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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Vegas Sands Corp</name>
        <lei>549300DUOO1KXOHPM605</lei>
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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>SPIRIT AIRL 07/14/26</name>
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        <curCd>USD</curCd>
        <valUSD>1465.27000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-14</maturityDt>
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      <invstOrSec>
        <name>Jane Street Grou 12/15/31</name>
        <lei>N/A</lei>
        <title>Jane Street Grou 12/15/31</title>
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          <isin value="US47077DAM20"/>
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        <curCd>USD</curCd>
        <valUSD>16537.76000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.82237000</annualizedRt>
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      <invstOrSec>
        <name>Gulfstream Natural Gas System LLC</name>
        <lei>N/A</lei>
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          <isin value="US402740AG96"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20281.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Oracle Corp.</name>
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          <isin value="US68389XDY85"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9738.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS V2.615 04/22/32</title>
        <cusip>38141GYB4</cusip>
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          <isin value="US38141GYB49"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17971.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.61500000</annualizedRt>
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      <invstOrSec>
        <name>Medline Borrower LLP / Medline Co-Issuer Inc.</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDIND 6.25 04/01/29 144A</title>
        <cusip>58506DAA6</cusip>
        <identifiers>
          <isin value="US58506DAA63"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71416.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mars Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS 5 03/01/32 144A</title>
        <cusip>571676AZ8</cusip>
        <identifiers>
          <isin value="US571676AZ85"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20242.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MSFT 2.921 03/17/52</title>
        <cusip>594918CE2</cusip>
        <identifiers>
          <isin value="US594918CE21"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6436.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.92100000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.375 11/15/48</title>
        <cusip>912810SE9</cusip>
        <identifiers>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117591.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <name>L3 Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>LHX 4.854 04/27/35</title>
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          <isin value="US413875AS47"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9815.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85400000</annualizedRt>
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        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>GLENLN 3.875 10/27/27 144A</title>
        <cusip>378272AQ1</cusip>
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          <isin value="US378272AQ19"/>
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        <balance>10000.00000000</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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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
        <valUSD>103466.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 3.625 12/31/30</title>
        <cusip>91282CPR6</cusip>
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          <isin value="US91282CPR69"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>167705.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>EOG Resources Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG 4.375 04/15/30</title>
        <cusip>26875PAU5</cusip>
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          <isin value="US26875PAU57"/>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 1.6 08/12/28</title>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18743.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.60000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>ET 5.55 05/15/34</title>
        <cusip>29273VAY6</cusip>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20372.31000000</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>2034-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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        <name>UnitedHealth Group Inc.</name>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <name>Morgan Stanley</name>
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        <name>Oncor Electric Delivery Company LLC</name>
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        <name>Comcast Corporation</name>
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        <name>Alphabet Inc.</name>
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        <name>AT&amp;T Inc</name>
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        <name>Comcast Corporation</name>
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        <name>Argentina (Republic Of)</name>
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        <name>EQT Corporation</name>
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        <name>Consolidated Edison Company of New York, Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>ACCREDITED MORTGAGE LOAN TRUST 2004-4</name>
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        <name>Expand Energy Corp.</name>
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        <name>Oglethorpe Power Corp.</name>
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        <name>Williams Companies Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
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        <name>Range Resources Corp.</name>
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        <name>Coterra Energy Inc</name>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <name>HCA Inc.</name>
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        <name>PFP 2024-11 LTD</name>
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        <name>QXO INC</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>CHEVRON CORP</name>
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        <name>United States Treasury Notes</name>
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        <name>Alphabet Inc.</name>
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        <name>Elevance Health Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>Broadcom Inc</name>
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        <title>AVGO 4.8 02/15/36</title>
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        <name>Pfizer Inc.</name>
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        <name>Synopsys Inc</name>
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        <name>CCO HOLDINGS LLC</name>
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        <name>Progress Energy Inc.</name>
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        <name>TENNESSEE GAS PIPELINE COMPANY LLC</name>
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        <name>Nike, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Michaels Companies Inc.</name>
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        <name>Glencore Funding LLC</name>
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        <name>Ecopetrol S.A.</name>
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        <name>McDonald's Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>QUALCOMM Inc.</name>
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        <name>Suzano Austria GmbH</name>
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        <name>Merck &amp; Co., Inc</name>
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        <name>Government National Mortgage Association</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Alphabet Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>U.S. Bancorp.</name>
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      <invstOrSec>
        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.4 03/01/29</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GFL Environmental Inc.</name>
        <lei>894500E7NLBY9VZRT696</lei>
        <title>GFLCN 6.75 01/15/31 144A</title>
        <cusip>36168QAQ7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 2.875 03/25/31</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-25</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY 3.875 05/04/32</title>
        <cusip>78016FZQ0</cusip>
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        <balance>10000.00000000</balance>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-04</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Solventum Corp.</name>
