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      <invstOrSec>
        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PFIZER INC</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc</title>
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          <isin value="US717081DV27"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
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          <isin value="US04685A3S83"/>
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        <balance>128343000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BNP Paribas Prime Brokerage, Inc.</name>
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        <curCd>USD</curCd>
        <valUSD>416000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="7VHWWWW4UJS7NUM3PT30" name="BNP Paribas Prime Brokerage, Inc."/>
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            <repurchaseCollateral>
              <principalAmt>26383.00000000</principalAmt>
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              <invstCat>EQT</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>QATAR NATIONAL BANK SAQ, GROSV</name>
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          <isin value="XS3099046487"/>
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        <balance>90000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-13</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>CANADIAN IMPERIAL BANK</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
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        <balance>42477000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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="US87264ABR59"/>
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        <balance>6719000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6619163.05000000</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>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>HYUNDAI CAPITAL SERVICES</name>
        <lei>549300MALMDAGL2ZJJ27</lei>
        <title>Hyundai Capital Services Inc</title>
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          <isin value="US44920UAP30"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1078383.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
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          <isin value="US928668BL58"/>
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        <balance>47576000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46931737.71000000</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>2025-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
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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>2026-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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      <invstOrSec>
        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
        <title>Mizuho Markets Cayman LP</title>
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          <isin value="US60700JCY91"/>
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        <balance>20000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20016386.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-23</maturityDt>
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        <name>BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Bank of Nova Scotia/The</title>
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        <curCd>USD</curCd>
        <valUSD>17298877.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc</title>
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        <valUSD>213679248.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MUFG Securities Americas, Inc.</name>
        <lei>K5HU16E3LMSVCCJJJ255</lei>
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        <valUSD>75000000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
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      <invstOrSec>
        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
        <cusip>23636RAD6</cusip>
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          <isin value="US23636RAD61"/>
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        <balance>100000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97660900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRICOA GLOBAL FUNDING 1</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <name>SUMITOMO MITSUI TR BK LT</name>
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        <name>GENERAL MOTORS FINL CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BNP Paribas Prime Brokerage, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UBS GROUP AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
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          <isin value="US902613BB36"/>
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        <balance>225567000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225638946.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-17</maturityDt>
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          <annualizedRt>4.55000000</annualizedRt>
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        <name>NATL BANK OF KUWAIT NY</name>
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        <title>National Bank of Kuwait/New York NY</title>
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        <balance>40000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40000704.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-18</maturityDt>
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      <invstOrSec>
        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
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        <balance>80000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.69000000</annualizedRt>
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        <name>EQUITABLE FINANCIAL LIFE</name>
        <lei>635400B4JJBON4TCHF02</lei>
        <title>Equitable Financial Life Global Funding</title>
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        <balance>1012000.00000000</balance>
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        <curCd>USD</curCd>
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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>2026-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <name>Barclays Capital Inc</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital Inc</title>
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        <balance>97500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95988535.50000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>MERCEDES-BENZ FIN NA</name>
        <lei>549300423Z16BB673J12</lei>
        <title>Mercedes-Benz Finance North America LLC</title>
        <cusip>58769JAB3</cusip>
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        <valUSD>13977475.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.38000000</annualizedRt>
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        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <balance>32555000.00000000</balance>
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        <valUSD>32964230.68000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53000000</annualizedRt>
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        <name>PARADELLE FUNDING LLC</name>
        <lei>N/A</lei>
        <title>Paradelle Funding LLC</title>
        <cusip>69901Q2B2</cusip>
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        <balance>150000000.00000000</balance>
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        <valUSD>150104190.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-22</maturityDt>
