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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Electronic Arts Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.2 11/15/30</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Morgan Stanley</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 2.4 10/15/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Benchmark 2020-B16 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BMARK 2019-B11 A5</title>
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        <name>Acushnet Co</name>
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        <title>GOLF 5.625 12/01/33 144A</title>
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        <name>Essex Portfolio Lp</name>
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        <name>Citigroup Inc.</name>
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        <title>C V5.411 09/19/39</title>
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        <name>Broadcom Inc</name>
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        <title>AVGO 5.2 07/15/35</title>
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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>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FR SD7093</title>
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        <name>WONDER LAKE PARK CLO LTD</name>
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        <title>WONPK 2025-1A A</title>
        <cusip>97816WAA7</cusip>
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        <invCountry>KY</invCountry>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.875 11/15/35</title>
        <cusip>30303MAD4</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Laboratory Corporation of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
        <title>LH 2.7 06/01/31</title>
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          <isin value="US50540RAY80"/>
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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>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR 5.6 03/30/28 144A</title>
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          <isin value="US44891ACD72"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45299.16000000</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>2028-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>BANK5 2024-5YR9</name>
        <lei>N/A</lei>
        <title>BANK5 2024-5YR9 AS</title>
        <cusip>06644VBM1</cusip>
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          <isin value="US06644VBM19"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189966.82000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.18220000</annualizedRt>
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      <invstOrSec>
        <name>Cousins Properties LP</name>
        <lei>254900ZQIHJ5FQH4C329</lei>
        <title>CUZ 5.25 07/15/30</title>
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          <isin value="US222793AC56"/>
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        <balance>46000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
        <cusip>01F042632</cusip>
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          <isin value="US01F0426324"/>
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        <balance>1750000.00000000</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>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 MB0205</title>
        <cusip>3618N5GP8</cusip>
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          <isin value="US3618N5GP87"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V6.27 11/17/33</title>
        <cusip>172967PA3</cusip>
        <identifiers>
          <isin value="US172967PA33"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32908.75000000</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>2033-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.27000000</annualizedRt>
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      <invstOrSec>
        <name>BFLD COMMERCIAL MORTGAGE TRUST 2025-660F</name>
        <lei>N/A</lei>
        <title>BFLD 2025-660F B</title>
        <cusip>05556QAC3</cusip>
        <identifiers>
          <isin value="US05556QAC33"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250469.20000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45965000</annualizedRt>
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      <invstOrSec>
        <name>Warwick Capital CLO 1 Ltd.</name>
        <lei>N/A</lei>
        <title>WWICK 2023-1A AR</title>
        <cusip>936919AN9</cusip>
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          <isin value="US936919AN99"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351142.40000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.94763000</annualizedRt>
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      <invstOrSec>
        <name>Regatta XXV FDG Ltd.</name>
        <lei>N/A</lei>
        <title>REG25 2023-1A A1R</title>
        <cusip>758978AL4</cusip>
        <identifiers>
          <isin value="US758978AL48"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501157.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.01219000</annualizedRt>
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      <invstOrSec>
        <name>Elmwood Clo 38 Ltd.</name>
        <lei>N/A</lei>
        <title>ELM38 2025-1A A</title>
        <cusip>289908AA3</cusip>
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          <isin value="US289908AA34"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>525613.73000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.81920000</annualizedRt>
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        <name>CommonSpirit Health</name>
        <lei>4SXHN5XW08IBO0UG2V58</lei>
        <title>CATMED 4.352 09/01/30</title>
        <cusip>20268JAY9</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25107.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35200000</annualizedRt>
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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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          <isin value="US233331BJ54"/>
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        <balance>59000.00000000</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>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Applovin Corp.</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APP 5.5 12/01/34</title>
        <cusip>03831WAD0</cusip>
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          <isin value="US03831WAD02"/>
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        <balance>55000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V3.971 07/22/38</title>
        <cusip>61744YAL2</cusip>
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        <balance>63000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57192.61000000</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>2038-07-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.97100000</annualizedRt>
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        <name>NXP BV</name>
        <lei>724500RKKW4NOJ9YQF60</lei>
        <title>NXPI 3.4 05/01/30</title>
        <cusip>62954HAY4</cusip>
        <identifiers>
          <isin value="US62954HAY45"/>
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        <balance>46000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44570.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V3.882 07/24/38</title>
        <cusip>46647PAJ5</cusip>
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        <balance>121000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109607.21000000</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>2038-07-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>Chord Energy Corp.</name>
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        <name>Hilton Domestic Operating Co Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Mars Inc.</name>
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        <name>CACI International Inc.</name>
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        <name>CVS Health Corp</name>
