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        <name>Reynolds American Inc.</name>
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        <name>Builders Firstsource, Inc.</name>
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        <name>AT&amp;T Inc</name>
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        <name>Paychex Inc</name>
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        <name>The J M Smucker Company</name>
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        <name>News Corporation</name>
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        <name>Commercial Metals Company</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Morgan Stanley</name>
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        <name>Poland (Republic of)</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Air Lease Corporation</name>
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        <name>Fifth Third Bancorp</name>
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        <name>Crown Americas LLC</name>
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        <name>TransDigm, Inc.</name>
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        <name>Boeing Co.</name>
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        <name>Altria Group, Inc.</name>
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        <title>MO 4.8 02/14/29</title>
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        <name>Composecure Holdings LLC</name>
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          <maturityDt>2033-02-01</maturityDt>
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        <name>Axon Enterprise Inc</name>
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        <name>NetApp Inc.</name>
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        <name>Paychex Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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        <name>Royalty Pharma PLC</name>
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        <title>RPRX 5.4 09/02/34</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CVS Health Corp</name>
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        <title>CVS 4.78 03/25/38</title>
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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>Marriott International, Inc.</name>
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        <name>Roblox Corporation</name>
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        <name>Enbridge Inc.</name>
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        <name>PENSKE TRUCK LEASING CO LP</name>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF 4.1 02/09/27</title>
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        <name>Wesco Distribution, Inc.</name>
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        <name>Electronic Arts Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>EA 2.95 02/15/51</title>
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        <name>Truist Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Highwoods Realty Limited Partnership</name>
        <lei>JUJNVZX73BIYHLR58F51</lei>
        <title>HIW 5.35 01/15/33</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-15</maturityDt>
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        <name>Phillips Edison Grocery Center Operating Partnership I L P</name>
        <lei>549300WUPIVS6ZE0ZI51</lei>
        <title>PECO 4.75 03/15/33</title>
        <cusip>71845JAE8</cusip>
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          <isin value="US71845JAE82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-15</maturityDt>
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        <name>Blackstone Private Credit Fund</name>
        <lei>549300ORP3TTCNXSYO43</lei>
        <title>BCRED 5.05 09/10/30</title>
        <cusip>09261HBY2</cusip>
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          <isin value="US09261HBY27"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62151.32000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-10</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.586 04/26/33</title>
        <cusip>46647PDC7</cusip>
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          <isin value="US46647PDC77"/>
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        <balance>107000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107968.67000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-26</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUK 4.8 12/15/45</title>
        <cusip>26441CAP0</cusip>
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          <isin value="US26441CAP05"/>
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        <balance>126000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112115.11000000</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>2045-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <name>Insulet Corporation</name>
        <lei>549300TZTYD2PYN92D43</lei>
        <title>PODD 6.5 04/01/33 144A</title>
        <cusip>45784PAL5</cusip>
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          <isin value="US45784PAL58"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39487.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Essex Portfolio Lp</name>
        <lei>5493003GN3O58H286O74</lei>
        <title>ESS 3 01/15/30</title>
        <cusip>29717PAU1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V5.411 09/19/39</title>
        <cusip>17327CAU7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 5.2 07/15/35</title>
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        <name>General Motors Financial Company Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GM 5.75 02/08/31</title>
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        <name>KIMCO REALTY OP LLC</name>
        <lei>549300EA7I6T15IBYS12</lei>
        <title>KIM 3.8 04/01/27</title>
        <cusip>49446RAS8</cusip>
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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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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.875 11/15/35</title>
        <cusip>30303MAD4</cusip>
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        <name>Vistra Operations Co LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 4.3 07/15/29 144A</title>
        <cusip>92840VAE2</cusip>
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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>4.30000000</annualizedRt>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYNMTR 5.6 03/30/28 144A</title>
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        <name>Boeing Co.</name>
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        <name>United States Treasury Bonds</name>
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        <name>Cousins Properties LP</name>
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        <name>Truist Financial Corp.</name>
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        <name>Meta Platforms Inc</name>
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        <name>The Kroger Co.</name>
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        <name>Citigroup Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Crown Castle Inc.</name>
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        <name>Broadcom Inc</name>
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        <name>Applovin Corp.</name>
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        <name>Synopsys Inc</name>
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        <name>Oracle Corp.</name>
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        <name>DTE Energy Co.</name>
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        <name>British Telecommunications PLC</name>
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        <title>BRITEL 9.625 12/15/30</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V5.948 01/19/38</title>
