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        <name>Marsh &amp; McLennan Cos., Inc.</name>
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        <name>N/A</name>
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        <name>Accenture Capital, Inc.</name>
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        <name>Baldwin Insurance Group Holdings LLC</name>
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        <name>FNMA</name>
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        <name>FHLMC</name>
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        <name>Republic of Italy</name>
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        <name>MF1 LLC</name>
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      <invstOrSec>
        <name>CNH Industrial Capital LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ContourGlobal Power Holdings SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
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        <name>Constellation Brands, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intesa Sanpaolo SpA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK</name>
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          <maturityDt>2063-06-15</maturityDt>
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      <invstOrSec>
        <name>Central American Bottling Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Store Capital LLC</name>
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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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        <name>Petronas Capital Ltd.</name>
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        <name>FNMA</name>
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        <title>UMBS</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2052-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Business Jet Securities LLC</name>
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          <isin value="US12327CAA27"/>
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        <name>E.ON International Finance BV</name>
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        <name>FNMA</name>
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        <name>Northwestern Mutual Life Insurance Co. (The)</name>
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        <name>N/A</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <name>Paraguay Government International Bond</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>FNMA</name>
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        <name>Paychex, Inc.</name>
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        <name>Videotron Ltd.</name>
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        <title>Videotron Ltd.</title>
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      <invstOrSec>
        <name>GNMA</name>
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      <invstOrSec>
        <name>OCP SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Edison International</name>
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        <fairValLevel>2</fairValLevel>
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        <name>XPLR Infrastructure Operating Partners LP</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Volvo Financial Equipment LLC</name>
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        <name>Enterprise Fleet Financing LLC</name>
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        <name>GNMA</name>
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        <title>GNMA</title>
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        <name>Empresa Nacional del Petroleo</name>
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        <name>Santos Finance Ltd.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <title>Berkshire Hathaway Energy Co.</title>
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        <name>GNMA</name>
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        <name>Fiserv Funding ULC</name>
        <lei>254900RNWK5SE9A0I712</lei>
        <title>Fiserv Funding ULC</title>
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        <name>PSEG Power LLC</name>
        <lei>N/A</lei>
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        <name>Investor AB</name>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass-Through Certificates, Series K116, Class XAM</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MF1 Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Costa Rica</name>
        <lei>549300S1EK2VN6XVJP58</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-13</maturityDt>
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      <invstOrSec>
        <name>Bermuda</name>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-20</maturityDt>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="445796"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>JBS USA Holding Lux SARL</name>
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        <title>JBS USA Holding Lux SARL</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Belfius Bank SA</name>
        <lei>A5GWLFH3KM7YV2SFQL84</lei>
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          <isin value="BE6365319829"/>
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        <balance>1300000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>CAB SELAS</name>
        <lei>9695008EGX5O9K1MS743</lei>
        <title>CAB SELAS</title>
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          <isin value="XS2294186965"/>
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        <balance>1550000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88070808"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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        <name>PPG Industries, Inc.</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries, Inc.</title>
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          <isin value="XS3013011203"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Icon Investments Six DAC</name>
        <lei>635400FQ1M7J2CHLAS59</lei>
        <title>Icon Investments Six DAC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Oncor Electric Delivery Co. LLC</name>
        <lei>549300SP2X2BS1KERD24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQT Trust</name>
        <lei>N/A</lei>
        <title>EQT Trust, Series 2024-EXTR, Class D</title>
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          <isin value="US29439DAG60"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Korea</name>
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        <name>N/A</name>
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        <title>Forward Foreign Currency Contract</title>
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      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027XCQ1</cusip>
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          <isin value="XS3082807135"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MFS Institutional Money Market Portfolio</name>
        <lei>5L2W638H85N8T1136O07</lei>
        <title>MFS Institutional Money Market Portfolio, Class A</title>
        <cusip>55291X109</cusip>
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          <isin value="US55291X1090"/>
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        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Indian Railway Finance Corp. Ltd.</name>
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        <name>Six Flags Entertainment Corp.</name>
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        <name>N/A</name>
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        <name>FHLMC Pool</name>
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        <name>Northern Star Resources Ltd.</name>
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        <name>Summer BidCo BV</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>N/A</name>
