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        <name>HILLSBOROUGH CNTY FLA INDL DEV AUTH HOSP REV</name>
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        <name>SOUTHWEST AIRLINES CO.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cenovus Energy Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SCE Recovery Funding LLC</name>
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        <name>ESSEX CNTY N J IMPT AUTH CHARTER SCH REV</name>
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        <name>MSILF PRIME PORTFOLIO</name>
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        <name>ASSOCIATION OF AMERICAN MEDICAL COLLEGES</name>
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        <name>DENTON TEX INDPT SCH DIST</name>
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        <name>NISSAN AUTO LEASE TRUST</name>
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        <name>CANADIAN NATURAL RESOURCES LIMITED</name>
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      <invstOrSec>
        <name>THE HOWARD UNIVERSITY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AIR LEASE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUBLIC SERVICE ELECTRIC AND GAS COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CLEAN HARBORS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BBCMS TRUST</name>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>HORMEL FOODS CORPORATION</name>
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        <name>APACHE CORPORATION</name>
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        <name>CABOT CORPORATION</name>
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        <name>SPRINT CORPORATION</name>
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        <name>RANGE RESOURCES CORPORATION</name>
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        <name>CONTINENTAL AIRLINES INC</name>
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        <name>EVERGREEN CREDIT CARD TRUST</name>
        <lei>N/A</lei>
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        <name>EL CAJON CALIF</name>
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        <name>TEXAS TRANSN COMMN CENT TEX TPK SYS REV</name>
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        <name>UNITED AIRLINES PASS THROUGH TRUST 2020-1</name>
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        <name>IMPERIAL BRANDS FINANCE PLC</name>
        <lei>2138008L3B3MCG1DFS50</lei>
        <title>IMPERIAL BRANDS FINANCE PLC</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>THE BOEING COMPANY</name>
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        <name>J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>Ontario Teachers' Finance Trust</name>
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        <name>WHITE SETTLEMENT TEX INDPT SCH DIST</name>
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        <name>HEATHROW FUNDING LIMITED</name>
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        <invCountry>JE</invCountry>

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        <name>GREATAMERICA LEASING RECEIVABLES FUNDING, L.L.C.</name>
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        <name>GARDENA CALIF PENSION OBLIG</name>
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        <name>ASSOCIATED BANK, NATIONAL ASSOCIATION</name>
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        <name>ARES CAPITAL CORPORATION</name>
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        <name>SKYWORKS SOLUTIONS, INC.</name>
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        <name>CENTERPOINT ENERGY RESOURCES CORP.</name>
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        <name>RHODE ISLAND ST COMM CORP REV</name>
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      <invstOrSec>
        <name>HOUSTON TEX</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>METROPOLITAN GOVT NASHVILLE &amp; DAVIDSON CNTY TENN SPORTS AUTH REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Huntington National Bank</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CONTINENTAL RESOURCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-01</maturityDt>
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        <name>LAMB WESTON HOLDINGS, INC.</name>
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        <name>Synovus Bank</name>
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        <name>EQM Midstream Partners, LP</name>
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        <name>MARATHON OIL CORPORATION</name>
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        <name>NISSAN MOTOR CO.,LTD.</name>
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        <invCountry>JP</invCountry>

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        <name>HAWAII ST HBR SYS REV</name>
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        <name>BOERNE TEX INDPT SCH DIST</name>
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        <name>Bharti Airtel International (Netherlands) B.V.</name>
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        <name>WESTERN MIDSTREAM OPERATING, LP</name>
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        <name>SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY</name>
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        <name>AVIATION CAPITAL GROUP LLC</name>
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        <name>TRAVEL + LEISURE CO.</name>
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      <invstOrSec>
        <name>ENERGY TRANSFER LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PDC ENERGY, INC.</name>
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      <invstOrSec>
        <name>BOERNE TEX INDPT SCH DIST</name>
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          <isin value="US097067MQ28"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEALED AIR CORPORATION</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>CLEAR CREEK TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>CLEAR CREEK TX INDEP SCH DIST</title>
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          <isin value="US184541DC19"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PROVIDENCE R I REDEV AGY SPL OBLIG</name>
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        <title>PROVIDENCE RI REDEV AGY SPL OBOBLIG</title>
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          <isin value="US74381XAA90"/>
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        <curCd>USD</curCd>
        <valUSD>998000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MARATHON PETROLEUM CORPORATION</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1066830.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>MURPHY OIL USA, INC.</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>MURPHY OIL USA INC</title>
        <cusip>626738AD0</cusip>
