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        <name>Western Midstream Operating LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>HINNT LLC</name>
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        <name>Corp. Nacional del Cobre de Chile</name>
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        <invCountry>CL</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge, Inc.</name>
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        <name>New York Life Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NMABS Issuer I LLC</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Cascade MH Asset Trust</name>
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          <isin value="US14731QAA76"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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          <isin value="US3617V7VQ80"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>AerCap Ireland Capital DAC</name>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FHLMC Pool</name>
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        <title>FHLMC UMBS, 30 Year</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>JBS NV</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <cusip>38383TKF9</cusip>
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          <isin value="US38383TKF92"/>
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        <balance>2284899.32000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207926.98000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Floating</couponKind>
          <annualizedRt>2.37705840</annualizedRt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3133CN5E8</cusip>
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        <valUSD>1357376.48000000</valUSD>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <curCd>USD</curCd>
        <valUSD>288043.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Orange SA</name>
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        <name>FNMA</name>
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        <name>JPMorgan U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MFA Trust</name>
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        <name>GNMA</name>
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          <isin value="US3617XVVU44"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-20</maturityDt>
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        <name>Principal Financial Group, Inc.</name>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Kroger Co. (The)</name>
        <lei>6CPEOKI6OYJ13Q6O7870</lei>
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          <couponKind>Fixed</couponKind>
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        <name>SCE Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-15</maturityDt>
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        <name>VMware LLC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-16</maturityDt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2024-64, Class YH</title>
        <cusip>38384MRX7</cusip>
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        <balance>1725000.00000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CubeSmart LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart LP</title>
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          <isin value="US22966RAG11"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500027.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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          <isin value="US02079KBP12"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>304018.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Bridgecrest Lending Auto Securitization Trust</name>
        <lei>N/A</lei>
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        <cusip>10805NAE5</cusip>
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          <isin value="US10805NAE58"/>
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        <balance>1375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1388233.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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          <isin value="US404280FM61"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491019.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.27900000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617N9LT8</cusip>
        <identifiers>
          <isin value="US3617N9LT84"/>
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        <balance>378189.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>343411.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3E1</cusip>
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          <isin value="US95000U3E14"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.57400000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CFL0</cusip>
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          <isin value="US91282CFL00"/>
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        <balance>1470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1470114.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF Mortgage Trust, Series 2019-K97, Class B</title>
        <cusip>30298PAS1</cusip>
        <identifiers>
          <isin value="US30298PAS11"/>
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        <balance>760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>736810.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.76842240</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617Y4GC0</cusip>
        <identifiers>
          <isin value="US3617Y4GC09"/>
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        <balance>473573.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468900.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LH6E5</cusip>
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          <isin value="US3140LH6E56"/>
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        <balance>682668.23000000</balance>
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        <curCd>USD</curCd>
        <valUSD>689965.55000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.57000000</annualizedRt>
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      <invstOrSec>
        <name>DNB Bank ASA</name>
        <lei>549300GKFG0RYRRQ1414</lei>
        <title>DNB Bank ASA</title>
        <cusip>25601B2E4</cusip>
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          <isin value="US25601B2E49"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>788539.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-04</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Columbia Pipelines Operating Co. LLC</name>
        <lei>N/A</lei>
        <title>Columbia Pipelines Operating Co. LLC</title>
        <cusip>19828TAG1</cusip>
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        <balance>530000.00000000</balance>
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        <valUSD>537497.14000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.43900000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LAQA6</cusip>
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          <isin value="US3140LAQA65"/>
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        <balance>1009561.79000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>1.27000000</annualizedRt>
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      <invstOrSec>
        <name>GreatAmerica Leasing Receivables Funding LLC</name>
        <lei>N/A</lei>
        <title>GreatAmerica Leasing Receivables Funding LLC, Series 2024-1, Class A4</title>
        <cusip>39154TCK2</cusip>
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          <isin value="US39154TCK25"/>
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        <balance>515000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.08000000</annualizedRt>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABE0</cusip>
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          <isin value="US05401ABE01"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>171948.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617ULWC8</cusip>
        <identifiers>
          <isin value="US3617ULWC81"/>
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        <balance>1351656.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1207474.92000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>780097BL4</cusip>
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          <isin value="US780097BL47"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208735.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.44500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
        <cusip>694308KM8</cusip>
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          <isin value="US694308KM84"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2024-2A, Class C</title>
        <cusip>67578YAD8</cusip>
        <identifiers>
          <isin value="US67578YAD85"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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          <isin value="US127097AG80"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3138LLYV1</cusip>
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          <isin value="US3138LLYV12"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600959.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.33000000</annualizedRt>
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      <invstOrSec>
        <name>FARM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FARM Mortgage Trust, Series 2024-2, Class A</title>
        <cusip>307910AC3</cusip>
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          <isin value="US307910AC38"/>
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        <balance>429139.21000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ROCK Trust</name>
        <lei>N/A</lei>
        <title>ROCK Trust, Series 2024-CNTR, Class A</title>
        <cusip>74970WAA8</cusip>
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          <isin value="US74970WAA80"/>
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        <balance>345000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38834000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140QAD80</cusip>
        <identifiers>
          <isin value="US3140QAD808"/>
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        <balance>737461.83000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140FXTT9</cusip>
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          <isin value="US3140FXTT96"/>
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        <balance>1392978.85000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1200149.32000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2022-93, Class JZ</title>
        <cusip>38383R3V7</cusip>
        <identifiers>
          <isin value="US38383R3V76"/>
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        <balance>521483.08430000</balance>
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        <curCd>USD</curCd>
        <valUSD>354168.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC, Series A-1</title>
        <cusip>78433LAG1</cusip>
        <identifiers>
          <isin value="US78433LAG14"/>
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        <balance>167080.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>161016.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69700000</annualizedRt>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
        <lei>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust, Series 2024-RTL5, Class A1</title>
        <cusip>50205WAA5</cusip>
        <identifiers>
          <isin value="US50205WAA53"/>
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        <balance>765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>765012.62000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LHBP4</cusip>
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          <isin value="US3140LHBP43"/>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495596.06000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.91000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YEH8</cusip>
        <identifiers>
          <isin value="US00287YEH80"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146701.10000000</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>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>292480AJ9</cusip>
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          <isin value="US292480AJ92"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491849.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>Eli Lilly &amp; Co.</title>
        <cusip>532457CM8</cusip>
        <identifiers>
          <isin value="US532457CM85"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491868.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
        <cusip>639057AS7</cusip>
        <identifiers>
          <isin value="US639057AS70"/>
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        <balance>662000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>667882.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.96400000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>Santander UK Group Holdings plc</title>
        <cusip>80281LAU9</cusip>
        <identifiers>
          <isin value="US80281LAU98"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215467.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.85800000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3138L54D9</cusip>
        <identifiers>
          <isin value="US3138L54D97"/>
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        <balance>458043.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>460579.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>FNMA</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Morgan Stanley</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <name>Banco Santander SA</name>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JBS NV</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
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        <invCountry>US</invCountry>
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        <name>EIDP, Inc.</name>
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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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          <couponKind>Fixed</couponKind>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Fells Point Funding Trust</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>PeaceHealth Obligated Group</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>MidAmerican Energy Co.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-08</maturityDt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Delta Air Lines Pass-Through Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3133BBA90</cusip>
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          <isin value="US3133BBA908"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Aircastle Ltd.</name>
        <lei>N/A</lei>
        <title>Aircastle Ltd.</title>
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          <isin value="US00929JAB26"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226851.22000000</valUSD>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCF Equipment Leasing LLC</name>
        <lei>N/A</lei>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350654.38000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <balance>835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>808078.71000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5171, Class NI</title>
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          <isin value="US3137H4PZ70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RBZ4</cusip>
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          <isin value="US83368RBZ47"/>
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        <balance>288000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>289788.94000000</valUSD>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>Element Fleet Management Corp.</title>
        <cusip>286181AK8</cusip>
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          <isin value="US286181AK85"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552236.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3138L9P63</cusip>
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          <isin value="US3138L9P632"/>
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        <balance>130794.37000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp.</title>
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          <isin value="US655844CF36"/>
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        <balance>237000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152069.57000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>L3Harris Technologies, Inc.</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies, Inc.</title>
        <cusip>502431AQ2</cusip>
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          <isin value="US502431AQ20"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3618GSAW7</cusip>
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          <isin value="US3618GSAW75"/>
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        <balance>291295.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296197.16000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-20</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
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          <isin value="US00287YCA55"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
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          <other otherDesc="Inhouse Sedol" value="UXYM6CM"/>
          <other otherDesc="Future Ticker" value="UXYM6 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>-1630.74000000</valUSD>
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        <name>NNN REIT, Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Take-Two Interactive Software, Inc.</name>
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        <name>Bridge Trust</name>
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        <name>Amcor Flexibles North America, Inc.</name>
