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      <invstOrSec>
        <name>BWX Technologies Inc.</name>
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        <name>Ball Corporation</name>
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        <name>Banco Bilbao Vizcaya Argentaria SA</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Bank of Nova Scotia</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-01-27</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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        <balance>500000.00000000</balance>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2085-10-27</maturityDt>
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      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays PLC </title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <invCountry>GB</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Barclays PLC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Amcor Flexibles North America Inc</name>
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        <title>Bemis Co., Inc. </title>
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        <name>BENEFIT STREET PARTNERS CLO XXIX LT</name>
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        <title>Benefit Street Partners CLO Ltd. </title>
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        <name>BENEFIT STREET PARTNERS CLO XXV LTD</name>
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        <name>Berry Global Inc</name>
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        <name>Boyd Gaming Corporation</name>
        <lei>254900787YGRYS2A1Z35</lei>
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        <name>Broadcom Inc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc. </title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC </title>
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          <isin value="US12189LBJ98"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1685731.56000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC </title>
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          <isin value="US12189LBK61"/>
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        <curCd>USD</curCd>
        <valUSD>942767.71000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe LLC </title>
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          <isin value="US12189LBL45"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CCO Holdings LLC/CCO Holdings Capital Corp. </title>
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          <isin value="US1248EPBX05"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994969.20000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CCO Holdings LLC/CCO Holdings Capital Corp. </title>
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          <isin value="US1248EPCK74"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>916360.10000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CCO Holdings, LLC/ CCO Holdings Capital Corp.</name>
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        <title>CCO Holdings LLC/CCO Holdings Capital Corp. </title>
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          <isin value="US1248EPCL57"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>CSX Corporation</name>
        <lei>549300JVQR4N1MMP3Q88</lei>
        <title>CSX Corp. </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1023195.27000000</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>2041-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Calpine Corporation</name>
        <lei>43R4VPJBXTU2O15HEF41</lei>
        <title>Calpine Corp </title>
        <cusip>131347CN4</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000025.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Canadian Pacific Railway Company</name>
        <lei>54930036474DURYNB481</lei>
        <title>Canadian Pacific Railway Co. </title>
        <cusip>13645RBF0</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>899735.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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      <invstOrSec>
        <name>Canpack SA And Canpack US LLC</name>
        <lei>259400TS8W5E4ILGVP08</lei>
        <title>Canpack SA/Canpack US LLC </title>
        <cusip>13806CAA0</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478534.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Carlyle Us Clo 2018-2 LLC</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO 2017-3 Ltd </title>
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        <valUSD>1003025.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp. </title>
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        <balance>2000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corp. </title>
        <cusip>143658CB6</cusip>
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        <balance>500000.00000000</balance>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2029-05-01</maturityDt>
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      <invstOrSec>
        <name>Chart Industries Inc</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>Chart Industries Inc </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>Citadel Finance LLC</name>
        <lei>549300BQL283NCR7P163</lei>
        <title>Citadel Finance LLC </title>
        <cusip>17287HAA8</cusip>
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        <valUSD>1997972.82000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2026-03-09</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc </title>
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        <balance>2000000.00000000</balance>
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        <valUSD>2040788.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.74999952</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>
      <invstOrSec>
        <name>Coca-Cola Co (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co./The </title>
        <cusip>191216DY3</cusip>
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          <isin value="US191216DY38"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017988.77000000</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>2034-08-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</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>
      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc. </title>
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          <isin value="US21036PBH01"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444917.60000000</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole S.A.</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
        <title>Credit Agricole SA </title>
        <cusip>225313AP0</cusip>
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          <isin value="US225313AP06"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>974416.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74999840</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>
      <invstOrSec>
        <name>Crown Americas LLC</name>
        <lei>RPPGGRL1J75WGF2DFO04</lei>
        <title>Crown Americas LLC </title>
        <cusip>228180AC9</cusip>
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          <isin value="US228180AC96"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023454.00000000</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>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dayton Power &amp; Light Co. (The)</name>
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        <title>Dayton Power &amp; Light Co./The </title>
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          <isin value="US240019BV03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>754362.75000000</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>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DELL EQUIPMENT FINANCE TRUST 2024-1</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust </title>
        <cusip>24702GAL9</cusip>
        <identifiers>
          <isin value="US24702GAL95"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253589.23000000</valUSD>
        <pctVal>0.071410372776</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12000000</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>Dell International LLC / EMC Corp.</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>Dell International LLC / EMC Corp. </title>
        <cusip>24703DBQ3</cusip>
        <identifiers>
          <isin value="US24703DBQ34"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>978991.38000000</valUSD>
