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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>British Airways Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US11042CAB63"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US92539LAA89"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kite Realty Group Trust</name>
        <lei>N/A</lei>
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          <isin value="US76131VAB99"/>
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        <balance>2124000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-15</maturityDt>
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      <invstOrSec>
        <name>EnFin Residential Solar Receivables Trust</name>
        <lei>N/A</lei>
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        <cusip>29281EAA6</cusip>
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          <isin value="US29281EAA64"/>
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        <balance>0.01000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-20</maturityDt>
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          <annualizedRt>5.98000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <title>Wells Fargo &amp; Co.</title>
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          <isin value="US95000U2U64"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-02</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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      <invstOrSec>
        <name>Exeter Select Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Exeter Select Automobile Receivables Trust, Series 2025-1, Class A3</title>
        <cusip>30185AAC5</cusip>
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          <isin value="US30185AAC53"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1255159.25000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVS Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>CVS Pass-Through Trust</title>
        <cusip>126650BP4</cusip>
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          <isin value="US126650BP48"/>
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        <balance>2286305.23240000</balance>
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        <curCd>USD</curCd>
        <valUSD>2318564.63000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.03600000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB</title>
        <cusip>86959LAS2</cusip>
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          <isin value="US86959LAS25"/>
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        <balance>6340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6394103.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-23</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <balance>10995000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westlake Automobile Receivables Trust</name>
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        <title>Westlake Automobile Receivables Trust, Series 2023-4A, Class A3</title>
        <cusip>96041AAG1</cusip>
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          <isin value="US96041AAG13"/>
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        <balance>1280000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PVH Corp.</name>
        <lei>123WALMHY1GZXG2YDL90</lei>
        <title>PVH Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-13</maturityDt>
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        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Western-Southern Global Funding</name>
        <lei>635400PFYEGVSGK4VB37</lei>
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        <name>AES Panama Generation Holdings SRL</name>
        <lei>N/A</lei>
        <title>AES Panama Generation Holdings SRL</title>
        <cusip>00109AAB3</cusip>
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        <balance>2458409.68400000</balance>
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        <invCountry>PA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-31</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140XRAJ4</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
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      <invstOrSec>
        <name>Syensqo Finance America LLC</name>
        <lei>54930073OEL5K0Y7NK81</lei>
        <title>Syensqo Finance America LLC</title>
        <cusip>834423AF2</cusip>
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        <balance>7891000.00000000</balance>
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        <valUSD>8177186.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-04</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Trestles CLO IV Ltd.</name>
        <lei>254900EO5I6CR0IOWS98</lei>
        <title>Trestles CLO IV Ltd., Series 2021-4A, Class A</title>
        <cusip>89532WAA7</cusip>
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          <isin value="US89532WAA71"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1450493.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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      <invstOrSec>
        <name>GM Financial Automobile Leasing Trust</name>
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        <name>Louisville Gas and Electric Co.</name>
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        <name>United States of America</name>
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        <name>Alliant Energy Finance LLC</name>
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        <name>Boeing Co. (The)</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Extra Space Storage LP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
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        <name>FNMA</name>
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        <title>UMBS</title>
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        <name>Mercedes-Benz Finance North America LLC</name>
        <lei>549300423Z16BB673J12</lei>
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        <name>Electricite de France SA</name>
        <lei>549300X3UK4GG3FNMO06</lei>
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        <invCountry>FR</invCountry>
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        <name>Citibank NA</name>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
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        <name>Ford Credit Auto Owner Trust</name>
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        <name>World Omni Select Auto Trust</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
        <lei>IHXLB8SL0QWSSG2VG640</lei>
        <title>Avis Budget Rental Car Funding AESOP LLC, Series 2025-2A, Class A</title>
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        <invCountry>US</invCountry>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Citigroup, Inc.</name>
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        <name>AutoZone, Inc.</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <name>Mutual of Omaha Cos. Global Funding</name>
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        <name>EPR Properties</name>
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        <name>FHLMC Pool</name>
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        <name>Alexander Funding Trust II</name>
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        <name>Ford Credit Auto Lease Trust</name>
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        <name>GNMA</name>
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        <name>Bridgecrest Lending Auto Securitization Trust</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>Bimbo Bakeries USA, Inc.</name>
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        <name>FNMA</name>
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        <name>Hercules Capital, Inc.</name>
        <lei>549300UJ5OC256GR2B73</lei>
        <title>Hercules Capital, Inc.</title>
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        <name>Silgan Holdings, Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>Silgan Holdings, Inc.</title>
        <cusip>827048AX7</cusip>
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        <name>FNMA</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
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          <isin value="US68389XBW48"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
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          <isin value="US22822VAW19"/>
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        <balance>1655000.00000000</balance>
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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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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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          <isin value="US30165AAC99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Weir Group, Inc.</name>