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          <isin value="US626738AD06"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1585860.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>ALEDO TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>ALEDO TX INDEP SCH DIST</title>
        <cusip>014464XN6</cusip>
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          <isin value="US014464XN63"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
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        <name>UNIVERSITY OKLA REVS</name>
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        <title>UNIVERSITY OF OKLAHOMA/THE</title>
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        <name>DRIVE AUTO RECEIVABLES TRUST</name>
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        <issuerCat>CORP</issuerCat>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND</name>
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        <title>Goldman Sachs Financial Sq Prime Obligations- FPOXX 0.2% 7/30/2020 - Extendable</title>
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        <issuerCat>RF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CARS DB</name>
        <lei>N/A</lei>
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        <name>PLACENTIA CALIF PUB FING AUTH LEASE REV</name>
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        <title>PLACENTIA CA PUBLIC FING AUTH LEASE REVENUE</title>
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          <isin value="US72588RAD17"/>
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        <name>BIRMINGHAM ALA</name>
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      <invstOrSec>
        <name>GENTING NEW YORK LLC</name>
        <lei>N/A</lei>
        <title>GENTING NY LLC/ GENNY CAP</title>
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        <valUSD>504935.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE HOWARD UNIVERSITY</name>
        <lei>N/A</lei>
        <title>HOWARD UNIVERSITY</title>
        <cusip>442851AD3</cusip>
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        <name>CIT GROUP INC.</name>
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        <name>GLS AUTO RECEIVABLES TRUST</name>
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        <name>JABIL INC.</name>
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        <name>HYUNDAI AUTO RECEIVABLES TRUST</name>
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        <name>Petroleos Mexicanos</name>
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        <name>BALL CORPORATION</name>
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        <name>Stellantis N.V.</name>
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        <name>PALMER SQUARE LOAN FUNDING LTD.</name>
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        <name>MADISON CNTY N Y CAP RESOURCE CORP REV</name>
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        <name>ALLIANT ENERGY CORPORATION</name>
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        <name>MARRIOTT INTERNATIONAL, INC.</name>
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        <name>FRESENIUS MEDICAL CARE US FINANCE III, INC.</name>
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        <name>TIAA FSB HOLDINGS, INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEXAS CAPITAL BANCSHARES, INC.</name>
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        <name>NRG ENERGY, INC.</name>
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        <name>COLORADO HEALTH FACS AUTH REV</name>
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        <name>SLM CORPORATION</name>
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        <name>YPSILANTI MICH SCH DIST</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <name>SANTANDER UK GROUP HOLDINGS PLC</name>
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        <name>VIDEOTRON LTEE</name>
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        <name>HYATT HOTELS CORPORATION</name>
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        <name>WARREN CNTY KY HOSP REV</name>
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        <name>DRIVE AUTO RECEIVABLES TRUST</name>
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        <name>Continental Airlines</name>
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        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV</name>
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        <name>Telefonaktiebolaget LM Ericsson</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2017-4</title>
        <cusip>03066FAG6</cusip>
        <identifiers>
          <isin value="US03066FAG63"/>
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        <balance>447279.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450713.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOST HOTELS &amp; RESORTS, L.P.</name>
        <lei>FXB7X4WXVA8QPMNOGS12</lei>
        <title>HOST HOTELS &amp; RESORTS LP</title>
        <cusip>44107TAW6</cusip>
        <identifiers>
          <isin value="US44107TAW62"/>
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        <balance>1044000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1146458.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WORLD OMNI SELECT AUTO TRUST</name>
        <lei>N/A</lei>
        <title>WORLD OMNI SELECT AUTO TRUST</title>
        <cusip>98163DAD0</cusip>
        <identifiers>
          <isin value="US98163DAD03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002287.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WESTERN MIDSTREAM OPERATING, LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>WESTERN MIDSTREAM OPERAT</title>
        <cusip>958667AB3</cusip>
        <identifiers>
          <isin value="US958667AB34"/>
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        <balance>632000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>667752.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>MICHIGAN ST FIN AUTH REVENUE</title>
        <cusip>59447TXN8</cusip>
        <identifiers>
          <isin value="US59447TXN89"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>191746.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.20800000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nissan Motor Acceptance Company LLC</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
        <title>NISSAN MOTOR ACCEPTANCE</title>
        <cusip>65475LUD2</cusip>
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          <isin value="US65475LUD27"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1699731.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>ATHENE GLOBAL FUNDING</title>
        <cusip>04685A2Q3</cusip>
        <identifiers>
          <isin value="US04685A2Q37"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505640.00000000</valUSD>
