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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Bancorp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Boeing Co.</name>
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        <name>The Cigna Group</name>
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        <name>Mexico (United Mexican States)</name>
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        <name>Bank of America Corp.</name>
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        <name>VMware LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COLT 2025-8 MORTGAGE LOAN TRUST</name>
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        <name>Goldman Sachs ETF Trust</name>
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        <name>Morgan Stanley</name>
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        <name>Ohio Power Company</name>
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        <name>OCTAGON 61 LTD</name>
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        <name>Berkshire Hathaway Energy Company</name>
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        <name>EFMT 2026-NQM4</name>
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        <name>Realty Income Corporation</name>
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        <name>United States Treasury Bonds</name>
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        <name>Federal National Mortgage Association</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CubeSmart LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CUBE 2.5 02/15/32</title>
        <cusip>22966RAJ5</cusip>
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          <isin value="US22966RAJ59"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17547.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>NYC COMMERCIAL MORTGAGE TRUST 2025-11X</name>
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        <title>NYC 2025-11X A</title>
        <cusip>67122NAA9</cusip>
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          <isin value="US67122NAA90"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400249.28000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.41551000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>OTIS 2.293 04/05/27</title>
        <cusip>68902VAJ6</cusip>
        <identifiers>
          <isin value="US68902VAJ61"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24507.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.29300000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
        <cusip>01F042657</cusip>
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          <isin value="US01F0426571"/>
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        <balance>-1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 4.8 03/01/30 144A</title>
        <cusip>571676AY1</cusip>
        <identifiers>
          <isin value="US571676AY11"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429435.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
        <cusip>01F030645</cusip>
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          <isin value="US01F0306450"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1758330.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UK CLEARING HOUSE LIMITED</name>
        <lei>213800O8SCO4XJGBU385</lei>
        <title>IRS AUD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="IR255119A"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938000"/>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UK CLEARING HOUSE LIMITED</counterpartyName>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>HD 3.9 12/06/28</title>
        <cusip>437076BW1</cusip>
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          <isin value="US437076BW12"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24887.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 5.25 04/15/29</title>
        <cusip>29278NAG8</cusip>
        <identifiers>
          <isin value="US29278NAG88"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25472.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>IRV TRUST 2025-200P</name>
        <lei>N/A</lei>
        <title>IRV 2025-200P A</title>
        <cusip>45006HAA9</cusip>
        <identifiers>
          <isin value="US45006HAA95"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350228.34000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.29459000</annualizedRt>
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      <invstOrSec>
        <name>Gallagher Aj &amp;Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>AJG 4.85 12/15/29</title>
        <cusip>04316JAL3</cusip>
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          <isin value="US04316JAL35"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50540.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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      <invstOrSec>
        <name>UK CLEARING HOUSE LIMITED</name>
        <lei>213800O8SCO4XJGBU385</lei>
        <title>IRS JPY</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="IR255126B"/>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
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          <isin value="US87264ACA16"/>
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        <name>FREDDIE MAC STACR REMIC TRUST 2025-DNA3</name>
        <lei>5299009HC4IGFM6RXF30</lei>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 2 08/15/51</title>
        <cusip>912810SZ2</cusip>
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          <isin value="US912810SZ21"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 2.375 11/15/49</title>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</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>UK CLEARING HOUSE LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Northrop Grumman Corporation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>MSCI Inc.</name>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Cbamr 2017-4 Ltd. / Cbamr 2017-4 LLC</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>MARYLAND ST ECONOMIC DEV CORP</name>
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        <name>Marriott International, Inc.</name>
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        <name>ELMWOOD CLO 35 LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>AT&amp;T Inc</name>
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        <name>British Telecommunications PLC</name>
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        <name>Northrop Grumman Corporation</name>
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        <name>LEX 2024-BBG MORTGAGE TRUST</name>
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        <name>TOYOTA AUTO RECEIVABLES 2023-B OWNER TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Citigroup Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Steel Dynamics, Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Exeter Automobile Receivables Trust 2013-2</name>
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        <name>Carrier Global Corporation</name>
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        <name>CSL Finance PLC</name>
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        <name>American Express Credit Account Master Trust</name>
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        <name>Morgan Stanley</name>
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        <name>Netflix, Inc.</name>
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        <name>Ford Motor Credit Company LLC</name>
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        <name>MAGNETITE CBO II LTD</name>
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        <name>PIKES PEAK CLO 5</name>
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        <name>Bank of America Corp.</name>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4 11/15/52</title>
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        <name>Adventist Health Systems (West)</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Chile (Republic Of)</name>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Willis North America Inc.</name>
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        <name>Broadcom Inc</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Banco Santander SA</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>Zoetis Inc.</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>Bank of America Corp.</name>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>Zoetis Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Regency Centers, L.P.</name>