        <lei>2138009WEPEV2V98AV65</lei>
        <title>Weir Group, Inc.</title>
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          <isin value="US94877DAA28"/>
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        <balance>3935000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-06</maturityDt>
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      <invstOrSec>
        <name>American National Global Funding</name>
        <lei>N/A</lei>
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        <cusip>02771D2B9</cusip>
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          <isin value="US02771D2B95"/>
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        <balance>5725000.00000000</balance>
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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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          <maturityDt>2030-06-03</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
        <cusip>26884UAE9</cusip>
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          <isin value="US26884UAE91"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339339.14000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>American Electric Power Co., Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co., Inc.</title>
        <cusip>02557TAD1</cusip>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3752962.28000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.69900000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Fleet Financing LLC</name>
        <lei>N/A</lei>
        <title>Enterprise Fleet Financing LLC, Series 2025-1, Class A3</title>
        <cusip>29390HAC3</cusip>
        <identifiers>
          <isin value="US29390HAC34"/>
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        <balance>1075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1090733.49000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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      <invstOrSec>
        <name>Siemens Funding BV</name>
        <lei>213800CCRGH2TO338X64</lei>
        <title>Siemens Funding BV</title>
        <cusip>82622RAC0</cusip>
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          <isin value="US82622RAC07"/>
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        <balance>4205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4247024.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3138W7NQ3</cusip>
        <identifiers>
          <isin value="US3138W7NQ36"/>
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        <balance>691419.27000000</balance>
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        <curCd>USD</curCd>
        <valUSD>635471.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>CubeSmart LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart LP</title>
        <cusip>22966RAC0</cusip>
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          <isin value="US22966RAC07"/>
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        <balance>874000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>VICI Properties LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI Properties LP</title>
        <cusip>925650AJ2</cusip>
        <identifiers>
          <isin value="US925650AJ26"/>
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        <balance>2675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2696880.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>World Omni Select Auto Trust</name>
        <lei>N/A</lei>
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        <cusip>98164LAB5</cusip>
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          <isin value="US98164LAB53"/>
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        <balance>495299.88000000</balance>
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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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        <name>ALA Trust</name>
        <lei>N/A</lei>
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        <cusip>009920AA7</cusip>
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          <isin value="US009920AA71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179MX47</cusip>
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          <isin value="US36179MX478"/>
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        <balance>365707.15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342081.96000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>South Bow USA Infrastructure Holdings LLC</name>
        <lei>254900Z1WAY7QFQ7O850</lei>
        <title>South Bow USA Infrastructure Holdings LLC</title>
        <cusip>83007CAC6</cusip>
        <identifiers>
          <isin value="US83007CAC64"/>
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        <balance>1876000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1882051.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.02600000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3132DWDC4</cusip>
        <identifiers>
          <isin value="US3132DWDC47"/>
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        <balance>54513491.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43265787.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Crown Castle, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>NatWest Markets plc</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Blackstone Secured Lending Fund</name>
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        <name>United States of America</name>
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        <name>GA Global Funding Trust</name>
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        <name>Public Storage Operating Co.</name>
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        <name>University of Michigan</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>FNMA</name>
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        <name>Bacardi-Martini BV</name>
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        <name>FNMA</name>
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        <name>Ford Motor Credit Co. LLC</name>
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        <name>Warnermedia Holdings, Inc.</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>NiSource, Inc.</name>
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        <name>DTE Energy Co.</name>
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        <name>EnFin Residential Solar Receivables Trust</name>
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        <name>Equitable America Global Funding</name>
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        <name>Duke Energy Ohio, Inc.</name>
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        <name>Evergy Missouri West, Inc.</name>
        <lei>EZIFUDC0VSUS6T6LCG85</lei>
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        <name>Wheels Fleet Lease Funding 1 LLC</name>
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        <name>Harbour Energy plc</name>
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        <name>Philip Morris International, Inc.</name>
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        <name>Kite Realty Group LP</name>
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        <name>DB Master Finance LLC</name>
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        <name>SBNA Auto Lease Trust</name>
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        <name>CaixaBank SA</name>
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        <name>BAT Capital Corp.</name>
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        <name>Exelon Corp.</name>
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        <name>Vornado Realty LP</name>
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        <name>CNH Industrial Capital LLC</name>
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        <name>EPR Properties</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>OneMain Financial Issuance Trust</name>
        <lei>N/A</lei>
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        <name>Daimler Truck Finance North America LLC</name>
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      <invstOrSec>
        <name>Element Fleet Management Corp.</name>
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        <name>ING FINANCIAL MARKETS LLC</name>
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        <name>FNMA</name>
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        <name>Duke Energy Indiana LLC</name>
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        <name>UBS Group AG</name>
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        <name>M&amp;T Bank Corp.</name>
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        <name>United States of America</name>
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        <name>Danske Bank A/S</name>