        <lei>254900I70403OSGY4M28</lei>
        <title>SOLV 5.9 04/30/54</title>
        <cusip>83444MAS0</cusip>
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        <valUSD>19555.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.6 11/15/32</title>
        <cusip>30303MAC6</cusip>
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          <isin value="US30303MAC64"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39621.10000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 4.862 08/21/46</title>
        <cusip>92343VCK8</cusip>
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        <balance>20000.00000000</balance>
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        <valUSD>17441.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Northrop Grumman Corporation</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>NOC 5.25 05/01/50</title>
        <cusip>666807BU5</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Yamana Gold Inc</name>
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        <title>YRICN 4.625 12/15/27</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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        <name>MPLX LP</name>
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        <title>MPLX 4.8 02/15/29</title>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HRI 7.25 06/15/33 144A</title>
        <cusip>42704LAG9</cusip>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 09/17/26</title>
        <cusip>912797UG0</cusip>
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        <name>DISH DBS CORP</name>
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        <title>DISH 5.75 12/01/28 144A</title>
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        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP 4.05 05/03/29</title>
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        <name>Boeing Co.</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>BA 5.15 05/01/30</title>
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        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNH 4.2 05/15/32</title>
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        <name>B.A.T. Capital Corporation</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BATSLN 4.54 08/15/47</title>
        <cusip>05526DBF1</cusip>
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        <name>Lowes Companies, Inc.</name>
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        <name>Angel Oak Mortgage Trust 2022-3</name>
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        <name>Boeing Co.</name>
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        <name>Morgan Stanley</name>
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        <name>AmWINS Grou 01/30/32</name>
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        <name>Continental Resources, Inc.</name>
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        <name>Bristol-Myers Squibb Company</name>
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        <title>BMY 5.1 02/22/31</title>
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        <name>Texas Instruments Inc.</name>
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        <title>TXN 1.75 05/04/30</title>
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        <name>Amgen Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>American Express Company</name>
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        <name>Meta Platforms Inc</name>
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        <name>Amrize Finance US LLC</name>
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        <name>Fifth Third Auto Trust 2023-1</name>
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        <name>JBS NV</name>
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        <name>CVS Health Corp</name>
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        <title>CVS 2.125 09/15/31</title>
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        <name>HUB INTERNATIO 06/20/2030</name>
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        <name>Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc</name>
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        <name>Visa Inc</name>
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        <name>Buenos Aires (Province Of)</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>Amazon.com, Inc.</name>
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        <name>ENTERPRISE FLEET FINANCING 2025-2 LLC</name>
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        <name>Alphabet Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>2023-MIC TRUST/THE</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Cheniere Energy Partners Lp</name>
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        <name>Poland (Republic of)</name>
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        <name>HCA Inc.</name>
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        <name>Williams Companies Inc. (The)</name>
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        <name>JBS USA HOLDING LUX SARL</name>
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        <name>Broadcom Inc</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Las Vegas Sands Corp</name>
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        <name>Ford Credit Floorplan Master Owner Trust A</name>
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        <name>VOYA CLO LTD</name>
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        <name>Amazon.com, Inc.</name>
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        <name>MPLX LP</name>
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        <name>Constellation Brands, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>INTERCONTINENTAL EXCHANGE, INC.</name>
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        <name>Bank of America Corp.</name>
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        <name>SYCAMORE TREE CLO 2025-6 LTD</name>
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        <name>Alphabet Inc.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>SPIRITENAB</name>
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        <name>Lennar Corp.</name>
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        <name>VERUS SECURITIZATION TR 2024-3</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Intel Corporation</name>
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        <title>INTC 4.75 03/25/50</title>
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        <name>Government National Mortgage Association</name>
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        <name>Micron Technology Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>Gilead Sciences Inc.</name>
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        <name>The Cigna Group</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <name>Costco Wholesale Corporation</name>
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        <name>GFL Environmental Inc.</name>
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        <title>GFLCN 4 08/01/28 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>The Cigna Group</name>
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        <title>CI 4.375 10/15/28</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TRESTLES CLO VII LTD /LLC</name>
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        <title>TREST 2024-7A A1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Jane Street Group LLC / JSG Finance Inc.</name>
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        <title>JANEST 6.125 11/01/32 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FS COMMERCIAL MORTGAGE TRUST 2023-4SZN</name>
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        <name>Fox Corporation</name>
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        <title>FOXA 5.476 01/25/39</title>
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        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.875 11/15/35</title>
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        <name>FOCUS FINANCI 09/15/31</name>
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        <name>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SNPS 5.7 04/01/55</title>
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        <name>Block Inc</name>
        <lei>549300OHIIUWSTIZME52</lei>
        <title>XYZ 6 08/15/33 144A</title>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2-30YR-Multi</title>
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        <name>Viking Cruises, Ltd.</name>
        <lei>549300IJP90T4MV2GL84</lei>
        <title>VIKCRU 5.875 10/15/33 144A</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>Ford Motor Company</name>
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        <name>Bank of America Corp.</name>
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        <name>Abbott Laboratories</name>
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        <name>ELMWOOD CLO I LTD</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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      <invstOrSec>