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        <name>FNMA</name>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>United States of America</name>
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        <name>Baltimore Gas and Electric Co.</name>
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        <name>Sierra Timeshare Receivables Funding LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <name>Huntington Bank Auto Credit-Linked Notes</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617V7V88</cusip>
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          <isin value="US3617V7V889"/>
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        <balance>1272327.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1138179.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group plc</title>
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          <isin value="US53944YBE23"/>
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        <balance>390000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376426.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-04</maturityDt>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-28</maturityDt>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF Mortgage Trust, Series 2016-K56, Class B</title>
        <cusip>30289UAS1</cusip>
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          <isin value="US30289UAS15"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>448237.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.93490800</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan BetaBuilders U.S. Mid Cap Equity ETF</name>
        <lei>549300S2VYDS8QJGW220</lei>
        <title>JPMorgan BetaBuilders U.S. Mid Cap Equity ETF</title>
        <cusip>46641Q340</cusip>
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          <isin value="US46641Q3406"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YDU0</cusip>
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          <isin value="US00287YDU01"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Emerging Markets Debt Fund</name>
        <lei>8KLDAXM5A9FOP50PQD10</lei>
        <title>JPMorgan Emerging Markets Debt Fund, Class R6</title>
        <cusip>48121A134</cusip>
        <identifiers>
          <isin value="US48121A1346"/>
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        <balance>5012095.65900000</balance>
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        <curCd>USD</curCd>
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        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140MDKH0</cusip>
        <identifiers>
          <isin value="US3140MDKH03"/>
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        <balance>851018.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>794138.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
        <cusip>912834JP4</cusip>
        <identifiers>
          <isin value="US912834JP42"/>
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        <balance>664750.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319833.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FCC3</cusip>
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          <isin value="US11135FCC32"/>
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        <balance>216000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214122.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Multi-Family Connecticut Avenue Securities Trust</name>
        <lei>254900JAK6X5OPMD5925</lei>
        <title>Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M7</title>
        <cusip>62548NAA6</cusip>
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        <balance>681338.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>699273.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2021-22, Class BI</title>
        <cusip>3136BFSZ7</cusip>
        <identifiers>
          <isin value="US3136BFSZ75"/>
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        <balance>3713234.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803166.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
        <cusip>912834AD0</cusip>
        <identifiers>
          <isin value="US912834AD03"/>
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        <balance>354000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207378.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tricolor Auto Securitization Trust</name>
        <lei>N/A</lei>
        <title>Tricolor Auto Securitization Trust, Series 2024-1A, Class B</title>
        <cusip>89616LAB8</cusip>
        <identifiers>
          <isin value="US89616LAB80"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9300.00000000</valUSD>
        <pctVal>0.000499450037</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.53000000</annualizedRt>
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      <invstOrSec>
        <name>DuPont de Nemours, Inc.</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours, Inc.</title>
        <cusip>26078JAF7</cusip>
        <identifiers>
          <isin value="US26078JAF75"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59228.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.41900000</annualizedRt>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773DL1</cusip>
        <identifiers>
          <isin value="US316773DL15"/>
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        <balance>416000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428818.49000000</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>2032-01-29</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.63100000</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>
      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2024-SFR5, Class E1</title>
        <cusip>74332HAJ5</cusip>
        <identifiers>
          <isin value="US74332HAJ59"/>
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        <balance>1210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1116728.00000000</valUSD>
        <pctVal>0.059973101260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.37500000</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>
      <invstOrSec>
        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
        <cusip>11120VAL7</cusip>
        <identifiers>
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        <name>Nutrien Ltd.</name>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
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      <invstOrSec>
        <name>Nationwide Mutual Insurance Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HCA, Inc.</name>
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        <name>FNMA</name>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Invitation Homes Trust</name>
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        <name>L3Harris Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-14</maturityDt>
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          <annualizedRt>1.72200000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XTB59</cusip>
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        <name>Meta Platforms, Inc.</name>
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          <annualizedRt>5.60000000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617V7WL8</cusip>
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          <maturityDt>2051-04-20</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp.</title>
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        <valUSD>158076.95000000</valUSD>
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        <name>Atmos Energy Corp.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UA6Z0</cusip>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>Brixmor Operating Partnership LP</title>
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        <balance>180000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
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        <balance>362598.26000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216120.06000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-10</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3136BF4D29"/>
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        <balance>555000.00000000</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>2031-03-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389XCA19"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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          <isin value="US172967LS86"/>
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        <balance>502000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>494530.26000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.52000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Equity Index Fund</name>
        <lei>549300FO80ME045UVK10</lei>
        <title>JPMorgan Equity Index Fund, Class R6</title>
        <cusip>4812C2213</cusip>
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          <isin value="US4812C22134"/>
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        <balance>4222738.69700000</balance>
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        <curCd>USD</curCd>
        <valUSD>413152754.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Investment company"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>Home Partners of America Trust, Series 2021-2, Class C</title>
        <cusip>43732VAC0</cusip>
        <identifiers>
          <isin value="US43732VAC00"/>
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        <balance>1122433.61620000</balance>
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        <curCd>USD</curCd>
        <valUSD>1101408.98000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>Constellation Energy Generation LLC</title>
        <cusip>210385AC4</cusip>
        <identifiers>
          <isin value="US210385AC48"/>
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        <balance>46000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48177.51000000</valUSD>
        <pctVal>0.002587339697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</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>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
        <cusip>120568BF6</cusip>
        <identifiers>
          <isin value="US120568BF69"/>
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        <balance>298000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>288507.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2024-SFR2, Class E1</title>
        <cusip>74290XAJ0</cusip>
        <identifiers>
          <isin value="US74290XAJ00"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291621.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.39999840</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABC4</cusip>
        <identifiers>
          <isin value="US05401ABC45"/>
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        <balance>77000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74914.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 4257, Class DZ</title>
        <cusip>3137B57H0</cusip>
        <identifiers>
          <isin value="US3137B57H02"/>
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        <balance>477243.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420239.28000000</valUSD>
        <pctVal>0.022568658521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MVW LLC</name>
        <lei>N/A</lei>
        <title>MVW LLC, Series 2021-1WA, Class B</title>
        <cusip>55389TAB7</cusip>
        <identifiers>
          <isin value="US55389TAB70"/>
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        <balance>41724.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40335.48000000</valUSD>
        <pctVal>0.002166188925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.44000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>94974BGL8</cusip>
        <identifiers>
          <isin value="US94974BGL80"/>
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        <balance>1701000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1698819.35000000</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>2027-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAB8</cusip>
        <identifiers>
          <isin value="US37940XAB82"/>
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        <balance>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>372547.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HCJ2</cusip>
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          <isin value="US14040HCJ23"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206113.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.61800000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368RCK6</cusip>
        <identifiers>
          <isin value="US83368RCK68"/>
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        <balance>330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>322868.88000000</valUSD>
        <pctVal>0.017339448848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.43900000</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>
      <invstOrSec>
        <name>Bank of Ireland Group plc</name>
        <lei>635400C8EK6DRI12LJ39</lei>
        <title>Bank of Ireland Group plc</title>
        <cusip>06279JAD1</cusip>
        <identifiers>
          <isin value="US06279JAD19"/>
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        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>215361.50000000</valUSD>
        <pctVal>0.011565839709</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <name>Street Capital Group, Inc.</name>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
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        <name>ENEL Finance International NV</name>
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        <name>Duke Energy Indiana LLC</name>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Danske Bank A/S</name>
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        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-04</maturityDt>
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          <annualizedRt>5.01900000</annualizedRt>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-11</maturityDt>
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          <annualizedRt>4.50300000</annualizedRt>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
        <cusip>09659W2R4</cusip>
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        <balance>364000.00000000</balance>
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        <valUSD>342908.77000000</valUSD>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
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          <annualizedRt>2.15900000</annualizedRt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
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          <isin value="US3132E0SG80"/>
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        <curCd>USD</curCd>
        <valUSD>624295.70000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Banco Santander SA</name>
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        <invCountry>ES</invCountry>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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          <annualizedRt>4.73400000</annualizedRt>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <balance>200000.00000000</balance>
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        <valUSD>202225.87000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-25</maturityDt>
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        <name>Haleon US Capital LLC</name>
        <lei>549300N8C3A3L0UVQB07</lei>
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        <name>United States of America</name>
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        <name>Northwestern Mutual Global Funding</name>
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        <title>Northwestern Mutual Global Funding</title>
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        <name>Amazon.com, Inc.</name>
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        <title>Amazon.com, Inc.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <name>US Bancorp</name>
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        <name>FNMA</name>
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        <name>United Mexican States</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <name>FNMA</name>
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        <name>Broadcom, Inc.</name>
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        <name>GNMA</name>
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        <name>United States of America</name>
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        <name>Duke Energy Progress LLC</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Honeywell Aerospace, Inc.</name>
        <lei>213800ZUAQRBYL67JS90</lei>
        <title>Honeywell Aerospace, Inc.</title>
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        <name>Macquarie Group Ltd.</name>
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        <name>FNMA</name>
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        <name>HSBC Holdings plc</name>
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        <name>Cencora, Inc.</name>
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        <name>Glencore Funding LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Aircastle Ltd.</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>FNMA</name>
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        <name>Truist Financial Corp.</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
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        <name>Oportun Issuance Trust</name>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>Barclays plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vodafone Group plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJZ59"/>
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        <balance>4770000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>Credit Acceptance Auto Loan Trust</name>