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        <name>FHLMC Pool</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>Westpac Banking Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA</title>
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        <name>Octane Receivables Trust</name>
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        <name>Amur Equipment Finance Receivables XI LLC</name>
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        <name>EOG Resources, Inc.</name>
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        <name>Kite Realty Group LP</name>
        <lei>549300X6R2GYI8Y3OD81</lei>
        <title>Kite Realty Group LP</title>
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        <name>United Mexican States</name>
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        <name>FNMA</name>
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        <name>Textainer Marine Containers VII Ltd.</name>
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        <name>GNMA</name>
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        <name>Comcast Corp.</name>
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        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
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        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>United States of America</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>GE Capital Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <title>Bank of America Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Aircastle Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
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        <name>Carmax Select Receivables Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>BofA Auto Trust</name>
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        <name>Chase Issuance Trust</name>
        <lei>5493008SHVCX2Y068L12</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
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      <invstOrSec>
        <name>Raizen Fuels Finance SA</name>
        <lei>52990010NH26VC32Q522</lei>
        <title>Raizen Fuels Finance SA</title>
        <cusip>75102XAC0</cusip>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487057.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-05</maturityDt>
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          <annualizedRt>6.95000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC USA, Inc.</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA, Inc.</title>
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        <balance>3115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3139570.12000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hilton Grand Vacations Trust</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Trust, Series 2023-1A, Class A</title>
        <cusip>432917AA0</cusip>
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        <balance>460070.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469534.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-25</maturityDt>
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          <annualizedRt>5.72000000</annualizedRt>
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      <invstOrSec>
        <name>Navient Private Education Refi Loan Trust</name>
        <lei>N/A</lei>
        <title>Navient Private Education Refi Loan Trust, Series 2021-GA, Class A</title>
        <cusip>63942KAA2</cusip>
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          <isin value="US63942KAA25"/>
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        <balance>4003512.07000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3616015.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2070-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.58000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140X84A2</cusip>
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          <isin value="US3140X84A21"/>
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        <balance>1356950.05000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179SGL5</cusip>
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          <isin value="US36179SGL51"/>
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        <balance>124051.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115324.72000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CubeSmart LP</name>
        <lei>549300MPHKO3I3FJRA97</lei>
        <title>CubeSmart LP</title>
        <cusip>22966RAD8</cusip>
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          <isin value="US22966RAD89"/>
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        <balance>3125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3073687.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wise CLO Ltd.</name>
        <lei>254900UJ1RZE30CBZ497</lei>
        <title>Wise CLO Ltd., Series 2024-2A, Class A</title>
        <cusip>97718GAA1</cusip>
        <identifiers>
          <isin value="US97718GAA13"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8515827.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.71610160</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBV6</cusip>
        <identifiers>
          <isin value="US68389XBV64"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>933847.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Issuer Trust, Series 2025-2A, Class C</title>
        <cusip>37989BAJ1</cusip>
        <identifiers>
          <isin value="US37989BAJ17"/>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1860615.18000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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        <balance>5145156.69000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5228350.37000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chesapeake Funding II LLC</name>
        <lei>5493000HT7H4OFOD6Z12</lei>
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        <balance>758502.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>768615.48000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.16000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>World Omni Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>World Omni Auto Receivables Trust, Series 2024-C, Class A3</title>
        <cusip>98164NAD7</cusip>
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          <isin value="US98164NAD75"/>
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        <balance>2424000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2433325.13000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Amcor Group Finance plc</name>
        <lei>2549008XHB8M1L64J275</lei>
        <title>Amcor Group Finance plc</title>
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          <isin value="US02344BAA44"/>
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        <balance>3615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3716908.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SoFi Consumer Loan Program Trust</name>
        <lei>N/A</lei>
        <title>SoFi Consumer Loan Program Trust, Series 2025-2, Class A</title>
        <cusip>83407HAA5</cusip>
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          <isin value="US83407HAA59"/>
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        <balance>2260000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Honda Motor Co. Ltd.</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Co. Ltd.</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Reach ABS Trust</name>
        <lei>N/A</lei>
        <title>Reach ABS Trust, Series 2024-2A, Class A</title>
        <cusip>75525HAA8</cusip>
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          <isin value="US75525HAA86"/>
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        <balance>1073732.61000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1076353.48000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.88000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3132CWRM8</cusip>
        <identifiers>
          <isin value="US3132CWRM81"/>
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        <balance>7085191.74000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6515475.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3132L7NM7</cusip>
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        <name>Wellington Management CLO 3 Ltd.</name>
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        <name>Barclays plc</name>
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        <name>FHLMC Pool</name>
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        <name>Energy Transfer LP</name>
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        <name>Nasdaq, Inc.</name>
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        <name>Auxilior Term Funding LLC</name>
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        <name>Public Service Co. of Colorado</name>
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        <name>Jackson National Life Global Funding</name>
