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      <regStreet1>200 West Madison St</regStreet1>
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      <regCity>Chicago</regCity>
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      <regZipOrPostalCode>60606</regZipOrPostalCode>
      <regPhone>312-857-2160</regPhone>
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      <repPdEnd>2026-05-31</repPdEnd>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Burlington Northern Santa Fe LLC</name>
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        <name>UBS Group AG</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>US Foods Inc</name>
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        <title>US Foods Inc </title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.87500000</annualizedRt>
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        <name>General Motors Financial Company  Inc</name>
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        <title>General Motors Financial Co Inc </title>
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        <fairValLevel>2</fairValLevel>
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        <name>Murphy Oil USA Inc</name>
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        <name>U.S. Bancorp.</name>
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        <title>US Bancorp </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
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          <isin value="US91282CNX55"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Resolution Funding Corp</name>
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        <title>Resolution Funding Corp Principal Strip </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>Alliance Resource Operating Partners LP/Alliance Resource Finance Corp</name>
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        <title>Alliance Resource Operating Partners LP </title>
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        <name>Federal Home Loan Banks</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Emera Inc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2013-CCRE7 Mortgage Trust </title>
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        <name>Coca-Cola Co (The)</name>
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        <title>Coca-Cola Co/The </title>
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        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce </title>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <title>JP Morgan Chase Commercial Mortgage Sec </title>
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      <invstOrSec>
        <name>ConocoPhillips Co.</name>
        <lei>6VJJ5GQWIRDQ06DUXG89</lei>
        <title>ConocoPhillips Co </title>
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        <balance>60000.00000000</balance>
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        <name>PNC Financial Services Group Inc.</name>
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        <name>Helix Energy Solutions Group, Inc.</name>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
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          <isin value="US91282CNT44"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Firstcash Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RLJ Lodging Trust LP</name>
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        <title>RLJ Lodging Trust LP </title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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      <invstOrSec>
        <name>Meta Platforms Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <title>Fannie Mae Pool </title>
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        <balance>129034.09000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-01</maturityDt>
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      <invstOrSec>
        <name>Walt Disney Company</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-13</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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          <ticker value="ESH6C"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Alphabet Inc.</name>
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        <name>Enpro Inc</name>
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        <name>Nexstar Media Inc.</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae II Pool </title>
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        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
        <cusip>91282CHQ7</cusip>
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        <balance>71000.00000000</balance>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>The Procter &amp; Gamble Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
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          <ticker value="WNH6 COMDTY"/>
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        <curCd>USD</curCd>
        <valUSD>1250.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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                  <ticker value="WNH6 COMDTY"/>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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          <isin value="US3140XMRE88"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>The Gap Inc.</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
        <title>Gap Inc/The </title>
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          <isin value="US364760AQ18"/>
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        <balance>30000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Securities Corp.</name>
        <lei>N/A</lei>
        <title>Structured Adjustable Rate Mortgage Loan Trust </title>
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          <isin value="US86359BPE55"/>
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        <balance>86766.11000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-25</maturityDt>
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      <invstOrSec>
        <name>Duke Energy Carolinas  LLC</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC </title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp </title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140QRET6</cusip>
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          <isin value="US3140QRET64"/>
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        <balance>27513.90000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28838.16000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal Home Loan Banks</name>
        <lei>2549001DPIFGXC1TOL40</lei>
        <title>Federal Home Loan Banks </title>
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          <isin value="US3130B6QF61"/>
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        <balance>25000.00000000</balance>
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        <issuerCat>USGSE</issuerCat>
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          <maturityDt>2032-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Pool </title>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <ticker value="TUH6 COMDTY"/>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
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          <isin value="US3140FXFD90"/>
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        <name>Vital Energy Inc</name>
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        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <name>California Resources Corporation</name>
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        <name>Fox Corporation</name>
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        <name>Centerpoint Energy Inc</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Federal Express Corporation</name>
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        <name>Synaptics Incorporated</name>
