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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V4.542 09/19/30</title>
        <cusip>17327CAT0</cusip>
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          <isin value="US17327CAT09"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40520.70000000</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>2030-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Tennessee Gas Pipeline Company</name>
        <lei>N/A</lei>
        <title>KMI 7 10/15/28</title>
        <cusip>880451AV1</cusip>
        <identifiers>
          <isin value="US880451AV10"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8597.65000000</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>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V4.431 01/23/30 GMTN</title>
        <cusip>6174468G7</cusip>
        <identifiers>
          <isin value="US6174468G77"/>
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        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16148.47000000</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>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43100000</annualizedRt>
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      <invstOrSec>
        <name>Essex Portfolio Lp</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESS 3 01/15/30</title>
        <cusip>29717PAU1</cusip>
        <identifiers>
          <isin value="US29717PAU12"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7670.85000000</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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Novartis Capital Corporation</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>NOVNVX 4.1 11/05/30</title>
        <cusip>66989HAY4</cusip>
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          <isin value="US66989HAY45"/>
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        <balance>19000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19110.43000000</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>2030-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>PINNACLE FINANCIAL PARTNERS INC</name>
        <lei>N/A</lei>
        <title>PNFP V6.168 11/01/30</title>
        <cusip>87161CAP0</cusip>
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          <isin value="US87161CAP05"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18907.60000000</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>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.16800000</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V4.271 07/23/29 MTN</title>
        <cusip>06051GHM4</cusip>
        <identifiers>
          <isin value="US06051GHM42"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36211.48000000</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>2029-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27100000</annualizedRt>
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      <invstOrSec>
        <name>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIM 3.8 04/01/27</title>
        <cusip>49446RAS8</cusip>
        <identifiers>
          <isin value="US49446RAS85"/>
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        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21012.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Toll Brothers Finance Corp.</name>
        <lei>N/A</lei>
        <title>TOL 4.35 02/15/28</title>
        <cusip>88947EAT7</cusip>
        <identifiers>
          <isin value="US88947EAT73"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35175.00000000</valUSD>
        <pctVal>0.293436772658</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V3.509 01/23/29</title>
        <cusip>46647PAM8</cusip>
        <identifiers>
          <isin value="US46647PAM86"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7934.89000000</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>2029-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50900000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>V 2.75 09/15/27</title>
        <cusip>92826CAH5</cusip>
        <identifiers>
          <isin value="US92826CAH51"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28611.26000000</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>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>GATX Corporation</name>
        <lei>549300IHYHCQP2PIR591</lei>
        <title>GMT 3.85 03/30/27</title>
        <cusip>361448AZ6</cusip>
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          <isin value="US361448AZ62"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28953.14000000</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>2027-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.164 04/20/29 MTN</title>
        <cusip>61747YFD2</cusip>
        <identifiers>
          <isin value="US61747YFD22"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71483.65000000</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>2029-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.16400000</annualizedRt>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TFC 1.95 06/05/30 MTN</title>
        <cusip>89788MAB8</cusip>
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          <isin value="US89788MAB81"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20210.59000000</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>2030-06-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
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        <name>UNITED PARCEL SERVICE INC</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>UPS 7.62 04/01/30</title>
        <cusip>911308AB0</cusip>
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          <isin value="US911308AB04"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39773.97000000</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>2030-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.62000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>FISV 3.5 07/01/29</title>
        <cusip>337738AU2</cusip>
        <identifiers>
          <isin value="US337738AU25"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10687.28000000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Honeywell International Inc.</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>HON 1.95 06/01/30</title>
        <cusip>438516BZ8</cusip>
        <identifiers>
          <isin value="US438516BZ80"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27611.45000000</valUSD>
        <pctVal>0.230340150004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>AIG V5.75 04/01/48 A-9</title>
        <cusip>026874DM6</cusip>
        <identifiers>
          <isin value="US026874DM66"/>
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        <balance>20000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC STORAGE OPERATING COMPANY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ally Financial Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LNC 3.8 03/01/28</title>
        <cusip>534187BH1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <cusip>06051GHZ5</cusip>
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          <isin value="US06051GHZ54"/>
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        <balance>32000.00000000</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>2031-02-13</maturityDt>
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        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>WMT 7.55 02/15/30</title>
        <cusip>931142BF9</cusip>
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          <isin value="US931142BF98"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <cusip>46647PBL9</cusip>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE 4.875 06/01/28</title>
        <cusip>233331BJ5</cusip>
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        <balance>11000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Corebridge Financial Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>CRBG V6.875 12/15/52</title>
        <cusip>21871XAP4</cusip>
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          <isin value="US21871XAP42"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>British Telecommunications PLC</name>
        <lei>549300OWFMSO9NYV4H90</lei>
        <title>BRITEL 9.625 12/15/30</title>
        <cusip>111021AE1</cusip>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Sysco Corporation</name>
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        <title>SYY 5.95 04/01/30</title>
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        <name>WEC Energy Group Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC 1.8 10/15/30</title>
        <cusip>92939UAE6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
        <title>WM 4.65 03/15/30</title>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 4.45 09/26/30</title>
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        <name>MasterCard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MA 2.95 06/01/29</title>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SRE 3.25 06/15/27</title>
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        <name>Boardwalk Pipelines LP</name>
        <lei>549300W6AQ2GHHCGL606</lei>
        <title>BWP 3.4 02/15/31</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>DOC DR LLC</name>
        <lei>N/A</lei>
        <title>DOC 3.95 01/15/28</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>Ascension Health Alliance</name>
        <lei>549300IMOY6ECI21DH68</lei>
        <title>ASCHEA 4.294 11/15/30 2025</title>
        <cusip>04351LAD2</cusip>
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          <isin value="US04351LAD29"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35463.68000000</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>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Blue Owl Capital Corp.</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>OBDC 5.95 03/15/29</title>
        <cusip>69121KAH7</cusip>
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          <isin value="US69121KAH77"/>
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        <balance>12000.00000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 3.2 11/21/29</title>
        <cusip>00287YBX6</cusip>
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          <isin value="US00287YBX67"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22453.31000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEP 1.625 05/01/30</title>
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          <isin value="US713448EZ78"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10972.54000000</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>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62500000</annualizedRt>
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      <invstOrSec>
        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 4.55 07/01/30</title>
        <cusip>694308JM0</cusip>
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          <isin value="US694308JM04"/>
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        <balance>9599.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9672.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT 4.536 02/28/28</title>
        <cusip>857477CU5</cusip>
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          <isin value="US857477CU58"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16281.97000000</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>2028-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>WBS V5.784 09/11/35</title>