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        <name>Columbia Pipelines Operating Co. LLC</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <name>Element Fleet Management Corp.</name>
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        <name>FHLMC Pool</name>
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        <name>FHLMC</name>
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        <name>Lseg US Fin Corp.</name>
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        <name>BSPRT Issuer Ltd.</name>
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        <name>Oklahoma Development Finance Authority</name>
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        <name>Truist Financial Corp.</name>
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        <name>Angel Oak Mortgage Trust</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Republic of Korea</name>
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        <name>FHLMC</name>
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        <name>Targa Resources Corp.</name>
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        <name>Xcel Energy, Inc.</name>
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        <name>RTE Reseau de Transport d'Electricite SADIR</name>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico</name>
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        <name>Dominican Republic</name>
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      <invstOrSec>
        <name>Georgia Power Co.</name>
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        <name>HSBC Holdings plc</name>
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        <name>Cousins Properties LP</name>
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        <name>N/A</name>
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        <name>FHLMC Pool</name>
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        <name>Dominican Republic</name>
        <lei>254900EHU7Q8FGVPI369</lei>
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        <name>FNMA</name>
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        <name>Imperial Brands Finance plc</name>
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        <name>N/A</name>
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        <name>UBS Group AG</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
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        <cusip>3137FXZ50</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137H9MC0</cusip>
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          <isin value="US3137H9MC00"/>
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          <maturityDt>2032-11-25</maturityDt>
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          <annualizedRt>0.15365880</annualizedRt>
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      <invstOrSec>
        <name>Belfius Bank SA</name>
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          <isin value="BE0390167337"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397E58</cusip>
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          <isin value="US345397E581"/>
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        <balance>639000.00000000</balance>
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        <curCd>USD</curCd>
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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>2029-03-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Holcim Finance US LLC</name>
        <lei>529900FB2F1WKLFNGY62</lei>
        <title>Holcim Finance US LLC</title>
        <cusip>43475RAC0</cusip>
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          <isin value="US43475RAC07"/>
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        <balance>256000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257643.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Muthoot Finance Ltd.</name>
        <lei>335800HAMJMBFL4RRF02</lei>
        <title>Muthoot Finance Ltd.</title>
        <cusip>62828L2C6</cusip>
        <identifiers>
          <isin value="US62828L2C68"/>
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        <balance>546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551220.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass-Through Certificates, Series K059, Class XAM</title>
        <cusip>3137BSRJ4</cusip>
        <identifiers>
          <isin value="US3137BSRJ47"/>
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        <balance>62189000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174962.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.19705680</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>04316JAE9</cusip>
        <identifiers>
          <isin value="US04316JAE91"/>
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        <balance>616000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589503.54000000</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>2053-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140MGEZ0</cusip>
        <identifiers>
          <isin value="US3140MGEZ06"/>
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        <balance>1785868.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="445763"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FCC3</cusip>
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          <isin value="US11135FCC32"/>
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        <balance>1049000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA II, 30 Year</title>
        <cusip>36179XQW9</cusip>
        <identifiers>
          <isin value="US36179XQW91"/>
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        <balance>40723.80000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39618.08000000</valUSD>
        <pctVal>0.004131189660</pctVal>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Canada 5 Year Bond</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="XQU5COM"/>
          <other otherDesc="Future Ticker" value="XQU5 Comdty"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="XQU5 Comdty"/>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>36179W7J1</cusip>
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          <isin value="US36179W7J15"/>
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        <balance>1381548.28000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Barclays plc</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>Barclays plc</title>
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        <balance>1130000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-31</maturityDt>
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        <securityLending>
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        <name>Iliad Holding SASU</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>International Flavors &amp; Fragrances, Inc.</name>
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        <name>BMP</name>
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        <name>N/A</name>
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        <name>NatWest Group plc</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Corp. Financiera de Desarrollo SA</name>
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        <name>GNMA</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>Flutter Treasury DAC</name>
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        <name>Republic of Albania</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Agricole SA</name>
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          <isin value="FR001400ZZB1"/>
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      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DSV Finance BV</name>
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          <isin value="XS2932829356"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Republic of India</name>
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          <isin value="IN0020230085"/>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-14</maturityDt>