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        <name>BANK 2021-BNK35</name>
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          <maturityDt>2064-06-17</maturityDt>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <title>RCL 5.25 02/27/38</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MSCI Inc.</name>
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        <name>CACI International Inc.</name>
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        <name>UBS Group AG</name>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2026-1250B</name>
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        <name>United States Treasury Bonds</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Bain Capital Credit Clo 2019-1</name>
        <lei>549300B0VI605XM3L529</lei>
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        <name>AutoNation, Inc.</name>
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        <name>ALBERTSONS COMPANIES INC</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>SUNOCO LP</name>
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        <title>SUN 4.5 05/15/29</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V4.493 09/11/31</title>
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        <name>Mars Inc.</name>
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        <name>Barclays Dryrock Issuance Trust</name>
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        <title>DROCK 2025-1 A</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>American Homes 4 Rent L P</name>
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        <name>Duquesne Light Holdings, Inc.</name>
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        <title>DQE 2.532 10/01/30 144A</title>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
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        <name>Huntington Bancshares Incorporated</name>
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        <name>MPLX LP</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST 2026-CSMO</name>
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        <name>Delta Air Lines Inc.</name>
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        <name>B.A.T. International Finance PLC</name>
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        <name>PeaceHealth</name>
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        <name>Cinemark USA Inc.</name>
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        <name>Dollar General Corporation</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>GE Aerospace</name>
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        <name>Bank of America Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>FR SL1538</title>
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        <name>Block Inc</name>
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        <name>Delta Air Lines Inc.</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Morgan Stanley</name>
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        <name>Cousins Properties LP</name>
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        <name>State Street Corp.</name>
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        <name>Kodiak Gas Services LLC</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
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        <name>Energy Transfer LP</name>
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        <name>UnitedHealth Group Inc.</name>
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        <title>UNH 5.625 07/15/54</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-15</maturityDt>
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        <name>Healthcare Realty Holdings L.P</name>
        <lei>549300IYGAS4GE6VDL07</lei>
        <title>HR 2.05 03/15/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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        <name>Starwood Property Trust, Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STWD 5.25 10/15/28 144A</title>
        <cusip>85571BBF1</cusip>
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          <isin value="US85571BBF13"/>
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        <balance>20000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
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        <name>Qnity Electronics Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>QNTELE 6.25 08/15/33 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 4.5 03/15/42</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-15</maturityDt>
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        <name>Ascension Health Alliance</name>
        <lei>549300IMOY6ECI21DH68</lei>
        <title>ASCHEA 4.923 11/15/35 2025</title>
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        <name>Ferguson Enterprises Inc</name>
        <lei>2138003JYQMRP3SLX189</lei>
        <title>FERG 4.35 03/15/31</title>
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        <name>Carlisle Companies Inc.</name>
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        <title>CSL 5.55 09/15/40</title>
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        <name>LCM Investments Holdings II LLC</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>MAGLLC 8.25 08/01/31 144A</title>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 1.25 08/15/31</title>
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        <issuerCat>UST</issuerCat>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.75 02/15/45</title>
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      <invstOrSec>
        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.4 03/01/29</title>
        <cusip>83444MAP6</cusip>
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        <name>Bank of America Corp.</name>
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        <name>BANK5 2025-5YR16</name>
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        <name>Howard Midstream Energy Partners Llc</name>
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        <name>AMMC CLO 30 LTD / AMMC CLO 30 LLC</name>
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        <name>Boeing Co.</name>
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        <name>Oracle Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <title>COF V4.927 05/10/28</title>
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        <name>Macquarie Airfinance Holdings Ltd</name>
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        <name>Kilroy Realty L.P.</name>
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        <name>Ally Financial Inc.</name>
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        <title>ALLY V5.737 05/15/29</title>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FR SD8506</title>
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        <name>Occidental Petroleum Corp.</name>
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        <title>OXY 5.55 10/01/34</title>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V6.183 01/30/36</title>
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        <name>Rocket Companies Inc</name>
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        <title>RKT 6.375 08/01/33 144A</title>
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        <name>Chord Energy Corp.</name>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V5.4 07/30/35</title>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>MO 5.25 08/06/35</title>
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        <name>Government National Mortgage Association</name>
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        <name>COLT 2025-4 MORTGAGE LOAN TRUST</name>
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        <name>Great Wolf Trust 2015-Wolf Mz</name>
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        <title>GWT 2024-WLF2 A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Brinks Company</name>
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        <name>Citigroup Inc.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>01F022634</cusip>