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        <name>BANK OF NOVA SCOTIA</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.74000000</annualizedRt>
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        <name>SUMITOMO MITSUI FINL GRP</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>Sumitomo Mitsui Financial Group Inc</title>
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        <balance>21260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20863474.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL CO</name>
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        <title>General Motors Financial Co Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-12</maturityDt>
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      <invstOrSec>
        <name>BofA Securities Inc</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-02</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAYERISCHE LANDESBANK NY</name>
        <lei>549300DJ6F1V4GISFC11</lei>
        <title>Bayerische Landesbank/New York</title>
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          <isin value="US0727MDEW17"/>
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        <balance>29000000.00000000</balance>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-05</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ste Transcore Holdings Inc</name>
        <lei>2549005ISD49W0N6WG55</lei>
        <title>Ste Transcore Holdings Inc</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-02</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Parker-Hannifin Corp</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-21</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA Inc</title>
        <cusip>40434RAT9</cusip>
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          <isin value="US40434RAT95"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24363557.50000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-27</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
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          <isin value="US06051GFX25"/>
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        <balance>39129000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38864918.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>SUMITOMO MITSUI TR BK LT</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd</title>
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        <balance>13243000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-25</maturityDt>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
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        <title>HSBC USA Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Toronto-Dominion Bank</name>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MIZUHO MARKETS CAYMAN</name>
        <lei>549300KHUXLS6Q30KT26</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <name>ST Engineering North America Inc</name>
        <lei>549300XO53TG71IVX170</lei>
        <title>ST Engineering North America Inc</title>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-02</maturityDt>
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        <name>Brookfield Infrastructure Holdings Canada Inc</name>
        <lei>549300GV8LYH0T7DZO77</lei>
        <title>Brookfield Infrastructure Holdings Canada Inc</title>
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        <balance>37000000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-03</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COLLAT CP FLEX CO LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891ADA25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>AMERICAN HONDA FINANCE</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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          <other otherDesc="Internal Identifier" value="ARP196RZ3"/>
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        <curCd>USD</curCd>
        <valUSD>216000000.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
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              <invstCat>CDS</invstCat>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA Inc</title>
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          <isin value="US40434PUF16"/>
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        <balance>70000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69872775.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>BAYERISCHE LANDESBANK NY</name>
        <lei>549300DJ6F1V4GISFC11</lei>
        <title>Bayerische Landesbank/New York</title>
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          <isin value="US0727MDDR31"/>
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        <balance>128000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>128124684.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-28</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>MONDELEZ INTL HLDINGS NE</name>
        <lei>549300CW356R8I7N8D33</lei>
        <title>Mondelez International Holdings Netherlands BV</title>
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          <isin value="US60920LAS34"/>
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        <balance>1425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1424024.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bank of Nova Scotia</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
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        <curCd>USD</curCd>
        <valUSD>155000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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            <repurchaseCollateral>
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              <invstCat>EQT</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>Macquarie Bank Ltd</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
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        <curCd>USD</curCd>
        <valUSD>125000000.00000000</valUSD>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
        <cusip>04685A3W9</cusip>
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          <isin value="US04685A3W95"/>
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        <balance>34000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34107671.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63307NNR4</cusip>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUITABLE FINANCIAL LIFE</name>
        <lei>635400B4JJBON4TCHF02</lei>
        <title>Equitable Financial Life Global Funding</title>
        <cusip>29449WAP2</cusip>
        <identifiers>
          <isin value="US29449WAP23"/>
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        <balance>9058000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9094830.73000000</valUSD>
        <pctVal>0.063788357373</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA Inc</title>
        <cusip>40434PZC3</cusip>
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          <isin value="US40434PZC30"/>
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        <balance>100000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97973020.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>MIZUHO MARKETS CAYMAN</name>
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        <name>NATWEST GROUP PLC</name>
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        <name>UBS GROUP AG</name>
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        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Mizuho Securities USA LLC</name>
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        <name>VOLKSWAGEN GROUP AMERICA</name>
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        <name>DEUTSCHE BANK NY</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
