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        <name>Amazon.com, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>Mill City Mortgage Loan Trust 2015-2</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Meglobal Canada Ulc</name>
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      <invstOrSec>
        <name>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION</name>
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        <name>Southern California Edison Company</name>
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        <name>ROYAL BANK OF CANADA</name>
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        <name>AGL CLO 19 LTD</name>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>Yamana Gold Inc</name>
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        <name>Morgan Stanley</name>
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        <name>Santander Drive Auto Receivables Trust 2013-A</name>
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        <name>United States Treasury Notes</name>
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        <name>Marriott International, Inc.</name>
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        <name>BARCLAYS BANK PLC</name>
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        <name>BMO 2023-C7 MORTGAGE TRUST</name>
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        <name>SV RNO Property Owner 1 LLC</name>
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        <name>United States Treasury Notes</name>
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        <name>JPMCC COMMERCIAL MORTGAGE SECURITIES TRUST 2016-JP3</name>
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        <name>United Rentals (North America), Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Petroleos Mexicanos Sa De CV</name>
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        <name>Banco Do Brasil SA Cayman Islands Branch</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Haleon US Capital LLC.</name>
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        <name>Cwabs Asset Backed Certificates Series 2002-4</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>BRAVO Residential Funding Trust 2022-NQM3</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>United Air Lines, Inc.</name>
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        <title>UAL 4.625 04/15/29 144A</title>
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        <name>Light Servicos de Eletricidade SA</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
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        <name>Santander Drive Auto Receivables Trust 2013-A</name>
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        <name>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 2016-C30</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <balance>10470000.00000000</balance>
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        <name>Deutsche Bank AG New York Branch</name>
        <lei>N/A</lei>
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        <name>United States Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>AEP Texas Inc</name>
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        <name>Onemain Direct Auto Receivables Trust 2017-1</name>
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        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1</name>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>U.S. Treasury Security Stripped Interest Security</name>
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        <name>DTE Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <name>MADISON PARK FUNDING XXXIII LTD</name>
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        <name>Sun Communities Operating Limited Partnership</name>
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        <name>Southwest Airlines Co.</name>
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        <name>Philip Morris International Inc.</name>
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        <name>Pacific Gas and Electric Company</name>
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        <name>The Progressive Corporation</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ANGLO AMERICAN PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
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        <curCd>USD</curCd>
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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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      <invstOrSec>
        <name>ELMWOOD CLO II LTD</name>
        <lei>N/A</lei>
        <title>ELMW2 2019-2A A1RR</title>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>LSEG US Finance Corp</name>
        <lei>2138007FV67QQ13CGJ43</lei>
        <title>LSELN 5.25 03/23/36 144A</title>
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          <isin value="US50222CAF77"/>
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        <balance>9015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8901699.48000000</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>2036-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BAYVIEW OPPORTUNITY MASTER FUND VII TRUST 2024-SN1</name>
        <lei>N/A</lei>
        <title>BVABS 2024-SN1 B</title>
        <cusip>072926AD0</cusip>
        <identifiers>
          <isin value="US072926AD05"/>
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        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4520718.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.67000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-2</name>
        <lei>N/A</lei>
        <title>WLAKE 2025-2A B</title>
        <cusip>96041KAE4</cusip>
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          <isin value="US96041KAE47"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2309519.93000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Targa Resources Corp.</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TRGP 5.2 07/01/27</title>
        <cusip>87612KAA0</cusip>
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          <isin value="US87612KAA07"/>
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        <balance>2721000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2743511.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BEIGNET INVESTOR LLC</name>
        <lei>N/A</lei>
        <title>RPLDCI 6.581 05/30/49 144A</title>
        <cusip>076912AA2</cusip>
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          <isin value="US076912AA21"/>
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        <balance>15887000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16361597.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.58100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>5-Year T-Note Futures, Jun-2026,ETH</title>
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          <ticker value="ZFM6"/>
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        <curCd>USD</curCd>
        <valUSD>-1032285.39000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issuerName>US TREASURY N/B</issuerName>