        <cusip>947890AK5</cusip>
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          <isin value="US947890AK50"/>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24779.96000000</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>2035-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>F&amp;G Annuities &amp; Life Inc.</name>
        <lei>N/A</lei>
        <title>FG 6.5 06/04/29</title>
        <cusip>30190AAF1</cusip>
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          <isin value="US30190AAF12"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20592.07000000</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>2029-06-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 4.65 05/06/30</title>
        <cusip>68389XCN3</cusip>
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          <isin value="US68389XCN30"/>
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        <balance>32000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31992.40000000</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>2030-05-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V5.582 06/12/29</title>
        <cusip>693475BR5</cusip>
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          <isin value="US693475BR55"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30016.42000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.58200000</annualizedRt>
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        <name>TransCanada Pipelines Limited</name>
        <lei>5BV01I6231JPDAPMGH09</lei>
        <title>TRPCN 4.1 04/15/30</title>
        <cusip>89352HBA6</cusip>
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          <isin value="US89352HBA68"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16006.70000000</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>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>ARCC 5.95 07/15/29</title>
        <cusip>04010LBG7</cusip>
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          <isin value="US04010LBG77"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8188.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 4.35 02/15/30</title>
        <cusip>11135FCB5</cusip>
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        <name>Amrize Finance US LLC</name>
        <lei>529900FB2F1WKLFNGY62</lei>
        <title>AMRZ 4.95 04/07/30</title>
        <cusip>43475RAR7</cusip>
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        <balance>20000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <name>AstraZeneca Finance LLC</name>
        <lei>549300C3HATU4Q460S18</lei>
        <title>AZN 4.85 02/26/29</title>
        <cusip>04636NAL7</cusip>
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          <isin value="US04636NAL73"/>
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        <balance>32000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32940.02000000</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>2029-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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      <invstOrSec>
        <name>Berkshire Hathaway Energy Company</name>
        <lei>549300JD0S5IZJE9LY15</lei>
        <title>BRKHEC 3.7 07/15/30</title>
        <cusip>084659AV3</cusip>
        <identifiers>
          <isin value="US084659AV35"/>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18837.24000000</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>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V4.952 05/07/31</title>
        <cusip>172967QA2</cusip>
        <identifiers>
          <isin value="US172967QA24"/>
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        <balance>37000.00000000</balance>
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        <valUSD>37971.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <name>Bank of America Corp.</name>
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        <name>Intuit Inc</name>
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        <name>CVS Health Corp</name>
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        <title>CVS 3.75 04/01/30</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>TransCanada Trust</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2077-03-15</maturityDt>
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        <name>Idex Corporation</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IEX 4.95 09/01/29</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
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        <name>Mitsubishi UFJ Financial Group Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MUFG 3.961 03/02/28</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.96100000</annualizedRt>
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        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 4.375 11/01/27</title>
        <cusip>718172DM8</cusip>
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        <balance>16000.00000000</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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          <couponKind>Fixed</couponKind>
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        <name>Cadence Design Systems, Inc.</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
        <title>CDNS 4.2 09/10/27</title>
        <cusip>127387AM0</cusip>
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        <name>Omnicom Group Inc</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>OMC 2.45 04/30/30</title>
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        <name>U.S. Bancorp.</name>
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        <name>B.A.T. International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BATSLN 5.931 02/02/29</title>
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        <name>Otis Worldwide Corp.</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>OTIS 2.293 04/05/27</title>
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        <name>Comcast Corporation</name>
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        <title>CMCSA 1.95 01/15/31</title>
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        <name>Bank of Nova Scotia</name>
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        <title>BNS 5.45 08/01/29 GMTN</title>
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        <name>American Honda Finance Corporation</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>HNDA 4.45 01/08/31</title>
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        <name>Universal Health Services, Inc.</name>
        <lei>549300YGMGQDO0NMJD09</lei>
        <title>UHS 4.625 10/15/29</title>
        <cusip>913903BB5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Union Electric Company</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>AEE 3.5 03/15/29</title>
        <cusip>906548CP5</cusip>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64451.66000000</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>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
        <title>BPLN 5.017 11/17/27</title>
        <cusip>10373QBY5</cusip>
        <identifiers>
          <isin value="US10373QBY52"/>
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        <balance>107000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109174.88000000</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>2027-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.01700000</annualizedRt>
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      <invstOrSec>
        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>WES 4.05 02/01/30</title>
        <cusip>958667AC1</cusip>
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          <isin value="US958667AC17"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9872.53000000</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>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SPG 3.375 06/15/27</title>
        <cusip>828807DC8</cusip>
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          <isin value="US828807DC85"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22885.25000000</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>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FITB V4.772 07/28/30</title>
        <cusip>316773DG2</cusip>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8121.86000000</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>2030-07-28</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BKH 5.95 03/15/28</title>
        <cusip>092113AV1</cusip>
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          <isin value="US092113AV12"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11420.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.95000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LNC 3.4 01/15/31</title>
        <cusip>534187BK4</cusip>
        <identifiers>
          <isin value="US534187BK40"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23540.53000000</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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Rio Tinto Finance (USA) plc</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>RIOLN 4.875 03/14/30</title>
        <cusip>76720AAS5</cusip>
        <identifiers>
          <isin value="US76720AAS50"/>
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        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12386.83000000</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>2030-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amphenol Corporation</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>APH 2.8 02/15/30</title>
        <cusip>032095AJ0</cusip>
        <identifiers>
          <isin value="US032095AJ08"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28719.93000000</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>Arrow Electronics, Inc.</name>
        <lei>549300YNNLBXT8N8R512</lei>
        <title>ARW 3.875 01/12/28</title>
        <cusip>042735BF6</cusip>
        <identifiers>
          <isin value="US042735BF63"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34744.73000000</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>2028-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQNR 2.375 05/22/30</title>
        <cusip>29446MAK8</cusip>
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          <isin value="US29446MAK80"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65827.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AutoNation, Inc.</name>
        <lei>N/A</lei>
        <title>AN 1.95 08/01/28</title>
        <cusip>05329WAR3</cusip>
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          <isin value="US05329WAR34"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15242.67000000</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>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>AZN 1.375 08/06/30</title>
        <cusip>046353AW8</cusip>
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          <isin value="US046353AW81"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7168.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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      <invstOrSec>
        <name>Athene Holding Ltd</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>ATH 4.125 01/12/28</title>
        <cusip>04686JAA9</cusip>
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          <isin value="US04686JAA97"/>