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        <cusip>22536VAE8</cusip>
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          <isin value="US22536VAE83"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
        <cusip>63861VAB3</cusip>
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          <isin value="US63861VAB36"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-08</maturityDt>
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          <annualizedRt>4.30200000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140NU6W4</cusip>
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          <isin value="US3140NU6W46"/>
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        <balance>937462.04000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.36500000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680CD3</cusip>
        <identifiers>
          <isin value="US682680CD39"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>484794.78000000</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>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
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          <other otherDesc="Inhouse Sedol" value="TYM6COM"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Masco Corp.</name>
        <lei>5GCSNMQXHEYA1JO8QN11</lei>
        <title>Masco Corp.</title>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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          <annualizedRt>5.14100000</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
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        <cusip>37989BAJ1</cusip>
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          <annualizedRt>5.11000000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
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        <name>Fiserv, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Future Ticker" value="USM6 Comdty"/>
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      <invstOrSec>
        <name>Mars, Inc.</name>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140KPNN9</cusip>
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          <isin value="US3140KPNN91"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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        <cusip>30168DAE6</cusip>
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          <isin value="US30168DAE67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-04</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-150, Class A2</title>
        <cusip>3137H9C98</cusip>
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        <balance>815000.00000000</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>2032-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.71000160</annualizedRt>
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      <invstOrSec>
        <name>Duke Energy Progress SC Storm Funding LLC</name>
        <lei>N/A</lei>
        <title>Duke Energy Progress SC Storm Funding LLC, Series A</title>
        <cusip>26445CAA9</cusip>
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        <balance>841424.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>861257.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Cascade MH Asset Trust</name>
        <lei>N/A</lei>
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        <cusip>14731VAA6</cusip>
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        <balance>578580.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>585554.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040HDE2</cusip>
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          <isin value="US14040HDE27"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184664.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
        <cusip>404280FL8</cusip>
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          <isin value="US404280FL88"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Berkshire Hathaway Finance Corp.</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>Berkshire Hathaway Finance Corp.</title>
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        <invCountry>US</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LKLY7</cusip>
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        <balance>1054256.59000000</balance>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
        <cusip>031162DT4</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2026-1A, Class C</title>
        <cusip>75526XAC8</cusip>
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        <balance>560000.00000000</balance>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SBL6</cusip>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>Charter Communications Operating LLC</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHF Issuer Trust</name>
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        <cusip>31568AAB2</cusip>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <cusip>3133ABBK5</cusip>
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          <isin value="US3133ABBK53"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>AES Corp. (The)</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. (The)</title>
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        <balance>305000.00000000</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>2032-03-15</maturityDt>
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        <name>NatWest Group plc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-27</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Sierra Timeshare Receivables Funding LLC</name>
        <lei>N/A</lei>
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        <cusip>826935AC2</cusip>
        <identifiers>
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        <balance>146139.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147569.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.94000000</annualizedRt>
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      <invstOrSec>
        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
        <title>American Credit Acceptance Receivables Trust, Series 2026-1, Class D</title>
        <cusip>02531FAG5</cusip>
        <identifiers>
          <isin value="US02531FAG54"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>823833.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>Bridgecrest Lending Auto Securitization Trust</name>
        <lei>N/A</lei>
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        <cusip>10805NAF2</cusip>
        <identifiers>
          <isin value="US10805NAF24"/>
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        <balance>660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>669905.28000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.83000000</annualizedRt>
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      <invstOrSec>
        <name>Triton Container International Ltd.</name>
        <lei>549300O4LZFLCX53XZ54</lei>
        <title>Triton Container International Ltd.</title>
        <cusip>89680YAA3</cusip>
        <identifiers>
          <isin value="US89680YAA38"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799040.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACT0</cusip>
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        <balance>430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>281597.31000000</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>2052-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>Banque Federative du Credit Mutuel SA</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
        <cusip>06675DCN0</cusip>
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          <isin value="US06675DCN03"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>205587.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53800000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>PG&amp;E Wildfire Recovery Funding LLC, Series A-5</title>
        <cusip>693342AK3</cusip>
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          <isin value="US693342AK39"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138579.24000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LHWQ9</cusip>
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          <isin value="US3140LHWQ96"/>
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        <balance>778530.79000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800010.35000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.93000000</annualizedRt>
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        <name>Bank of Nova Scotia (The)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia (The)</title>
        <cusip>06417XAP6</cusip>
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          <isin value="US06417XAP69"/>
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        <balance>78000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>78893.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3133AA6V9</cusip>
        <identifiers>
          <isin value="US3133AA6V90"/>
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        <balance>651613.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>561004.76000000</valUSD>
        <pctVal>0.030128370811</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61748UAT9</cusip>
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          <isin value="US61748UAT97"/>
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        <balance>535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524149.94000000</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>2037-01-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.07300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intel Corp.</name>
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        <name>Evergy Missouri West, Inc.</name>
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        <name>FNMA</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>Piedmont Healthcare, Inc.</name>
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        <name>CommonSpirit Health</name>
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        <name>Business Jet Securities LLC</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>GNMA</name>
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        <name>Connecticut Avenue Securities Trust</name>
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        <name>Stream Innovations Issuer Trust</name>
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        <name>HCA, Inc.</name>
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        <name>AIB Group plc</name>
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        <name>Children's Hospital of Philadelphia (The)</name>
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        <name>American Tower Corp.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Dell International LLC</name>
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        <name>Cooperatieve Rabobank UA</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>Cooperatieve Rabobank UA</title>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MVW LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-20</maturityDt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
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        <title>Comcast Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-01-15</maturityDt>
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          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>Entergy Louisiana LLC</name>
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        <curCd>USD</curCd>
        <valUSD>191775.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kraft Heinz Foods Co.</name>
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        <title>Kraft Heinz Foods Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>JBS NV</name>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NatWest Markets plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NRG Energy, Inc.</name>
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          <maturityDt>2027-12-02</maturityDt>
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          <annualizedRt>2.45000000</annualizedRt>
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        <name>United States of America</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Maple Parent Holdings Corp.</name>
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        <title>Maple Parent Holdings Corp.</title>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3137H2R48</cusip>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>Prologis LP</name>
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        <invCountry>US</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3138LLNK7</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99000000</annualizedRt>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Onity Loan Investment Trust</name>
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        <name>Aon North America, Inc.</name>
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        <name>JBS NV</name>
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        <name>LAD Auto Receivables Trust</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>Toronto-Dominion Bank (The)</name>
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        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
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        <name>Gray Oak Pipeline LLC</name>
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        <name>Graphic Packaging International LLC</name>
        <lei>SO75N4VY5NXGQSK8YQ65</lei>
        <title>Graphic Packaging International LLC</title>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust, Series 2021-1, Class B</title>
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          <isin value="US02376LAA35"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Smurfit Westrock Financing DAC</name>
        <lei>6354005S6ZLHLVX7VT12</lei>
        <title>Smurfit Westrock Financing DAC</title>
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          <isin value="US83272YAB83"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>337689.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
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          <isin value="US71710TAJ79"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.52900000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CHW47"/>
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        <balance>8499000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8564402.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>SCF Equipment Leasing LLC</name>
        <lei>N/A</lei>
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          <isin value="US783896AF01"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440781.31000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.58000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61747YEH45"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>626888.91000000</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>2032-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.51100000</annualizedRt>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636ABH3</cusip>
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          <isin value="US23636ABH32"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411404.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70500000</annualizedRt>
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        <name>NNN REIT, Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT, Inc.</title>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152280.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
        <cusip>9128334Y3</cusip>
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          <isin value="US9128334Y39"/>
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        <balance>6328000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4419049.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140HXWW6</cusip>
        <identifiers>
          <isin value="US3140HXWW60"/>
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        <balance>595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>441538.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45500000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, Other</title>
        <cusip>3618F3MV2</cusip>
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          <isin value="US3618F3MV22"/>
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        <balance>438456.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435968.73000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3133AUP44</cusip>
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          <isin value="US3133AUP445"/>
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        <balance>562180.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>482303.29000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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          <isin value="US110122CQ99"/>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262763.05000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VAM2</cusip>
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          <isin value="US55336VAM28"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
        <cusip>28368EAD8</cusip>
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          <isin value="US28368EAD85"/>
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        <balance>500000.00000000</balance>
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        <valUSD>570386.23000000</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>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.80000000</annualizedRt>
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        <name>Vistra Operations Co. LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>Vistra Operations Co. LLC</title>
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        <curCd>USD</curCd>
        <valUSD>95571.24000000</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>2034-12-30</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Oportun Issuance Trust</name>
        <lei>N/A</lei>
        <title>Oportun Issuance Trust, Series 2021-B, Class A</title>