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        <name>BAYERISCHE LANDESBANK NY</name>
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      <invstOrSec>
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        <name>Societe Generale SA</name>
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        <name>HSBC USA Inc</name>
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        <name>MERCEDES-BENZ FIN NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO &amp; COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COLLAT CP FLEX CO LLC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CommonSpirit Health</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>HYUNDAI CAPITAL AMERICA</name>
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        <title>Hyundai Capital America</title>
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        <name>BMW US CAPITAL LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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        <name>Ste Transcore Holdings Inc</name>
        <lei>2549005ISD49W0N6WG55</lei>
        <title>Ste Transcore Holdings Inc</title>
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        <balance>40000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39995148.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>BAYERISCHE LANDESBANK NY</name>
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        <title>Bayerische Landesbank/New York</title>
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        <curCd>USD</curCd>
        <valUSD>100085950.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>EQUITABLE FINANCIAL LIFE</name>
        <lei>635400B4JJBON4TCHF02</lei>
        <title>Equitable Financial Life Global Funding</title>
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        <balance>9189000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-07</maturityDt>
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        <name>Toyota Credit de Puerto Rico Corp</name>
        <lei>549300C3PZBB11ZOEC65</lei>
        <title>Toyota Credit de Puerto Rico Corp</title>
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        <curCd>USD</curCd>
        <valUSD>9816996.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>GENERAL MOTORS FINL CO</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co Inc</title>
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        <balance>4424000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4438682.19000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>NATL BANK OF KUWAIT NY</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>National Bank of Kuwait/New York NY</title>
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        <curCd>USD</curCd>
        <valUSD>79992152.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83368YPB7</cusip>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-04</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-26</maturityDt>
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      <invstOrSec>
        <name>Wells Fargo Securities LLC</name>
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        <curCd>USD</curCd>
        <valUSD>75000000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <collateralVal>24662.16000000</collateralVal>
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      <invstOrSec>
        <name>BANCO SANTANDER SA/NY</name>
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          <isin value="US05973REP38"/>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-22</maturityDt>
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      <invstOrSec>
        <name>CHARIOT FUNDING LLC</name>
        <lei>549300EEWRNP448AMT79</lei>
        <title>Chariot Funding LLC</title>
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          <isin value="US15963WK922"/>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PRUDENTIAL FINANCIAL INC</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
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          <isin value="US74432QCH65"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3924709.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>ATHENE GLOBAL FUNDING</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
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          <isin value="US04685A3V13"/>
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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>2026-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62000000</annualizedRt>
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      <invstOrSec>
        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pricoa Short Term Funding LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-21</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
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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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          <maturityDt>2025-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Bank of Nova Scotia</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>EIDP Inc</name>
        <lei>GLU7INWNWH88J9XBXD45</lei>
        <title>EIDP Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG NY</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG NY</title>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>75032145.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69000000</annualizedRt>
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      <invstOrSec>
        <name>BAY SQUARE FUNDING LLC</name>
        <lei>254900LIJZLNOHX66R80</lei>
        <title>Bay Square Funding LLC</title>
        <cusip>07260CBX0</cusip>
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          <isin value="US07260CBX02"/>
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        <balance>35000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35014658.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-11</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MIZUHO BANK LTD/NY</name>
        <lei>RB0PEZSDGCO3JS6CEU02</lei>
        <title>Mizuho Bank Ltd/New York NY</title>
        <cusip>60710TZR5</cusip>
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          <isin value="US60710TZR57"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50028015.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC USA Inc</name>
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        <name>HSBC USA Inc</name>
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        <name>Glencore Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Infrastructure Holdings Canada Inc</name>
        <lei>549300GV8LYH0T7DZO77</lei>
        <title>Brookfield Infrastructure Holdings Canada Inc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>Barclays Bank UK PLC</name>
        <lei>213800UUGANOMFJ9X769</lei>
        <title>Barclays Bank UK PLC</title>
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          <isin value="US06744QU241"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>SWEDBANK AB</name>
        <lei>M312WZV08Y7LYUC71685</lei>
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        <valUSD>15492273.06000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BMW US CAPITAL LLC</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-11</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>ABBVIE INC</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>MACQUARIE BANK LIMITED</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-11</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Barclays Capital Inc</name>
        <lei>AC28XWWI3WIBK2824319</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP</name>