        <pctVal>0.275682604467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</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>Dell International LLC / EMC Corp.</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>Dell International LLC / EMC Corp </title>
        <cusip>24703TAM8</cusip>
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          <isin value="US24703TAM80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1023198.11000000</valUSD>
        <pctVal>0.288131157856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.00000000</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>DELL EQUIPMENT FINANCE TRUST 2024-2</name>
        <lei>N/A</lei>
        <title>Dell Equipment Finance Trust </title>
        <cusip>24704EAL2</cusip>
        <identifiers>
          <isin value="US24704EAL20"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>504812.80000000</valUSD>
        <pctVal>0.142154579003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.29000000</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>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc. </title>
        <cusip>25746UDM8</cusip>
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          <isin value="US25746UDM80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>993346.50000000</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>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000020</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>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc </title>
        <cusip>25746UDZ9</cusip>
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          <isin value="US25746UDZ93"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1011188.37000000</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>2056-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.99999870</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Duke Energy Carolinas  LLC</name>
        <lei>MWIUSDMN17TCR56VW396</lei>
        <title>Duke Energy Carolinas LLC </title>
        <cusip>26442CBM5</cusip>
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          <isin value="US26442CBM55"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007160.03000000</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>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Duke Energy Ohio Inc.</name>
        <lei>L6KC0HABGHNFU1Z6QY21</lei>
        <title>Duke Energy Ohio, Inc. </title>
        <cusip>26442EAL4</cusip>
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          <isin value="US26442EAL48"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>979499.60000000</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>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Duke Energy Progress LLC</name>
        <lei>0NIFZ782LS46WOC9QK20</lei>
        <title>Duke Energy Progress LLC </title>
        <cusip>26442UAK0</cusip>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP </title>
        <cusip>29273VBG4</cusip>
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          <isin value="US29273VBG41"/>
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        <balance>1000000.00000000</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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      <invstOrSec>
        <name>ENTERPRISE FLEET FINANCING 2024-2 L</name>
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        <title>Enterprise Fleet Financing LLC </title>
        <cusip>29375QAD0</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511588.80000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exeter Automobile Receivables Trust 2013-2</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust </title>
        <cusip>30166AAG9</cusip>
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          <isin value="US30166AAG94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>997042.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>3.04000000</annualizedRt>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Group, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HPEFS EQUIPMENT TRUST 2024-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
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          <isin value="US404280DT33"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>HPEFS EQUIP TR 2024-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Hess Midstream Operations LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HP Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HILDENE TRUPS SECS 2019-2</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HILTON GRAND VACATIONS 2024-3</name>
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        <name>Hilton Worldwide Finance LLC</name>
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        <name>Home Depot Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Home Depot Inc.</name>
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        <name>Honeywell International Inc.</name>
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        <name>Humana Inc.</name>
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        <name>ING Groep N.V.</name>
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        <title>ING Groep NV </title>
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        <name>ING Groep N.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc. </title>
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      <invstOrSec>
        <name>Iron Mountain Inc.</name>
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        <name>iShares Trust</name>
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        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares iBoxx $ High Yield Corporate Bond ETF </title>
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        <name>iShares Trust</name>
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          <isin value="US4642886877"/>
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        <name>iShares Trust</name>
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        <title>iShares Convertible Bond ETF </title>
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          <isin value="US46435G1022"/>
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        <assetCat>EC</assetCat>
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        <name>JBS NV / JBS USA Food Co Holdings Inc. / JBS USA Foods Group Holdings Inc.</name>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>JBS NV / JBS USA Food Co Holdings Inc. / JBS USA Foods Group Holdings Inc.</name>
        <lei>RB8RC03FUD8DSX57C193</lei>
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        <invCountry>LU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-15</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co </title>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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        <name>Juniper Networks, Inc.</name>
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        <valUSD>705595.61000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <maturityDt>2041-03-15</maturityDt>
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          <annualizedRt>5.95000000</annualizedRt>
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        <name>Juniper Networks, Inc.</name>
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        <name>KFC Holding Co., Pizza Hut Holdings, LLC Taco Bell of America LLC</name>
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        <name>Kentucky Utilities Company</name>
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        <name>Kraft Heinz Foods Company</name>
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        <name>Kraft Heinz Foods Company</name>
        <lei>5493003STKEZ2S0RNU91</lei>
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        <name>Kraft Heinz Foods Company</name>
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        <name>The Kroger Co.</name>
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        <name>Kyndryl Holdings Inc</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>Land O'Lakes Inc.</name>
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        <name>Leidos Inc</name>
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        <name>Lloyds Banking Group PLC</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>MGM Resorts International</name>
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        <name>Macquarie Bank Ltd.</name>
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        <name>MADISON PARK FUNDING</name>
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        <name>Marathon Petroleum Corp.</name>