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        <name>Fidelity Grand Harbour Clo 2023-1 DAC</name>
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        <name>United States Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Targa Resources Corp.</name>
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        <name>Salesforce Inc.</name>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>The Campbells Co.</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>VMware LLC</name>
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        <name>Energy Transfer LP</name>
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        <name>Westpac Banking Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banner Health</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Enbridge Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 MA3174</title>
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        <name>Government National Mortgage Association</name>
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        <title>G2 MA5467</title>
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        <name>Government National Mortgage Association</name>
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        <name>CHUBB CORP (THE)</name>
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        <name>AT&amp;T Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Colt 2024-INV1 Mortgage Loan Trust</name>
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        <name>Adobe Inc</name>
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        <name>Progress Energy Inc.</name>
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        <name>BX TRUST 2018-BILT</name>
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        <name>BANK5 2024-5YR11</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>JP MORGAN MORTGAGE TRUST 2024-1</name>
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        <name>Oracle Corp.</name>
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        <name>Regal Rexnord Corporation</name>
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        <name>American Tower Corporation</name>
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        <name>JP MORGAN MORTGAGE TRUST 2026-VIS1</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Marriott International, Inc.</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2026-DSC1</name>
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          <isin value="US617950AC49"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Baylor Scott &amp; White Holdings</name>
        <lei>549300JQDKSBWYRGGV95</lei>
        <title>BSWHLD 1.777 11/15/30 2021</title>
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          <isin value="US072863AH63"/>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Uber Technologies Inc</name>
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        <title>UBER 4.5 08/15/29 144A</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>Midamerican Energy Company</name>
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        <name>OHA CREDIT FUNDING 7 LTD</name>
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        <name>Berkshire Hathaway Energy Company</name>
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        <name>MPLX LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2026-R01</name>
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        <name>Anheuser-Busch InBev Worldwide Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fnma Pass-Thru I</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>United States Treasury Notes</name>
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        <name>Bunge Ltd Finance Corp.</name>
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        <name>BANK 2021-BNK32</name>
        <lei>N/A</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>CAS 2024-R01 1M2</title>
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        <name>NXP B V / NXP Funding LLC &amp; NXP USA Inc</name>
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        <name>Morgan Stanley</name>
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        <name>MPLX LP</name>
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        <name>DURST COMMERCIAL MORTGAGE TRUST 2025-151</name>
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        <name>Oracle Corp.</name>
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        <name>Diameter Capital Clo 1 Ltd / Llc</name>
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        <name>FedEx Corporation</name>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <name>Ashtead Capital Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>BANK5 2024-5YR8</name>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>UBS AG New York Branch</name>
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        <name>Bank of America Corp.</name>
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        <name>Choice Hotels International, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Morgan Stanley</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>7-Eleven Inc.</name>
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        <name>Broadcom Inc</name>
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        <title>AVGO 4.15 04/15/32 144A</title>
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        <name>Government National Mortgage Association</name>
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        <name>Rush University System for Health</name>
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        <name>Bank of America Corp.</name>
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        <name>Barclays Dryrock Issuance Trust</name>
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        <name>Bank of America Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>United States Treasury Bonds</name>
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        <name>Blackstone Private Credit Fund</name>
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        <name>Fiserv Inc.</name>
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        <name>Elevance Health Inc.</name>
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        <name>Take-Two Interactive Software Inc.</name>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>Houston Galleria Mall Trust 2025-HGLR</name>
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        <name>Glencore Funding LLC</name>
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        <name>Quanta Services, Inc.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal Farm Credit Banks</name>
        <lei>254900C5LP6DN9OP9V83</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2-30YR-Multi</title>
        <cusip>21H022648</cusip>
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          <isin value="US21H0226488"/>
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        <curCd>USD</curCd>
        <valUSD>1719290.00000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>FR RA7541</title>
        <cusip>3133KPLW6</cusip>
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          <isin value="US3133KPLW67"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Vertiv Holdings Co</name>
        <lei>549300KTTIRAOGXCRV69</lei>
        <title>VRT 4.85 03/15/36</title>
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          <isin value="US92537NAA63"/>
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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>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>AT&amp;T Inc</name>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58143.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 6.7 02/04/56</title>
        <cusip>68389XEB7</cusip>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125045.17000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.70000000</annualizedRt>
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        <name>Arizona Public Service Company</name>
        <lei>YG6VT0TPHRH4TFVAQV64</lei>
        <title>PNW 2.95 09/15/27</title>
        <cusip>040555CW2</cusip>
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          <isin value="US040555CW21"/>
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        <curCd>USD</curCd>