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        <balance>60000.00000000</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>2028-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Crown Castle Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CCI 2.25 01/15/31</title>
        <cusip>22822VAT8</cusip>
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          <isin value="US22822VAT89"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45266.55000000</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>2031-01-15</maturityDt>
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          <annualizedRt>2.25000000</annualizedRt>
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        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>ESGR 4.95 06/01/29</title>
        <cusip>29359UAB5</cusip>
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          <isin value="US29359UAB52"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16267.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>EPD V5.25 08/16/77 E</title>
        <cusip>29379VBN2</cusip>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8001.74000000</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>2077-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Walt Disney Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BP Capital Markets America, Inc.</name>
        <lei>5493009NTB34VXE1T760</lei>
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        <cusip>10373QBX7</cusip>
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        <balance>36000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-10</maturityDt>
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        <name>Pepsico Inc</name>
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        <cusip>713448GB8</cusip>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16453.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-07</maturityDt>
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        <name>Comcast Corporation</name>
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        <cusip>20030NDG3</cusip>
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        <balance>16000.00000000</balance>
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        <valUSD>15650.14000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>CSCO 4.8 02/26/27</title>
        <cusip>17275RBQ4</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20190.52000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.23 01/15/31</title>
        <cusip>61748UAE2</cusip>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24806.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.23000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK 3.446 01/11/27</title>
        <cusip>86562MAN0</cusip>
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        <balance>11000.00000000</balance>
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        <valUSD>10988.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.44600000</annualizedRt>
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        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROP 2 06/30/30</title>
        <cusip>776743AJ5</cusip>
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        <balance>8000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Southern California Edison Company</name>
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        <title>EIX 5.15 06/01/29</title>
        <cusip>842400JC8</cusip>
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        <balance>19000.00000000</balance>
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        <valUSD>19581.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V5.179 07/08/31</title>
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        <balance>24000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V2.087 06/14/29 MTN</title>
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        <name>Transcontinental Gas Pipe Line Company, LLC</name>
        <lei>N/A</lei>
        <title>WMB 4 03/15/28</title>
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        <name>American Honda Finance Corporation</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>HNDA 3.5 02/15/28 GMTN</title>
        <cusip>02665WCE9</cusip>
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        <name>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GPN 4.45 06/01/28</title>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>T 1.65 02/01/28</title>
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        <balance>5000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.65000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Walt Disney Company</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-22</maturityDt>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRU V3.7 10/01/50</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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      <invstOrSec>
        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PEP 2.75 03/19/30</title>
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        <balance>11000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-19</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CNC 3.375 02/15/30</title>
        <cusip>15135BAV3</cusip>
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          <isin value="US15135BAV36"/>
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        <balance>32000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HBAN V6.208 08/21/29</title>
        <cusip>446150BC7</cusip>
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          <isin value="US446150BC73"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24129.46000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20800000</annualizedRt>
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      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>SYF V5.45 03/06/31</title>
        <cusip>87165BAW3</cusip>
        <identifiers>
          <isin value="US87165BAW37"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18366.08000000</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>2031-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>R 5.5 06/01/29 MTN</title>
        <cusip>78355HLB3</cusip>
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          <isin value="US78355HLB32"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36483.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EIX 5.75 06/15/27</title>
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        <balance>29000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>The Procter &amp; Gamble Co.</name>
        <lei>2572IBTT8CCZW6AU4141</lei>
        <title>PG 3 03/25/30</title>
        <cusip>742718FH7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-25</maturityDt>
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        <name>Boston Properties LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BXP 3.4 06/21/29</title>
        <cusip>10112RBB9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-21</maturityDt>
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        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 5.5 03/15/28</title>
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          <maturityDt>2028-03-15</maturityDt>
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        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HBAN V5.272 01/15/31</title>
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        <name>Blue Owl Credit Income Corp.</name>
        <lei>5493003I42XBWPE05N35</lei>
        <title>OCINCC 7.95 06/13/28</title>
        <cusip>69120VBB6</cusip>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V2.947 02/24/28</title>
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        <name>Boston Properties LP</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BXP 4.5 12/01/28</title>
        <cusip>10112RBA1</cusip>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V2.393 06/02/28 MTN</title>
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      <invstOrSec>
        <name>General Motors Financial Company Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Mosaic Company</name>
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        <name>Hubbell Incorporated</name>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA 4.55 08/09/29</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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          <maturityDt>2029-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Digital Realty Trust, L.P.</name>
        <lei>CD4SPTZ3YBTHY0C1AH38</lei>
        <title>DLR 3.7 08/15/27</title>
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        <curCd>USD</curCd>
        <valUSD>10952.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>SBUX 3.5 03/01/28</title>
        <cusip>855244AP4</cusip>
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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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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NI 5.2 07/01/29</title>
        <cusip>65473PAS4</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 5.05 03/15/30</title>
        <cusip>65339KDJ6</cusip>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10379.56000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 4.9 03/15/30</title>
        <cusip>03027XCN8</cusip>
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        <curCd>USD</curCd>
        <valUSD>14398.16000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <name>Mitsubishi UFJ Financial Group Inc.</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MUFG 3.287 07/25/27</title>
        <cusip>606822AR5</cusip>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.979 07/22/28</title>
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          <couponKind>Fixed</couponKind>
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        <name>Prudential Financial, Inc.</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>PRU V5.7 09/15/48</title>
        <cusip>744320BF8</cusip>
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        <name>Boeing Co.</name>
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        <title>BA 2.95 02/01/30</title>
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        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CNC 4.625 12/15/29</title>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>USB V2.215 01/27/28 mtn</title>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 7.75 12/01/30</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
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          <isin value="US11135FBA84"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
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          <isin value="US459200AR21"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
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        <title>UNH 5.25 02/15/28</title>
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        <valUSD>23631.11000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Wells Fargo &amp; Co.</name>
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        <title>WFC V3.526 03/24/28 MTN</title>
        <cusip>95000U2V4</cusip>
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          <isin value="US95000U2V48"/>
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        <curCd>USD</curCd>
        <valUSD>33806.85000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Boardwalk Pipelines LP</name>
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        <title>BWP 4.45 07/15/27</title>
