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        <name>Mondelez International Inc.</name>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TD 10 10/13/26 MTN</title>
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        <name>Merrill Lynch B.V.</name>
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        <name>Davita Inc</name>
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        <name>Univision Communications Inc.</name>
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        <name>Kinder Morgan, Inc.</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP</name>
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        <name>Freeport-McMoRan Inc.</name>
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        <name>Citigroup Global Markets Holdings Inc.</name>
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        <name>UBS AG</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>United Rentals (North America), Inc.</name>
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        <name>Ashtead Capital Inc.</name>
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        <name>ARDAGH METAL PACKAGING FINANCE USA LLC</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JBS USA HOLDING LUX SARL</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Truist Financial Corp.</name>
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        <name>Vistra Operations Co LLC</name>
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        <name>Energy Transfer LP</name>
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        <name>United States Treasury Notes</name>
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        <name>AbbVie Inc.</name>
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        <name>WYNN RESORTS FINANCE LLC</name>
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        <name>Philip Morris International Inc.</name>
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        <title>Philip Morris International Inc. COM</title>
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        <name>Government National Mortgage Association</name>
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        <title>G2 MB0557</title>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp</name>
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        <name>Oracle Corp.</name>
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        <name>Qnity Electronics Inc.</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Lockheed Martin Corporation</name>
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        <name>DTE Energy Co.</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>Bank of America Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>Calumet Specialty Products Partners LP / Calumet Finance Corp</name>
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        <name>NCL Corporation Ltd.</name>
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        <name>Citigroup Inc.</name>
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        <name>CVS Health Corp</name>
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        <name>Southern Co.</name>
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        <name>UBS AG</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>American Electric Power Co, Inc.</name>
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        <name>Roche Holding AG</name>
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        <name>Mizuho Markets Cayman LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>U.S. Bancorp.</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <name>Boeing Co.</name>
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        <name>General Motors Financial Company Inc</name>
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        <name>EMRLD Borrower LP / Emerald Co-Issuer Inc.</name>
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        <name>Caesars Entertainment Inc.</name>
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        <name>Citigroup Global Markets Holdings Inc.</name>
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        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <issuerCat>CORP</issuerCat>
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        <title>Morgan Stanley Finance LLC</title>
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        <name>Royal Bank of Canada</name>
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        <name>CHS/Community Health Systems Inc</name>
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        <name>The Procter &amp; Gamble Co.</name>
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        <name>Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc.</name>
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        <name>Cheniere Corpus Christi Holdings, LLC</name>
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        <name>FMG Resources (August 2006) Pty Ltd.</name>
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        <name>UBS AG LONDON BRANCH</name>
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        <name>Regal Rexnord Corporation</name>
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        <name>Barclays Bank plc</name>
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        <name>Carnival Corporation</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Bombardier Inc.</name>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Venture Global LNG Inc.</name>
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        <name>Citigroup Global Markets Holdings Inc.</name>
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        <name>Ashtead Capital Inc.</name>
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        <name>Sempra</name>
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        <name>Williams Companies Inc. (The)</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>CCO HOLDINGS LLC</name>
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        <name>Boeing Co.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>MILLROSE PROPERTIES INC</name>
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        <name>Citigroup Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Tenet Healthcare Corporation</name>
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        <title>THC 6 11/15/33 144A</title>
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        <name>Vistra Corp</name>
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        <title>VST V8 PERP 144A</title>
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        <name>Medline Borrower LLP / Medline Co-Issuer Inc.</name>
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        <name>HCA Inc.</name>
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        <title>HCA 5.625 09/01/28</title>
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        <name>B.A.T. Capital Corporation</name>
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        <title>BATSLN 7.75 10/19/32</title>
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        <name>Pilgrims Pride Corporation</name>
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        <name>Crown Castle Inc.</name>
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        <title>CCI 5.1 05/01/33</title>
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        <name>CCO HOLDINGS LLC</name>
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        <name>COMMUNITY HEALTH SYSTEMS INC</name>
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        <title>CYH 10.875 01/15/32 144A</title>
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        <name>TransDigm, Inc.</name>
        <lei>88Q84GB3X55CF5OC7582</lei>
        <title>TDG 6.75 08/15/28 144A</title>
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        <name>Capital One Financial Corp.</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Dominion Energy Inc</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Texas Instruments Inc.</name>