        <cusip>68377GAA4</cusip>
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        <balance>310319.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>305068.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-08</maturityDt>
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          <annualizedRt>1.47000000</annualizedRt>
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        <name>FHLMC Pool</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <name>Pagaya AI Technology in Housing Trust</name>
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        <name>Societe Generale SA</name>
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        <name>GNMA</name>
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        <name>Cheniere Energy, Inc.</name>
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        <name>FNMA</name>
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        <name>Glencore Funding LLC</name>
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        <name>Morgan Stanley</name>
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        <name>FHLMC Pool</name>
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        <name>Roper Technologies, Inc.</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies, Inc.</title>
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        <name>Puget Energy, Inc.</name>
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        <name>Nationwide Building Society</name>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
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        <name>FNMA</name>
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        <name>Shell Finance US, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Credit Agricole SA</name>
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        <name>GNMA</name>
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        <name>Huntington Bancshares, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>FNMA</name>
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        <name>ITC Holdings Corp.</name>
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        <name>UBS Group AG</name>
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        <name>Teachers Insurance &amp; Annuity Association of America</name>
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        <name>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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        <name>Take-Two Interactive Software, Inc.</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>New England Power Co.</name>
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        <name>Toorak Mortgage Trust</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Credit Acceptance Auto Loan Trust</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>Credit Acceptance Auto Loan Trust</name>
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        <name>Engie SA</name>
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        <name>Progress Residential Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140QFGG8</cusip>
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        <name>Essex Portfolio LP</name>
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        <name>ERAC USA Finance LLC</name>
        <lei>LTKX5ODQW6Z7BQ2K1V47</lei>
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        <name>VOLT XCV LLC</name>
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        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
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        <name>Boeing Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <name>FNMA</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <name>GNMA</name>
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        <name>Sigeco Securitization I LLC</name>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <name>GS Mortgage-Backed Securities Trust</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Republic of Panama</name>
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        <title>Republic of Panama</title>
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        <name>JPMorgan Core Plus Bond Fund</name>
        <lei>JW89OQCNJOLWVS3KT374</lei>
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        <name>Berkshire Hathaway Energy Co.</name>
        <lei>549300JD0S5IZJE9LY15</lei>
        <title>Berkshire Hathaway Energy Co.</title>
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        <name>Eni SpA</name>
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        <title>Eni SpA</title>
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        <name>HSBC Holdings plc</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings plc</title>
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        <invCountry>GB</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2018-72, Class VB</title>
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        <issuerCat>USGSE</issuerCat>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YBG9</cusip>
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        <balance>35000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2061-12-10</maturityDt>
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        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DT Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Emerging Markets Research Enhanced Equity Fund</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3132DUYP64"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Corebridge Global Funding</name>
        <lei>54930057MDZ7KOVOTV71</lei>
        <title>Corebridge Global Funding</title>
        <cusip>00138CBH0</cusip>
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          <isin value="US00138CBH07"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103390.13000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-21</maturityDt>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <cusip>74331QAJ6</cusip>
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          <isin value="US74331QAJ67"/>
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        <balance>270000.00000000</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>2041-02-17</maturityDt>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>225401BT4</cusip>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140NUPQ6</cusip>
        <identifiers>
          <isin value="US3140NUPQ62"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>791117.47000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140KGR62</cusip>
        <identifiers>
          <isin value="US3140KGR626"/>
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        <balance>271267.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231046.39000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Westlake Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Westlake Automobile Receivables Trust, Series 2023-4A, Class C</title>
        <cusip>96041AAL0</cusip>
        <identifiers>
          <isin value="US96041AAL08"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378896.10000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.64000000</annualizedRt>
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      <invstOrSec>
        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
        <cusip>404121AK1</cusip>
        <identifiers>
          <isin value="US404121AK12"/>
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        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>383556.50000000</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>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140J27D2</cusip>
        <identifiers>
          <isin value="US3140J27D26"/>
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        <balance>572897.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506117.86000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37000000</annualizedRt>
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      <invstOrSec>
        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co.</title>
        <cusip>843646AH3</cusip>
        <identifiers>
          <isin value="US843646AH38"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244542.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>Mitsubishi UFJ Financial Group, Inc.</title>
        <cusip>606822DQ4</cusip>
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          <isin value="US606822DQ49"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>362364.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.18800000</annualizedRt>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC</title>
        <cusip>00774MBJ3</cusip>
        <identifiers>
          <isin value="US00774MBJ36"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177286.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YCB3</cusip>
        <identifiers>
          <isin value="US00287YCB39"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>194815.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2025-4A, Class C</title>
        <cusip>30167KAE1</cusip>
        <identifiers>
          <isin value="US30167KAE10"/>
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        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1691373.18000000</valUSD>
        <pctVal>0.090834021349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.57000000</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>Octane Receivables Trust</name>
        <lei>N/A</lei>
        <title>Octane Receivables Trust, Series 2023-3A, Class B</title>
        <cusip>67571CAC5</cusip>
        <identifiers>
          <isin value="US67571CAC55"/>
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        <balance>485000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488983.01000000</valUSD>
        <pctVal>0.026260492773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.48000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>FHLMC Pool</name>
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        <name>Credit Agricole SA</name>
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        <name>Elara HGV Timeshare Issuer LLC</name>
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        <name>Electricite de France SA</name>
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        <balance>220000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Entergy Louisiana LLC</name>
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          <maturityDt>2051-03-15</maturityDt>
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          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2022-4, Class TA</title>
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        <balance>670089.23000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546872.02000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.00000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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          <isin value="US912810UK24"/>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
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        <name>Evergy, Inc.</name>
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        <title>Evergy, Inc.</title>
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        <name>Baker Hughes Holdings LLC</name>
        <lei>N/A</lei>
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        <name>Corebridge Financial, Inc.</name>
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        <title>Corebridge Financial, Inc.</title>
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        <name>Goodman US Finance Six LLC</name>
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      <invstOrSec>
        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>Solventum Corp.</title>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
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        <invCountry>DK</invCountry>
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      <invstOrSec>
        <name>ITC Holdings Corp.</name>
        <lei>549300HTO5U9D3SLE207</lei>
        <title>ITC Holdings Corp.</title>
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        <balance>40000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Aligned Data Centers Issuer LLC</name>
        <lei>N/A</lei>
        <title>Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2</title>
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        <balance>870000.00000000</balance>
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        <name>Time Warner Cable LLC</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Westgate Resorts LLC</name>
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      <invstOrSec>
        <name>Westpac New Zealand Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>Devon Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Westgate Resorts LLC</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Aqua Finance Issuer Trust</name>
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        <name>United States of America</name>
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        <name>ING Groep NV</name>
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        <name>Enbridge, Inc.</name>
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        <name>FNMA</name>
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        <name>Nasdaq, Inc.</name>
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        <name>GNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <issuerCat>USGSE</issuerCat>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
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        <curCd>USD</curCd>
        <valUSD>119418.70000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-25</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
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        <title>FNMA Trust, Whole Loan, Series 2002-W8, Class A1</title>
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          <isin value="US31392DP899"/>
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        <balance>279990.45000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Republic of Peru</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>Republic of Peru</title>
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          <isin value="US715638DQ26"/>
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        <balance>162000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.78000000</annualizedRt>
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      <invstOrSec>
        <name>SCF Equipment Leasing LLC</name>
        <lei>N/A</lei>
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        <balance>620000.00000000</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>2033-08-22</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3140NWHG39"/>
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        <balance>630000.00000000</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>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>University of Miami</name>
        <lei>5493008ZSVWUNRYQE312</lei>
        <title>University of Miami, Series 2022</title>
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          <isin value="US914453AA36"/>
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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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61747YFS90"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222544.82000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.04200000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389XDZ50"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206719.98000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
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        <balance>1155000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-09</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>902613BT4</cusip>
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          <isin value="US902613BT44"/>
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        <balance>630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>619662.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.84400000</annualizedRt>
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      <invstOrSec>
        <name>Mariner Finance Issuance Trust</name>
        <lei>N/A</lei>
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        <cusip>567928AC0</cusip>
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          <isin value="US567928AC03"/>
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        <balance>437000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443067.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>FMC GMSR Issuer Trust</name>
        <lei>N/A</lei>
        <title>FMC GMSR Issuer Trust, Series 2021-GT2, Class A</title>
        <cusip>30259RAK1</cusip>
        <identifiers>
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        <balance>745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716464.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.84999840</annualizedRt>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231GAY8</cusip>
        <identifiers>
          <isin value="US30231GAY89"/>
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        <balance>734000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>583071.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99500000</annualizedRt>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807BT8</cusip>
        <identifiers>
          <isin value="US666807BT82"/>
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        <balance>242000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>235883.22000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAR1</cusip>
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        <balance>727000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>618945.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LGEC2</cusip>
        <identifiers>
          <isin value="US3140LGEC20"/>
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        <balance>1675960.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1575080.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GKK4</cusip>