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        <name>Charter Communications Operating LLC</name>
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        <name>Westinghouse Air Brake Technologies Corp.</name>
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        <name>Healthpeak OP LLC</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Westlake Automobile Receivables Trust</name>
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        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
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        <name>United Airlines, Inc.</name>
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        <name>Ares Capital Corp.</name>
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        <name>GreenSky Home Improvement Issuer Trust</name>
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        <name>United States of America</name>
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        <name>FHLMC Pool</name>
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        <name>Eastman Chemical Co.</name>
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        <name>Wellington Management CLO 3 Ltd.</name>
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        <name>NiSource, Inc.</name>
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        <name>FHLMC</name>
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        <name>Morgan Stanley</name>
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        <name>Raizen Fuels Finance SA</name>
        <lei>52990010NH26VC32Q522</lei>
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        <name>AerCap Ireland Capital DAC</name>
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        <name>Cooperatieve Rabobank UA</name>
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        <title>Cooperatieve Rabobank UA</title>
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        <name>ING Groep NV</name>
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        <name>FHLMC Pool</name>
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        <name>Sammons Financial Group, Inc.</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>BMW Vehicle Lease Trust</name>
        <lei>N/A</lei>
        <title>BMW Vehicle Lease Trust, Series 2025-1, Class A3</title>
        <cusip>096912AD2</cusip>
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          <isin value="US096912AD26"/>
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        <balance>1655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1664471.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.43000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179X5K8</cusip>
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          <isin value="US36179X5K87"/>
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        <balance>2434694.57000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2507727.81000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GM Financial Automobile Leasing Trust</name>
        <lei>N/A</lei>
        <title>GM Financial Automobile Leasing Trust, Series 2025-1, Class A3</title>
        <cusip>36271VAD9</cusip>
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          <isin value="US36271VAD91"/>
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        <balance>1825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1837166.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.66000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp.</title>
        <cusip>30161NAC5</cusip>
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          <isin value="US30161NAC56"/>
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        <balance>4170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4288107.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ecolab, Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab, Inc.</title>
        <cusip>278865BQ2</cusip>
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          <isin value="US278865BQ21"/>
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        <balance>1625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1636318.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636ABH3</cusip>
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          <isin value="US23636ABH32"/>
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        <balance>4106000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4260099.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ABT3</cusip>
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          <isin value="US44891ABT34"/>
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        <balance>672000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>626285.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JB Hunt Transport Services, Inc.</name>
        <lei>549300XCD1MPI1C5GK90</lei>
        <title>JB Hunt Transport Services, Inc.</title>
        <cusip>445658CG0</cusip>
        <identifiers>
          <isin value="US445658CG02"/>
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        <balance>4920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4992708.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MPLX LP</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX LP</title>
        <cusip>55336VBR0</cusip>
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          <isin value="US55336VBR06"/>
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        <balance>3343000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3278424.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
        <cusip>378272BZ0</cusip>
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          <isin value="US378272BZ09"/>
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        <balance>3050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3109604.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.18600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
        <cusip>21036PBH0</cusip>
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          <isin value="US21036PBH01"/>
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        <balance>2625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2274044.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>5899775.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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      <invstOrSec>
        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8081454.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-09</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Northrop Grumman Corp.</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp.</title>
        <cusip>666807CN0</cusip>
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        <balance>2235000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
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          <isin value="US3132DWGS61"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179WNF1</cusip>
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          <isin value="US36179WNF13"/>
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        <balance>9390979.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8316725.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valero Energy Partners LP</name>
        <lei>549300WH1375KZXLJ231</lei>
        <title>Valero Energy Partners LP</title>
        <cusip>91914JAB8</cusip>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>320763.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Fortitude Group Holdings LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rolls-Royce plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lennar Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-30</maturityDt>
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        <name>Carrier Global Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Australia Bank Ltd.</name>
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        <name>Citadel Securities Global Holdings LLC</name>
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        <name>FNMA</name>
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        <name>Blackstone Secured Lending Fund</name>
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        <name>FNMA</name>
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        <name>BAT International Finance plc</name>
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        <name>GE HealthCare Technologies, Inc.</name>
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        <name>Santander Holdings USA, Inc.</name>
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        <title>Santander Holdings USA, Inc.</title>
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        <name>FHLMC Pool</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Boardwalk Pipelines LP</name>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <name>Bayer US Finance LLC</name>
        <lei>54930093Q75GSEM74I71</lei>
        <title>Bayer US Finance LLC</title>