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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>DBR Land Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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        <name>Boeing Co.</name>
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        <title>BA 3.25 02/01/35</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>Uber Technologies Inc</name>
        <lei>549300B2FTG34FILDR98</lei>
        <title>UBER 4.8 09/15/34</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
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        <name>Mars Inc.</name>
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        <title>MARS 5 03/01/32 144A</title>
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        <name>CACI International Inc.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI 6.375 06/15/33 MAR</title>
        <cusip>127190AG1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
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        <name>CVS Health Corp</name>
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        <title>CVS 5.45 09/15/35</title>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>CACI International Inc.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI 6.375 06/15/33 144A</title>
        <cusip>127190AE6</cusip>
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        <name>United States Treasury Bonds</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>AutoNation, Inc.</name>
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        <name>Mexico (United Mexican States)</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Bank of America Corp.</name>
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        <name>Mexico (United Mexican States)</name>
        <lei>254900EGTWEU67VP6075</lei>
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        <invCountry>MX</invCountry>
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          <maturityDt>2044-03-08</maturityDt>
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        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 2 08/12/31</title>
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        <name>Sunoco LP</name>
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          <maturityDt>2034-03-15</maturityDt>
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        <name>Vistra Operations Co LLC</name>
        <lei>549300ZH5GKBTJZ7NM23</lei>
        <title>VST 5.25 10/15/35 144A</title>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>PCG 6.95 03/15/34</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>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 5.05 07/15/33</title>
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        <name>Oneok Inc.</name>
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        <title>OKE 5.55 11/01/26</title>
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          <maturityDt>2026-11-01</maturityDt>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI 3.625 11/01/31 144A</title>
        <cusip>55354GAM2</cusip>
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        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HBAN V6.141 11/18/39</title>
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        <name>SUNOCO LOGISTICS PARTNERS OPERATIONS LP</name>
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        <title>ET 3.9 07/15/26</title>
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        <name>GE Aerospace</name>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V5.197 09/11/36</title>
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        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX 5.5 02/15/49</title>
        <cusip>55336VAT7</cusip>
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          <maturityDt>2049-02-15</maturityDt>
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        <name>Delta Air Lines Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>DAL 5.25 07/10/30</title>
        <cusip>247361A32</cusip>
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        <name>Aviation Capital Group LLC</name>
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        <name>Hyatt Hotels Corporation</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Regal Rexnord Corporation</name>
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        <name>HCA Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Crown Castle Inc.</name>
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        <name>Cinemark USA Inc.</name>
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        <title>CNK 7 08/01/32 144A</title>
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        <name>Expedia Group Inc</name>
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      <invstOrSec>
        <name>Block Inc</name>
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      <invstOrSec>
        <name>Delta Air Lines Inc.</name>
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      <invstOrSec>
        <name>Synopsys Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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        <title>C V2.976 11/05/30</title>
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        <name>SV RNO Property Owner 1 LLC</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HCA Inc.</name>
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        <title>HCA 5.625 09/01/28</title>
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        <name>State Street Corp.</name>
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        <invCountry>US</invCountry>
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        <name>Cardinal Health, Inc.</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>UnitedHealth Group Inc.</name>
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        <name>Owens Corning</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>AVGO 4.95 01/15/36</title>
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        <name>Hyundai Capital America</name>
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        <name>Qnity Electronics Inc.</name>
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        <name>Vistra Operations Co LLC</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>Ferguson Enterprises Inc</name>
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        <name>Sumitomo Mitsui Financial Group Inc.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>B.A.T. Capital Corporation</name>
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        <name>Thermo Fisher Scientific Inc</name>
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        <name>Carlisle Companies Inc.</name>
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        <name>Mars Inc.</name>
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        <name>United States Treasury Bonds</name>
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        <title>T 4.75 02/15/45</title>
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        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.4 03/01/29</title>
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        <name>Revvity Inc</name>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
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      <invstOrSec>
        <name>Kodiak Gas Services LLC</name>
        <lei>549300ZQBRWEUOVOM131</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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        <name>The Cigna Group</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>CI 4.9 12/15/48</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-15</maturityDt>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V5.884 07/26/35</title>
        <cusip>14040HDH5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-26</maturityDt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 4.7 09/27/34</title>
        <cusip>68389XCT0</cusip>
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          <isin value="US68389XCT00"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Host Hotels &amp; Resorts, L.P.</name>
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        <title>HST 5.7 06/15/32</title>
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        <name>CBRE Services Inc</name>