        <pctVal>0.185695043622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MIDWEST CONNECTOR CAPITAL COMPANY LLC</name>
        <lei>N/A</lei>
        <title>MIDWEST CONNECTOR CAPIT</title>
        <cusip>59833CAB8</cusip>
        <identifiers>
          <isin value="US59833CAB81"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1524450.00000000</valUSD>
        <pctVal>0.559850504807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LEXINGTON REALTY TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LEXINGTON REALTY TRUST</title>
        <cusip>529043AC5</cusip>
        <identifiers>
          <isin value="US529043AC52"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057440.00000000</valUSD>
        <pctVal>0.388342233463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Open Text Corporation</name>
        <lei>549300HP7ONDQODZJV16</lei>
        <title>OPEN TEXT CORP</title>
        <cusip>683715AB2</cusip>
        <identifiers>
          <isin value="US683715AB22"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1034840.00000000</valUSD>
        <pctVal>0.380042439171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAE FUNDING LLC</name>
        <lei>635400SZTPQL3Y1P2C76</lei>
        <title>DAE FUNDING LLC</title>
        <cusip>23371DAA2</cusip>
        <identifiers>
          <isin value="US23371DAA28"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501580.00000000</valUSD>
        <pctVal>0.184204018630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LENNAR CORPORATION</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>LENNAR CORP</title>
        <cusip>526057CP7</cusip>
        <identifiers>
          <isin value="US526057CP70"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>528545.00000000</valUSD>
        <pctVal>0.194106848413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARSHALL TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>MARSHALL TX INDEP SCH DIST</title>
        <cusip>572682RU8</cusip>
        <identifiers>
          <isin value="US572682RU81"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>983420.00000000</valUSD>
        <pctVal>0.361158570919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INFINITY PROPERTY AND CASUALTY CORPORATION</name>
        <lei>254900FQY2VRRSR24U64</lei>
        <title>INFINITY PROPERTY &amp; CASU</title>
        <cusip>45665QAF0</cusip>
        <identifiers>
          <isin value="US45665QAF00"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>524410.00000000</valUSD>
        <pctVal>0.192588279855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENSKE TRUCK LEASING CO., L.P.</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP</title>
        <cusip>709599BM5</cusip>
        <identifiers>
          <isin value="US709599BM55"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006930.00000000</valUSD>
        <pctVal>0.369792560468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARMAX AUTO OWNER TRUST</name>
        <lei>N/A</lei>
        <title>CARMAX AUTO OWNER TRUST</title>
        <cusip>14316HAC6</cusip>
        <identifiers>
          <isin value="US14316HAC60"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002523.76000000</valUSD>
        <pctVal>0.368174379689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PSNH FUNDING LLC</name>
        <lei>N/A</lei>
        <title>PSNH FUNDING LLC 3</title>
        <cusip>69363PAA8</cusip>
        <identifiers>
          <isin value="US69363PAA84"/>
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        <balance>251703.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260059.56000000</valUSD>
        <pctVal>0.095506232376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.09400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV</name>
        <lei>N/A</lei>
        <title>SOUTH JERSEY TRANSPORTATION AUTHORITY</title>
        <cusip>838536LT5</cusip>
        <identifiers>
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      <invstOrSec>
        <name>TARRANT CNTY TEX CULTURAL ED FACS FIN CORP HOSP REV</name>
        <lei>N/A</lei>
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          <isin value="US87638QQV40"/>
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        <valUSD>703878.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>QVC, INC.</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC INC</title>
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          <isin value="US747262AK96"/>
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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>
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          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HILLENBRAND, INC.</name>
        <lei>U246OE781574J2BUD366</lei>
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        <balance>1000000.00000000</balance>
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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>
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          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OFFICE PROPERTIES INCOME TRUST</name>
        <lei>N/A</lei>
        <title>OFFICE PPTY INCOME TRST</title>
        <cusip>38376AAB9</cusip>
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          <isin value="US38376AAB98"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GALAXY PIPELINE ASSETS BIDCO LIMITED</name>
        <lei>549300L82YB0C6JQIC26</lei>
        <title>GALAXY PIPELINE ASSETS</title>
        <cusip>36321PAA8</cusip>
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          <isin value="US36321PAA84"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504990.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-30</maturityDt>
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          <annualizedRt>1.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEDICAL CENTER BUILDING CORP MISS REV</name>
        <lei>N/A</lei>
        <title>MED CENTER MS EDUCTNL BLDG CORP</title>
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          <isin value="US584556GH14"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280904.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.67400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AADVANTAGE LOYALTY IP LTD.</name>
        <lei>N/A</lei>
        <title>AMERICAN AIRLINES INC/AADVAN</title>
        <cusip>00253XAA9</cusip>
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          <isin value="US00253XAA90"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1061640.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERCEDES-BENZ AUTO LEASE TRUST</name>
        <lei>N/A</lei>
        <title>MERCEDES-BENZ AUTO LEASE TRUST</title>
        <cusip>58769EAC2</cusip>
        <identifiers>
          <isin value="US58769EAC21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001669.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TransAlta Corporation</name>
        <lei>GJZNVO2UY6DNFNIYH321</lei>
        <title>TRANSALTA CORP</title>
        <cusip>89346DAF4</cusip>