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      <invstOrSec>
        <name>Targa Resources Partners LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-09</maturityDt>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntington Bancshares, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MassMutual Global Funding II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Mountain Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Capital Funding, Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <name>Stellantis Finance US, Inc.</name>
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        <name>NYMT Loan Trust</name>
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        <name>Southern Co. Gas Capital Corp.</name>
        <lei>E8CD46SWUD2TSN8PA636</lei>
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        <name>Commonwealth Bank of Australia</name>
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        <name>Las Vegas Sands Corp.</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp.</title>
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        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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        <name>Toll Brothers Finance Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>United States of America</name>
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        <name>American Credit Acceptance Receivables Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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          <couponKind>Fixed</couponKind>
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        <name>Belrose Funding Trust II</name>
        <lei>N/A</lei>
        <title>Belrose Funding Trust II</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pacific Life Global Funding II</name>
        <lei>6354003EUPCHXTWUU869</lei>
        <title>Pacific Life Global Funding II</title>
        <cusip>6944PL3F4</cusip>
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          <isin value="US6944PL3F46"/>
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        <balance>4620000.00000000</balance>
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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>Eaton Capital ULC</name>
        <lei>549300OLS85LSODKAF64</lei>
        <title>Eaton Capital ULC</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc.</title>
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        <identifiers>
          <isin value="US49456BBB62"/>
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        <balance>2805000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Black Hills Corp.</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp.</title>
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        <identifiers>
          <isin value="US092113AR00"/>
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        <balance>1350000.00000000</balance>
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        <valUSD>1265674.99000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Capital Power US Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Capital Power US Holdings, Inc.</title>
        <cusip>14041TAA6</cusip>
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          <isin value="US14041TAA60"/>
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        <balance>2315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2346357.95000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810UE6</cusip>
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          <isin value="US912810UE63"/>
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        <balance>79420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75684778.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140XHQK6</cusip>
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        <balance>2728048.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2631972.74000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Analog Devices, Inc.</name>
        <lei>GYVOE5EZ4GDAVTU4CQ61</lei>
        <title>Analog Devices, Inc.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Zayo Issuer LLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MassMutual Global Funding II</name>
        <lei>549300K1IE3K7YU6VG29</lei>
        <title>MassMutual Global Funding II</title>
        <cusip>57629WCW8</cusip>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp., Series L</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>3128MAFA2</cusip>
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        <balance>202838.69000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189109.20000000</valUSD>
        <pctVal>0.005469063354</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <name>FHLMC Pool</name>
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      <invstOrSec>
        <name>Ameren Corp.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Dominion Energy, Inc.</name>
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        <name>Ralph Lauren Corp.</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>Ralph Lauren Corp.</title>
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        <name>Nomura Holdings, Inc.</name>
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        <invCountry>JP</invCountry>
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        <name>Morgan Stanley</name>
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        <title>Morgan Stanley</title>
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        <name>Citizens Financial Group, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Schlumberger Holdings Corp.</name>
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        <name>ONEOK, Inc.</name>
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        <name>FNMA</name>
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        <name>NY Commercial Mortgage Trust</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>JBS USA Holding Lux Sarl</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Dell International LLC</name>
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        <name>Comcast Corp.</name>
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        <name>NGPL PipeCo LLC</name>
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        <name>Southern California Edison Co.</name>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <name>Duke Energy Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>Frontier Issuer LLC</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>Blue Owl Credit Income Corp.</name>
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        <name>CBRE Services, Inc.</name>
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        <name>FHLMC</name>
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        <name>HSBC Holdings plc</name>
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        <name>FHLMC Pool</name>
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        <name>Westlake Automobile Receivables Trust</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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        <name>United Airlines, Inc.</name>
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        <name>FNMA</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>New Economy Assets Phase 1 Sponsor LLC</name>
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        <name>Cedar Funding VIII CLO Ltd.</name>
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        <name>Applebee's Funding LLC</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LAD Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>LAD Auto Receivables Trust, Series 2025-1A, Class A3</title>
        <cusip>505712AC3</cusip>
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          <isin value="US505712AC37"/>
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        <balance>2930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2949188.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLU3</cusip>
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          <isin value="US91282CLU35"/>
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        <balance>88735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89660478.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADX2</cusip>
        <identifiers>
          <isin value="US44891ADX28"/>
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        <balance>2875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2911820.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aventura Mall Trust</name>
        <lei>N/A</lei>
        <title>Aventura Mall Trust, Series 2018-AVM, Class A</title>
        <cusip>05359AAA1</cusip>
        <identifiers>
          <isin value="US05359AAA16"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1375319.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.24939680</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3138EKFG5</cusip>
        <identifiers>
          <isin value="US3138EKFG55"/>
