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      <invstOrSec>
        <name>Intel Corp</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>Intel Corp</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STANDARD CHRTRD BNKN</name>
        <lei>N/A</lei>
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          <isin value="US85325VNT34"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-03</maturityDt>
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      <invstOrSec>
        <name>Dexia SA</name>
        <lei>F4G136OIPBYND1F41110</lei>
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          <isin value="US25213BTS42"/>
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        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-26</maturityDt>
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      <invstOrSec>
        <name>Nutrien Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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          <other otherDesc="Trade Identifier" value="25CAKBCW5X4"/>
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      <invstOrSec>
        <name>National Grid North America Inc</name>
        <lei>5Q3U0WRKWZZGRMPYFT08</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Victory Receivables Corp</name>
        <lei>549300D0F37QF0LP7F94</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-07</maturityDt>
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      <invstOrSec>
        <name>Podium Funding Trust</name>
        <lei>N/A</lei>
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        <cusip>73044DVV5</cusip>
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          <isin value="US73044DVV53"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL FARM CREDIT BANK</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-07</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Bay Square Funding LLC</name>
        <lei>254900LIJZLNOHX66R80</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Podium Funding Trust</name>
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        <name>ING US FUNDING LLC</name>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fidelity National Information Services Inc</name>
        <lei>6WQI0GK1PRFVBA061U48</lei>
        <title>Fidelity National Information Services Inc</title>
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        <name>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
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        <name>Podium Funding Trust</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Sprott Physical Uranium Trust</name>
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        <name>First Abu Dhabi Bank PJSC</name>
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        <name>Schlumberger Investment SA</name>
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        <name>TOYOTA MOTOR CREDIT CORP</name>
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        <name>Salisbury Receivables Co LLC</name>
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        <name>JPMorgan Securities PLC</name>
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        <name>DEUTSCHE BANK AG NY</name>
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        <name>United States Treasury</name>
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        <name>UBS AG</name>
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        <name>iShares iBoxx $ High Yield Corporate Bond ETF</name>
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        <name>eBay Inc</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oracle Corp</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>6840C2TA3</cusip>
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          <isin value="US6840C2TA33"/>
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        <balance>22196000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22165464.96000000</valUSD>
        <pctVal>0.492749084628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PepsiCo Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo Inc</title>
        <cusip>71344TUU4</cusip>
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          <isin value="US71344TUU41"/>
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        <balance>20106000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19964638.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pure Grove Funding</name>
        <lei>5493001D6K5CFMBUWV36</lei>
        <title>Pure Grove Funding</title>
        <cusip>74625TYQ3</cusip>
        <identifiers>
          <isin value="US74625TYQ39"/>
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        <balance>29989000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29333506.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Long: SR232731  IRS COP R F  8.62000 2 CCPNDFOIS / Short: SR232731  IRS COP P V 00MCPIBR 1 CCPNDFOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IR232731"/>
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        <balance>48290000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="COP" exchangeRt="4155.00000000"/>
        <valUSD>69906.02000000</valUSD>
        <pctVal>0.001554044881</pctVal>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
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            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="161878811.11000000" curCd="COP" fixedOrFloating="Fixed" fixedRt="8.62000000"/>
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            <pmntCurCd>COP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>COP</rcptCurCd>
            <notionalAmt>48290000000.00000000</notionalAmt>
            <curCd>COP</curCd>
            <unrealizedAppr>69906.02000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AG LDN</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>DEUTSCHE BANK AG LDN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3087755180"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14657264.30000000</valUSD>
        <pctVal>0.325838126112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>South African Futures Exchange</name>
        <lei>N/A</lei>
        <title>FTSE/JSE TOP 40 JUN25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01K4JC585"/>