        <lei>549300CTE3HOMEUMM603</lei>
        <title>CBG 5.5 04/01/29</title>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6.375 05/31/33 144A</title>
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        <name>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>CMC 5.75 11/15/33 144A</title>
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        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>XYZ 6.5 05/15/32</title>
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        <name>Viking Cruises, Ltd.</name>
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        <name>Laboratory Corporation of America Holdings</name>
        <lei>OZ7UA8IXAIFILY2VZH07</lei>
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        <name>QXO INC</name>
        <lei>549300HDXQWWCBOYXP31</lei>
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        <name>Romania (Republic Of)</name>
        <lei>315700IASY927EDWBK92</lei>
        <title>ROMANI 5.75 07/04/36 144A</title>
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        <name>Solstice Advanced Materials Inc.</name>
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      <invstOrSec>
        <name>Ally Financial Inc.</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <title>OXY 5.55 10/01/34</title>
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          <maturityDt>2034-10-01</maturityDt>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>COF V6.183 01/30/36</title>
        <cusip>14040HDJ1</cusip>
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        <balance>202000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-30</maturityDt>
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        <name>Snap Inc</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
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        <cusip>83304AAM8</cusip>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25951.26000000</valUSD>
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          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>RCICN 3.8 03/15/32</title>
        <cusip>775109CH2</cusip>
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        <balance>37000.00000000</balance>
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        <valUSD>35340.97000000</valUSD>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>MAR 3.5 10/15/32 GG</title>
        <cusip>571903BF9</cusip>
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          <isin value="US571903BF91"/>
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        <balance>64000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60372.46000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <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>Bacardi Ltd.</name>
        <lei>549300R32WTQNHNN5055</lei>
        <title>BACARD 4.7 05/15/28 144A</title>
        <cusip>067316AF6</cusip>
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        <balance>442000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445841.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI 3.25 08/15/33 144A</title>
        <cusip>55354GAQ3</cusip>
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        <balance>441000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>M&amp;T Bank Corporation</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>MTB V5.4 07/30/35</title>
        <cusip>55261FAZ7</cusip>
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        <balance>65000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>MO 5.25 08/06/35</title>
        <cusip>02209SBV4</cusip>
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        <balance>60000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>AMERICAN AIRLINES INC</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>AAL 5.65 11/11/34 B</title>
        <cusip>02377PAA3</cusip>
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        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 2.7 02/01/27</title>
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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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        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNH 3.05 05/15/41</title>
        <cusip>91324PEE8</cusip>
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        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK V3.7 PERP H</title>
        <cusip>064058AJ9</cusip>
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        <balance>20000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>HCA Inc.</name>
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        <name>Keysight Technologies, Inc.</name>
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        <name>Peru (Republic Of)</name>
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        <name>Bank of America Corp.</name>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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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>
        <lei>549300OMUOGBYK0FFO76</lei>
        <title>PFGC 5.625 03/01/34 144A</title>
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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>Pacific Gas and Electric Company</name>
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        <name>Willis North America Inc.</name>
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        <name>Regions Financial Corporation</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Choice Hotels International, Inc.</name>
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        <name>Oneok Inc.</name>
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        <name>Applovin Corp.</name>
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        <name>Royal Caribbean Group</name>
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        <name>Fiserv Inc.</name>
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        <name>Atkore Inc</name>
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        <name>Dollar General Corporation</name>
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        <name>Standard Building Solutions Inc.</name>
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        <name>American International Group Inc.</name>
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        <name>Solventum Corp.</name>
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        <name>Broadcom Inc</name>
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        <name>Invitation Homes Operating Partnership Lp</name>
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        <name>BARCLAYS BANK PLC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</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>ESAB Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>ESAB 6.25 04/15/29 144A</title>
        <cusip>29605JAA4</cusip>
        <identifiers>
          <isin value="US29605JAA43"/>
        </identifiers>
        <balance>109000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>111883.84000000</valUSD>
        <pctVal>0.206781178055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>HCA Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA 5.5 03/01/32</title>
        <cusip>404119DA4</cusip>
        <identifiers>
          <isin value="US404119DA49"/>
        </identifiers>
        <balance>38000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39860.70000000</valUSD>
        <pctVal>0.073669642587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Air Lease Corporation</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>AL 3.75 06/01/26 GMTN</title>
        <cusip>00914AAB8</cusip>
        <identifiers>
          <isin value="US00914AAB89"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74895.58000000</valUSD>
        <pctVal>0.138420313993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</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>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>GHC 5.625 12/01/33 144A</title>
        <cusip>384637AC8</cusip>
        <identifiers>
          <isin value="US384637AC88"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85102.84000000</valUSD>
        <pctVal>0.157285140651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>