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          <annualizedRt>7.18000000</annualizedRt>
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      <invstOrSec>
        <name>GLS Auto Select Receivables Trust</name>
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          <isin value="US37989EAC03"/>
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        <name>GreatAmerica Leasing Receivables Funding LLC</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="448964"/>
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        <name>Federal Republic of Germany</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Empire District Bondco LLC</name>
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        <name>Encompass Health Corp.</name>
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        <title>Encompass Health Corp.</title>
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        <name>Societe Generale SA</name>
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        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
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          <isin value="DE000F1B2NH5"/>
          <other otherDesc="Future Ticker" value="OEM5 Comdty"/>
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        <name>Hellenic Republic</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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        <name>N/A</name>
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        <name>United Mexican States</name>
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        <name>FHLMC</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>Community Health Systems, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Republic of Italy</name>
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        <name>Entegris, Inc.</name>
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        <name>Deutsche Bank AG</name>
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        <name>Sitio Royalties Operating Partnership LP</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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          <isin value="XS2986317506"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-23</maturityDt>
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          <annualizedRt>3.58800000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
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        <cusip>3137H4SM3</cusip>
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          <isin value="US3137H4SM31"/>
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        <curCd>USD</curCd>
        <valUSD>167612.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.56693880</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3133D1G29</cusip>
        <identifiers>
          <isin value="US3133D1G294"/>
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        <balance>71045.33000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67041.74000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31419B5X9</cusip>
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          <isin value="US31419B5X91"/>
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        <balance>22267.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21218.13000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
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        <cusip>N/A</cusip>
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          <isin value="DE000CZ45Y30"/>
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        <balance>400000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>American Express Co.</name>
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        <cusip>025816EC9</cusip>
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          <isin value="XS3015761458"/>
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        <balance>840000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.88070808"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.43300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3138EPUM4</cusip>
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          <isin value="US3138EPUM46"/>
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        <balance>221149.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216813.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pioneer Natural Resources Co.</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co.</title>
        <cusip>723787AR8</cusip>
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          <isin value="US723787AR88"/>
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        <balance>596000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521840.39000000</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>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418E2D1</cusip>
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          <isin value="US31418E2D11"/>
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        <balance>536327.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531119.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>NBN Co. Ltd.</name>
        <lei>2549007CRZ2NT7S96A24</lei>
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        <balance>640000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>31410LDU3</cusip>
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        <curCd>USD</curCd>
        <valUSD>122818.89000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>NXP BV</name>
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        <balance>415000.00000000</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>3.40000000</annualizedRt>
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        <name>Amprion GmbH</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>AREIT Trust</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418D4X7</cusip>
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        <balance>108181.81000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CJZ59"/>
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        <balance>887000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>866661.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
        <cusip>3618N5C64</cusip>
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        <balance>127133.10000000</balance>
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        <valUSD>126322.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Elevance Health, Inc.</name>
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        <name>Wolters Kluwer NV</name>
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        <name>FNMA</name>
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        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
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        <name>FNMA</name>
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        <name>Oriental Republic of Uruguay</name>
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        <name>Societe Generale SA</name>
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        <name>Novelis Corp.</name>
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        <name>Angel Oak Mortgage Trust</name>
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      <invstOrSec>
        <name>Republic of Bulgaria</name>
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        <name>Dua Capital Ltd.</name>
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        <name>Bank Gospodarstwa Krajowego</name>
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        <name>AREIT Trust</name>
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        <name>Linde plc</name>
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        <name>Enel Finance International NV</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>FNMA</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Republic of Paraguay</name>
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        <name>Pembina Pipeline Corp.</name>