        <valUSD>44010.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>BFLD COMMERCIAL MORTGAGE TRUST 2025-660F</name>
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        <title>BFLD 2025-660F A</title>
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          <isin value="US05556QAA76"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>646586.10000000</valUSD>
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          <couponKind>Floating</couponKind>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPM V4.493 03/24/31</title>
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        <balance>25000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V5.385 01/16/36 MTN</title>
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        <curCd>USD</curCd>
        <valUSD>446198.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>WARWICK CAPITAL CLO 1 LTD</name>
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        <title>WWICK 2023-1A AR</title>
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        <invCountry>JE</invCountry>
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        <name>The Campbells Co.</name>
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        <title>CPB 5.4 03/21/34</title>
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        <name>Dollar Tree Inc</name>
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        <title>DLTR 4.2 05/15/28</title>
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        <name>Morgan Stanley</name>
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        <title>MS V5.32 07/19/35</title>
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        <name>MasterCard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MA 3.3 03/26/27</title>
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          <maturityDt>2027-03-26</maturityDt>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.375 08/15/43</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Romania (Republic Of)</name>
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        <name>Ares European CLO XXI Designated Activity Co.</name>
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        <name>Bank 2019-Bnk21</name>
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        <name>BANK5 2024-5YR9</name>
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        <name>ANGEL OAK MORTGAGE TRUST 2021-8</name>
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        <name>First Horizon Corporation</name>
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        <name>Peru (Republic Of)</name>
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        <name>Meta Platforms Inc</name>
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        <name>Government National Mortgage Association</name>
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        <name>J.P. MORGAN MORTGAGE TRUST 2024-VIS2</name>
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      <invstOrSec>
        <name>RTX Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rogers Communications Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>BEST INVESTMENT COMPANY INC</name>
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        <name>Boeing Co.</name>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>Agco Corporation</name>
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        <name>Meta Platforms Inc</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>BANK5 2025-5YR17</name>
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        <name>Morgan Stanley</name>
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        <name>Hudson Yards 2025-Sprl Mortgage Trust</name>
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        <name>VERUS SECURITIZATION TRUST 2021-7</name>
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        <name>The Sherwin-Williams Company</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN AT2009</title>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 4.5 02/15/27</title>
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        <name>United States Treasury Bonds</name>
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        <name>Marriott International, Inc.</name>
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        <name>Mars Inc.</name>
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        <name>Alcon Finance Corp</name>
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        <name>Morgan Stanley</name>
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        <name>AMERICAN HOMES 4 RENT</name>
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        <name>Hyundai Capital America</name>
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        <name>The J M Smucker Company</name>
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        <name>Intel Corporation</name>
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        <name>UDR Inc</name>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
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        <name>LOUISIANA LOC GOVT ENVIRONMENTAL FACS &amp; CMNTY DEV AUTH</name>
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        <name>NiSource Inc.</name>
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        <name>Solventum Corp.</name>
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        <name>CFIP CLO 2021-1 LTD</name>
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        <name>CBAM 2018-5 LTD</name>
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        <name>Mexico (United Mexican States)</name>
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        <name>CEDAR FUNDING IX CLO LTD</name>
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        <name>Applovin Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Truist Financial Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Oracle Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>HCA Inc.</name>
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        <name>CommonSpirit Health</name>
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        <cusip>20268JBD4</cusip>
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          <isin value="US20268JBD46"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>302670.13000000</valUSD>
        <pctVal>0.136847512155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.97500000</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>BBCMS MORTGAGE TRUST 2024-5C25</name>
        <lei>N/A</lei>
        <title>BBCMS 2024-5C25 AS</title>
        <cusip>05554VAE0</cusip>
        <identifiers>
          <isin value="US05554VAE02"/>
        </identifiers>
        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>218809.19000000</valUSD>
        <pctVal>0.098931114504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-03-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.35800000</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V2.592 04/29/31</title>
        <cusip>06051GJB6</cusip>
        <identifiers>
          <isin value="US06051GJB68"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>161665.41000000</valUSD>
        <pctVal>0.073094458181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.59200000</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V1.898 07/23/31 MTN</title>
        <cusip>06051GJF7</cusip>
        <identifiers>
          <isin value="US06051GJF72"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44558.33000000</valUSD>
        <pctVal>0.020146344161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.89800000</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>Sound Point Euro Clo 14 Funding Designated Activity Co.</name>
        <lei>635400MRPPDDKPZD8B91</lei>
        <title>SNDPE 14A B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2997433227"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516350"/>
        <valUSD>285174.13000000</valUSD>
        <pctVal>0.128936972477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.62600000</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>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FR ZT1818</title>
        <cusip>3132AEAT3</cusip>
        <identifiers>
          <isin value="US3132AEAT38"/>
        </identifiers>
        <balance>4546.91100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4440.27000000</valUSD>
        <pctVal>0.002007597851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="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>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