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          <isin value="US06051GKK49"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>611018.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-04</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.97200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Entergy Louisiana LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC</title>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Cencora, Inc.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>Mizuho Financial Group, Inc.</name>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <name>Morgan Stanley</name>
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        <name>American Express Co.</name>
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        <name>Cigna Group (The)</name>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <name>Truist Financial Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>JPMorgan High Yield Fund</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Leidos, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <name>Columbia Pipelines Holding Co. LLC</name>
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        <name>F&amp;G Annuities &amp; Life, Inc.</name>
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        <name>Pacific Gas and Electric Co.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>American Tower Corp.</name>
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        <name>Public Service Co. of Oklahoma</name>
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        <name>CVS Pass-Through Trust</name>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <name>BXG Receivables Note Trust</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>BNP Paribas SA</name>
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        <name>Aqua Finance Trust</name>
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        <name>NGPL PipeCo LLC</name>
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        <name>United Mexican States</name>
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        <invCountry>MX</invCountry>
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        <name>State Street Corp.</name>
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        <title>State Street Corp.</title>
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        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>549300XWC4JMK6CH6K84</lei>
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        <identifiers>
          <isin value="US35563FAA93"/>
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        <balance>46877.13000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46793.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66190000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140L2YQ0</cusip>
        <identifiers>
          <isin value="US3140L2YQ03"/>
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        <balance>95695.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85672.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMSR Trust</name>
        <lei>N/A</lei>
        <title>AMSR Trust, Series 2024-SFR1, Class D</title>
        <cusip>00179CAG3</cusip>
        <identifiers>
          <isin value="US00179CAG33"/>
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        <balance>790000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>759997.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.29000120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HINNT LLC</name>
        <lei>N/A</lei>
        <title>HINNT LLC, Series 2024-A, Class B</title>
        <cusip>40472QAB3</cusip>
        <identifiers>
          <isin value="US40472QAB32"/>
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        <balance>364737.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369739.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.84000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401ABD2</cusip>
        <identifiers>
          <isin value="US05401ABD28"/>
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        <balance>215000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210420.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <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>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>056121AA4</cusip>
        <identifiers>
          <isin value="US056121AA46"/>
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        <balance>815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>825979.63000000</valUSD>
        <pctVal>0.044358662081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38900000</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>NXP BV</name>
        <lei>N/A</lei>
        <title>NXP BV</title>
        <cusip>62954HAU2</cusip>
        <identifiers>
          <isin value="US62954HAU23"/>
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        <balance>365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>268369.90000000</valUSD>
        <pctVal>0.014412618997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</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>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3132DM2N4</cusip>
        <identifiers>
          <isin value="US3132DM2N46"/>
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        <balance>1409075.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1245143.80000000</valUSD>
        <pctVal>0.066869582567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>Aon North America, Inc.</name>
        <lei>N/A</lei>
        <title>Aon North America, Inc.</title>
        <cusip>03740MAD2</cusip>
        <identifiers>
          <isin value="US03740MAD20"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>357431.97000000</valUSD>
        <pctVal>0.019195635580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</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>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
        <cusip>120568BR0</cusip>
        <identifiers>
          <isin value="US120568BR08"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>238971.63000000</valUSD>
        <pctVal>0.012833805335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <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>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SP4</cusip>
        <identifiers>
          <isin value="US912810SP49"/>
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        <balance>14911000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7291246.09000000</valUSD>
        <pctVal>0.391571304806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</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>Intel Corp.</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp.</title>
        <cusip>458140BG4</cusip>
        <identifiers>
          <isin value="US458140BG44"/>
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        <balance>145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101321.88000000</valUSD>
        <pctVal>0.005441421160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.73400000</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>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAR2</cusip>
        <identifiers>
          <isin value="US05401AAR23"/>
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        <balance>343000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>331523.22000000</valUSD>
        <pctVal>0.017804224165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.52800000</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>Bridgecrest Lending Auto Securitization Trust</name>
        <lei>N/A</lei>
        <title>Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D</title>
        <cusip>10806HAF4</cusip>
        <identifiers>
          <isin value="US10806HAF47"/>
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        <balance>1365000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1378019.10000000</valUSD>
        <pctVal>0.074005558223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.64000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust, Series 2016-2, Class AA</title>
        <cusip>023765AA8</cusip>
        <identifiers>
          <isin value="US023765AA88"/>
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        <balance>545923.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>531871.87000000</valUSD>
        <pctVal>0.028563809197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>
      <invstOrSec>
        <name>Sierra Timeshare Receivables Funding LLC</name>
        <lei>N/A</lei>
        <title>Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class C</title>
        <cusip>82650DAC6</cusip>
        <identifiers>
          <isin value="US82650DAC65"/>
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        <balance>168069.42000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>169422.85000000</valUSD>
        <pctVal>0.009098736432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.83000000</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>
      <invstOrSec>
        <name>Drive Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Drive Auto Receivables Trust, Series 2025-2, Class D</title>
        <cusip>262103AG9</cusip>
        <identifiers>
          <isin value="US262103AG95"/>
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        <balance>1330000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1323394.82000000</valUSD>
        <pctVal>0.071071999222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <name>Accelerated LLC</name>
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        <name>DNB Bank ASA</name>
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      <invstOrSec>
        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <name>MyMichigan Health</name>
        <lei>N/A</lei>
        <title>MyMichigan Health, Series 2020</title>
        <cusip>597861AA1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40900000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LDGZ6</cusip>
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        <balance>207762.87000000</balance>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87000000</annualizedRt>
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      <invstOrSec>
        <name>WP Carey, Inc.</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP Carey, Inc.</title>
        <cusip>92936UAG4</cusip>
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        <balance>183000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1510, Class A2</title>
        <cusip>3137FL2L7</cusip>
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        <balance>295000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.71800000</annualizedRt>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co., Series C</title>
        <cusip>842400GK3</cusip>
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          <isin value="US842400GK35"/>
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        <balance>152000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Novartis Capital Corp.</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp.</title>
        <cusip>66989HBL1</cusip>
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        <balance>90000.00000000</balance>
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          <maturityDt>2056-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
        <cusip>694308KR7</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CFJ5</cusip>
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        <balance>2006000.00000000</balance>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NES6</cusip>
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        <balance>373000.00000000</balance>
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          <maturityDt>2037-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.16800000</annualizedRt>
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        <name>Safehold GL Holdings LLC</name>
        <lei>54930012UY5Z4Q8NL108</lei>
        <title>Safehold GL Holdings LLC</title>
        <cusip>78646UAB5</cusip>
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        <balance>406000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>363599.85000000</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>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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        <name>CommonSpirit Health</name>
        <lei>4SXHN5XW08IBO0UG2V58</lei>
        <title>CommonSpirit Health</title>
        <cusip>20268JAG8</cusip>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58657.42000000</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>2050-10-01</maturityDt>
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          <annualizedRt>3.91000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT</title>
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      <invstOrSec>
        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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          <isin value="US05401AAX90"/>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-15</maturityDt>
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      <invstOrSec>
        <name>Jersey Central Power &amp; Light Co.</name>
        <lei>549300W9UGH9ZPLNPF79</lei>
        <title>Jersey Central Power &amp; Light Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-15</maturityDt>
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      <invstOrSec>
        <name>Kraft Heinz Foods Co.</name>
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        <title>Kraft Heinz Foods Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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      <invstOrSec>
        <name>JPMorgan Inflation Managed Bond ETF</name>
        <lei>5493005532K2IEO31Z97</lei>
        <title>JPMorgan Inflation Managed Bond ETF</title>
        <cusip>46654Q104</cusip>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KCV0</cusip>
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        <balance>410000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-15</maturityDt>
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          <annualizedRt>5.55000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UD8</cusip>
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        <balance>9090000.00000000</balance>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-15</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>CSX Corp.</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp.</title>
        <cusip>126408HF3</cusip>
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          <isin value="US126408HF31"/>
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        <balance>241000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184225.67000000</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>2046-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140XNGY4</cusip>
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          <isin value="US3140XNGY45"/>
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        <balance>381418.91000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>Brookfield Finance, Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>Brookfield Finance, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-30</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <balance>664000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
        <lei>549300MCGUSL5B852H65</lei>
        <title>Macquarie Airfinance Holdings Ltd.</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-27</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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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>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>NatWest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group plc</title>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-18</maturityDt>
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        <name>Westgate Resorts LLC</name>
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        <name>Santander UK Group Holdings plc</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>Santander UK Group Holdings plc</title>
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        <balance>360000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-10</maturityDt>
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          <annualizedRt>6.53400000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UXCZ3</cusip>
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          <isin value="US3617UXCZ35"/>
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        <balance>81397.24000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-20</maturityDt>
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        <name>Niagara Mohawk Power Corp.</name>
        <lei>3T97Y9RR5EN5Y18QHB56</lei>
        <title>Niagara Mohawk Power Corp.</title>
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        <balance>60000.00000000</balance>
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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>2055-07-03</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140QKQL5</cusip>
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          <isin value="US3140QKQL57"/>
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      <invstOrSec>
        <name>BAT Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>FirstKey Homes Trust</name>
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        <name>BPCE SA</name>
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        <name>Fidelity National Information Services, Inc.</name>
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        <name>Commercial Mortgage Trust</name>
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        <name>Citigroup, Inc.</name>
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        <name>FNMA</name>
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        <name>HCA, Inc.</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>Kroger Co. (The)</name>
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        <name>Barclays plc</name>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms, Inc.</title>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140AFV78</cusip>