        <lei>5493002W3L9YICM6FU21</lei>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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        <name>nVent Finance SARL</name>
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        <name>Lottomatica Group Spa</name>
        <lei>549300R72LKEGT4EX026</lei>
        <title>Lottomatica Group Spa</title>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Development Bank of Kazakhstan JSC</name>
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        <name>Pachelbel Bidco SpA</name>
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        <name>Vier Gas Transport GmbH</name>
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        <name>Commonwealth of Australia</name>
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        <name>Electricite de France SA</name>
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        <name>United States of America</name>
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        <name>Bank of America Corp.</name>
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        <name>FNMA</name>
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        <name>Tengizchevroil Finance Co. International Ltd.</name>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
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      <invstOrSec>
        <name>Corebridge Financial, Inc.</name>
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      <invstOrSec>
        <name>FHLMC Pool</name>
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        <name>Business Jet Securities LLC</name>
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      <invstOrSec>
        <name>Erste Group Bank AG</name>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>Thales SA</name>
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        <name>mBank SA</name>
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        <name>SSE plc</name>
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        <name>Marriott International, Inc.</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>UniCredit SpA</name>
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        <name>N/A</name>
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        <name>AIB Group plc</name>
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      <invstOrSec>
        <name>ING Groep NV</name>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
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        <name>Kraft Heinz Foods Co.</name>
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        <name>FHLMC Pool</name>
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        <name>Gruma SAB de CV</name>
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        <name>3650R Commercial Mortgage Trust</name>
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        <name>FHLMC Pool</name>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>PennyMac Financial Services, Inc.</name>
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        <name>GNMA</name>
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        <name>FHLMC</name>
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        <name>Trustees of the University of Pennsylvania (The)</name>
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        <name>Hammerson plc</name>
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        <name>Deutsche Bank AG</name>
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        <name>Arrow Electronics, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Intel Corp.</name>
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        <name>EnBW International Finance BV</name>
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        <name>Fairfax Financial Holdings Ltd.</name>
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        <name>FNMA</name>
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        <name>Bruce Power LP</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>N/A</name>
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        <name>Commerzbank AG</name>
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        <name>FNMA</name>
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          <maturityDt>2051-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <cusip>3140MKFU1</cusip>
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          <isin value="US3140MKFU12"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Siemens Financieringsmaatschappij NV</name>
        <lei>TAFO772JB70PDRN5VS48</lei>
        <title>Siemens Financieringsmaatschappij NV</title>
        <cusip>N/A</cusip>
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          <isin value="XS3078501254"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XBTH37"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
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        <cusip>N/A</cusip>
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          <isin value="JP1103781R44"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Carvana Co.</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>Carvana Co.</title>
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          <isin value="US146869AM47"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>9.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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          <isin value="US36179XHV10"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELM Trust</name>
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          <isin value="US26860XBA81"/>
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        <balance>1580784.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-10</maturityDt>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="TUU5COS"/>
          <other otherDesc="Future Ticker" value="TUU5 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tesco Corporate Treasury Services plc</name>
        <lei>21380018AJDKNF3A6712</lei>
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          <isin value="XS2918558144"/>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Bond</title>
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          <isin value="JP1201511EC7"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.20000000</annualizedRt>
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        <name>State Oil Co. of the Azerbaijan Republic</name>
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        <invCountry>AZ</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>TCW CLO Ltd.</name>
        <lei>N/A</lei>
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          <isin value="US87190CBL37"/>
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        <invCountry>KY</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418ECQ1</cusip>
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        <name>BANK5</name>
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          <isin value="US06644VBM19"/>
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        <invCountry>US</invCountry>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="447114"/>
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      <invstOrSec>
        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
        <cusip>571676AY1</cusip>
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        <name>Thermo Fisher Scientific Finance I BV</name>
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        <name>NY Society for Relief of Ruptured &amp; Crippled Maintaining Hospital Special Surgery</name>
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        <name>Roche Holdings, Inc.</name>
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        <name>Linde plc</name>
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        <name>TELUS Corp.</name>
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        <name>Nationwide Building Society</name>
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        <name>FHLMC</name>