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        <balance>4287326.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4023269.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3L5</cusip>
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          <isin value="US95000U3L56"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3576004.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.70700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cummins, Inc.</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
        <title>Cummins, Inc.</title>
        <cusip>231021BA3</cusip>
        <identifiers>
          <isin value="US231021BA37"/>
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        <balance>8840000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8976429.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regional Management Issuance Trust</name>
        <lei>N/A</lei>
        <title>Regional Management Issuance Trust, Series 2024-2, Class A</title>
        <cusip>75907AAA1</cusip>
        <identifiers>
          <isin value="US75907AAA16"/>
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        <balance>1865000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1875204.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>United Airlines Pass-Through Trust, Series 2020-1, Class A</title>
        <cusip>90931GAA7</cusip>
        <identifiers>
          <isin value="US90931GAA76"/>
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        <balance>4094207.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4177723.60000000</valUSD>
        <pctVal>0.120820325221</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cerberus Loan Funding XXXVII LP</name>
        <lei>635400N8FQLKT6GMFM47</lei>
        <title>Cerberus Loan Funding XXXVII LP, Series 2022-1A, Class A1</title>
        <cusip>15672QAA5</cusip>
        <identifiers>
          <isin value="US15672QAA58"/>
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        <balance>5600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5600386.40000000</valUSD>
        <pctVal>0.161963923657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.03609840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JBS USA Holding Lux Sarl</name>
        <lei>N/A</lei>
        <title>JBS USA Holding Lux Sarl</title>
        <cusip>46590XAU0</cusip>
        <identifiers>
          <isin value="US46590XAU00"/>
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        <balance>641000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>586123.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Protective Life Global Funding</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>Protective Life Global Funding</title>
        <cusip>74368CCC6</cusip>
        <identifiers>
          <isin value="US74368CCC64"/>
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        <balance>5235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5300413.63000000</valUSD>
        <pctVal>0.153288671032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>90351DAB3</cusip>
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          <isin value="US90351DAB38"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4991685.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Discover Card Execution Note Trust</name>
        <lei>549300CKCX1QE4RUW216</lei>
        <title>Discover Card Execution Note Trust, Series 2023-A1, Class A</title>
        <cusip>254683CY9</cusip>
        <identifiers>
          <isin value="US254683CY96"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3996344.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>4.31000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Credit Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Lease Trust, Series 2025-A, Class A3</title>
        <cusip>345282AD9</cusip>
        <identifiers>
          <isin value="US345282AD94"/>
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        <balance>1355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1365712.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.72000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179TQP3</cusip>
        <identifiers>
          <isin value="US36179TQP39"/>
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        <balance>274589.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253583.92000000</valUSD>
        <pctVal>0.007333680879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
        <cusip>31292LGC3</cusip>
        <identifiers>
          <isin value="US31292LGC37"/>
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        <balance>350441.63700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>329340.20000000</valUSD>
        <pctVal>0.009524562628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Ares XXXIX CLO Ltd.</name>
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        <name>Var Energi ASA</name>
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        <name>Athene Global Funding</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>FNMA</name>
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        <name>Westlake Automobile Receivables Trust</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-15</maturityDt>
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        <name>Neuberger Berman Loan Advisers CLO 47 Ltd.</name>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Enbridge, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NSTAR Electric Co.</name>
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        <name>Vistra Operations Co. LLC</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>GNMA</name>
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        <title>GNMA</title>
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        <name>BGC Group, Inc.</name>
        <lei>2549001IGRCG4F0RLD36</lei>
        <title>BGC Group, Inc.</title>
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        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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        <name>AASET</name>
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      <invstOrSec>
        <name>Jersey Central Power &amp; Light Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dllad LLC</name>
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      <invstOrSec>
        <name>Compass Datacenters Issuer III LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aker BP ASA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synchrony Financial</name>
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        <fairValLevel>2</fairValLevel>
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        <name>QUALCOMM, Inc.</name>
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        <title>QUALCOMM, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ally Financial, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MassMutual Global Funding II</name>
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        <title>MassMutual Global Funding II</title>
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        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Glencore Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saudi Arabian Oil Co.</name>
        <lei>5586006WD91QHB7J4X50</lei>
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        <name>Exeter Automobile Receivables Trust</name>
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        <name>Marathon CLO Ltd.</name>
        <lei>N/A</lei>
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        <invCountry>KY</invCountry>
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        <name>Enbridge, Inc.</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge, Inc.</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp.</title>
        <cusip>89788MAQ5</cusip>
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        <balance>123000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-30</maturityDt>
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          <annualizedRt>7.16100000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FBK6</cusip>
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        <name>Motorola Solutions, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>FNMA</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>CyrusOne Data Centers Issuer I LLC</name>
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        <name>Zimmer Biomet Holdings, Inc.</name>
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        <name>FNMA</name>
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        <name>CVS Health Corp.</name>
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        <name>Kite Realty Group LP</name>
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        <name>BX Trust</name>
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        <name>Carvana Auto Receivables Trust</name>
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        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>Sprint LLC</name>