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        <name>Mexico (United Mexican States)</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>MEX 6.05 01/11/40</title>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MASSACHUSETTS ST DEV FIN AGY</name>
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        <title>MA MASDEV 4.57 05/01/2045</title>
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        <name>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 4.5 02/15/27</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN FA0445</title>
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        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NEE 1.9 06/15/28</title>
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        <name>Synchrony Financial</name>
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        <name>NXP BV</name>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 5 05/15/45</title>
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        <name>Performance Food Group Inc</name>
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        <title>PFGC 5.625 03/01/34 144A</title>
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        <name>Intel Corporation</name>
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        <name>Vale Overseas Limited</name>
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        <title>VALEBZ 6.4 06/28/54</title>
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        <name>COLT 2025-8 MORTGAGE LOAN TRUST</name>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 2.95 03/01/26</title>
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        <name>Eagle Funding Luxco S.a.r.l.</name>
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        <name>SYMPHONY CLO 52 LTD</name>
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        <name>Commercial Metals Company</name>
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        <name>Morgan Stanley</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Boeing Co.</name>
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        <name>Citigroup Inc.</name>
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        <name>The J M Smucker Company</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Ellington Financial Mortgage Trust 2019-1</name>
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        <name>J P MG CH CM MT SC T 2024-OMNI</name>
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        <name>Boeing Co.</name>
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        <name>Glencore Finance (Canada) Limited</name>
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        <name>Mars Inc.</name>
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        <name>Host Hotels &amp; Resorts, L.P.</name>
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        <name>Oracle Corp.</name>
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        <name>Wesco Distribution, Inc.</name>
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        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-06</maturityDt>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V6.082 03/13/32</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V1.764 11/19/31</title>
        <cusip>46647PBU9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 5 06/04/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Choice Hotels International, Inc.</name>
        <lei>5493003CYRY5RFGTIR97</lei>
        <title>CHH 3.7 01/15/31</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Darling Ingredients, Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>DAR 6 06/15/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hexcel Corporation</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>HXL 5.875 02/26/35</title>
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        <name>JPMDB Commercial Mortgage Securities Trust 2017-C7</name>
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        <title>JPMDB 2017-C7 A5</title>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 5.05 10/15/32</title>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V5.294 07/22/35</title>
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        <name>Royalty Pharma PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>RPRX 5.2 09/25/35</title>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-25</maturityDt>
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        <name>Builders Firstsource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>BLDR 4.25 02/01/32 144A</title>
        <cusip>12008RAP2</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <name>AT&amp;T Inc</name>
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        <name>SIGNAL PEAK CLO 12 LTD</name>
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        <name>Atkore Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Boeing Co.</name>
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        <name>Blackstone Secured Lending Fund</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dollar General Corporation</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
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          <maturityDt>2033-07-05</maturityDt>
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        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>BSTN COML MTG TR 2025-1C</name>
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          <isin value="US05615EAA38"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-17</maturityDt>
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        <name>Fair Isaac Corporation</name>
        <lei>RI6HET5SJUEY30V1PS26</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>INVESCO US CLO 2023-3 LTD</name>
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        <title>INVCO 2023-3A BR</title>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>G2-30YR-Multi</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>M&amp;T Bank Corporation</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-16</maturityDt>
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        <name>Constellation Software Inc.</name>
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        <title>CSUCN 5.461 02/16/34 144A</title>
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        <name>Bank of America Corp.</name>
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        <name>Broadcom Inc</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>Royal Caribbean Group</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FR QC4423</title>
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        <name>Revvity Inc</name>
        <lei>549300IKL1SDPFI7N655</lei>
        <title>RVTY 2.55 03/15/31</title>
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        <name>AMNEAL PHARMACEUTICALS LLC</name>
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        <name>BX Trust 2018-Bilt</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>AT&amp;T Inc</name>
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        <name>OCP SA</name>
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        <name>VFH PARENT LLC</name>
        <lei>549300FRO9M476YHHY64</lei>
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        <name>Ovintiv Inc</name>
        <lei>2549003MEX7YMKLGI239</lei>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 4.8 02/15/36</title>
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          <couponKind>Fixed</couponKind>
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        <name>First Horizon Corporation</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FHN V5.514 03/07/31</title>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 6.125 12/15/45</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Lamar Media Corp.</name>
        <lei>N/A</lei>
        <title>LAMR 5.375 11/01/33 144A</title>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <title>VEGLPL 6.125 12/15/30 144A</title>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>CCL 5.875 06/15/31 144A</title>
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        <name>United Airlines Holdings Inc</name>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>BX TRUST 2025-ARIA</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V2.572 10/20/32</title>