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        <name>Bank of Nova Scotia</name>
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        <name>Government National Mortgage Association</name>
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        <name>TotalEnergies Capital S.A.</name>
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        <name>United States Treasury Bonds</name>
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        <name>Pfizer Inc.</name>
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        <name>Comm 2015-CCRE23 Mortgage Trust</name>
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        <title>COMM 2015-CCRE23 Mortgage Trust </title>
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        <name>Federal National Mortgage Association</name>
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        <title>Fannie Mae Pool </title>
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        <name>Caterpillar Inc</name>
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        <name>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
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        <name>The Cigna Group</name>
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        <name>Pacific Gas and Electric Company</name>
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        <name>Citigroup Mortgage Loan Trust Inc.</name>
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        <name>Consensus Cloud Solutions Inc</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Keurig Dr Pepper Inc</name>
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        <name>Meta Platforms Inc</name>
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        <name>United States Treasury Notes</name>
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        <name>Verizon Master Trust</name>
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        <name>Howard Hughes Holdings Inc.</name>
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        <name>Caixabank S.A.</name>
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        <name>First American Funds Inc.</name>
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        <name>CFCRE 2016-C6 Mortgage Trust</name>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Oneok Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Dominion Energy Inc</name>
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        <name>Honda Motor Co Ltd.</name>
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        <name>United States Treasury Bonds</name>
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        <name>Florida Power &amp; Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <name>Ford Motor Company</name>
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        <name>Healthequity Inc</name>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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        <name>UnitedHealth Group Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
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        <name>BMW VEHICLE LEASE TRUST 2024-2</name>
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        <name>OneMain Financial Corporation</name>
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        <title>Springleaf Finance Corp. </title>
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        <fairValLevel>2</fairValLevel>
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        <name>CWMBS Inc</name>
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        <name>NiSource Inc.</name>
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        <name>ING Groep N.V.</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <name>Dominion Energy Inc</name>
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        <name>Boeing Co.</name>
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        <title>Boeing Co/The </title>
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        <name>American Express Company</name>
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        <title>American Express Co </title>
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        <name>Chevron USA Inc</name>
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        <name>United States Treasury Bonds</name>
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        <title>U.S. Treasury Bond 2.75%, 11/15/2042</title>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Axon Enterprise Inc</name>
        <lei>549300QP2IEEGFE16681</lei>
        <title>Axon Enterprise, Inc. </title>
        <cusip>05464CAC5</cusip>
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          <isin value="US05464CAC55"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41330.80000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
        <cusip>912810UQ9</cusip>
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          <isin value="US912810UQ93"/>
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        <balance>294000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>293816.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bond </title>
        <cusip>912810TW8</cusip>
        <identifiers>
          <isin value="US912810TW80"/>
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        <balance>221000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225622.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
        <cusip>91282CPK1</cusip>
        <identifiers>
          <isin value="US91282CPK17"/>
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        <balance>293000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>293080.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc </title>
        <cusip>11135FCB5</cusip>
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          <isin value="US11135FCB58"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35311.12000000</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>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP </title>
        <cusip>29273VAJ9</cusip>
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          <isin value="US29273VAJ98"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125367.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500096</annualizedRt>
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      <invstOrSec>
        <name>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp </title>
        <cusip>302491AZ8</cusip>
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          <isin value="US302491AZ88"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116909.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.44999948</annualizedRt>
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      <invstOrSec>
        <name>NISSAN AUTO LEASE TRUST 2025-A</name>
        <lei>N/A</lei>
        <title>Nissan Auto Lease Trust 2025-A </title>
        <cusip>65479XAD4</cusip>
        <identifiers>
          <isin value="US65479XAD49"/>
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        <balance>188000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>190206.91000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co </title>
        <cusip>46647PEV4</cusip>
        <identifiers>
          <isin value="US46647PEV40"/>
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        <balance>69000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71599.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.13999952</annualizedRt>
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      <invstOrSec>
        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp </title>
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          <isin value="US539830BL23"/>
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        <balance>38000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35009.51000000</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>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38383LDU1</cusip>