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        <name>United Airlines Pass-Through Trust</name>
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        <name>Mizuho Financial Group, Inc.</name>
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        <name>BANK5</name>
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        <name>FNMA</name>
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        <name>Bank of America Corp.</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>Credit Acceptance Auto Loan Trust</name>
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        <name>Morgan Stanley</name>
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        <name>Boeing Co. (The)</name>
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        <name>FNMA</name>
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        <title>UMBS</title>
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      <invstOrSec>
        <name>AmeriCredit Automobile Receivables Trust</name>
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      <invstOrSec>
        <name>Hyatt Hotels Corp.</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
        <title>Hyatt Hotels Corp.</title>
        <cusip>448579AV4</cusip>
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        <name>Bank of America Corp.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Kentucky Utilities Co.</name>
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        <name>FNMA</name>
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        <name>Commonwealth Edison Co.</name>
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        <name>CSL Finance plc</name>
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        <name>USB Auto Owner Trust</name>
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        <name>CANTOR FITZGERAL &amp; CO</name>
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        <name>GNMA</name>
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        <name>Sonoco Products Co.</name>
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        <name>Dllad LLC</name>
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        <name>Kyndryl Holdings, Inc.</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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        <name>Phillips 66</name>
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        <name>FHLMC Pool</name>
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        <name>CarMax Select Receivables Trust</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>FNMA</name>
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        <name>Pine Street Trust III</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>SFS Auto Receivables Securitization Trust</name>
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        <name>CVS Health Corp.</name>
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        <name>FNMA</name>
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        <name>Ashtead Capital, Inc.</name>
        <lei>213800J1134IW58IC398</lei>
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        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <name>Cousins Properties LP</name>
        <lei>254900ZQIHJ5FQH4C329</lei>
        <title>Cousins Properties LP</title>
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        <name>Regional Management Issuance Trust</name>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Santander UK Group Holdings plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Carmax Auto Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J.P. Morgan Chase Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Brighthouse Financial Global Funding</name>
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        <balance>4150000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BMO Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Amcor Flexibles North America, Inc.</name>
        <lei>PTVU09TE3QPJPL7K4E13</lei>
        <title>Amcor Flexibles North America, Inc.</title>
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        <name>BNP Paribas SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust</name>
        <lei>N/A</lei>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <name>Goldman Sachs Group, Inc. (The)</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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      <invstOrSec>
        <name>CenterPoint Energy Houston Electric LLC</name>
        <lei>549300S8SEQBOJLKHW63</lei>
        <title>CenterPoint Energy Houston Electric LLC</title>
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        <balance>2045000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Amphenol Corp.</name>
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        <title>Amphenol Corp.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VMware LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
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          <isin value="US3140XHLC91"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>CSMC OA LLC</name>
        <lei>549300818AKCJ4Q9TD76</lei>
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          <isin value="US12649AAC36"/>
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        <balance>2010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1854225.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-15</maturityDt>
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          <annualizedRt>3.95300000</annualizedRt>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
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          <isin value="US87264AAX37"/>
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        <balance>2975000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Receivables Issuer Trust</name>
        <lei>N/A</lei>
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          <isin value="US36270YAE23"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002230.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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          <isin value="US37045XFE13"/>
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        <balance>3405000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANK OF AMERICA N.A.</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>Government Agency Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="250630011"/>
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        <balance>2000000.00000000</balance>
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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>General Motors Co.</name>
        <lei>54930070NSV60J38I987</lei>
        <title>General Motors Co.</title>
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          <isin value="US37045VBA70"/>
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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>Dell International LLC</name>
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        <balance>2440000.00000000</balance>
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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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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <balance>22438.24000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CGI, Inc.</name>
        <lei>549300WSRCZY73ZG3090</lei>
        <title>CGI, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-14</maturityDt>
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        <name>American National Global Funding</name>
        <lei>N/A</lei>
        <title>American National Global Funding</title>
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      <invstOrSec>
        <name>DT Midstream, Inc.</name>
        <lei>N/A</lei>
        <title>DT Midstream, Inc.</title>
        <cusip>23345MAC1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-15</maturityDt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>PERSHING LLC</name>
        <lei>ZI8Q1A8EI8LQFJNM0D94</lei>
        <title>Government Agency Repurchase Agreement</title>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dominion Energy, Inc.</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy, Inc.</title>
        <cusip>25746UDX4</cusip>
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        <balance>6790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6847669.17000000</valUSD>
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        <name>Biogen, Inc.</name>
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        <name>FNMA</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <name>FirstEnergy Pennsylvania Electric Co.</name>
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        <name>United States of America</name>
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        <name>RGA Global Funding</name>
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        <name>GLS Auto Select Receivables Trust</name>
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        <name>Capital One Multi-Asset Execution Trust</name>