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        <name>Shriram Finance Ltd.</name>
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        <name>FNMA</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>GNMA</name>
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        <name>Booking Holdings, Inc.</name>
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        <name>Shelter Growth CRE Issuer Ltd.</name>
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        <name>Danske Bank A/S</name>
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        <name>FNMA</name>
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        <name>GNMA</name>
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        <name>COPT Defense Properties LP</name>
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        <name>FHLMC Pool</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Enel Finance International NV</name>
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        <name>Plains All American Pipeline LP</name>
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        <name>FHLMC Pool</name>
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        <name>APA Infrastructure Ltd.</name>
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        <name>FNMA</name>
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        <name>Bank of America Corp.</name>
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      <invstOrSec>
        <name>Bermuda</name>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
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        <name>AIB Group plc</name>
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      <invstOrSec>
        <name>FHLMC</name>
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          <isin value="US3137H2NA81"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-25</maturityDt>
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          <annualizedRt>0.93751200</annualizedRt>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-15</maturityDt>
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          <annualizedRt>6.45000000</annualizedRt>
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        <name>Jersey Central Power &amp; Light Co.</name>
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        <title>Jersey Central Power &amp; Light Co.</title>
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          <isin value="US476556DD44"/>
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        <curCd>USD</curCd>
        <valUSD>254335.75000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>Allwyn Entertainment Financing UK plc</name>
        <lei>315700J7ZTIN8XGCX365</lei>
        <title>Allwyn Entertainment Financing UK plc</title>
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          <isin value="XS2615937187"/>
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        <balance>1207000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Foundation Building Materials, Inc.</name>
        <lei>549300ZVE6MONHB01I28</lei>
        <title>Foundation Building Materials, Inc.</title>
        <cusip>350392AA4</cusip>
        <identifiers>
          <isin value="US350392AA45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>BPCE SA</name>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>News Corp.</name>
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        <title>News Corp.</title>
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        <invCountry>US</invCountry>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <name>Low Income Investment Fund</name>
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        <issuerCat>CORP</issuerCat>
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        <name>Viking Ocean Cruises Ship VII Ltd.</name>
        <lei>N/A</lei>
        <title>Viking Ocean Cruises Ship VII Ltd.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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          <maturityDt>2029-02-15</maturityDt>
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        <name>BP Capital Markets BV</name>
        <lei>7245003VD7E4T30HJD24</lei>
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        <name>Euronet Worldwide, Inc.</name>
        <lei>YG3575C4DSHJPA5KET68</lei>
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        <name>N/A</name>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Multifamily Structured Pass-Through Certificates, Series K114, Class XAM</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Volkswagen International Finance NV</name>
        <lei>5299004PWNHKYTR23649</lei>
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          <isin value="XS3071335478"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="451104"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Merrill Lynch International</counterpartyName>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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          <isin value="US594918CC64"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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        <name>BX Commercial Mortgage Trust</name>
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          <isin value="CA74625PAB00"/>
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      <invstOrSec>
        <name>Ferrari NV</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kingdom of Spain</name>
        <lei>9598007A56S18711AH60</lei>
        <title>Bonos and Obligaciones del Estado</title>
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          <isin value="ES0000012O67"/>
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        <issuerCat>NUSS</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Bruce Power LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PPL Electric Utilities Corp.</name>
        <lei>549300GCZLSGYEYPIR35</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Bain Capital Credit CLO Ltd.</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="445777"/>
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      <invstOrSec>
        <name>Medline Borrower LP</name>
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        <name>COLT Mortgage Loan Trust</name>
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        <title>COLT Mortgage Loan Trust, Series 2024-1, Class A1</title>
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        <name>CaixaBank SA</name>
        <lei>7CUNS533WID6K7DGFI87</lei>
        <title>CaixaBank SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entergy Corp.</name>
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          <isin value="US29364GAM50"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pernod Ricard SA</name>
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          <isin value="FR001400XRB3"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ELM Trust</name>
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          <isin value="US26860XBE04"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-10</maturityDt>
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      <invstOrSec>
        <name>Eni SpA</name>
        <lei>BUCRF72VH5RBN7X3VL35</lei>
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          <isin value="XS2739132897"/>
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        <balance>1160000.00000000</balance>
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        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Bond</title>
        <cusip>N/A</cusip>
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          <isin value="JP1201711L13"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.30000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <cusip>3137F84L4</cusip>
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          <isin value="US3137F84L41"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>1.08005760</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="445440"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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      <invstOrSec>
        <name>FNMA</name>