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          <isin value="US38383LDU17"/>
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        <balance>199842.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169660.40000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Virginia Electric and Power Company</name>
        <lei>CQKUMNNZVDJLRYV2PT43</lei>
        <title>Virginia Electric and Power Co. </title>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63223.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140QRWM1</cusip>
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          <isin value="US3140QRWM10"/>
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        <balance>223490.80000000</balance>
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        <curCd>USD</curCd>
        <valUSD>219719.42000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38384NLT0</cusip>
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          <isin value="US38384NLT09"/>
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        <balance>64077.49000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64084.71000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Johnson Controls International PLC / Tyco Fire &amp; Security Finance S.C.A.</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc </title>
        <cusip>477921AA8</cusip>
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        <balance>35000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association </title>
        <cusip>38384HVG0</cusip>
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          <isin value="US38384HVG00"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60301.50000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily Structured Pass Through </title>
        <cusip>3137F84U4</cusip>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70490.62000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.62545120</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Federal Farm Credit Banks</name>
        <lei>254900C5LP6DN9OP9V83</lei>
        <title>Federal Farm Credit Banks Funding Corp. </title>
        <cusip>3133ETTR8</cusip>
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        <balance>101000.00000000</balance>
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        <name>American Tower Corporation</name>
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        <name>New Gold, Inc.</name>
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        <name>Morgan Stanley Capital I Trust 2011-C2</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>United States Treasury Notes</name>
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        <name>Toyota Motor Credit Corp.</name>
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        <name>Apple Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Ziff Davis Inc</name>
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        <name>Phillips 66 Co.</name>
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        <name>The Charles Schwab Corporation</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>United States Treasury Notes</name>
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        <name>Noble Finance II LLC.</name>
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        <name>BP Capital Markets America, Inc.</name>
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        <name>Altagas Ltd</name>
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        <name>Bear Stearns Asset Backed Securities I Trust 2004 Ac5</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Fannie Mae Pool </title>
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        <name>SEB FUNDING LLC</name>
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        <name>Eldorado Gold Corp</name>
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        <name>Midamerican Energy Company</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Fannie Mae Pool </title>
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        <name>Upbound Group Inc</name>
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        <name>Paramount Global</name>
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        <title>Paramount Global </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Comcast Corporation</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HLF Financing SaRL LLC and Herbalife International Inc.</name>
        <lei>549300VKVJUV5OGV2R51</lei>
        <title>SunCoke Energy Inc </title>
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          <isin value="US40390DAD75"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-30</maturityDt>
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      <invstOrSec>
        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bond </title>
        <cusip>912810SZ2</cusip>
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          <isin value="US912810SZ21"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems Inc </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-26</maturityDt>
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      <invstOrSec>
        <name>Central Garden &amp; Pet Company</name>
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        <title>Central Garden &amp; Pet Co </title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
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      <invstOrSec>
        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
        <title>NRG Energy, Inc. </title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>10.25000103</annualizedRt>
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      <invstOrSec>
        <name>5 Bryant Park 2018-5bp Mortga</name>
        <lei>N/A</lei>
        <title>DBGS 2018-5BP Mortgage Trust </title>
        <cusip>33830CAA8</cusip>
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          <isin value="US33830CAA80"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99275.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.85101080</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Auto Receivables Trust 2024-C</name>
        <lei>N/A</lei>
        <title>Hyundai Auto Receivables Trust </title>
        <cusip>448976AD2</cusip>
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          <isin value="US448976AD22"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25186.80000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.41000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Fannie Mae Pool </title>
        <cusip>3140XPKG3</cusip>
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          <isin value="US3140XPKG31"/>
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        <balance>40380.82000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39008.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Honda Auto Receivables 2024-3 Owner Trust</name>
        <lei>N/A</lei>
        <title>Honda Auto Receivables 2024-3 Owner Trust </title>
        <cusip>43813YAC6</cusip>
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          <isin value="US43813YAC66"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60392.78000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.57000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley </title>
        <cusip>61748UAE2</cusip>
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          <isin value="US61748UAE29"/>
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        <balance>13000.00000000</balance>
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        <valUSD>13449.81000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.23000128</annualizedRt>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>CBOT 3 Year US Treasury Note Future 2026-03-31</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3YH6 COMDTY"/>
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        <balance>1.00000000</balance>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada </title>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co </title>