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          <isin value="US3140AFV787"/>
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        <balance>596568.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605069.93000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Take-Two Interactive Software, Inc.</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
        <title>Take-Two Interactive Software, Inc.</title>
        <cusip>874054AG4</cusip>
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          <isin value="US874054AG47"/>
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        <balance>366000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>362700.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Wildfire Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>PG&amp;E Wildfire Recovery Funding LLC, Series A-4</title>
        <cusip>693342AJ6</cusip>
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          <isin value="US693342AJ65"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75392.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.21200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Roc Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Roc Mortgage Trust, Series 2025-RTL1, Class A1</title>
        <cusip>77119RAA4</cusip>
        <identifiers>
          <isin value="US77119RAA41"/>
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        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>421024.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>Ovintiv, Inc.</title>
        <cusip>69047QAC6</cusip>
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          <isin value="US69047QAC69"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>422049.47000000</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>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington National Bank (The)</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>Huntington National Bank (The)</title>
        <cusip>44644MAJ0</cusip>
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          <isin value="US44644MAJ09"/>
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        <balance>337000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348504.92000000</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>2030-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Union Electric Co.</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co.</title>
        <cusip>906548CY6</cusip>
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          <isin value="US906548CY62"/>
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        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>365714.79000000</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>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Note</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="TUM6COM"/>
          <other otherDesc="Future Ticker" value="TUM6 Comdty"/>
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        <balance>280.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3N1</cusip>
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          <isin value="US95000U3N13"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
        <cusip>855244AX7</cusip>
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          <isin value="US855244AX79"/>
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        <balance>251000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272CE6</cusip>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80173.18000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140FXY63</cusip>
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          <isin value="US3140FXY635"/>
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        <valUSD>1174764.27000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2021-H14, Class YD</title>
        <cusip>38382YFS7</cusip>
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          <isin value="US38382YFS72"/>
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        <curCd>USD</curCd>
        <valUSD>919776.31000000</valUSD>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>7.00678080</annualizedRt>
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      <invstOrSec>
        <name>FREMF Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF Mortgage Trust, Series 2017-KGX1, Class BFX</title>
        <cusip>30305QAG6</cusip>
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          <isin value="US30305QAG64"/>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>AMSR Trust</name>
        <lei>N/A</lei>
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        <cusip>00180BAC1</cusip>
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          <isin value="US00180BAC19"/>
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        <balance>1158000.00000000</balance>
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        <valUSD>1106394.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140NMJF5</cusip>
        <identifiers>
          <isin value="US3140NMJF55"/>
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        <balance>361912.31000000</balance>
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        <curCd>USD</curCd>
        <valUSD>358617.29000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140HSDS7</cusip>
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          <isin value="US3140HSDS74"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>326421.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>South Bow USA Infrastructure Holdings LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KLA Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>Continental Finance Credit Card ABS Master Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MVW LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140QM4X9</cusip>
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        <name>United States of America</name>
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        <title>U.S. Treasury STRIPS Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas SA</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140XCEV6</cusip>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617XRCV2</cusip>
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        <name>Toronto-Dominion Bank (The)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank (The)</title>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UGL98</cusip>
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        <balance>1774901.29000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
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        <name>Societe Generale SA</name>
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        <name>FNMA</name>
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        <name>Amgen, Inc.</name>
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        <name>Union Electric Co.</name>
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        <name>American Credit Acceptance Receivables Trust</name>
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        <name>Credit Agricole SA</name>
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        <name>TotalEnergies Capital International SA</name>
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        <name>Tricon Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MedStar Health, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Gas &amp; Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3140QPAJ62"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbia Pipelines Operating Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GLS Auto Select Receivables Trust</name>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Co.</name>
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        <title>Pacific Gas and Electric Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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      <invstOrSec>
        <name>Northern Natural Gas Co.</name>
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        <title>Northern Natural Gas Co.</title>
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        <curCd>USD</curCd>
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        <name>Towd Point Mortgage Trust</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
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        <balance>799000.00000000</balance>
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          <couponKind>Fixed</couponKind>
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        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
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        <balance>300000.00000000</balance>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>31346Y2X0</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAU5</cusip>
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          <isin value="US05401AAU51"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86956.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <title>AT&amp;T, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <balance>156000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-30</maturityDt>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
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        <cusip>35042RAA4</cusip>
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          <isin value="US35042RAA41"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-15</maturityDt>
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      <invstOrSec>
        <name>Cherry Securitization Trust</name>
        <lei>N/A</lei>
        <title>Cherry Securitization Trust, Series 2024-1A, Class A</title>
        <cusip>164737AA6</cusip>
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          <isin value="US164737AA69"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810QZ4</cusip>
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          <isin value="US912810QZ49"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mariner Finance Issuance Trust</name>
        <lei>N/A</lei>
        <title>Mariner Finance Issuance Trust, Series 2025-AA, Class A</title>
        <cusip>567920AA1</cusip>
        <identifiers>
          <isin value="US567920AA11"/>
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        <balance>1005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1012478.81000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.98000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, REMIC, Series 5190, Class LM</title>
        <cusip>3137H5GQ4</cusip>
        <identifiers>
          <isin value="US3137H5GQ48"/>
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        <balance>894036.87000000</balance>
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        <curCd>USD</curCd>
        <valUSD>818673.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
        <cusip>37940XAY8</cusip>
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          <isin value="US37940XAY85"/>
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        <balance>690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>664910.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833EK2</cusip>
        <identifiers>
          <isin value="US037833EK23"/>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180670.39000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>San Diego Gas &amp; Electric Co.</name>
        <lei>KNIRVXKVNJJ4P8OTMS63</lei>
        <title>San Diego Gas &amp; Electric Co.</title>
        <cusip>797440CA0</cusip>
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          <isin value="US797440CA05"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232343.11000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>Home Partners of America Trust, Series 2021-3, Class D</title>
        <cusip>43730XAD6</cusip>
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          <isin value="US43730XAD66"/>
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        <balance>646302.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605511.96000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.99900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AHS Hospital Corp.</name>
        <lei>549300D7W3C9Z4RGJG34</lei>
        <title>AHS Hospital Corp.</title>
        <cusip>001306AB5</cusip>
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          <isin value="US001306AB55"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129051.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="WNM6COS"/>
          <other otherDesc="Future Ticker" value="WNM6 Comdty"/>
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        <curCd>USD</curCd>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140QMSB1</cusip>
        <identifiers>
          <isin value="US3140QMSB14"/>
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        <balance>399202.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342459.25000000</valUSD>
        <pctVal>0.018391536057</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group, Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group, Inc.</title>
        <cusip>86562MDN7</cusip>
        <identifiers>
          <isin value="US86562MDN74"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>563029.05000000</valUSD>
        <pctVal>0.030237083899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.42400000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan BetaBuilders Emerging Markets Equity ETF</name>
        <lei>549300WEJ5UQZ8KRFS08</lei>
        <title>JPMorgan BetaBuilders Emerging Markets Equity ETF</title>
        <cusip>46654Q807</cusip>
        <identifiers>
          <isin value="US46654Q8078"/>
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        <balance>531887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34971570.25000000</valUSD>
        <pctVal>1.878123879633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Exchange traded fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Aker BP ASA</name>
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        <title>Aker BP ASA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Amphenol Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
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      <invstOrSec>
        <name>Consumer Portfolio Services Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Capital Funding, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Natural Gas Securitization Finance Corp.</name>
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        <name>Foundation Finance Trust</name>
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        <name>Mariner Finance Issuance Trust</name>
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        <name>Charter Communications Operating LLC</name>
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          <couponKind>Fixed</couponKind>
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        <name>FNMA</name>
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        <name>Coterra Energy, Inc.</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Coterra Energy, Inc.</title>
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        <name>Equinix Europe 2 Financing Corp. LLC</name>
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        <title>Equinix Europe 2 Financing Corp. LLC</title>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3132DSJL7</cusip>
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        <balance>1060324.86000000</balance>
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        <curCd>USD</curCd>
        <valUSD>908078.37000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galaxy Pipeline Assets Bidco Ltd.</name>
        <lei>549300L82YB0C6JQIC26</lei>
        <title>Galaxy Pipeline Assets Bidco Ltd.</title>
        <cusip>36321PAE0</cusip>
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        <balance>216595.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175463.61000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-05</maturityDt>
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      <invstOrSec>
        <name>HSBC Holdings plc</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-17</maturityDt>
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      <invstOrSec>
        <name>DuPont de Nemours, Inc.</name>
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        <title>DuPont de Nemours, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
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        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-15</maturityDt>
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        <name>United States of America</name>
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        <title>U.S. Treasury Bonds</title>
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        <name>GNMA</name>
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        <name>BNP Paribas SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Anglo American Capital plc</name>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Seasoned Loans Structured Transaction Trust</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Mizuho Financial Group, Inc.</name>
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        <title>Mizuho Financial Group, Inc.</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <name>United States of America</name>
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        <title>U.S. Treasury STRIPS Bonds</title>
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        <name>FHLMC Pool</name>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
        <cusip>05401AAG6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Master Trust</name>
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        <balance>750000.00000000</balance>
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        <name>FHF Trust</name>
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        <balance>70835.12000000</balance>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179XDD5</cusip>
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        <balance>255906.98000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marvell Technology, Inc.</name>