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          <isin value="US096630AF58"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23109.07000000</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <name>Fox Corporation</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>FOXA 4.709 01/25/29</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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          <maturityDt>2029-01-25</maturityDt>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 2.1 03/22/28</title>
        <cusip>92343VGH1</cusip>
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        <balance>14000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13539.66000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMZN 3.45 04/13/29</title>
        <cusip>023135CG9</cusip>
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          <isin value="US023135CG91"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35765.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 3.95 03/15/29</title>
        <cusip>03027XAU4</cusip>
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          <isin value="US03027XAU46"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49848.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <name>Textron Inc.</name>
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        <title>TXT 3.65 03/15/27</title>
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        <balance>8000.00000000</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>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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        <name>Honda Motor Co Ltd.</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>HNDA 4.688 07/08/30</title>
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        <balance>19000.00000000</balance>
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        <valUSD>19379.28000000</valUSD>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <title>ORCL 3.25 11/15/27</title>
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        <name>American National Group Inc.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>ANGINC 5.75 10/01/29</title>
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        <name>Masco Corporation</name>
        <lei>5GCSNMQXHEYA1JO8QN11</lei>
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        <name>Canadian Pacific Railway Company</name>
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        <title>CP 4 06/01/28</title>
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        <name>Citigroup Inc.</name>
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        <title>C V2.572 06/03/31</title>
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        <name>Southern California Gas Co.</name>
        <lei>XY0N0J73VHV5F4CUJV89</lei>
        <title>SRE 2.95 04/15/27</title>
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        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX 3.25 06/01/27</title>
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        <name>The Toronto-Dominion Bank</name>
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        <name>McDonald's Corp.</name>
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        <name>Abbott Laboratories</name>
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        <name>LYB International Finance III LLC</name>
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        <name>Westpac Banking Corp.</name>
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        <name>WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Fifth Third Bancorp</name>
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        <name>Altria Group, Inc.</name>
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        <name>U.S. Bancorp.</name>
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        <name>Expand Energy Corp.</name>
        <lei>X2MT1W32SPAZ9WSKLE78</lei>
        <title>EXE 5.375 03/15/30</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DCP Midstream Operating LP</name>
        <lei>549300Y6CTBSE0QIPL28</lei>
        <title>DCP 5.625 07/15/27</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Phillips 66 Co.</name>
        <lei>RVJMT2IZVVSKIRJJBH76</lei>
        <title>PSX 3.75 03/01/28</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MRK 4.15 09/15/30</title>
        <cusip>58933YBQ7</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V4.412 03/31/31</title>
        <cusip>172967MP3</cusip>
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          <isin value="US172967MP39"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-31</maturityDt>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>ETR 1.9 06/15/28</title>
        <cusip>29364GAN3</cusip>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10502.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.995 07/22/30</title>
        <cusip>46647PEJ1</cusip>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8230.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-22</maturityDt>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>HD 2.8 09/14/27</title>
        <cusip>437076BT8</cusip>
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        <balance>11000.00000000</balance>
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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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          <maturityDt>2027-09-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 4.329 09/21/28</title>
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        <balance>29000.00000000</balance>
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        <valUSD>29273.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V4.808 07/25/28 MTN</title>
        <cusip>95000U3A9</cusip>
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        <balance>10000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-25</maturityDt>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 5.05 07/12/29</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V4.503 09/11/31</title>
        <cusip>172967QF1</cusip>
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        <name>Ares Strategic Income Fund</name>
        <lei>549300IANZJVZPTICV54</lei>
        <title>ARESSI 5.8 09/09/30 144A</title>
        <cusip>04020EAK3</cusip>
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        <name>ERP Operating Limited Partnership</name>
        <lei>DX5HQV5MLU50FEWZ5072</lei>
        <title>EQR 2.5 02/15/30</title>
        <cusip>26884ABM4</cusip>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX 5.75 01/15/29</title>
        <cusip>75513ECU3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>The Progressive Corporation</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>PGR 3.2 03/26/30</title>
        <cusip>743315AW3</cusip>
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          <annualizedRt>3.20000000</annualizedRt>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V1.898 07/23/31 MTN</title>
        <cusip>06051GJF7</cusip>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3624.67000000</valUSD>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>4.90000000</annualizedRt>
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        <name>Southern California Edison Company</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
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        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-17</maturityDt>
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        <name>Freeport-McMoRan Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kenvue Inc.</name>
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        <title>KVUE 5.05 03/22/28</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-22</maturityDt>
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        <name>MPLX LP</name>
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        <title>MPLX 2.65 08/15/30</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
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        <cusip>63743HFJ6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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        <name>Consolidated Edison Company of New York, Inc.</name>
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        <title>ED 3.35 04/01/30 20A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Finance Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>BNCN 3.9 01/25/28</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>M&amp;T Bank Corporation</name>
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        <name>Capital One Financial Corp.</name>
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        <title>COF V5.7 02/01/30</title>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Horace Mann Educators Corporation</name>
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        <title>HMN 4.7 10/01/30</title>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <name>Sumitomo Mitsui Financial Group Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>General Motors Company</name>
        <lei>54930070NSV60J38I987</lei>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
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        <name>BHP Billiton Finance (USA) Ltd.</name>
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        <title>BHP 5 02/21/30</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Kraft Heinz Foods Company</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-30</maturityDt>
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        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVB 3.2 01/15/28 MTN</title>
        <cusip>05348EBC2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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        <name>American Honda Finance Corporation</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>HNDA 5.65 11/15/28</title>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>R 5.65 03/01/28 MTN</title>
        <cusip>78355HKV0</cusip>
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        <name>Huntington Ingalls Industries, Inc.</name>
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        <title>HII 3.483 12/01/27</title>
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        <name>Public Service Electric &amp; Gas Co.</name>
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        <name>Virginia Electric and Power Company</name>
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        <title>D 2.875 07/15/29 A</title>
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        <name>Energy Transfer LP</name>
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        <title>ET 4.55 01/15/31</title>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO 5.37 06/04/27</title>
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        <invCountry>CA</invCountry>
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        <name>General Mills, Inc.</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>GIS 4.875 01/30/30</title>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KMI 5 02/01/29</title>
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        <name>Conagra Brands Inc</name>
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        <title>CAG 4.85 11/01/28</title>
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        <name>ArcelorMittal S.A.</name>
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        <title>MTNA 6.55 11/29/27</title>
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        <invCountry>LU</invCountry>