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        <name>Clydesdale Acquisition Holdings Inc.</name>
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              <name>NextEra Energy Inc</name>
              <title>NextEra Energy Inc</title>
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            <currencyInfo convRatio="0.55320000" curCd="USD"/>
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      <invstOrSec>
        <name>RIVIAN HOLDINGS LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corporation COM</title>
        <cusip>907818108</cusip>
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          <isin value="US9078181081"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3639300.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PPL Corporation</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL 7 02/15/29</title>
        <cusip>69351T866</cusip>
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          <isin value="US69351T8669"/>
          <ticker value="PPLCU"/>
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        <balance>42664.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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            <dbtSecRefInstrument>
              <name>PPL Corp</name>
              <title>PPL Corp</title>
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                <cusip value="69351T106"/>
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          <currencyInfos>
            <currencyInfo convRatio="1.07350000" curCd="USD"/>
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          <delta>XXXX</delta>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp. COM</title>
        <cusip>30231G102</cusip>
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          <isin value="US30231G1022"/>
          <ticker value="XOM"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc. COM</title>
        <cusip>717081103</cusip>
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          <isin value="US7170811035"/>
          <ticker value="PFE"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BACR V7.625 PERP</title>
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          <isin value="US06738EDC66"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>7.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG 6 01/15/36 144A</title>
        <cusip>629377DD1</cusip>
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          <isin value="US629377DD11"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3470257.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Organon &amp; Co</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>OGN 4.125 04/30/28 144a</title>
        <cusip>68622TAA9</cusip>
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          <isin value="US68622TAA97"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1941866.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.25 01/31/30</title>
        <cusip>91282CMG3</cusip>
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          <isin value="US91282CMG32"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7089140.66000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>1261229 B.C. LTD</name>
        <lei>N/A</lei>
        <title>BHCCN 10 04/15/32 144A</title>
        <cusip>68288AAA5</cusip>
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          <isin value="US68288AAA51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2049378.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>SCHW V6.196 11/17/29</title>
        <cusip>808513CJ2</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>522716.49000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.19600000</annualizedRt>
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      <invstOrSec>
        <name>Alcoa Nederland Holding B.V.</name>
        <lei>5493000UL1QLQLT1VQ42</lei>
        <title>AA 4.125 03/31/29 144A</title>
        <cusip>013822AG6</cusip>
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          <isin value="US013822AG68"/>
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        <balance>825000.00000000</balance>
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        <valUSD>802662.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SO 7.125 12/15/28 A</title>
        <cusip>842587842</cusip>
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          <isin value="US8425878423"/>
          <ticker value="SOMN"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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              <title>Southern Co/The</title>
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      <invstOrSec>
        <name>Davita Inc</name>
        <lei>M2XHYMU3TZNEZURC6H66</lei>
        <title>DVA 6.875 09/01/32 144A</title>
        <cusip>23918KAW8</cusip>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Organon &amp; Co</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>OGN 5.125 04/30/31 144A</title>
        <cusip>68622TAB7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>CHTR 6.375 09/01/29 144A</title>
        <cusip>1248EPCS0</cusip>
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          <isin value="US1248EPCS01"/>
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        <balance>2700000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp. COM</title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
          <ticker value="TFC"/>
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        <curCd>USD</curCd>
        <valUSD>2622467.01000000</valUSD>
        <pctVal>0.193175149077</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>FISV 5.6 03/02/33</title>
        <cusip>337738BE7</cusip>
        <identifiers>
          <isin value="US337738BE73"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>404434.51000000</valUSD>
        <pctVal>0.029791298217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</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>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.5 11/15/54</title>
        <cusip>912810UE6</cusip>
        <identifiers>
          <isin value="US912810UE63"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1868906.24000000</valUSD>
        <pctVal>0.137666647529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Weatherford International Ltd Bermuda</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WFRD 6.75 10/15/33 144A</title>
        <cusip>947075AW7</cusip>
        <identifiers>
          <isin value="US947075AW79"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3067257.00000000</valUSD>
        <pctVal>0.225939097031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp. COM</title>
        <cusip>459200101</cusip>
        <identifiers>
          <isin value="US4592001014"/>
          <ticker value="IBM"/>
        </identifiers>
        <balance>27306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6618701.34000000</valUSD>
        <pctVal>0.487544214351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co. COM</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
          <ticker value="JPM"/>
        </identifiers>
        <balance>130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38240.80000000</valUSD>
        <pctVal>0.002816878997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Markets Cayman LP</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP NOTES ISSUED LINKED TO COMMON STOCK OF AMGEN INC DUE ON JUNE 15, 2026</title>
        <cusip>60701E352</cusip>
        <identifiers>
          <isin value="US60701E3523"/>
        </identifiers>
        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4308811.27000000</valUSD>
        <pctVal>0.317393986751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>CNC 4.625 12/15/29</title>
        <cusip>15135BAT8</cusip>
        <identifiers>
          <isin value="US15135BAT89"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1519899.84000000</valUSD>
        <pctVal>0.111958273280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