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        <balance>635.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="ZAR" exchangeRt="17.98250000"/>
        <valUSD>1837097.05000000</valUSD>
        <pctVal>0.040839562418</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>South African Futures Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SAFEX FTSE/JSE Top 40 Index Futures</indexName>
                <indexIdentifier>AIM5 Index</indexIdentifier>
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            <expDate>2025-06-19</expDate>
            <notionalAmt>517953902.22000000</notionalAmt>
            <curCd>ZAR</curCd>
            <unrealizedAppr>1837097.05000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AG LDN CP/CD</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG LDN CP/CD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3062769560"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14885850.45000000</valUSD>
        <pctVal>0.330919707589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Honeywell International Inc</name>
        <lei>ISRPG12PN4EIEOEMW547</lei>
        <title>Honeywell International Inc</title>
        <cusip>43851TW44</cusip>
        <identifiers>
          <isin value="US43851TW447"/>
        </identifiers>
        <balance>36110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35688188.26000000</valUSD>
        <pctVal>0.793365811585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>IOP014579 EQO IYR.P USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IOP014579"/>
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        <balance>-2389230.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13649.67000000</valUSD>
        <pctVal>-0.00030343881</pctVal>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>UBS AG</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>iShares U.S. Real Estate ETF</issuerName>
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                  <isin value="US4642877397"/>
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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>HSBC USA Inc</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA Inc</title>
        <cusip>40434PY34</cusip>
        <identifiers>
          <isin value="US40434PY340"/>
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        <balance>14886000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14593365.05000000</valUSD>
        <pctVal>0.324417614654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Floating Rate Notes</title>
        <cusip>91282CKM2</cusip>
        <identifiers>
          <isin value="US91282CKM28"/>
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        <balance>36475900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36488298.16000000</valUSD>
        <pctVal>0.811152644460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Barclays Bank PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>Barclays Bank PLC</title>
        <cusip>06741HNS8</cusip>
        <identifiers>
          <isin value="US06741HNS84"/>
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        <balance>7462000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7462979.01000000</valUSD>
        <pctVal>0.165905659205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PepsiCo Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
        <title>PepsiCo Inc</title>
        <cusip>71344UAS8</cusip>
        <identifiers>
          <isin value="US71344UAS87"/>
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        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48630130.00000000</valUSD>
        <pctVal>1.081071481519</pctVal>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-26</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alimentation Couche-Tard Inc</name>
        <lei>549300OSW32RVX8CCZ87</lei>
        <title>Alimentation Couche-Tard Inc</title>
        <cusip>01626UU29</cusip>
        <identifiers>
          <isin value="US01626UU296"/>
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        <balance>25680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25569550.32000000</valUSD>
        <pctVal>0.568423560583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EssilorLuxottica SA</name>
        <lei>549300M3VH1A3ER1TB49</lei>
        <title>EssilorLuxottica SA</title>
        <cusip>29728XTT4</cusip>
        <identifiers>
          <isin value="US29728XTT45"/>
        </identifiers>
        <balance>20369000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20300733.30000000</valUSD>
        <pctVal>0.451295191367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-27</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>
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        <name>PODIUM FUNDING TRUST</name>
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        <name>CREDIT AGRICOLE CORP</name>
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      <invstOrSec>
        <name>AstraZeneca PLC</name>
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        <name>DEUTSCHE BANK AG LDN</name>
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        <name>HSBC USA Inc</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Eurex Deutschland</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>United States Treasury</name>
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        <name>General Motors Financial Co Inc</name>
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        <name>Alphabet Inc</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Long: SR232734  IRS COP R F  8.59800 2 CCPNDFOIS / Short: SR232734  IRS COP P V 00MCPIBR 1 CCPNDFOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IR232734"/>
        </identifiers>
        <balance>73400000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="COP" exchangeRt="4155.00000000"/>
        <valUSD>91277.45000000</valUSD>
        <pctVal>0.002029142182</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="245425133.33000000" curCd="COP" fixedOrFloating="Fixed" fixedRt="8.59800000"/>
            <floatingPmntDesc curCd="COP" fixedOrFloating="Floating" floatingRtIndex="1 day COP IBR" floatingRtSpread="0.00000000" pmntAmt="-249144066.67000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="3"/>
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            <terminationDt>2030-02-18</terminationDt>