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        <name>GS Mortgage Securities Corp. Trust</name>
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        <name>CVS Pass-Through Trust</name>
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        <name>GlaxoSmithKline Capital, Inc.</name>
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        <name>Pricoa Global Funding I</name>
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        <name>Automatic Data Processing, Inc.</name>
        <lei>HGBOLILQXWER4SAL2I23</lei>
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        <name>Magnetite XVII Ltd.</name>
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        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140XA5M0</cusip>
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          <isin value="US3140XA5M08"/>
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        <balance>774252.19000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>Crown Castle, Inc.</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>Crown Castle, Inc.</title>
        <cusip>22822VAC5</cusip>
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          <isin value="US22822VAC54"/>
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        <balance>3870000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bond</title>
        <cusip>912810UF3</cusip>
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          <isin value="US912810UF39"/>
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        <balance>54195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53051824.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>3617MVTY1</cusip>
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          <isin value="US3617MVTY13"/>
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        <balance>3092050.22000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2724621.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp.</title>
        <cusip>049560BC8</cusip>
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          <isin value="US049560BC87"/>
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        <balance>3760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3803951.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Lincoln Financial Global Funding</name>
        <lei>984500OC010458395923</lei>
        <title>Lincoln Financial Global Funding</title>
        <cusip>53359KAB7</cusip>
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          <isin value="US53359KAB70"/>
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        <balance>4860000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4890085.98000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kentucky Utilities Co.</name>
        <lei>AGX0G2MXE54NFNNICD28</lei>
        <title>Kentucky Utilities Co., Series KENT</title>
        <cusip>491674BN6</cusip>
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          <isin value="US491674BN65"/>
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        <balance>3675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3790700.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810UJ5</cusip>
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          <isin value="US912810UJ50"/>
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        <balance>16215000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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          <isin value="US61744YAP34"/>
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        <balance>2825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2784667.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.77200000</annualizedRt>
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      <invstOrSec>
        <name>Hilton Grand Vacations Trust</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Trust, Series 2022-2A, Class A</title>
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          <isin value="US43283GAA04"/>
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        <balance>245000.12000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243079.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>95000U3D3</cusip>
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          <isin value="US95000U3D31"/>
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        <balance>5665000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-24</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.38900000</annualizedRt>
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      <invstOrSec>
        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A4G3</cusip>
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          <isin value="US04685A4G37"/>
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        <balance>1130000.00000000</balance>
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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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          <maturityDt>2030-01-07</maturityDt>
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          <annualizedRt>5.38000000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US90932WAA18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-15</maturityDt>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Boeing Co. (The)</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co. (The)</title>
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          <isin value="US097023CW33"/>
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        <balance>3910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3749693.09000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80500000</annualizedRt>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL Holdings, Inc.</title>
        <cusip>50212YAP9</cusip>
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          <isin value="US50212YAP97"/>
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        <balance>5120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5183481.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BD4</cusip>
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          <isin value="US682680BD48"/>
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        <balance>1620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1628264.28000000</valUSD>
        <pctVal>0.047089620734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>M&amp;T Bank Auto Receivables Trust</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Ashtead Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Apollo Debt Solutions BDC</name>
        <lei>549300UMUGX092P8DW87</lei>
        <title>Apollo Debt Solutions BDC</title>
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        <name>FHLMC</name>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>
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        <name>FNMA</name>
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        <title>UMBS</title>
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        <name>Morgan Stanley Direct Lending Fund</name>
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        <title>Morgan Stanley Direct Lending Fund</title>
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          <isin value="US61774AAG85"/>
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        <invCountry>US</invCountry>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Nuveen LLC</name>
        <lei>N/A</lei>
        <title>Nuveen LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Micron Technology, Inc.</name>
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        <name>Huntington Bank Auto Credit-Linked Notes</name>
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        <name>FHLMC Pool</name>
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        <name>Cheniere Energy Partners LP</name>
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        <name>GNMA</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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      <invstOrSec>
        <name>Chevron USA, Inc.</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
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        <name>Ladder Capital Finance Holdings LLLP</name>
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        <name>Omega Healthcare Investors, Inc.</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
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        <name>FNMA</name>
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        <name>BA Credit Card Trust</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Synchrony Bank</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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      <invstOrSec>
        <name>MSD Investment Corp.</name>
        <lei>549300K4HV7AOWFSAO65</lei>
        <title>MSD Investment Corp.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="970828.45000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