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        <title>UMBS</title>
        <cusip>3140XKH78</cusip>
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          <isin value="US3140XKH788"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pacific Gas and Electric Co.</name>
        <lei>1HNPXZSMMB7HMBMVBS46</lei>
        <title>Pacific Gas and Electric Co.</title>
        <cusip>694308KL0</cusip>
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          <isin value="US694308KL02"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.10000000</annualizedRt>
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        <name>Southern California Edison Co.</name>
        <lei>9R1Z5I36FERIBVKW4P77</lei>
        <title>Southern California Edison Co.</title>
        <cusip>842400JG9</cusip>
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          <isin value="US842400JG95"/>
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        <balance>538000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>Aeroporti di Roma SpA</name>
        <lei>8156007259ABDEA3F444</lei>
        <title>Aeroporti di Roma SpA</title>
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          <isin value="XS3067397789"/>
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        <balance>870000.00000000</balance>
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        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <name>HCA, Inc.</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA, Inc.</title>
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          <isin value="US404119BY43"/>
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        <curCd>USD</curCd>
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        <name>N/A</name>
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        <name>Ontario Teachers' Cadillac Fairview Properties Trust</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>DFE</assetCat>
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        <name>Humana, Inc.</name>
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        <name>Glencore Capital Finance DAC</name>
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        <name>Chile Electricity Lux Mpc II Sarl</name>
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        <name>FNMA</name>
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        <name>MF1 LLC</name>
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        <name>APA Infrastructure Ltd.</name>
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        <name>Massachusetts Educational Financing Authority</name>
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      <invstOrSec>
        <name>Boston Gas Co.</name>
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      <invstOrSec>
        <name>Powszechna Kasa Oszczednosci Bank Polski SA</name>
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        <name>FNMA</name>
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        <name>Iliad Holding SASU</name>
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        <name>Commonwealth of Australia</name>
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        <name>Koninklijke KPN NV</name>
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        <name>Mong Duong Finance Holdings BV</name>
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        <name>KeHE Distributors LLC</name>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Notas do Tesouro Nacional</title>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Macquarie Airfinance Holdings Ltd.</name>
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        <name>N/A</name>
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        <name>FHLMC Pool</name>
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        <name>BSPRT Issuer Ltd.</name>
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      <invstOrSec>
        <name>Sage Group plc (The)</name>
        <lei>2138005RN5XYLTF8G138</lei>
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          <isin value="XS2441259137"/>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>Province of Alberta Canada</name>
        <lei>LQPXMHHNJKIPJYE53543</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
        <lei>N/A</lei>
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        <curCd>N/A</curCd>
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        <name>FHLMC Pool</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <name>Richemont International Holding SA</name>
        <lei>549300V9893NUQX6X069</lei>
        <title>Richemont International Holding SA</title>
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          <isin value="XS2178457425"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Petroleos Mexicanos</name>
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        <name>Tallgrass Energy Partners LP</name>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
        <cusip>3132DWDS9</cusip>
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        <name>Unilever Capital Corp.</name>
        <lei>MYF1DAS6G5WY7PRWCU78</lei>
        <title>Unilever Capital Corp.</title>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>31426AXV5</cusip>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Severn Trent Utilities Finance plc</name>
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        <name>Nestle Finance International Ltd.</name>
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        <name>Alliant Holdings Intermediate LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Aviva plc</name>
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        <name>N/A</name>
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        <name>FORT CRE Issuer LLC</name>
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        <name>FHLMC Pool</name>
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        <name>Republic of Italy</name>
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          <isin value="IT0005611741"/>
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        <issuerCat>NUSS</issuerCat>
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          <annualizedRt>4.30000000</annualizedRt>
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        <name>HSBC Holdings plc</name>
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        <title>HSBC Holdings plc</title>
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        <balance>500000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
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          <isin value="US3140Q8AF23"/>
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        <balance>115857.40000000</balance>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <name>Hellenic Republic</name>
        <lei>2138003EKTMKZ5598902</lei>
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          <isin value="GR0138018842"/>
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        <invCountry>GR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
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          <isin value="US3132DSBY72"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="445106"/>
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        <curCd>N/A</curCd>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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        <name>MF1 Ltd.</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Northern States Power Co.</name>
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        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Government Bond</title>
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        <invCountry>JP</invCountry>
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        <name>N/A</name>
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        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>N/A</name>
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        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
