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        <name>HSBC BANK PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO BANK NA</name>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIO</name>
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        <name>CITIGROUP GLOBAL MARKETS</name>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>Chord Energy Corp</name>
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        <assetCat>EC</assetCat>
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        <name>ABN AMRO Bank NV</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CANADIAN IMPERIAL BANK</name>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <name>TORONTO-DOMINION BANK</name>
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        <title>Toronto-Dominion Bank/The</title>
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        <invCountry>CA</invCountry>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
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        <name>CITIGROUP GLOBAL MARKETS</name>
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        <name>Magnit PJSC</name>
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        <name>Citigroup Global Markets Holdings Inc/United States</name>
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        <name>GOLDMAN SACHS INTERNATIO</name>
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        <name>JP MORGAN STRUCTURED PRO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIO</name>
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        <name>JP MORGAN STRUCTURED PRO</name>
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        <name>Hasbro Inc</name>
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        <name>TORONTO-DOMINION BANK</name>
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        <name>CANADIAN IMPERIAL BANK</name>
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        <name>BNP PARIBAS ISSUANCE BV</name>
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        <name>JP MORGAN STRUCTURED PRO</name>
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        <name>IBM</name>
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        <name>Toronto-Dominion Bank/The</name>
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        <name>MERRILL LYNCH BV</name>
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        <title>Merrill Lynch BV</title>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BP PLC</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIO</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Piedmont Office Realty Trust I</name>
        <lei>N/A</lei>
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          <ticker value="PDM"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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          <isin value="XS2888530701"/>
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        <curCd>USD</curCd>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>RUSSIA GOVT BOND - OFZ</name>
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        <title>Russian Federal Bond - OFZ</title>
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        <invCountry>RU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Wells Fargo Bank NA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIZUHO FINANCIAL GROUP</name>
        <lei>549300KHUXLS6Q30KT26</lei>
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        <curCd>USD</curCd>
        <valUSD>994881.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
        <cusip>000000000</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>FirstEnergy Corp</name>
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        <title>FirstEnergy Corp</title>
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        <name>Philip Morris International In</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International Inc</title>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
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        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <invCountry>CA</invCountry>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BNP PARIBAS ISSUANCE BV</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV</title>
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        <balance>73500.00000000</balance>
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        <name>Royal Bank of Canada</name>
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        <name>Morgan Stanley Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BW LPG Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIO</name>
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        <title>Goldman Sachs International</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-27</maturityDt>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC Bank PLC</title>
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        <curCd>USD</curCd>
        <valUSD>305280.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-25</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.93000000</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
        <cusip>000000000</cusip>
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          <isin value="XS2930013086"/>
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        <balance>5200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>569062.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIO</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>Goldman Sachs International</title>
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        <balance>4000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNP PARIBAS ISSUANCE BV</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV</title>
        <cusip>000000000</cusip>
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        <balance>3900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>438750.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Altria Group Inc</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group Inc</title>
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          <ticker value="MO"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>JP Morgan Structured Products BV</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP MORGAN - MAYPLEBEAR INC 15.27 11 28</title>
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        <name>Mizuho Markets Cayman LP</name>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>ASR Nederland NV</name>
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        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
        <cusip>000000000</cusip>
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        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LUKOIL PJSC</name>
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      <invstOrSec>
        <name>BNP PARIBAS ISSUANCE BV</name>
        <lei>7245009UXRIGIRYOBR48</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NOMURA AMERICA FINANCE</name>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-17</maturityDt>
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      <invstOrSec>
        <name>Verizon Communications Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Comerica Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
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          <ticker value="CFG"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Parcel Service Inc</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>000000000</cusip>
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          <isin value="XS3022509791"/>
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        <balance>20600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>898660.58000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-13</maturityDt>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>000000000</cusip>
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        <balance>62000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545290.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-24</maturityDt>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Aviva PLC</name>
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        <name>DBS Group Holdings Ltd</name>
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        <invCountry>SG</invCountry>
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        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
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        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <name>LyondellBasell Industries NV</name>
        <lei>BN6WCCZ8OVP3ITUUVN49</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>000000000</cusip>
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        <balance>6700.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <debtSec>
          <maturityDt>2025-09-30</maturityDt>
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        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC Bank PLC</title>
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        <balance>7200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>914040.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ManpowerGroup Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
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          <isin value="XS2599107658"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC Bank PLC</title>