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        <securityLending>
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      <invstOrSec>
        <name>CITIBANK, NATIONAL ASSOCIATION</name>
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        <title>SWOP IRS EUR</title>
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        <balance>9250000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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      <invstOrSec>
        <name>FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES</name>
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        <title>FHMS K093 XAM</title>
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          <isin value="US3137FMCV24"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CBAMR 2018-8 LTD/ CBAMR 2018-8 LLC</name>
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        <title>CBAMR 2018-8A A1R</title>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AFFIRM MASTER TRUST</name>
        <lei>N/A</lei>
        <title>AFRMT 2025-1A A</title>
        <cusip>00833BAA6</cusip>
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          <isin value="US00833BAA61"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM 8.625 11/01/30 144A</title>
        <cusip>17888HAC7</cusip>
        <identifiers>
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        <balance>1575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1658981.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Targa Resources Corp.</name>
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        <name>Corporacion Andina de Fomento</name>
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        <name>JBS USA HOLDING LUX SARL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nationwide Children's Hospital</name>
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        <name>Santander Drive Auto Receivables Trust 2013-A</name>
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        <name>Dupont De Nemours Inc</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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        <name>Aker BP ASA</name>
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        <name>Nutrien Ltd</name>
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        <title>NTRCN 4 12/15/26</title>
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        <invCountry>CA</invCountry>
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        <name>Avis Budget Rental Car Funding AESOP LLC</name>
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        <title>AESOP 2024-1A A</title>
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        <name>Broadcom Inc</name>
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        <title>AVGO 3.187 11/15/36 144A</title>
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        <name>Morgan Stanley</name>
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        <title>MS V3.772 01/24/29 GMTN</title>
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        <name>Ameren Illinois Company</name>
        <lei>RC71E2BZ6UOMFPDJSE79</lei>
        <title>AEE 3.85 09/01/32</title>
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        <name>Bank of America Corp.</name>
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        <name>Goldman Sachs Group, Inc.</name>
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        <name>Brixmor Operating Partnership LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRX 3.9 03/15/27</title>
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          <maturityDt>2027-03-15</maturityDt>
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        <name>REGIONAL TRANSPORTATION DISTRICT (CO)</name>
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        <title>CO REGTRN 5.84 11/01/2050</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <name>Philip Morris International Inc.</name>
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        <name>Light Servicos de Eletricidade SA</name>
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        <name>Philip Morris International Inc.</name>
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        <name>Santander Drive Auto Receivables Trust 2025-2</name>
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        <name>METROPOLITAN EDISON CO</name>
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        <name>CONNECTICUT AVENUE SECURITIES TRUST 2021-R01</name>
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        <title>CAS 2021-R01 1M2</title>
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        <name>Duke Energy Carolinas LLC</name>
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        <name>GS MORTGAGE SECURITIES TRUST 2015-GS1</name>
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        <name>United States Treasury Bonds</name>
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        <name>United States Treasury Notes</name>
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        <name>Federal National Mortgage Association</name>
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        <name>United States Treasury Notes</name>
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        <name>Morgan Stanley</name>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2017-C41</name>
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        <name>TRINITAS CLO XXIV LTD</name>
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        <name>Toyota Auto Loan Extended Trust 2025-1</name>
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        <name>EQT Corporation</name>
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        <name>Cox Communications, Inc.</name>
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        <name>UnitedHealth Group Inc.</name>
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        <name>Canadian Natural Resources Limited</name>
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        <name>CITIBANK NA</name>
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        <name>Honeywell Aerospace Inc.</name>
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        <name>Barrick (PD) Australia Finance Pty Ltd</name>
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        <name>Mexico City Airport Trust</name>
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        <name>Oracle Corp.</name>
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        <name>Tennessee Valley Authority</name>
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        <name>SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-1</name>
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        <name>BHP Billiton Finance (USA) Ltd.</name>
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        <name>Societe Generale S.A.</name>
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        <name>Bank of America Corp.</name>
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        <name>United States Treasury Notes</name>