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        <name>AEP Texas Inc</name>
        <lei>5493001L78U618KXNZ75</lei>
        <title>AEP 5.45 05/15/29</title>
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        <name>Waste Management, Inc.</name>
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        <name>Pacific Gas and Electric Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eli Lilly &amp; Co.</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-12</maturityDt>
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        <name>Las Vegas Sands Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citizens Financial Group Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V6.296 10/18/28</title>
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        <name>Lowes Companies, Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOW 1.7 09/15/28</title>
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        <name>Autozone, Inc.</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
        <title>AZO 4 04/15/30</title>
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        <name>Brixmor Operating Partnership LP</name>
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        <title>BRX 3.9 03/15/27</title>
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        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
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        <name>Santander Holdings USA Inc.</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>SANUSA V6.499 03/09/29</title>
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        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <cusip>78017FZT3</cusip>
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        <name>CNH Industrial Capital LLC</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNHI 5.1 04/20/29</title>
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        <name>DELL INTERNATIONAL LLC</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>DELL 5.25 02/01/28</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Leidos Inc</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>LDOS 2.3 02/15/31</title>
        <cusip>52532XAH8</cusip>
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        <balance>25000.00000000</balance>
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        <name>Capital One Financial Corp.</name>
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        <name>Constellation Energy Generation LLC</name>
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        <name>CMS Energy Corporation</name>
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        <name>ArcelorMittal S.A.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Mohawk Industries, Inc.</name>
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        <title>MHK 3.625 05/15/30</title>
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        <name>ERP Operating Limited Partnership</name>
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        <name>Paccar Financial Corp</name>
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        <name>HCA Inc.</name>
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        <name>Lockheed Martin Corporation</name>
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        <name>First Horizon Corporation</name>
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        <name>WELLTOWER OP LLC</name>
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        <name>Nucor Corporation</name>
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        <name>Fairfax Financial Holdings Limited</name>
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        <name>Starbucks Corp.</name>
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        <name>Dominion Energy Inc</name>
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        <name>Honeywell International Inc.</name>
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        <name>Royal Bank of Canada</name>
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        <name>Sabine Pass Liquefaction, LLC</name>
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        <name>Realty Income Corporation</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Royal Bank of Canada</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Honeywell International Inc.</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>HON 4.7 02/01/30</title>
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        <name>Elevance Health Inc.</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <name>TotalEnergies Capital International S.A.</name>
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        <name>Canadian Natural Resources Limited</name>
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        <name>Royal Bank of Canada</name>
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        <name>American Water Capital Corp</name>
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        <name>CNH Industrial Capital LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>American Express Company</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Hercules Capital Inc</name>
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        <name>Extra Space Storage LP</name>
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        <name>CVS Health Corp</name>
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        <title>CVS 1.75 08/21/30</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT 7 02/01/30</title>
        <cusip>26884LAG4</cusip>
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          <isin value="US26884LAG41"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12057.10000000</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>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>ABIBB 3.5 06/01/30</title>
        <cusip>035240AV2</cusip>
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          <isin value="US035240AV25"/>
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        <balance>11000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10835.75000000</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>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SRE V4.125 04/01/52</title>
        <cusip>816851BM0</cusip>
        <identifiers>
          <isin value="US816851BM02"/>
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        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4949.46000000</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>2052-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flex Ltd.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>FLEX 4.875 06/15/29</title>
        <cusip>33938XAA3</cusip>
        <identifiers>
          <isin value="US33938XAA37"/>
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        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8166.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Oneok Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>OKE 3.1 03/15/30</title>
        <cusip>682680BB8</cusip>
        <identifiers>
          <isin value="US682680BB81"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7672.77000000</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>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>Berkshire Hathaway Finance Corporation</name>
        <lei>549300RLHFT5RU20WM87</lei>
        <title>BRK 2.3 03/15/27</title>
        <cusip>084664CZ2</cusip>
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        <balance>9000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8874.70000000</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>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ORIX Corp.</name>
        <lei>35380016EMHNBOVYE123</lei>
        <title>ORIX 5 09/13/27</title>
        <cusip>686330AQ4</cusip>
        <identifiers>
          <isin value="US686330AQ49"/>
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        <balance>18000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18284.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>UPS 4.45 04/01/30</title>
        <cusip>911312BY1</cusip>
        <identifiers>
          <isin value="US911312BY18"/>
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        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12280.41000000</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>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V4.654 10/18/30</title>
        <cusip>61747YFU4</cusip>
        <identifiers>
          <isin value="US61747YFU47"/>
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        <balance>52000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>52826.31000000</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>2030-10-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Motor Company</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>F 6.625 10/01/28</title>
        <cusip>345370BY5</cusip>
        <identifiers>
          <isin value="US345370BY59"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30755.89000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC V5.354 12/02/28</title>
        <cusip>693475BK0</cusip>
        <identifiers>
          <isin value="US693475BK03"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11294.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35400000</annualizedRt>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 5.125 02/15/30</title>
        <cusip>718172DA4</cusip>
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          <isin value="US718172DA46"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16612.11000000</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUK 4.3 03/15/28</title>
        <cusip>26441CBS3</cusip>
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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>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STT V3.031 11/01/34</title>
        <cusip>857477BF9</cusip>
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          <isin value="US857477BF90"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17151.87000000</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>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.03100000</annualizedRt>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TFC V5.435 01/24/30 MTN</title>
        <cusip>89788MAR3</cusip>
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        <balance>18000.00000000</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>2030-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.43500000</annualizedRt>
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        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>ICE 4.35 06/15/29</title>
        <cusip>45866FAV6</cusip>
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          <isin value="US45866FAV67"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16204.02000000</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>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO V4.439 01/14/32 J</title>
        <cusip>06368ME67</cusip>
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          <isin value="US06368ME671"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20067.40000000</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>2032-01-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43900000</annualizedRt>
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        <name>Pfizer Investment Enterprises Pte Ltd.</name>
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        <name>WRKCO Inc</name>