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        <name>Arcadis NV</name>
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        <name>Engie Energia Chile SA</name>
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        <name>FNMA</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Bank of America Corp.</name>
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        <name>FNMA</name>
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        <name>Heathrow Funding Ltd.</name>
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        <name>Japan</name>
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        <name>HUB International Ltd.</name>
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        <name>Nippon Life Insurance Co.</name>
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        <name>Federal Republic of Nigeria</name>
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        <name>Comstock Resources, Inc.</name>
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        <name>Shurgard Luxembourg Sarl</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>EPR Properties</name>
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        <name>Magyar Export-Import Bank Zrt.</name>
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        <name>FHLMC</name>
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        <name>Michigan Finance Authority</name>
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        <name>Nomura Holdings, Inc.</name>
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        <name>Enel SpA</name>
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        <name>FHLMC Pool</name>
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        <name>Fiserv, Inc.</name>
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        <name>People's Republic of China</name>
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        <name>AbbVie, Inc.</name>
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        <name>Baffinland Iron Mines Corp.</name>
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        <name>Booking Holdings, Inc.</name>
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        <name>FHLMC Pool</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FHLMC</name>
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        <name>Smurfit Kappa Treasury Funding DAC</name>
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        <name>M&amp;T Bank Corp.</name>
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        <name>Oman Government International Bond</name>
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      <invstOrSec>
        <name>Virgin Media Finance plc</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>State Street Bank and Trust</counterpartyName>
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        <name>GNMA</name>
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        <name>N/A</name>
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        <name>Alliander NV</name>
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          <isin value="XS3065241195"/>
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      <invstOrSec>
        <name>Humana, Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="445423"/>
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        <name>Mastercard, Inc.</name>
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        <name>KREF Ltd.</name>
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        <name>Republic of Korea</name>
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        <name>FHLMC Pool</name>
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        <title>UMBS</title>
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        <name>TDC Net A/S</name>
        <lei>549300SH2G3R15Y3FX20</lei>
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        <invCountry>DK</invCountry>
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        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc.</title>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140KE2N7</cusip>
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        <name>RHP Hotel Properties LP</name>
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        <name>FHLMC Pool</name>
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        <name>Star Energy Geothermal Wayang Windu Ltd.</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>Jane Street Group</name>
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        <name>TransDigm, Inc.</name>
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        <name>Empire Communities Corp.</name>
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        <name>FNMA</name>
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        <name>Landsbankinn HF</name>
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        <name>Benchmark Mortgage Trust</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>FNMA</name>
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        <name>Massachusetts Housing Finance Agency</name>
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        <name>Algonquin Power &amp; Utilities Corp.</name>
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      <invstOrSec>
        <name>OBX Trust</name>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
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          <isin value="US594918CD48"/>
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      <invstOrSec>
        <name>BBCMS Mortgage Trust</name>
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          <isin value="US05492VAG05"/>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="445477"/>
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        <name>FHLMC</name>
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        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="448498"/>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA</title>
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        <name>Verisure Midholding AB</name>
        <lei>549300496LYEZ55X1M49</lei>
        <title>Verisure Midholding AB</title>
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        <name>Serbia International Bond</name>
        <lei>254900W94OCY91V32O78</lei>
        <title>Republic of Serbia</title>
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          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <balance>1.00000000</balance>
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        <name>ESB Finance DAC</name>
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        <name>Serbia International Bond</name>
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        <name>Fair Isaac Corp.</name>
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        <name>FNMA</name>
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        <name>Hyundai Capital America</name>
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        <name>FHLMC</name>
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        <name>FHLMC Pool</name>
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        <name>Samarco Mineracao SA</name>
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        <name>People's Republic of China</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>EnBW International Finance BV</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
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          <isin value="US3132L6HF18"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Southern Gas Corridor CJSC</name>
        <lei>213800DG58KG59XY6318</lei>
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          <isin value="XS1319820897"/>
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        <balance>1120000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Experian Finance plc</name>
        <lei>635400RKRK5EGXSPC782</lei>
        <title>Experian Finance plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
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          <isin value="XS2597994065"/>