        <cusip>95000U3P6</cusip>
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          <isin value="US95000U3P60"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Zoominfo Technologies Llc /Zoominfo Financial Corporation</name>
        <lei>254900NOX7TLOJ3WS309</lei>
        <title>ZoomInfo Technologies LLC/ZoomInfo Finance Corp </title>
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          <maturityDt>2029-02-01</maturityDt>
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      <invstOrSec>
        <name>HLF Financing SaRL LLC and Herbalife International Inc.</name>
        <lei>549300VKVJUV5OGV2R51</lei>
        <title>HLF Financing Sarl LLC </title>
        <cusip>40390DAD7</cusip>
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          <isin value="US40390DAD75"/>
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        <balance>54000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc. </title>
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        <balance>71000.00000000</balance>
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        <name>Federal National Mortgage Association</name>
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        <name>Verizon Master Trust</name>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond </title>
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        <name>United States Treasury Notes</name>
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        <name>United States Treasury Bonds</name>
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        <title>United States Treasury Note/Bond </title>
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        <name>Wells Fargo Bank, National Association</name>
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        <name>Chicago Board of Trade</name>
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        <name>Alabama Power Co.</name>
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        <name>Goldman Sachs Bank USA</name>
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        <name>John Deere Capital Corp.</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Government National Mortgage Association</name>
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        <title>Ginnie Mae II Pool </title>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Federal Farm Credit Banks</name>
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        <name>Fortress Transportation &amp; Infrastructure Investors LLC</name>
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      <invstOrSec>
        <name>Lowes Companies, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Energy Transfer LP</name>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Fannie Mae Pool </title>
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        <name>Impac CMB Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Turning Point Brands Inc</name>
        <lei>549300IYG00QF0VVP302</lei>
        <title>Turning Point Brands, Inc. </title>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Ginnie Mae II Pool </title>
        <cusip>3622ACP46</cusip>
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          <isin value="US3622ACP460"/>
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        <balance>77323.41000000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>General Motors Financial Company  Inc</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc </title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.35000000</annualizedRt>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp. </title>
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        <name>UnitedHealth Group Inc.</name>
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        <title>UnitedHealth Group Inc </title>
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        <name>Oracle Corp.</name>
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        <name>Exxon Mobil Corp.</name>
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        <title>Exxon Mobil Corp. </title>
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        <name>Philip Morris International Inc.</name>
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        <name>Honeywell International Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>Homebanc Mortgage Trust 2006 1</name>
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        <title>HomeBanc Mortgage Trust 2005-3 </title>
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        <name>Federal Farm Credit Banks</name>
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        <title>Federal Farm Credit Banks Funding Corp. </title>
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        <name>The Cigna Group</name>
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        <name>United States Treasury Notes</name>
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        <name>Chicago Board of Trade</name>
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          <ticker value="USH6 COMDTY"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>South Bow Canadian Infrastructure Holdings Ltd.</name>
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        <name>Crocs Inc</name>
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          <maturityDt>2029-03-15</maturityDt>
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        <name>Federal Farm Credit Banks</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eli Lilly &amp; Co.</name>
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        <title>Eli Lilly &amp; Co </title>
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          <isin value="US532457CM85"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-09</maturityDt>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <title>Freddie Mac Pool </title>
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        <debtSec>
          <maturityDt>2052-04-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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        <name>Banco Santander, S.A.</name>
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          <maturityDt>N/A</maturityDt>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp 5 7/8 09/26/45</title>
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        <name>Oneok Inc.</name>
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        <title>ONEOK Inc. </title>
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        <name>Philip Morris International Inc.</name>
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        <title>Philip Morris International, Inc. </title>
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        <name>Impac CMB Trust</name>
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        <name>Applebees's Funding LLC / IHOP Funding LLC</name>
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        <name>Entergy Corporation</name>
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        <name>Tegna Inc</name>
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        <title>TEGNA Inc </title>
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        <name>Federal Home Loan Banks</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.19000000</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>United States Treasury Note/Bond </title>
        <cusip>912810SC3</cusip>
        <identifiers>
          <isin value="US912810SC36"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>292470.71000000</valUSD>
        <pctVal>1.272912651742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>Vistra Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>Vistra Corp </title>
        <cusip>92840MAD4</cusip>
        <identifiers>
          <isin value="US92840MAD48"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223552.80000000</valUSD>
        <pctVal>0.972963027485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Exchange Place Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