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        <name>Humana Inc.</name>
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        <name>Becton, Dickinson and Company</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>ERP Operating Limited Partnership</name>
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        <name>MERCK SHARP &amp; DOHME CORP</name>
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        <name>Accenture Capital Inc.</name>
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        <name>BHP Billiton Finance (USA) Ltd.</name>
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        <name>Oneok Inc.</name>
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        <name>Boeing Co.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>CDW LLC</name>
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        <name>DTE Electric Co.</name>
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        <name>Southern Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AbbVie Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Blue Owl Credit Income Corp.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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        <name>Commonwealth Edison Company</name>
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        <cusip>202795JK7</cusip>
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        <balance>22000.00000000</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>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>AMGN 5.25 03/02/30</title>
        <cusip>031162DQ0</cusip>
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          <isin value="US031162DQ06"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11482.82000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-02</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Costco Wholesale Corporation</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>COST 1.6 04/20/30</title>
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          <isin value="US22160KAP03"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10990.48000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-20</maturityDt>
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      <invstOrSec>
        <name>TD Synnex Corp</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>SNX 2.375 08/09/28</title>
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          <isin value="US87162WAH34"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4789.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP 5.85 11/05/27</title>
        <cusip>025816DB2</cusip>
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          <isin value="US025816DB21"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11344.43000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>Jabil Inc</name>
        <lei>5493000CGCQY2OQU7669</lei>
        <title>JBL 4.25 05/15/27</title>
        <cusip>466313AM5</cusip>
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          <isin value="US466313AM58"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23057.62000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V5.592 11/19/34</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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          <maturityDt>2034-11-19</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.198 01/23/30</title>
        <cusip>95000U3J0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V6.312 06/08/29</title>
        <cusip>14040HCZ6</cusip>
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        <name>SSM Health Care Corp.</name>
        <lei>5493000QP6H63JFPC580</lei>
        <title>SSMHLT 4.894 06/01/28</title>
        <cusip>784710AC9</cusip>
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        <name>Cboe Global Markets Inc</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>CBOE 1.625 12/15/30</title>
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        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>MCD 2.125 03/01/30 MTN</title>
        <cusip>58013MFM1</cusip>
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        <invCountry>US</invCountry>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBCN 3.125 11/15/29</title>
        <cusip>29250NAZ8</cusip>
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        <invCountry>CA</invCountry>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>CHARTER COMMUNICATIONS OPERATING LLC</name>
        <lei>549300TPZNMN50BJ3745</lei>
        <title>CHTR 5.05 03/30/29</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2029-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Hercules Capital Inc</name>
        <lei>549300UJ5OC256GR2B73</lei>
        <title>HTGC 3.375 01/20/27</title>
        <cusip>427096AJ1</cusip>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10878.87000000</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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        <name>Bank of America Corp.</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Dow Chemical Co. (The)</name>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-21</maturityDt>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>RSG 1.45 02/15/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
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        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>AMT 2.1 06/15/30</title>
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        <balance>8000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-15</maturityDt>
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          <annualizedRt>2.10000000</annualizedRt>
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        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX 2.4 02/15/30</title>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>2.40000000</annualizedRt>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>USB V5.775 06/12/29</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.77500000</annualizedRt>
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        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>DE 4.9 06/11/27 MTN</title>
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        <balance>8000.00000000</balance>
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        <name>Nasdaq Inc</name>
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        <title>NDAQ 5.35 06/28/28</title>
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        <name>AT&amp;T Inc</name>
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        <title>T 4.7 08/15/30</title>
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        <name>Marsh &amp; McLennan Companies, Inc.</name>
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        <title>MRSH 4.65 03/15/30</title>
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        <name>Ingersoll Rand Inc</name>
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        <name>The Cigna Group</name>
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        <title>CI 2.4 03/15/30</title>
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        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>AAPL 1.65 05/11/30</title>
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        <name>Cummins Inc.</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
        <title>CMI 4.7 02/15/31</title>
        <cusip>231021AZ9</cusip>
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        <invCountry>US</invCountry>
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        <name>Pfizer Inc.</name>
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        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
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          <isin value="US86562MAY66"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-17</maturityDt>
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      <invstOrSec>
        <name>Chevron Corp.</name>
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        <title>CVX 1.995 05/11/27</title>
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        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 5 02/15/29</title>
        <cusip>775109DE8</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>The Procter &amp; Gamble Co.</name>
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        <balance>4000.00000000</balance>
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        <name>CVS Health Corp</name>
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        <title>CVS 4.3 03/25/28</title>
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        <name>Honeywell International Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <name>Air Lease Corporation</name>
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        <title>AL 3.625 12/01/27</title>
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        <name>Targa Resources Corp.</name>
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        <name>The Campbells Co.</name>
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        <title>CPB 2.375 04/24/30</title>
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        <name>FirstEnergy Corp.</name>
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        <title>FE 3.9 07/15/27 B</title>
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        <name>AMERICAN HOMES 4 RENT</name>
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        <title>AMH 4.9 02/15/29</title>
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        <name>Prologis, L.P.</name>
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        <title>PLD 2.25 04/15/30</title>
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        <name>Relx Capital Inc.</name>
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        <title>RELLN 4 03/18/29</title>
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        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>STZ 3.15 08/01/29</title>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>HEALTHPEAK OP LLC</name>
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        <name>Bank of America Corp.</name>
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        <name>Waste Management, Inc.</name>
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        <name>Southwestern Electric Power Company</name>
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        <name>Blackstone Private Credit Fund</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
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        <name>Santander Holdings USA Inc.</name>
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        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 5.125 02/10/30</title>
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        <name>Chevron Corp.</name>
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        <name>John Deere Capital Corp.</name>
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        <title>DE 4.85 06/11/29 MTN</title>
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        <name>Keysight Technologies, Inc.</name>
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        <name>Xylem, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 4.875 02/10/28</title>
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        <name>Mitsubishi UFJ Financial Group Inc.</name>
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        <title>MUFG 3.741 03/07/29</title>
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      <invstOrSec>