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        <name>N/A</name>
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        <name>Oncor Electric Delivery Co. LLC</name>
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      <invstOrSec>
        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BANK</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Volkswagen Leasing GmbH</name>
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        <name>Enel Finance International NV</name>
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        <name>Truist Financial Corp.</name>
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        <name>Amber Finco plc</name>
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        <name>OBX Trust</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>FHLMC Pool</name>
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        <name>Arbor Realty Commercial Real Estate Notes Ltd.</name>
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        <name>Nationwide Building Society</name>
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        <name>Summer BidCo BV</name>
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        <name>United States of America</name>
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        <name>HSBC Holdings plc</name>
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        <name>N/A</name>
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        <name>Boeing Co. (The)</name>
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        <name>FNMA</name>
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        <name>Roche Holdings, Inc.</name>
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        <name>Eastern Energy Gas Holdings LLC</name>
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        <name>Icon Investments Six DAC</name>
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        <name>Morgan Stanley</name>
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        <name>FNMA</name>
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        <name>Shurgard Luxembourg Sarl</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Biogen, Inc.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Berkshire Hathaway Energy Co.</name>
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        <name>Business Jet Securities LLC</name>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>FHLMC Pool</name>
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        <name>Bacardi Ltd.</name>
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        <name>FHLMC</name>
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        <name>FNMA</name>
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        <name>Japan Tobacco, Inc.</name>
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      <invstOrSec>
        <name>Las Vegas Sands Corp.</name>
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      <invstOrSec>
        <name>Veralto Corp.</name>
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      <invstOrSec>
        <name>Massachusetts Educational Financing Authority</name>
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        <name>Crh Finance UK plc</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>Arkema SA</name>
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        <name>Islandsbanki HF</name>
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          <maturityDt>2030-09-20</maturityDt>
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        <name>Orange SA</name>
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        <name>Vulcan Materials Co.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
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        <name>Sandoz Finance BV</name>
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        <name>N/A</name>
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        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank and Trust</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
            </counterparties>
            <amtCurSold>2744873.52000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>390978412.00000000</amtCurPur>
            <curPur>JPY</curPur>
            <settlementDt>2025-07-18</settlementDt>
            <unrealizedAppr>-13601.16000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunoco LP</name>
        <lei>54930001NJU8E40NQ561</lei>
        <title>Sunoco LP</title>
        <cusip>86765KAC3</cusip>
        <identifiers>
          <isin value="US86765KAC36"/>
        </identifiers>
        <balance>1950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2027522.25000000</valUSD>
        <pctVal>0.211420617940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>3140KG4A8</cusip>
        <identifiers>
          <isin value="US3140KG4A80"/>
        </identifiers>
        <balance>48796.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40691.87000000</valUSD>
        <pctVal>0.004243159501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="449335"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-27209.04000000</valUSD>
        <pctVal>-0.00283723251</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Merrill Lynch International</counterpartyName>
              <counterpartyLei>AHYI0DDQ2LCHPGHJC422</counterpartyLei>
            </counterparties>
            <amtCurSold>1739508.19000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>1953842.91000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-07-18</settlementDt>
            <unrealizedAppr>-27209.04000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Pool</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>UMBS</title>
        <cusip>3133BBTH2</cusip>
        <identifiers>
          <isin value="US3133BBTH24"/>
        </identifiers>
        <balance>561819.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>457805.66000000</valUSD>
        <pctVal>0.047737851229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>780153BV3</cusip>
        <identifiers>
          <isin value="US780153BV38"/>
        </identifiers>
        <balance>494000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495773.19000000</valUSD>
        <pctVal>0.051696929189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Co.</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Co.</title>
        <cusip>929160AZ2</cusip>
        <identifiers>
          <isin value="US929160AZ21"/>
        </identifiers>
        <balance>779000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>739502.29000000</valUSD>
        <pctVal>0.077111869485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
        <cusip>571676BC8</cusip>
        <identifiers>
          <isin value="US571676BC81"/>
        </identifiers>
        <balance>915000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>887641.46000000</valUSD>
        <pctVal>0.092559135162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</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>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>UMBS</title>
        <cusip>31418EBS8</cusip>
        <identifiers>
          <isin value="US31418EBS81"/>
        </identifiers>
        <balance>42749.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34948.01000000</valUSD>
        <pctVal>0.003644216417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</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>Chesapeake Funding II LLC</name>
        <lei>5493000HT7H4OFOD6Z12</lei>
        <title>Chesapeake Funding II LLC, Series 2023-1A, Class A1</title>
        <cusip>165183CU6</cusip>
        <identifiers>
          <isin value="US165183CU69"/>
        </identifiers>
        <balance>498986.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501167.22000000</valUSD>
        <pctVal>0.052259393624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="All applicable monthly total returns are reported excluding any sales loads or redemption fees for Item B.5." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Series Trust X</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