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        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <invCountry>US</invCountry>
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        <name>MACQUARIE BANK LIMITED</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
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        <name>NATL BANK OF KUWAIT NY</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>National Bank of Kuwait/New York NY</title>
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        <balance>50000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PFIZER INVESTMENT ENTER</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN HONDA FINANCE</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NATL BANK OF KUWAIT NY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Securities LLC</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <title>Sumitomo Mitsui Financial Group Inc</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ING Baring U.S. Capital Markets</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63307NMR5</cusip>
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        <balance>150000000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-06</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>DAIMLER TRUCK FINAN NA</name>
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        <title>Daimler Truck Finance North America LLC</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-16</maturityDt>
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        <name>CREDIT AGRICOLE SA</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA</title>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-05</maturityDt>
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        <name>T-MOBILE USA INC</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA Inc</title>
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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>2026-02-15</maturityDt>
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          <annualizedRt>1.50000000</annualizedRt>
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        <name>TotalEnergies Capital SA</name>
        <lei>529900QI55ZLJVCMPA71</lei>
        <title>TotalEnergies Capital SA</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-08</maturityDt>
          <couponKind>None</couponKind>
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        <name>HYUNDAI CAPITAL AMERICA</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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        <name>GENERAL MOTORS FINL CO</name>
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        <title>General Motors Financial Co Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CHARIOT FUNDING LLC</name>
        <lei>549300EEWRNP448AMT79</lei>
        <title>Chariot Funding LLC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CDP FINANCIAL INC</name>
        <lei>549300OXMGVYFCBFV096</lei>
        <title>CDP Financial Inc</title>
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        <balance>20000000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-27</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>ENERGY TRANSFER LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273RBG3</cusip>
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        <balance>5290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5290755.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>BANQUE FED CRED MUTUEL</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>Banque Federative du Credit Mutuel SA</title>
        <cusip>06675DCD2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>SUMITOMO MITSUI FINL GRP</name>
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        <name>COMMONSPIRIT HEALTH</name>
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        <name>MERCEDES-BENZ FIN NA</name>
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        <name>Barclays Capital Inc</name>
        <lei>AC28XWWI3WIBK2824319</lei>
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        <debtSec>
          <maturityDt>2026-01-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BofA Securities, Inc.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BOFA SECURITIES INC:0.000 31DE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ARP19B651"/>
        </identifiers>
        <balance>225000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>225000000.00000000</valUSD>
        <pctVal>1.578081091899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BofA Securities, Inc."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.89000000</repurchaseRt>
          <maturityDt>2050-12-31</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>8168.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>128033.40000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>CDS</invstCat>
            </repurchaseCollateral>
            <repurchaseCollateral>
              <principalAmt>7477947.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>236121969.08000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays Capital Inc</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital Inc</title>
        <cusip>06743UYL0</cusip>
        <identifiers>
          <isin value="US06743UYL06"/>
        </identifiers>
        <balance>70000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68792633.00000000</valUSD>
        <pctVal>0.482490459552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BPCE SA</name>
        <lei>9695005MSX1OYEMGDF46</lei>
        <title>BPCE SA</title>
        <cusip>05578AAP3</cusip>
        <identifiers>
          <isin value="US05578AAP30"/>
        </identifiers>
        <balance>30193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29618424.79000000</valUSD>
        <pctVal>0.207734560590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOLKSWAGEN GROUP AMERICA</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
        <cusip>928668AT9</cusip>
        <identifiers>
          <isin value="US928668AT93"/>
        </identifiers>
        <balance>18410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18397025.38000000</valUSD>
        <pctVal>0.129031101775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QATAR NATIONAL BANK</name>
        <lei>254900TYI01M6U9J5L49</lei>
        <title>QATAR NATIONAL BANK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3086866558"/>
        </identifiers>
        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39410549.60000000</valUSD>
        <pctVal>0.276413525089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT INDUSTRIEL ET COMMERCIA</name>
        <lei>N/A</lei>
        <title>CREDIT INDUSTRIEL ET COMMERCIA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2950609219"/>
        </identifiers>
        <balance>115000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112957122.75000000</valUSD>
        <pctVal>0.792246664920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.01000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAYERISCHE LANDESBANK NY</name>
        <lei>549300DJ6F1V4GISFC11</lei>
        <title>Bayerische Landesbank/New York</title>
        <cusip>0727MDDT9</cusip>
        <identifiers>
          <isin value="US0727MDDT96"/>
        </identifiers>
        <balance>150000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150166545.00000000</valUSD>
        <pctVal>1.053222156890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-05</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-21</ncom:dateSigned>
      <ncom:nameOfApplicant>MORGAN STANLEY INSTITUTIONAL FUND TRUST</ncom:nameOfApplicant>
      <ncom:signature>Francis Smith</ncom:signature>
      <ncom:signerName>Francis Smith</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