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        <name>MARINER FIN ISSUANCE TR 2024-A</name>
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        <name>Massachusetts Mutual Life Insurance Co.</name>
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        <name>McDonald's Corp.</name>
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        <name>Molson Coors Beverage Company</name>
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        <name>NCL Corporation Ltd.</name>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <name>NRG Energy, Inc.</name>
        <lei>5E2UPK5SW04M13XY7I38</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-10</maturityDt>
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        <name>Nationwide Mutual Insurance Co.</name>
        <lei>Z7LVXXWM8HZPKF5T2355</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-30</maturityDt>
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          <annualizedRt>4.35000000</annualizedRt>
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        <name>Neuberger Berman Clo XXI LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-20</maturityDt>
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      <invstOrSec>
        <name>Nexstar Media Inc.</name>
        <lei>5493006PK6I4I2OOT688</lei>
        <title>Nexstar Media Inc </title>
        <cusip>65343HAA9</cusip>
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          <isin value="US65343HAA95"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1501134.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Nissan Motor Co Ltd.</name>
        <lei>353800DRBDH1LUTNAY26</lei>
        <title>Nissan Motor Co. Ltd. </title>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-17</maturityDt>
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        <name>Nissan Motor Acceptance Co LLC</name>
        <lei>7D6DIU2QXTUJRFNNJA49</lei>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-13</maturityDt>
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        <name>Nordea Bank ABP</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp </title>
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          <isin value="US65558RAK59"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025679.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>6.29999822</annualizedRt>
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        <name>Nordea Bank ABP</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp </title>
        <cusip>65559CAD3</cusip>
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          <isin value="US65559CAD39"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>951326.10000000</valUSD>
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        <invCountry>FI</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.75000144</annualizedRt>
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        <name>Norfolk Southern Corporation</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp. </title>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517444.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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        <name>Novartis Capital Corporation</name>
        <lei>5493002KF87V5RSRQS84</lei>
        <title>Novartis Capital Corp. </title>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-05</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Nustar Logistics, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NuStar Logistics LP </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>OAKTREE CLO 2019-2 LTD</name>
        <lei>N/A</lei>
        <title>Oaktree CLO 2019-3 Ltd </title>
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        <invCountry>KY</invCountry>

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        <name>OCTANE RECEIVABLES TRUST 2023-3</name>
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        <title>Octane Receivables Trust </title>
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        <name>OCTANE RECEIVABLES TRUST 2022-2</name>
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        <title>Octane Receivables Trust </title>
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        <name>PPL Electric Utilities Corporation</name>
        <lei>549300GCZLSGYEYPIR35</lei>
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        <name>Pacific Gas and Electric Company</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
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        <name>Pacific Lifecorp</name>
        <lei>VFN8KLUEIK7XMVX1JM30</lei>
        <title>Pacific LifeCorp </title>
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        <name>Pricoa Global Funding I</name>
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        <name>Rb Global Holdings Inc.</name>
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        <name>The Charles Schwab Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Service Corporation International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2004111.20000000</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>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA </title>
        <cusip>83370RAD0</cusip>
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          <isin value="US83370RAD08"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555825.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.49999892</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA </title>
        <cusip>83371GAA9</cusip>
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          <isin value="US83371GAA94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1113472.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000021</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Edison Company</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co. </title>
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          <isin value="US842400GR87"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>848400.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Co.</name>
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        <title>Southern Co./The </title>
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          <isin value="US842587EA18"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>987052.72000000</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>2035-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC </title>
        <cusip>853254CD0</cusip>
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          <isin value="US853254CD08"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1925072.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.29999904</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>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp </title>
        <cusip>857477CH4</cusip>
        <identifiers>
          <isin value="US857477CH48"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1037843.00000000</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>2049-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.69999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp </title>
        <cusip>857477CS0</cusip>
        <identifiers>
          <isin value="US857477CS03"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2073458.00000000</valUSD>
        <pctVal>0.583882875141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2080-09-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45000120</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>Sunoco LP / Sunoco Finance Corp.</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP / Sunoco Finance Corp </title>
        <cusip>86765LAN7</cusip>
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          <isin value="US86765LAN73"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501366.00000000</valUSD>
        <pctVal>0.141183964940</pctVal>
        <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>5.87500000</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>Sunoco LP / Sunoco Finance Corp.</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP / Sunoco Finance Corp </title>
        <cusip>86765LAQ0</cusip>
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          <isin value="US86765LAQ05"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150236.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Target Corp.</name>
        <lei>8WDDFXB5T1Z6J0XC1L66</lei>
        <title>Target Corp. </title>