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        <name>Builders Firstsource, Inc.</name>
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        <name>News Corporation</name>
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        <name>Poland (Republic of)</name>
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        <name>COMM 2024-277P MORTGAGE TRUST</name>
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        <name>United States Treasury Notes</name>
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        <name>Composecure Holdings LLC</name>
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        <name>Highwoods Realty Limited Partnership</name>
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        <name>Carnival Corporation</name>
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        <name>Goldman Sachs Trust</name>
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        <name>Enbridge Inc.</name>
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        <name>Wesco Distribution, Inc.</name>
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        <name>Boeing Co.</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
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        <name>M&amp;T Bank Corporation</name>
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        <name>SPECTRUM MANAGEMENT HOLDING COMPANY LLC</name>
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        <name>Videotron LTD/ Videotron LTEE</name>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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        <name>EFMT 2026-NQM6</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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        <name>Boeing Co.</name>
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        <name>Seagate Data Storage Technology Pte. Ltd.</name>
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        <title>STX 5.875 07/15/30 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cencora Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <title>JPMCC 2022-NLP A</title>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>American Homes 4 Rent L P</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMH 2.375 07/15/31</title>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 4.7 01/15/35</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>DBR Land Holdings LLC</name>
        <lei>N/A</lei>
        <title>LB 6.25 12/01/30 144A</title>
        <cusip>24024BAA5</cusip>
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        <balance>75000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Debt Solutions BDC</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>APODS 6.55 03/15/32</title>
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        <valUSD>39860.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
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      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNH 5.95 02/15/41</title>
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        <balance>20000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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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        <balance>30000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-11</maturityDt>
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          <annualizedRt>4.50300000</annualizedRt>
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      <invstOrSec>
        <name>WHITEBOX CLO III LTD</name>
        <lei>549300JXCQSPB1A61C68</lei>
        <title>WBOX 2021-3A A1R</title>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>OAKTREE CLO 2023-2 LTD</name>
        <lei>254900E6646RC82IR359</lei>
        <title>OAKCL 2023-2A A1R</title>
        <cusip>67401QAL0</cusip>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 3.187 11/15/36 144A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.81 10/22/36</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
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          <isin value="US01F0406367"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-03-01</maturityDt>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.45 09/06/34</title>
        <cusip>37045XFA9</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V4.571 04/27/33</title>
        <cusip>06051GKQ1</cusip>
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        <balance>154000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-04-27</maturityDt>
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        <name>Crowdstrike Holdings Inc</name>
        <lei>549300YBY08K9KM4HX32</lei>
        <title>CRWD 3 02/15/29</title>
        <cusip>22788CAA3</cusip>
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          <isin value="US22788CAA36"/>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>SUN 5.875 03/15/34 144A</title>
        <cusip>86765KAG4</cusip>
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        <balance>25000.00000000</balance>
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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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        <name>GE Aerospace</name>
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        <name>United States Treasury Notes</name>
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        <name>Bank of America Corp.</name>
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        <name>Willis North America Inc.</name>
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        <name>HCA Inc.</name>
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        <name>Crown Castle Inc.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Fnma Pass-Thru I</name>
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        <name>CHARTER COMMUNICATIONS OPERATING LLC</name>
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        <title>CHTR 6.1 06/01/29</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WFC V5.499 01/23/35</title>
        <cusip>95000U3K7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ARZ TRUST 2024-BILT</name>
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        <name>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Citigroup Inc.</name>
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        <title>C V2.976 11/05/30</title>
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        <name>The Cigna Group</name>
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        <title>CI 4.8 08/15/38</title>
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        <name>United States Treasury Notes</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>SFS AUTO RECEIVABLES SECURITIZATION</name>
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        <name>Boeing Co.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Alphabet Inc.</name>
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        <name>The Cigna Group</name>
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        <name>Government National Mortgage Association</name>
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        <name>CBRE Services Inc</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>CBAMR 2020-12R LTD</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Venture Global Plaquemines Lng LLC</name>
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        <name>Hudson Yards 2025-Sprl Mortgage Trust</name>
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        <name>ILLINOIS ST</name>
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        <name>TransDigm, Inc.</name>
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        <name>Laboratory Corporation of America Holdings</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <title>FHMS K547 A2</title>
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        <name>Standard Building Solutions Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings Inc</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
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        <balance>50000.00000000</balance>