        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FirstEnergy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2024-1</name>
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        <title>DRMT 2024-1 A1</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.73500000</annualizedRt>
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      <invstOrSec>
        <name>MasterCard Incorporated</name>
        <lei>AR5L2ODV9HN37376R084</lei>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9517.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-27</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ATHENAHEALTH TLB 02/15/29</name>
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        <title>ATHENAHEALTH TLB 02/15/29</title>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBV 3.2 11/21/29</title>
        <cusip>00287YBX6</cusip>
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          <isin value="US00287YBX67"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19284.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4.625 02/15/55</title>
        <cusip>912810UG1</cusip>
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          <isin value="US912810UG12"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76321.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>GFL ENVIRONMENTAL HOLDINGS (US) INC</name>
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        <title>GFLCN 5.5 02/01/34 144A</title>
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          <isin value="US36273TAA88"/>
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        <balance>10000.00000000</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>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>T 4.3 02/15/30</title>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <name>Fedex Freight Holding Co. Inc.</name>
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        <title>FDX 4.95 03/15/33 144A</title>
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          <couponKind>Fixed</couponKind>
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        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KHC 5.2 07/15/45</title>
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          <couponKind>Fixed</couponKind>
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        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>WES 4.05 02/01/30</title>
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        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>MRP 6.375 08/01/30 144A</title>
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        <name>Venture Global Calcasieu Pass LLC</name>
        <lei>549300GKHS6RS20NLH85</lei>
        <title>VENTGL 3.875 11/01/33 144A</title>
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          <couponKind>Fixed</couponKind>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>RY 5.15 02/01/34 GMTN</title>
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        <invCountry>CA</invCountry>
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        <name>BAYVIEW COMMERCIAL ASSET TRUST</name>
        <lei>N/A</lei>
        <title>BVCLN 2024-EDU1 A</title>
        <cusip>07336PAA2</cusip>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <title>IRS USD</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Oracle Corp.</name>
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        <name>Union Pacific Corporation</name>
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      <invstOrSec>
        <name>Nike, Inc.</name>
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      <invstOrSec>
        <name>Gilead Sciences Inc.</name>
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        <title>GHOST 2025-1A A</title>
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      <invstOrSec>
        <name>SOTERA HEALTH HL 05/30/31</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Petco Health and Wellness Company Inc</name>
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          <isin value="US71601VAA35"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19986.29000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Home Depot Inc.</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>HD 3.9 06/15/47</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.</name>
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        <title>CHTR 5.375 05/01/47</title>
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          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>BMY 5.2 02/22/34</title>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10255.56000000</valUSD>
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          <maturityDt>2034-02-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>SEDGWICK CLAIMS 07/31/31</name>
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      <invstOrSec>
        <name>Pm General Purchaser Llc</name>
        <lei>N/A</lei>
        <title>AMGENE 9.5 10/01/28 144A</title>
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        <name>U.S. Bancorp.</name>
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        <title>USB V5.836 06/12/34</title>
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        <name>Discovery Global Holdings Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WBD 3.755 03/15/27 *</title>
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        <name>SPIRIT FUNDED RO 10/14/26</name>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C 4.3 11/20/26</title>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Chord Energy Corp.</name>
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        <name>United States Treasury Notes</name>
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        <name>The Procter &amp; Gamble Co.</name>
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        <name>Florida Gas Transmission Co.</name>
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        <name>JSC National Company KazMunayGas</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>UNITED RENTALS (NORTH AMERICA) INC</name>
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        <name>PALMER SQUARE CLO 2021-1 LTD</name>
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        <name>Lockheed Martin Corporation</name>
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        <name>Glencore Funding LLC</name>
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        <name>MEDLINE BORROW 1 10/23/28</name>
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        <name>Energy Transfer LP</name>
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        <name>CVS Health Corp</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>Amazon.com, Inc.</name>
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        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
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        <name>Truist Insurance 05/06/31</name>
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        <name>United States Treasury Notes</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>HARBOR FREIG 6/11/2031</name>
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        <name>Pacific Gas and Electric Company</name>
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        <name>BLACK DIAMOND CLO 2024-1 LTD</name>
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        <name>Pfizer Inc.</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Consolidated Edison Company of New York, Inc.</name>
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        <name>Williams Companies Inc. (The)</name>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Altria Group, Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>Union Pacific Corporation</name>
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        <name>MLTI TRUST 2026-SF75</name>
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        <name>Southern Natural Gas Co LLC</name>
        <lei>254900KDLS1X42SY7037</lei>
        <title>SONGAS 8 03/01/32</title>
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        <name>United States Treasury Notes</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMZN 4.875 03/13/36</title>
        <cusip>023135DF0</cusip>
        <identifiers>
          <isin value="US023135DF00"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9912.73000000</valUSD>
        <pctVal>0.060596356300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Air Lines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>UAL 4.625 04/15/29 144A</title>
        <cusip>90932LAH0</cusip>
        <identifiers>
          <isin value="US90932LAH06"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29453.37000000</valUSD>
        <pctVal>0.180047968900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GS 2.6 02/07/30</title>
        <cusip>38141GXG4</cusip>
        <identifiers>
          <isin value="US38141GXG45"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18609.22000000</valUSD>
        <pctVal>0.113757857380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</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>