        <name>The Campbells Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Baker Hughes Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BMY 1.45 11/13/30</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>ICE 3.75 09/21/28</title>
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          <isin value="US45866FAJ30"/>
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        <balance>30000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-21</maturityDt>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
        <lei>E0KSF7PFQ210NWI8Z391</lei>
        <title>DE 4.75 01/20/28 MTN</title>
        <cusip>24422EWR6</cusip>
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          <isin value="US24422EWR60"/>
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        <balance>11000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 3.5 09/01/30</title>
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          <isin value="US404119CA57"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9702.62000000</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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Public Service Electric &amp; Gas Co.</name>
        <lei>549300RUHPVD434XUK18</lei>
        <title>PEG 2.45 01/15/30 MTN</title>
        <cusip>74456QCB0</cusip>
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          <isin value="US74456QCB05"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28428.78000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>V 1.9 04/15/27</title>
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          <isin value="US92826CAL63"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15694.74000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
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      <invstOrSec>
        <name>Relx Capital Inc.</name>
        <lei>2R15C3RTKJN1RCBOV146</lei>
        <title>RELLN 4.75 03/27/30</title>
        <cusip>74949LAF9</cusip>
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        <balance>24000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-27</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR 3.75 08/15/29</title>
        <cusip>26884UAF6</cusip>
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        <balance>8000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-15</maturityDt>
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        <name>Lear Corporation</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>LEA 4.25 05/15/29</title>
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          <couponKind>Fixed</couponKind>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 3.75 05/15/30</title>
        <cusip>29278NAQ6</cusip>
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        <name>Deutsche Telekom International Finance B.V.</name>
        <lei>529900ERDFHS6C1M4U58</lei>
        <title>DT 8.25 06/15/30</title>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 3.875 04/15/30</title>
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        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMZN 4.1 11/20/30</title>
        <cusip>023135CT1</cusip>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>Ventas Realty Limited Partnership</name>
        <lei>32SXKSJ72K64GM3HOU64</lei>
        <title>VTR 4.4 01/15/29</title>
        <cusip>92277GAN7</cusip>
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        <balance>11000.00000000</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>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>Boeing Co.</name>
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        <name>Ingredion Incorporated</name>
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        <name>CME Group Inc.</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Boeing Co.</name>
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        <name>Thermo Fisher Scientific Inc</name>
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        <name>Exelon Corp.</name>
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        <name>Alphabet Inc.</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>DELL INTERNATIONAL LLC</name>
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        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Shell Finance US Inc.</name>
        <lei>N/A</lei>
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          <isin value="US822905AF22"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 4.875 02/15/28</title>
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          <isin value="US718172CZ06"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>ROP 4.45 09/15/30</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
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      <invstOrSec>
        <name>Mckesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>MCK 3.95 02/16/28</title>
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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>2028-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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      <invstOrSec>
        <name>Crown Castle Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CCI 5 01/11/28</title>
        <cusip>22822VBA8</cusip>
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          <isin value="US22822VBA89"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20361.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 4.8 03/15/29</title>
        <cusip>00287YDS5</cusip>
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          <isin value="US00287YDS54"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18492.37000000</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>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.203 07/23/29</title>
        <cusip>46647PAV8</cusip>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11053.32000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20300000</annualizedRt>
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        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK 2.05 01/26/27 MTN</title>
        <cusip>06406RBA4</cusip>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39448.64000000</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>2027-01-26</maturityDt>
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          <annualizedRt>2.05000000</annualizedRt>
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        <name>HP Inc</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HPQ 5.4 04/25/30</title>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARA 4.2 06/01/29</title>
        <cusip>124857AZ6</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>PLAINS ALL AMERICAN PIPELINE LP</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>PAA 4.7 01/15/31</title>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.574 07/25/29 MTN</title>
        <cusip>95000U3E1</cusip>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 4.2 10/15/30</title>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD 4.808 06/03/30 MTN</title>
        <cusip>89115KAB6</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-03</maturityDt>
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        <name>Northrop Grumman Corporation</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>NOC 3.2 02/01/27</title>
        <cusip>666807BK7</cusip>
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        <balance>35000.00000000</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>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <name>DTE Electric Co.</name>
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        <name>Radian Group Inc.</name>
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        <name>Piedmont Natural Gas Company, Inc.</name>
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        <name>The Sherwin-Williams Company</name>
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        <name>Bank of America Corp.</name>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
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        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
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        <name>Keysight Technologies, Inc.</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>Oneok Inc.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Morgan Stanley</name>
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        <name>Global Payments Inc</name>
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        <name>FirstEnergy Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Woodside Finance Ltd.</name>
        <lei>254900AIZKU6TGRRNZ98</lei>
        <title>WDSAU 5.4 05/19/30</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>FIRST CITIZENS BANCSHARES INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX 6.7 08/01/28</title>
        <cusip>913017AT6</cusip>
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        <balance>8000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>6.70000000</annualizedRt>
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      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
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        <title>UNH 4.25 01/15/29</title>
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        <balance>32000.00000000</balance>
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        <valUSD>32316.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Texas Instruments Inc.</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>TXN 2.9 11/03/27</title>
        <cusip>882508BC7</cusip>
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          <isin value="US882508BC78"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34685.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-03</maturityDt>
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          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FITB V4.055 04/25/28</title>
        <cusip>316773DE7</cusip>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66147.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05500000</annualizedRt>
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      <invstOrSec>
        <name>Brookfield Finance Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>BNCN 4.85 03/29/29</title>
        <cusip>11271LAD4</cusip>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8215.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BNS 2.951 03/11/27</title>
        <cusip>06418BAE8</cusip>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28800.25000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>VTRS 2.7 06/22/30</title>
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        <balance>6000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>2.70000000</annualizedRt>
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        <name>Bank of America Corp.</name>
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        <name>Northern Trust Corporation</name>
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        <title>NTRS 1.95 05/01/30</title>
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        <name>The Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>SHW 3.45 06/01/27</title>
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        <name>NSTAR Electric Company</name>
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        <title>ES 4.85 03/01/30</title>
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        <name>Morgan Stanley Direct Lending Fund</name>
