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        <name>Black Hills Corporation</name>
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        <name>Booz Allen Hamilton Inc</name>
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        <name>Carvana Auto Receivables Trust 2022- P2</name>
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        <name>Caterpillar Financial Services Corp.</name>
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        <name>Citigroup Inc.</name>
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        <name>Cno Global Funding</name>
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        <name>DLLAD 2024-1 LLC</name>
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        <name>DXC Technology Company</name>
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        <name>DELL EQUIPMENT FINANCE TRUST 2023-2</name>
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        <name>Duke Energy Corp</name>
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        <name>Elmwood Clo 38 Ltd.</name>
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        <name>ENEL Finance International N.V.</name>
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        <name>Exeter Automobile Receivables Trust 2016-3</name>
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        <name>Meta Platforms Inc</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Federal Home Loan Banks</name>
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        <name>Federal Home Loan Banks</name>
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      <invstOrSec>
        <name>GreatAmerica Leasing Receivables Funding LLC</name>
        <lei>549300JFP7GIDD4UWO79</lei>
        <title>GreatAmerica Leasing Receivables Funding </title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC </title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-19</maturityDt>
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      <invstOrSec>
        <name>HPEFS EQUIP TR 2024-2</name>
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          <isin value="US40444MAG69"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-20</maturityDt>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
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        <title>Hewlett Packard Enterprise Co. </title>
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          <isin value="US42824CBT53"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-15</maturityDt>
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        <name>Hilton Grand Vacations Inc</name>
        <lei>549300O9K6MFD8D07574</lei>
        <title>Hilton Grand Vacations Trust </title>
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          <isin value="US43285HAC25"/>
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        <balance>247951.78000000</balance>
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        <curCd>USD</curCd>
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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>2039-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008318.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Icg Us Clo 2014-1 Ltd</name>
        <lei>25490053S2JSJU63Y978</lei>
        <title>ICG US CLO Ltd. </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001304.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.12924040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ING Groep N.V.</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING Groep NV </title>
        <cusip>456837AX1</cusip>
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          <isin value="US456837AX12"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2002155.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.91000040</annualizedRt>
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      <invstOrSec>
        <name>International Business Machines Corp.</name>
        <lei>VGRQXHF3J8VDLUA7XE92</lei>
        <title>International Business Machines Corp. </title>
        <cusip>459200LG4</cusip>
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          <isin value="US459200LG47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1023198.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Jabil Inc</name>
        <lei>5493000CGCQY2OQU7669</lei>
        <title>Jabil, Inc. </title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>995450.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co. </title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-22</maturityDt>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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        <name>Jackson National Life Global Funding</name>
        <lei>635400PQXLYXWJI5QD78</lei>
        <title>Jackson National Life Global Funding </title>
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          <isin value="US46849LVB43"/>
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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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          <annualizedRt>4.60000000</annualizedRt>
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        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>JPMorgan Chase Bank NA </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.11000000</annualizedRt>
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        <name>KUBOTA CREDIT OWNER 2024-1</name>
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        <title>Kubota Credit Owner Trust </title>
        <cusip>50117BAD2</cusip>
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          <isin value="US50117BAD29"/>
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          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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        <name>Leidos Inc</name>
        <lei>5493006I78VIN6J1BQ95</lei>
        <title>Leidos, Inc. </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>Liberty Utilities Co. (Delaware)</name>
        <lei>549300UN1FEYPC5BKW09</lei>
        <title>Liberty Utilities Co. </title>
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        <balance>1000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-31</maturityDt>
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          <annualizedRt>5.57700000</annualizedRt>
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        <name>Mars Inc.</name>
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        <name>McDonald's Corp.</name>
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        <name>McDonald's Corp.</name>
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        <name>Morgan Stanley Bank, National Association (Utah)</name>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <name>Navient Private Education Loan Trust 2016-A</name>
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        <title>Navient Student Loan Trust </title>
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        <name>NextEra Energy Capital Holdings Inc</name>
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        <name>Nomura Holdings Inc.</name>
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        <name>NSTAR Electric Company</name>
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        <name>OAKTREE CLO 2019-2 LTD</name>
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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 2024-RVM1</name>
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        <name>Oracle Corp.</name>
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        <name>Penske Truck Leasing Co LP / PTL Finance Corp.</name>
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        <name>POST ROAD EQUIPMENT FINANCE 2024-1</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>POST ROAD EQUIPMENT 2025-1 LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Principal Life Global Funding II</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Royal Caribbean Group</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SCF EQUIPMENT LEASING 2025-1 LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>SLM Private Credit Student Loan Trust 2005-A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Smbc Aviation Capital Finance</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>The Charles Schwab Corporation</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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      <invstOrSec>
        <name>Sealed Air Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Sherwin-Williams Company</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale S.A.</name>
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        <name>Global Payments Inc</name>
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        <name>Trinity Rail Leasing 2019 Llc</name>
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        <name>Triton Container International Ltd.</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>USQ Rail I LLC</name>
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        <name>Uber Technologies Inc</name>
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        <name>United Airlines Pass Through Trust 2020-1A</name>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Airlines Pass Through Trust Series 2016-1AA</name>
        <lei>N/A</lei>
        <title>United Airlines Pass Through Trust </title>
        <cusip>90931MAA4</cusip>
        <identifiers>
          <isin value="US90931MAA45"/>
        </identifiers>
        <balance>551492.31000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537950.25000000</valUSD>
        <pctVal>0.302552372097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond 4.375 11/30/28</title>
        <cusip>91282CJN2</cusip>
        <identifiers>
          <isin value="US91282CJN20"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3061992.18000000</valUSD>
        <pctVal>1.722116492004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</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>VERDANT RECEIVBALES LLC 2024-1</name>
        <lei>N/A</lei>
        <title>Verdant Receivables 2024-1 LLC </title>
        <cusip>92339MAB6</cusip>
        <identifiers>
          <isin value="US92339MAB63"/>
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        <balance>660534.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>671607.90000000</valUSD>
        <pctVal>0.377723708213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.68000000</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>Vertiv Group Corp.</name>
        <lei>549300ZT8RQ5VK10E643</lei>
        <title>Vertiv Group Corp. </title>
        <cusip>92535UAB0</cusip>
        <identifiers>
          <isin value="US92535UAB08"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>492712.70000000</valUSD>
        <pctVal>0.277110004405</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vontier Corporation</name>
        <lei>549300VVSQLG4P5K4639</lei>
        <title>Vontier Corp. </title>
        <cusip>928881AB7</cusip>
        <identifiers>
          <isin value="US928881AB78"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>995835.65000000</valUSD>
        <pctVal>0.560074910508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</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>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial, Inc. </title>
        <cusip>929089AB6</cusip>
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          <isin value="US929089AB68"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249709.02000000</valUSD>
        <pctVal>0.140440600845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</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>Wipro IT Services, LLC.</name>
        <lei>549300S6XZZ65F0EJS98</lei>
        <title>Wipro IT Services LLC </title>
        <cusip>97654MAA4</cusip>
        <identifiers>
          <isin value="US97654MAA45"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494654.42000000</valUSD>
        <pctVal>0.278202060765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</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>Wisconsin Electric Power Company</name>
        <lei>AENKIFMULUAWOUU8Q584</lei>
        <title>Wisconsin Electric Power Co. </title>
        <cusip>976656CU0</cusip>
        <identifiers>
          <isin value="US976656CU00"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498525.15000000</valUSD>
        <pctVal>0.280379025165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</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>
      <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>4132645.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4132645.33000000</valUSD>
        <pctVal>2.324270037292</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>
    </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>