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        <name>CREDIT AGRICOLE SA</name>
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        <name>United States Treasury Notes</name>
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        <name>Cwabs Asset Backed Certificates Series 2002-4</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ELEVATION CLO 2023-17 LTD</name>
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        <name>Citadel Securities Global Holdings LLC</name>
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        <name>BBCMS MORTGAGE TRUST 2019-C4</name>
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        <name>ACE Securities Corp Home Equity Loan Trust</name>
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        <name>Alphabet Inc.</name>
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                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>CITIBANK, NATIONAL ASSOCIATION</counterpartyName>
                    <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>CITIBANK, NATIONAL ASSOCIATION</name>
                    <lei>E57ODZWZ7FF32TWEFA76</lei>
                    <title>IRS USD</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="SWB8AF51EF2SO"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="THE SECURED OVERNIGHT FINANCING RATE" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
                    <rtResetTenors>
                      <rtResetTenor rateTenor="Year" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
                    </rtResetTenors>
                  </floatingRecDesc>
                  <fixedPmntDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.08500000"/>
                  <terminationDt>2031-08-13</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>0.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>-2250000.00000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>3.08500000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-08-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-6587.27000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>ARE 5.5 10/01/35</title>
        <cusip>015271BE8</cusip>
        <identifiers>
          <isin value="US015271BE86"/>
        </identifiers>
        <balance>18955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18883604.72000000</valUSD>
        <pctVal>0.241969987187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="16678333.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2016-COR1 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2016-COR1 A3</title>
        <cusip>12594MBB3</cusip>
        <identifiers>
          <isin value="US12594MBB37"/>
        </identifiers>
        <balance>5406732.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5384593.65000000</valUSD>
        <pctVal>0.068996893115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.82600000</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>CVS Health Corp</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS 4.78 03/25/38</title>
        <cusip>126650CY4</cusip>
        <identifiers>
          <isin value="US126650CY46"/>
        </identifiers>
        <balance>22945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21135686.04000000</valUSD>
        <pctVal>0.270827617720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.78000000</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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V1.898 07/23/31 MTN</title>
        <cusip>06051GJF7</cusip>
        <identifiers>
          <isin value="US06051GJF72"/>
        </identifiers>
        <balance>13140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11709929.96000000</valUSD>
        <pctVal>0.150048237315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.89800000</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>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>3-Year T-Note Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="Z3NM6"/>
          <other otherDesc="FIGI" value="BBG01XK4WR00"/>
        </identifiers>
        <balance>-174.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>356943.57000000</valUSD>
        <pctVal>0.004573789397</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>US TREASURY N/B</issuerName>
                <issueTitle>United States Treasury Note/Bond</issueTitle>
                <identifiers>
                  <cusip value="91282CKG5"/>
                  <isin value="US91282CKG59"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>-37138912.49000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>356943.57000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OBX 2018-1 Trust</name>
        <lei>N/A</lei>
        <title>OBX 2018-1 A2</title>
        <cusip>67112FAD2</cusip>
        <identifiers>
          <isin value="US67112FAD24"/>
        </identifiers>
        <balance>312569.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309130.66000000</valUSD>
        <pctVal>0.003961126222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.43821000</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>U.S. Treasury Security Stripped Interest Security</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>S 0 08/15/40</title>
        <cusip>912834JB5</cusip>
        <identifiers>
          <isin value="US912834JB55"/>
        </identifiers>
        <balance>33435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16584290.37000000</valUSD>
        <pctVal>0.212507123922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBCMS MORTGAGE TRUST 2022-C17</name>
        <lei>N/A</lei>
        <title>BBCMS 2022-C17 A4</title>
        <cusip>054976AD7</cusip>
        <identifiers>
          <isin value="US054976AD77"/>
        </identifiers>
        <balance>9358000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9020257.61000000</valUSD>
        <pctVal>0.115583420151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.17400000</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>WHEELS FLEET LEASE FUNDING 1 LLC</name>
        <lei>549300BSFY0E0XXREF43</lei>
        <title>WFLF 2025-2A A1</title>
        <cusip>96328GCK1</cusip>
        <identifiers>
          <isin value="US96328GCK13"/>
        </identifiers>
        <balance>16800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16833238.80000000</valUSD>
        <pctVal>0.215697089467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.41000000</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="Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The Fund has adopted a policy that requires any loan to be secured by collateral in excess of the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous days market value. Due to timing differences between market value changes and collateral posting, reported values on this Form may show collateral amounts that are lower than the market value of the securities on loan. However, the Fund remains properly collateralized per its policy." noteItem="C.12.a"/>

      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Advanced Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Christian J. Kelly</ncom:signature>
      <ncom:signerName>Christian J. Kelly</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