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          <isin value="XS2930041459"/>
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        <balance>17200.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-31</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
        <cusip>000000000</cusip>
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          <isin value="XS2599095622"/>
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        <balance>5300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>470852.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>000000000</cusip>
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          <isin value="XS3023516274"/>
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        <balance>5500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>266649.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Cousins Properties Inc</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties Inc</title>
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          <isin value="US2227955026"/>
          <ticker value="CUZ"/>
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        <balance>26550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731187.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BNP PARIBAS ISSUANCE BV</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP Paribas Issuance BV</title>
        <cusip>000000000</cusip>
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          <isin value="XS2880915017"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>732515.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>000000000</cusip>
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          <isin value="USC798573526"/>
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        <balance>19700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>893986.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
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          <ticker value="RF"/>
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        <assetCat>EC</assetCat>
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        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
        <cusip>60700N866</cusip>
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          <isin value="XS2771446031"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>JP MORGAN STRUCTURED PRO</name>
        <lei>XZYUUT6IYN31D9K77X08</lei>
        <title>JP Morgan Structured Products BV</title>
        <cusip>000000000</cusip>
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        <balance>400.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-19</maturityDt>
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        <name>WELLS FARGO BANK NA</name>
        <lei>KB1H1DSPRFMYMCUFXT09</lei>
        <title>Wells Fargo Bank NA</title>
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          <isin value="US95003X6094"/>
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        <valUSD>452980.00000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>BNP Paribas Issuance BV</name>
        <lei>7245009UXRIGIRYOBR48</lei>
        <title>BNP PARIBAS - PERRIGO CO PLC 15.12 11 2</title>
        <cusip>000000000</cusip>
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          <isin value="XS2902303812"/>
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        <balance>27900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717588.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
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        <balance>15400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>764225.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-11</maturityDt>
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          <annualizedRt>16.09000000</annualizedRt>
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        <name>BW LPG Ltd</name>
        <lei>5493006WBEME88YFDW23</lei>
        <title>BW LPG Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SGXZ69436764"/>
          <ticker value="BWLPG"/>
          <other otherDesc="SEDOL" value="BT5GCN2"/>
        </identifiers>
        <balance>40298.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.40340000"/>
        <valUSD>400524.17000000</valUSD>
        <pctVal>0.370335294421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC Bank PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2844943931"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1107965.43000000</valUSD>
        <pctVal>1.024454288807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERRILL LYNCH BV</name>
        <lei>549300RQ1D1WIE085245</lei>
        <title>Merrill Lynch BV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2887845829"/>
          <other otherDesc="SEDOL" value="BTLQHR5"/>
        </identifiers>
        <balance>900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265885.20000000</valUSD>
        <pctVal>0.245844523750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.63000000</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>Star Bulk Carriers Corp</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>Star Bulk Carriers Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
          <ticker value="SBLK"/>
          <other otherDesc="SEDOL" value="BD6NYK1"/>
        </identifiers>
        <balance>55231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>814104.94000000</valUSD>
        <pctVal>0.752743068276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Whirlpool Corp</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp</title>
        <cusip>963320106</cusip>
        <identifiers>
          <isin value="US9633201069"/>
          <ticker value="WHR"/>
        </identifiers>
        <balance>8052.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>614206.56000000</valUSD>
        <pctVal>0.567911712376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING Groep NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0011821202"/>
          <ticker value="INGA"/>
          <other otherDesc="SEDOL" value="BZ57390"/>
        </identifiers>
        <balance>55747.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88272939"/>
        <valUSD>1074484.95000000</valUSD>
        <pctVal>0.993497347012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
        <cusip>06370C730</cusip>
        <identifiers>
          <isin value="US06370C7305"/>
        </identifiers>
        <balance>11700.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1066057.20000000</valUSD>
        <pctVal>0.985704825334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.21000000</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>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="USC798595982"/>
        </identifiers>
        <balance>4200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190218.00000000</valUSD>
        <pctVal>0.175880619225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.95800000</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>TCS Group Holding PLC</name>
        <lei>549300XQRN9MR54V1W18</lei>
        <title>TCS Group Holding PLC</title>
        <cusip>87238U203</cusip>
        <identifiers>
          <isin value="US87238U2033"/>
          <ticker value="TCS"/>
          <other otherDesc="SEDOL" value="BF233S0"/>
        </identifiers>
        <balance>17852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>617446448</cusip>
        <identifiers>
          <isin value="US6174464486"/>
          <ticker value="MS"/>
        </identifiers>
        <balance>16258.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1876498.36000000</valUSD>
        <pctVal>1.735060265230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS</name>
        <lei>82VOJDD5PTRDMVVMGV31</lei>
        <title>Citigroup Global Markets Holdings Inc/United States</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2810840970"/>
        </identifiers>
        <balance>2400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>137004.00000000</valUSD>
        <pctVal>0.126677540276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>17.42000000</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>Morgan Stanley Finance LLC</name>
        <lei>5493003FCPSE9RKT4B56</lei>
        <title>MS FINANCE II - PINTEREST INC 16.4 02 1</title>
        <cusip>61772E172</cusip>
        <identifiers>
          <isin value="US61772E1727"/>
        </identifiers>
        <balance>30200.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830349.00000000</valUSD>
        <pctVal>0.767762757956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
        <cusip>60700U175</cusip>
        <identifiers>
          <isin value="XS2939381484"/>
        </identifiers>
        <balance>7400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>343852.10000000</valUSD>
        <pctVal>0.317934792027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust Inc</title>
        <cusip>758075402</cusip>
        <identifiers>
          <isin value="US7580754023"/>
          <ticker value="RWT"/>
        </identifiers>
        <balance>297974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1850418.54000000</valUSD>
        <pctVal>1.710946170398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2025-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios IV</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