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        <valUSD>49812.79000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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      <invstOrSec>
        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
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        <balance>5000.00000000</balance>
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        <valUSD>5170.36000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Snap Inc</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>SNAP 6.875 03/15/34 144A</title>
        <cusip>83304AAM8</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19962.51000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 4.65 08/01/28</title>
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          <isin value="US694308JC22"/>
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        <balance>143000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>144706.48000000</valUSD>
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        <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>4.65000000</annualizedRt>
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      <invstOrSec>
        <name>Bacardi Ltd.</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>BACARD 4.7 05/15/28 144A</title>
        <cusip>067316AF6</cusip>
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          <isin value="US067316AF68"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100869.19000000</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>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>RHP Hotel Properties LP / RHP Finance Corporation</name>
        <lei>549300SJMSMA2471GA96</lei>
        <title>RHP 5.75 03/15/34 144A</title>
        <cusip>74984CAA6</cusip>
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          <isin value="US74984CAA62"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30198.69000000</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays Dryrock Issuance Trust</name>
        <lei>213800R4G3N2G68CHU37</lei>
        <title>DROCK 2023-1 A</title>
        <cusip>06742LAX1</cusip>
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          <isin value="US06742LAX10"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175171.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Travel Plus Leisure Co</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>TNL 6.125 09/01/33 144A</title>
        <cusip>894164AC6</cusip>
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          <isin value="US894164AC61"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15232.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Sutter Health</name>
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        <balance>116000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>93826.53000000</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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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA-30YR</title>
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          <isin value="US01F0506356"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN CC1438</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>GLENLN 2.625 09/23/31 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <title>G2-30YR-Multi</title>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 4.35 01/17/27</title>
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        <name>PALMER SQUARE CLO LTD 2024-3</name>
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        <title>PLMRS 2024-3A A</title>
        <cusip>69688GAA6</cusip>
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        <invCountry>KY</invCountry>
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        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CFG V5.841 01/23/30</title>
        <cusip>174610BF1</cusip>
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        <balance>19000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2030-01-23</maturityDt>
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        <name>Peru (Republic Of)</name>
        <lei>254900STKLK2DBJJZ530</lei>
        <title>PERU 5.5 03/30/36</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-30</maturityDt>
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        <name>Bank of America Corp.</name>
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        <name>Morgan Stanley</name>
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        <name>Bank of America Corp.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Carlyle Us Clo 2018-2 LLC</name>
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        <name>SILVER PT CLO LTD 2024-6</name>
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        <name>Solventum Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>7-Eleven Inc.</name>
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        <name>Colt Mortgage Loan Trust</name>
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        <name>Benchmark 2020-B16 Mortgage Trust</name>
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        <name>Pacific Gas and Electric Company</name>
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        <name>Morgan Stanley</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>NXP BV</name>
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        <name>RHP HOTEL PROPERTIES LP</name>
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        <name>Dbc 2025-DBC Mortgage Trust</name>
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        <name>Cornell University</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Post Holdings Inc.</name>
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        <name>Boeing Co.</name>
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        <name>Oracle Corp.</name>
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      <invstOrSec>
        <name>General Motors Financial Company Inc</name>
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        <name>Duke Energy Corp</name>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Uber Technologies Inc</name>
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        <title>UBER 4.15 01/15/31</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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        <name>Elastic NV</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEWOLF PARK CLO LTD</name>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Graham Holdings Co</name>
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          <couponKind>Fixed</couponKind>
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        <name>Benchmark 2020-B16 Mortgage Trust</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>Carlyle Us Clo 2018-2 LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>AECOM</name>
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          <couponKind>Fixed</couponKind>
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        <name>J.P. Morgan Mortgage Trust 2023-DSC2</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Government National Mortgage Association</name>
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        <name>Ally Financial Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>CHARTER COMMUNICATIONS OPERATING LLC</name>
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        <name>Crown Americas LLC</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Oracle Corp.</name>
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        <name>Axon Enterprise Inc</name>
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        <name>NYC COMMERCIAL MORTGAGE TRUST 2025-11X</name>
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        <name>CVS Health Corp</name>
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        <name>Capital One Financial Corp.</name>
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        <title>COF 3.75 03/09/27</title>
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        <name>Roblox Corporation</name>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
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        <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>