        <cusip>87612EBS4</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>986469.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>Tenet Healthcare Corp </title>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1501137.00000000</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>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The </title>
        <cusip>89116CKP1</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047503.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2084-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000051</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>The Toronto-Dominion Bank</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1048224.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2082-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.12499867</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>TOWD POINT ASSET TR 2021-SL1</name>
        <lei>N/A</lei>
        <title>Towd Point Asset Trust </title>
        <cusip>89179XAL9</cusip>
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        <balance>163120.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>163741.27000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-20</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Triton Container International Limited / TAL International Container Corporation</name>
        <lei>549300O4LZFLCX53XZ54</lei>
        <title>Triton Container International Ltd./ TAL International Container Corp.</title>
        <cusip>89681LAA0</cusip>
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          <isin value="US89681LAA08"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456134.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG </title>
        <cusip>902613AD0</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>913697.60000000</valUSD>
        <pctVal>0.257295967267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500112</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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        <name>UBS Group AG</name>
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        <invCountry>CH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>U.S. Bancorp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>USQ RAIL II LLC 2021-3</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-28</maturityDt>
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          <annualizedRt>2.98000000</annualizedRt>
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        <name>UniCredit S.p.A.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-19</maturityDt>
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        <name>UniCredit S.p.A.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-30</maturityDt>
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        <name>Union Electric Company</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co. </title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>Union Electric Company</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>Union Electric Co. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-15</maturityDt>
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        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-10</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>United Air Lines, Inc.</name>
        <lei>N/A</lei>
        <title>United Airlines Pass Through Trust </title>
        <cusip>90932DAA3</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.10000000</annualizedRt>
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        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
        <title>United Parcel Service, Inc. </title>
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        <fairValLevel>2</fairValLevel>
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        <name>United Rentals (North America), Inc.</name>
        <lei>NGIZXNT70J2LYT3FBI09</lei>
        <title>United Rentals North America Inc </title>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note </title>
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        <issuerCat>UST</issuerCat>
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        <name>Univision Communications Inc.</name>
        <lei>549300YQDE2JSGTL8V47</lei>
        <title>Univision Communications, Inc. </title>
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        <name>Vanguard Whitehall Funds</name>
        <lei>5493006QD7VQBS2FQD13</lei>
        <title>Vanguard Emerging Markets Government Bond ETF </title>
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        <name>Venture 31 Clo Ltd</name>
        <lei>549300WIVX6V4NHW6X79</lei>
        <title>Venture CLO Ltd. </title>
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        <name>Vertiv Group Corp.</name>
        <lei>549300ZT8RQ5VK10E643</lei>
        <title>Vertiv Group Corp. </title>
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        <name>VMED O2 UK Financing I PLC</name>
        <lei>213800MRR46ECNGZ7L69</lei>
        <title>Vmed OC UK Financing PLC </title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.75000000</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>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc. </title>
        <cusip>931142FE8</cusip>
        <identifiers>
          <isin value="US931142FE87"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>883240.87000000</valUSD>
        <pctVal>0.248719394662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co. </title>
        <cusip>949746TD3</cusip>
        <identifiers>
          <isin value="US949746TD35"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999401.90000000</valUSD>
        <pctVal>0.281430178375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.89999880</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>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co </title>
        <cusip>95002YAA1</cusip>
        <identifiers>
          <isin value="US95002YAA10"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1065594.00000000</valUSD>
        <pctVal>0.300069781231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500160</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>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co. </title>
        <cusip>95002YAC7</cusip>
        <identifiers>
          <isin value="US95002YAC75"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1046444.52000000</valUSD>
        <pctVal>0.294677314425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85000080</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>Western Digital Corp.</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>Western Digital Corp </title>
        <cusip>958102AM7</cusip>
        <identifiers>
          <isin value="US958102AM75"/>
        </identifiers>
        <balance>218000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>218014.81000000</valUSD>
        <pctVal>0.061392665820</pctVal>
        <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>4.75000000</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>Yum! Brands Inc.</name>
        <lei>549300JE8XHZZ7OHN517</lei>
        <title>Yum! Brands, Inc. </title>
        <cusip>988498AN1</cusip>
        <identifiers>
          <isin value="US988498AN16"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>945998.20000000</valUSD>
        <pctVal>0.266391771087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Huntington Conservative Deposit Account </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="HCDA"/>
        </identifiers>
        <balance>17758032.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17758032.43000000</valUSD>
        <pctVal>5.000637115430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Deposit Account" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBVA Mexico SA</name>
        <lei>549300WIWQK5Q9MCUN92</lei>
        <title>BBVA Bancomer SA/Texas </title>
        <cusip>P16259AM8</cusip>
        <identifiers>
          <isin value="USP16259AM84"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1977620.00000000</valUSD>
        <pctVal>0.556895028275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500052</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>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc. </title>
        <cusip>U1109MAK2</cusip>
        <identifiers>
          <isin value="USU1109MAK28"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497482.75000000</valUSD>
        <pctVal>0.140090447167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>American Pension Investors Trust</ncom:nameOfApplicant>
      <ncom:signature>Dennis Stratton</ncom:signature>
      <ncom:signerName>Dennis Stratton</ncom:signerName>
      <ncom:title>Chief Financial Officer &amp; Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
