
        </identifiers>
        <balance>20172995.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20172995.90000000</valUSD>
        <pctVal>1.192188446042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="Barclays Capital, Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.66000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>20253566.84562460</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>20582743.50479800</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Banking Corp.</name>
        <lei>5U0XI89JRFVHWIBS4F54</lei>
        <title>Sumitomo Mitsui Banking Corp.</title>
        <cusip>86564KBW1</cusip>
        <identifiers>
          <isin value="US86564KBW18"/>
          <other otherDesc="Inhouse Asset ID" value="1557162"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5500389.40000000</valUSD>
        <pctVal>0.325063303632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.87000000</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="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