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        <title>Marvell Technology, Inc.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-15</maturityDt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
        <valUSD>521391.55000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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          <annualizedRt>5.07000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140FXDM1</cusip>
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        <balance>467230.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450549.14000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO Bank NV</title>
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        <curCd>USD</curCd>
        <valUSD>201700.66000000</valUSD>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-18</maturityDt>
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        <name>FNMA</name>
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        <cusip>3140LKBT9</cusip>
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          <isin value="US3140LKBT93"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>919246.96000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.97000000</annualizedRt>
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      <invstOrSec>
        <name>KBC Group NV</name>
        <lei>213800X3Q9LSAKRUWY91</lei>
        <title>KBC Group NV</title>
        <cusip>48241FAD6</cusip>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226463.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-16</maturityDt>
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          <annualizedRt>4.93200000</annualizedRt>
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        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FBQ3</cusip>
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        <curCd>USD</curCd>
        <valUSD>190530.22000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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          <annualizedRt>3.18700000</annualizedRt>
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        <name>PNC Financial Services Group, Inc. (The)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group, Inc. (The)</title>
        <cusip>693475CA1</cusip>
        <identifiers>
          <isin value="US693475CA12"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249168.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.81200000</annualizedRt>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807BJ0</cusip>
        <identifiers>
          <isin value="US666807BJ01"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172812.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Elara HGV Timeshare Issuer LLC</name>
        <lei>N/A</lei>
        <title>Elara HGV Timeshare Issuer LLC, Series 2021-A, Class C</title>
        <cusip>28416LAC6</cusip>
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          <isin value="US28416LAC63"/>
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        <balance>51636.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49403.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.09000000</annualizedRt>
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      <invstOrSec>
        <name>SFS Auto Receivables Securitization Trust</name>
        <lei>N/A</lei>
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        <cusip>78435VAF9</cusip>
        <identifiers>
          <isin value="US78435VAF94"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1168773.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.51000000</annualizedRt>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Multi-Family Structured Pass-Through Certificates, Series K754, Class AM</title>
        <cusip>3137HBC93</cusip>
        <identifiers>
          <isin value="US3137HBC936"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>583992.70000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.93999920</annualizedRt>
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      <invstOrSec>
        <name>NYMT Loan Trust</name>
        <lei>254900Q6RDCV3HGA6340</lei>
        <title>NYMT Loan Trust, Series 2024-BPL3, Class A1</title>
        <cusip>67119RAA5</cusip>
        <identifiers>
          <isin value="US67119RAA59"/>
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        <balance>362249.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>362177.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.26799880</annualizedRt>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust, Series 2025-3A, Class C</title>
        <cusip>30166XAE4</cusip>
        <identifiers>
          <isin value="US30166XAE40"/>
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        <balance>1540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1548427.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09000000</annualizedRt>
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        <name>AMSR Trust</name>
        <lei>N/A</lei>
        <title>AMSR Trust, Series 2024-SFR2, Class D</title>
        <cusip>00179UAD0</cusip>
        <identifiers>
          <isin value="US00179UAD00"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538570.54000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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      <invstOrSec>
        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2024-2A, Class B</title>
        <cusip>75525HAB6</cusip>
        <identifiers>
          <isin value="US75525HAB69"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>403540.84000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.84000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Republic Finance Issuance Trust</name>
        <lei>N/A</lei>
        <title>Republic Finance Issuance Trust, Series 2024-A, Class A</title>
        <cusip>76041RAA9</cusip>
        <identifiers>
          <isin value="US76041RAA95"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552056.84000000</valUSD>
        <pctVal>0.029647828985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.91000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140HXJ27</cusip>
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        <curCd>USD</curCd>
        <valUSD>1147406.59000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
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        <cusip>74332HAG1</cusip>
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          <isin value="US74332HAG11"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503041.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.49900000</annualizedRt>
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      <invstOrSec>
        <name>American Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass-Through Trust, Series 2016-3, Class AA</title>
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          <isin value="US023771R919"/>
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        <balance>375186.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>363550.43000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <balance>1435000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.04500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DOC DR LLC</name>
        <lei>N/A</lei>
        <title>DOC DR LLC</title>
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          <isin value="US71951QAC69"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>119669.33000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eastern Energy Gas Holdings LLC</name>
        <lei>549300BFOD6TDMVV4O24</lei>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141890.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT</title>
        <cusip>35563PJE0</cusip>
        <identifiers>
          <isin value="US35563PJE07"/>
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        <balance>282428.81090000</balance>
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        <curCd>USD</curCd>
        <valUSD>255387.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LJM29</cusip>
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          <isin value="US3140LJM298"/>
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        <balance>615543.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620030.15000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86000000</annualizedRt>
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      <invstOrSec>
        <name>Aker BP ASA</name>
        <lei>549300NFTY73920OYK69</lei>
        <title>Aker BP ASA</title>
        <cusip>00973RAN3</cusip>
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          <isin value="US00973RAN35"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146794.99000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Duke Energy Corp.</name>
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        <title>Duke Energy Corp.</title>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>581649.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UHAE7</cusip>
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          <isin value="US3617UHAE73"/>
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        <balance>322698.36000000</balance>
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        <curCd>USD</curCd>
        <valUSD>297447.23000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2022-1, Class MTU</title>
        <cusip>35563P7E3</cusip>
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          <isin value="US35563P7E36"/>
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        <balance>280262.50390000</balance>
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        <curCd>USD</curCd>
        <valUSD>244078.82000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <cusip>10807UAE7</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLW9</cusip>
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          <isin value="US91282CLW90"/>
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        <balance>12960000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>Southern California Gas Co.</title>
        <cusip>842434CX8</cusip>
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          <isin value="US842434CX83"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157852.41000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.35000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UXC59</cusip>
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          <isin value="US3617UXC595"/>
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        <balance>192989.39000000</balance>
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        <curCd>USD</curCd>
        <valUSD>182767.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05571AAY1</cusip>
        <identifiers>
          <isin value="US05571AAY10"/>
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        <balance>615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>629045.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Public Service Electric and Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
        <title>Public Service Electric and Gas Co.</title>
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          <isin value="US74456QCG91"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Massachusetts Electric Co.</name>
        <lei>549300XN8GZY5U5O1B96</lei>
        <title>Massachusetts Electric Co.</title>
        <cusip>575634AT7</cusip>
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          <isin value="US575634AT77"/>
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        <balance>118000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90224.28000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-15</maturityDt>
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          <annualizedRt>4.00400000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing LLC, Series 2024-1, Class A3</title>
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          <isin value="US29375PAC41"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.16000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140XK6N5</cusip>
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          <isin value="US3140XK6N54"/>
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        <balance>2143359.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1887457.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LHSH4</cusip>
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          <isin value="US3140LHSH44"/>
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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>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12000000</annualizedRt>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC</title>
        <cusip>00774MBU8</cusip>
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          <isin value="US00774MBU80"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184672.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Anchor Mortgage Trust</name>
        <lei>254900S7O2LYCU17JI96</lei>
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        <cusip>03290CAA4</cusip>
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          <isin value="US03290CAA45"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359580.53000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-25</maturityDt>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
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        <cusip>36273HAJ5</cusip>
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          <isin value="US36273HAJ59"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74000000</annualizedRt>
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      <invstOrSec>
        <name>UBS Group AG</name>
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        <title>UBS Group AG</title>
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          <isin value="US225401BP24"/>
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        <balance>515000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.01000000</annualizedRt>
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      <invstOrSec>
        <name>Columbia Pipelines Holding Co. LLC</name>
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        <title>Columbia Pipelines Holding Co. LLC</title>
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        <curCd>USD</curCd>
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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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        <name>JPMorgan BetaBuilders International Equity ETF</name>
        <lei>549300BU8GZGI7U5FB20</lei>
        <title>JPMorgan BetaBuilders International Equity ETF</title>
        <cusip>46641Q373</cusip>
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          <isin value="US46641Q3737"/>
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        <balance>2573841.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>Santander UK Group Holdings plc</title>
        <cusip>80281LAV7</cusip>
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          <isin value="US80281LAV71"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140AFV94</cusip>
        <identifiers>
          <isin value="US3140AFV944"/>
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        <balance>554591.30000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>Otis Worldwide Corp.</title>
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          <isin value="US68902VAL18"/>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CGM73"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140FXY71</cusip>
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          <isin value="US3140FXY718"/>
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        <balance>1303577.47000000</balance>
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        <issuerCat>USGSE</issuerCat>
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      <invstOrSec>
        <name>AIB Group plc</name>
        <lei>635400AKJBGNS5WNQL34</lei>
        <title>AIB Group plc</title>
        <cusip>00135TAF1</cusip>
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          <isin value="US00135TAF12"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>676957.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-15</maturityDt>
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      <invstOrSec>
        <name>Business Jet Securities LLC</name>
        <lei>N/A</lei>
        <title>Business Jet Securities LLC, Series 2022-1A, Class A</title>
        <cusip>12327AAA6</cusip>
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        <name>Duke Energy Corp.</name>
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        <name>Consumers 2023 Securitization Funding LLC</name>
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        <name>FirstKey Homes Trust</name>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <name>FNMA</name>
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        <name>Targa Resources Corp.</name>
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        <name>Southern Co. (The)</name>
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        <name>JBS NV</name>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <curCd>USD</curCd>
        <valUSD>713142.05000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Mexican States</name>
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        <title>United Mexican States</title>
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        <valUSD>1113780.00000000</valUSD>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
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        <title>GNMA II, 30 Year</title>
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          <isin value="US3617V7V962"/>
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        <balance>997654.51000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Emera US Finance LP</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <cusip>35563PLQ0</cusip>
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          <isin value="US35563PLQ09"/>
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        <curCd>USD</curCd>