        <lei>549300QEX22T2J8IB029</lei>
        <title>MSDL 6.15 05/17/29</title>
        <cusip>61774AAF0</cusip>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BMO 5.203 02/01/28</title>
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        <balance>18000.00000000</balance>
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        <name>CBRE Services Inc</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBG 4.8 06/15/30</title>
        <cusip>12505BAJ9</cusip>
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        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 3.45 11/01/28</title>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>PARA 3.7 06/01/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEY V5.121 04/04/31 GMTN</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Viatris Inc</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>VTRS 2.3 06/22/27</title>
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        <balance>10000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.30000000</annualizedRt>
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      <invstOrSec>
        <name>Philip Morris International Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>PM 4 10/29/30</title>
        <cusip>718172DY2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ecolab Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>ECL 4.8 03/24/30</title>
        <cusip>278865BE9</cusip>
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        <balance>16000.00000000</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>2030-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 4.016 12/03/29</title>
        <cusip>92343VEU4</cusip>
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        <balance>19000.00000000</balance>
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        <valUSD>19026.86000000</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>2029-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.01600000</annualizedRt>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 5.45 06/15/27</title>
        <cusip>694308KF3</cusip>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11180.29000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Owens Corning</name>
        <lei>JO5M6676RDJIZ2U8X907</lei>
        <title>OC 3.5 02/15/30</title>
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        <balance>8000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>KDP 3.95 04/15/29</title>
        <cusip>49271VAP5</cusip>
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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>Brookfield Finance Inc.</name>
        <lei>549300XH8D8K6OYWGD17</lei>
        <title>BNCN 4.35 04/15/30</title>
        <cusip>11271LAE2</cusip>
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        <invCountry>CA</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>LEN 4.75 11/29/27</title>
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        <name>Manulife Financial Corporation</name>
        <lei>5493007GBX87QOZACS27</lei>
        <title>MFCCN 2.484 05/19/27</title>
        <cusip>56501RAK2</cusip>
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        <balance>14000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>AAPL 4 05/10/28</title>
        <cusip>037833ET3</cusip>
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        <name>W. P. Carey Inc</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WPC 3.85 07/15/29</title>
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        <balance>8000.00000000</balance>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>USB V5.046 02/12/31</title>
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        <name>Bank of Nova Scotia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Corebridge Financial Inc.</name>
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        <name>TransCanada Trust</name>
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          <isin value="US89356BAE83"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-09-15</maturityDt>
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        <name>Blackstone Private Credit Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <cusip>61744YAP3</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.55 07/15/29</title>
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          <isin value="US37045XEU63"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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        <name>Amgen Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>AMGN 3 02/22/29</title>
        <cusip>031162DD9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Hasbro Inc</name>
        <lei>549300NUB6D2R1ITYR45</lei>
        <title>HAS 3.9 11/19/29</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CM V4.631 09/11/30</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-11</maturityDt>
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        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK 3.352 10/18/27</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Kenvue Inc.</name>
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        <name>Adobe Inc</name>
        <lei>FU4LY2G4933NH2E1CP29</lei>
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        <name>Marvell Technology Inc</name>
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        <name>Gilead Sciences Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>GILD 4.8 11/15/29</title>
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        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>CAH 5 11/15/29</title>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>ARCC 2.875 06/15/27</title>
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        <invCountry>US</invCountry>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <name>Target Corp.</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>The Cigna Group</name>
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        <name>AES Corp.</name>
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        <name>Nike, Inc.</name>
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        <name>Coca-Cola Co (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>VICI Properties LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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        <name>Stanley Black &amp; Decker, Inc.</name>
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        <title>SWK 4.25 11/15/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Globe Life Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Golub Capital BDC Inc.</name>
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        <title>GBDC 6 07/15/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Air Lease Corporation</name>
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        <name>Ally Financial Inc.</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>TELUS CORP</name>
        <lei>894500TX134IMF6NW757</lei>
        <title>TCN V6.625 10/15/55 **</title>
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        <invCountry>CA</invCountry>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apollo Debt Solutions BDC</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>APODS 5.875 08/30/30</title>
        <cusip>03770DAK9</cusip>
        <identifiers>
          <isin value="US03770DAK90"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16143.87000000</valUSD>
        <pctVal>0.134675340753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>AAPL 3 06/20/27</title>
        <cusip>037833CX6</cusip>
        <identifiers>
          <isin value="US037833CX61"/>
        </identifiers>
        <balance>73000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72518.16000000</valUSD>
        <pctVal>0.604960762744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.3 08/15/29</title>
        <cusip>30303M8S4</cusip>
        <identifiers>
          <isin value="US30303M8S40"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12200.05000000</valUSD>
        <pctVal>0.101775218145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>4.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.244 01/24/31</title>
        <cusip>95000U3P6</cusip>
        <identifiers>
          <isin value="US95000U3P60"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9343.07000000</valUSD>
        <pctVal>0.077941728714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.24400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUZANO SA</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>SUZANO 2.5 09/15/28</title>
        <cusip>86964WAL6</cusip>
        <identifiers>
          <isin value="US86964WAL63"/>
        </identifiers>
        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20117.12000000</valUSD>
        <pctVal>0.167820974214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3M Company</name>
        <lei>LUZQVYP4VS22CLWDAR65</lei>
        <title>MMM 3.05 04/15/30</title>
        <cusip>88579YBN0</cusip>
        <identifiers>
          <isin value="US88579YBN04"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10582.99000000</valUSD>
        <pctVal>0.088285385378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Mitsui Financial Group Inc.</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMIBK 2.142 09/23/30</title>
        <cusip>86562MBZ2</cusip>
        <identifiers>
          <isin value="US86562MBZ23"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9163.60000000</valUSD>
        <pctVal>0.076444554653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.14200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Crown Castle Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CCI 2.9 03/15/27</title>
        <cusip>22822VAZ4</cusip>
        <identifiers>
          <isin value="US22822VAZ40"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34666.43000000</valUSD>
        <pctVal>0.289194181628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>BHF 3.7 06/22/27</title>
        <cusip>10922NAC7</cusip>
        <identifiers>
          <isin value="US10922NAC74"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18810.52000000</valUSD>
        <pctVal>0.156921059867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP 3.3 05/03/27</title>
        <cusip>025816CP2</cusip>
        <identifiers>
          <isin value="US025816CP26"/>
        </identifiers>
        <balance>12000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11945.59000000</valUSD>
        <pctVal>0.099652462746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Williams Companies Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>WMB 4.8 11/15/29</title>
        <cusip>969457CL2</cusip>
        <identifiers>
          <isin value="US969457CL23"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19494.65000000</valUSD>
        <pctVal>0.162628206968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.2 11/15/30</title>
        <cusip>30303MAB8</cusip>
        <identifiers>
          <isin value="US30303MAB81"/>
        </identifiers>
        <balance>19000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19168.11000000</valUSD>
        <pctVal>0.159904146023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simon Property Group LP</name>
        <lei>MR92GTD0MJTTTTQDVG45</lei>
        <title>SPG 2.45 09/13/29</title>
        <cusip>828807DF1</cusip>
        <identifiers>
          <isin value="US828807DF17"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10485.92000000</valUSD>
        <pctVal>0.087475608334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