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          <isin value="US89346DAF42"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1347151.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>MICHIGAN ST FIN AUTH REVENUE</title>
        <cusip>59447TXP3</cusip>
        <identifiers>
          <isin value="US59447TXP38"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109845.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30800000</annualizedRt>
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        <name>M.D.C. HOLDINGS, INC.</name>
        <lei>5299005FV4VNV75R8R35</lei>
        <title>MDC HOLDINGS INC</title>
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        <balance>426000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>466555.20000000</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>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>THE ADT SECURITY CORPORATION</name>
        <lei>5493009JEEDYLVRA0J13</lei>
        <title>ADT SECURITY CORP/THE</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>SA GLOBAL SUKUK LIMITED</name>
        <lei>5493007DFAVKU7UOGR47</lei>
        <title>SA GLOBAL SUKUK LTD</title>
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        <balance>416000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-17</maturityDt>
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          <annualizedRt>0.94600000</annualizedRt>
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        <name>US Airways Pass Through Trusts</name>
        <lei>N/A</lei>
        <title>US AIRWAYS 2013-1 CLASS A Ptt</title>
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          <isin value="US90346WAA18"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>ELEMENT FLEET MANAGEMENT</title>
        <cusip>286181AF9</cusip>
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          <isin value="US286181AF90"/>
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        <balance>400000.00000000</balance>
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        <valUSD>406532.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-04-06</maturityDt>
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        <name>KB HOME</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-15</maturityDt>
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        <name>ZF NORTH AMERICA CAPITAL, INC.</name>
        <lei>529900JYGMS9CW9IQX78</lei>
        <title>ZF NORTH AMERICA CAPITAL INC</title>
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        <balance>1750000.00000000</balance>
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        <valUSD>1798265.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOUTH JERSEY TRANSN AUTH N J TRANSN SYS REV</name>
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        <title>SOUTH JERSEY TRANSPORTATION AUTHORITY</title>
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        <name>DRIVE AUTO RECEIVABLES TRUST</name>
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        <name>DELL EQUIPMENT FINANCE TRUST</name>
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        <name>PEARSON FUNDING FOUR LIMITED</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LGI HOMES, INC.</name>
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        <name>FIRST CITIZENS BANCSHARES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FULTON FINANCIAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-15</maturityDt>
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        <name>DENVER COLO CITY &amp; CNTY ARPT REV</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-15</maturityDt>
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        <name>THE PRUDENTIAL INSURANCE COMPANY OF AMERICA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WEIR GROUP PLC(THE)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHINO CALIF PUB FING AUTH REV</name>
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        <name>MACY'S RETAIL HOLDINGS, LLC</name>
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        <name>SCRANTON PA SCH DIST</name>
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        <name>QWEST CORPORATION</name>
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        <name>OKLAHOMA GAS AND ELECTRIC COMPANY</name>
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        <name>HAMILTON CNTY OHIO HEALTH CARE FACS REV</name>
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        <name>ALEXANDER FUNDING TRUST</name>
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        <lei>N/A</lei>
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        <name>OKLAHOMA TRANSN AUTH OK F/K/A OKLAHOMA ST TPK AUTH</name>
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        <name>SPRINT SPECTRUM CO LLC</name>
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        <name>DENVER COLO CITY &amp; CNTY HSG AUTH REV</name>
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        <name>VANTAGE DATA CENTERS ISSUER LLC</name>
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        <name>LOVELAND COLO ELEC &amp; COMMUNICATION ENTERPRISE REV</name>
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        <name>EQM Midstream Partners, LP</name>
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        <name>COLFAX CORPORATION</name>
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        <name>HESS CORPORATION</name>
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        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>CNH EQUIPMENT TRUST</name>
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        <name>GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICREDIT AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>FORD CREDIT AUTO OWNER TRUST</name>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV</name>
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        <name>PAPIO-MISSOURI RIV NAT RES DIST NEB</name>
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        <name>MAIN STREET CAPITAL CORPORATION</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>HARVEST OPERATIONS CORP.</name>
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        <name>RELIANCE STEEL &amp; ALUMINUM CO.</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>777757.50000000</valUSD>
        <pctVal>0.285629524741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</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>CHARLESTON EDL EXCELLENCE FING CORP S C REV</name>
        <lei>N/A</lei>
        <title>CHARLESTON SC EDUCTNL EXCELLENCE FIN CORP REVENUE</title>
        <cusip>160131DY1</cusip>
        <identifiers>
          <isin value="US160131DY19"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602094.00000000</valUSD>
        <pctVal>0.221117537368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.65400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Allan Shaer</ncom:signature>
      <ncom:signerName>Allan Shaer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