        <valUSD>616812.35000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>FNMA</name>
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          <couponKind>Fixed</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
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          <isin value="US36179X2F20"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Legacy Mortgage Asset Trust</name>
        <lei>N/A</lei>
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          <isin value="US52474JAA43"/>
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          <couponKind>Variable</couponKind>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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        <name>FREMF Mortgage Trust</name>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Biogen, Inc.</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen, Inc.</title>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140FXUC4</cusip>
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          <isin value="US3140FXUC43"/>
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        <valUSD>2522203.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co.</title>
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        <name>Uber Technologies, Inc.</name>
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        <name>GNMA</name>
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        <name>Baltimore Gas and Electric Co.</name>
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        <name>FNMA</name>
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        <name>Enbridge, Inc.</name>
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        <name>Seasoned Loans Structured Transaction Trust</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>ConocoPhillips Co.</name>
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        <name>West Virginia United Health System Obligated Group</name>
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        <name>FNMA</name>
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        <name>Avolon Holdings Funding Ltd.</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>Avolon Holdings Funding Ltd.</title>
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        <name>SLG Office Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AerCap Ireland Capital DAC</name>
        <lei>N/A</lei>
        <title>AerCap Ireland Capital DAC</title>
        <cusip>00774MAX3</cusip>
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          <isin value="US00774MAX39"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136233.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC UMBS, 30 Year</title>
        <cusip>3132E0L91</cusip>
        <identifiers>
          <isin value="US3132E0L916"/>
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        <balance>1225821.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1051645.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LJGG5</cusip>
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          <isin value="US3140LJGG54"/>
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        <balance>845000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.73500000</annualizedRt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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          <isin value="US89788MAS17"/>
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        <balance>171000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176393.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.71100000</annualizedRt>
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      <invstOrSec>
        <name>UDR, Inc.</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc.</title>
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          <isin value="US90265EAT73"/>
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        <balance>482000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>407822.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
        <cusip>06051GMM8</cusip>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469099.10000000</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>2036-01-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.51100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC</title>
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          <isin value="US29366MAB46"/>
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        <balance>88000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51052.23000000</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>2051-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ACB9</cusip>
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          <isin value="US87264ACB98"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608837.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
        <lei>N/A</lei>
        <title>FHLMC Seasoned Credit Risk Transfer Trust, Series 2018-1, Class M60C</title>
        <cusip>35563PEL9</cusip>
        <identifiers>
          <isin value="US35563PEL94"/>
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        <balance>739520.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692002.69000000</valUSD>
        <pctVal>0.037163523615</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822VBE0</cusip>
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          <isin value="US22822VBE02"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>122911.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>PG&amp;E Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>PG&amp;E Recovery Funding LLC, Series A-3</title>
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          <isin value="US71710TAF57"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197716.83000000</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>2047-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53600000</annualizedRt>
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        <name>Quanta Services, Inc.</name>
        <lei>SHVRXXEACT60MMH07S24</lei>
        <title>Quanta Services, Inc.</title>
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          <isin value="US74762EAP79"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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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>2035-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-10-25</maturityDt>
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        <name>Santander UK Group Holdings plc</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>Santander UK Group Holdings plc</title>
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          <isin value="US80281LAQ86"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140XPQH5</cusip>
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          <isin value="US3140XPQH59"/>
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        <balance>1056160.92000000</balance>
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        <curCd>USD</curCd>
        <valUSD>896269.90000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, REMIC, Series 2022-46, Class GZ</title>
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        <curCd>USD</curCd>
        <valUSD>730425.08000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CNW7</cusip>
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          <isin value="US91282CNW72"/>
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        <balance>2950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2913009.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <securityLending>
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        <name>Meta Platforms, Inc.</name>
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        <name>FHLMC Seasoned Credit Risk Transfer Trust</name>
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        <name>FNMA</name>
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        <name>HSBC Holdings plc</name>
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        <name>FNMA</name>
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        <name>JPMorgan BetaBuilders U.S. Small Cap Equity ETF</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>FNMA</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>CaixaBank SA</name>
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        <name>HCA, Inc.</name>
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        <name>UBS Group AG</name>
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        <name>Truist Financial Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Evergy Missouri West Storm Funding I LLC</name>
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        <name>GNMA</name>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
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          <annualizedRt>2.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140LKK69</cusip>
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          <isin value="US3140LKK696"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>585389.81000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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          <isin value="US22535WAS61"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445716.64000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
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          <annualizedRt>4.81800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BXP Trust</name>
        <lei>N/A</lei>
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          <isin value="US056083AA67"/>
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        <balance>670000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>658623.67000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransCanada PipeLines Ltd.</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TransCanada PipeLines Ltd.</title>
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          <isin value="US89352HAB50"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>364232.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA UMBS, 30 Year</title>
        <cusip>3140MHL80</cusip>
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          <isin value="US3140MHL805"/>
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        <balance>366690.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348131.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Constellation Energy Generation LLC</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
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        <curCd>USD</curCd>
        <valUSD>210130.10000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810TU2</cusip>
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          <isin value="US912810TU25"/>
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        <balance>4523000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4269111.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury STRIPS Bonds</title>
        <cusip>912834JB5</cusip>
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          <isin value="US912834JB55"/>
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        <balance>9183000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4556798.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>61747YGC3</cusip>
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          <isin value="US61747YGC30"/>
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        <balance>605000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602192.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3618BQP91</cusip>
        <identifiers>
          <isin value="US3618BQP912"/>
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        <balance>891965.91000000</balance>
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        <curCd>USD</curCd>
        <valUSD>916703.46000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>SCE Recovery Funding LLC</name>
        <lei>N/A</lei>
        <title>SCE Recovery Funding LLC</title>
        <cusip>78433LAK2</cusip>
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          <isin value="US78433LAK26"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233430.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.34100000</annualizedRt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <identifiers>
          <isin value="US110122EK02"/>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25998.46000000</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>2054-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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      <invstOrSec>
        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>Public Service Enterprise Group, Inc.</title>
        <cusip>744573AZ9</cusip>
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          <isin value="US744573AZ90"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YEG0</cusip>
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          <isin value="US00287YEG08"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Other</title>
        <cusip>3140J2H58</cusip>
        <identifiers>
          <isin value="US3140J2H584"/>
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        <balance>801799.27000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2025-SFR3, Class C</title>
        <cusip>74334BAE7</cusip>
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          <isin value="US74334BAE74"/>
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        <balance>895000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.39000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2025-SFR5, Class A</title>
        <cusip>74334RAA0</cusip>
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          <isin value="US74334RAA05"/>
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        <balance>2197728.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2102663.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COPT Defense Properties LP</name>
        <lei>H0TWO5VRNEP6CQAWPX27</lei>
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        <balance>295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267101.43000000</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>2031-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140QLW44</cusip>
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          <isin value="US3140QLW441"/>
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        <balance>1292976.50000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-23</maturityDt>
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        <name>KBC Group NV</name>
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        <title>KBC Group NV</title>
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          <isin value="US48241FAE43"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>762879.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-23</maturityDt>
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          <annualizedRt>4.45400000</annualizedRt>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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        <title>Mitsubishi UFJ Financial Group, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>OneMain Financial Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Dell International LLC</name>
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        <balance>605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>614393.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>3617UXCF7</cusip>
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        <name>UniCredit SpA</name>
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        <name>Huntington Bank Auto Credit-Linked Notes</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Crossroads Asset Trust</name>
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        <name>Synopsys, Inc.</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>Synopsys, Inc.</title>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Gold Pools, Other</title>
        <cusip>3132XFJB5</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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          <isin value="US38141GB375"/>
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        <valUSD>1143860.66000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-23</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <name>FHLMC Pool</name>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>389085.03000000</valUSD>
        <pctVal>0.020895541173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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        <name>JPMorgan BetaBuilders MSCI US REIT ETF</name>
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        <curCd>USD</curCd>
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        <assetConditional assetCat="OTHER" desc="Exchange traded fund"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FHLMC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aqua Finance Issuer Trust</name>
        <lei>N/A</lei>
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          <isin value="US038394AC67"/>
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        <curCd>USD</curCd>
        <valUSD>325009.79000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.81000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Maple Parent Holdings Corp.</name>
        <lei>254900J6FBJ1E892Q074</lei>
        <title>Maple Parent Holdings Corp.</title>
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        <identifiers>
          <isin value="US56530KAB26"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69704.08000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US91282CLF67"/>
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        <balance>16798000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16370832.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>FNMA</name>
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        <curCd>USD</curCd>
        <valUSD>939776.98000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.38000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust I</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