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            <pmntCurCd>COP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>COP</rcptCurCd>
            <notionalAmt>73400000000.00000000</notionalAmt>
            <curCd>COP</curCd>
            <unrealizedAppr>91277.45000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLLAT CP FLEX CO LLC</name>
        <lei>549300QFFTZ0K7V16U14</lei>
        <title>Collateralized Commercial Paper FLEX Co LLC</title>
        <cusip>19421MUV2</cusip>
        <identifiers>
          <isin value="US19421MUV26"/>
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        <balance>13121000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13126319.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.77000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PPG Industries Inc</name>
        <lei>549300BKPEP01R3V6C59</lei>
        <title>PPG Industries Inc</title>
        <cusip>69350ATW8</cusip>
        <identifiers>
          <isin value="US69350ATW89"/>
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        <balance>7338000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7308815.31000000</valUSD>
        <pctVal>0.162478525048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THUNDER BAY FNDNG LLC</name>
        <lei>N/A</lei>
        <title>THUNDER BAY FNDNG LLC</title>
        <cusip>88603KHF1</cusip>
        <identifiers>
          <isin value="US88603KHF12"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15000096.00000000</valUSD>
        <pctVal>0.333459441824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATL BANK OF KUWAIT NY</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>National Bank of Kuwait/New York NY</title>
        <cusip>63376FS43</cusip>
        <identifiers>
          <isin value="US63376FS439"/>
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        <balance>7724000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7724168.38000000</valUSD>
        <pctVal>0.171712026146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intesa Sanpaolo Funding LLC</name>
        <lei>N/A</lei>
        <title>Intesa Sanpaolo Funding LLC</title>
        <cusip>4611K0X36</cusip>
        <identifiers>
          <isin value="US4611K0X366"/>
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        <balance>16500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16223724.00000000</valUSD>
        <pctVal>0.360661288391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-03</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>Northrop Grumman Corp</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp</title>
        <cusip>66681LUQ1</cusip>
        <identifiers>
          <isin value="US66681LUQ12"/>
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        <balance>23062000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22900277.73000000</valUSD>
        <pctVal>0.509084330491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63307MAG4</cusip>
        <identifiers>
          <isin value="US63307MAG42"/>
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        <balance>21185000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20600560.93000000</valUSD>
        <pctVal>0.457960505652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWEDBANK (NEW YORK)</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>Swedbank AB/New York</title>
        <cusip>87019WH32</cusip>
        <identifiers>
          <isin value="US87019WH328"/>
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        <balance>19504000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19523123.67000000</valUSD>
        <pctVal>0.434008550456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.73000000</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>JPMorgan Securities PLC</name>
        <lei>K6Q0W1PS1L1O4IQL9C32</lei>
        <title>COLLATERALIZED REPO B NSS NA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2997393173"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8927370.45000000</valUSD>
        <pctVal>0.198459794338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pure Grove Funding</name>
        <lei>5493001D6K5CFMBUWV36</lei>
        <title>Pure Grove Funding</title>
        <cusip>74625TWC6</cusip>
        <identifiers>
          <isin value="US74625TWC60"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24676797.50000000</valUSD>
        <pctVal>0.548577230463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pure Grove Funding</name>
        <lei>5493001D6K5CFMBUWV36</lei>
        <title>Pure Grove Funding</title>
        <cusip>74625TXQ4</cusip>
        <identifiers>
          <isin value="US74625TXQ48"/>
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        <balance>10010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9828907.09000000</valUSD>
        <pctVal>0.218501393056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>Long: ES126168  TRS EUR R E SXDR INDEX / Short: ES126168  TRS EUR P V 00MESTOR ESTRON +23 BPS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ES126168"/>
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        <balance>107266316.57000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.88070800"/>
        <valUSD>-2990595.08000000</valUSD>
        <pctVal>-0.06648238558</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>STOXX Europe 600 Health Care Index</indexName>
                <indexIdentifier>SXDR Index</indexIdentifier>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="EUR" fixedOrFloating="Floating" floatingRtIndex="1 day EUR STR" floatingRtSpread="0.23000000" pmntAmt="-445712.40000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="3"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>EUR</rcptCurCd>
            <notionalAmt>107266316.57000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-2990595.08000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AG LDN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG LDN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2979669525"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9908170.50000000</valUSD>
        <pctVal>0.220263457275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinity Health Corp</name>
        <lei>TWSRHFGEDJDX0GKMGJ67</lei>
        <title>Trinity Health Corp</title>
        <cusip>89651JTC7</cusip>
        <identifiers>
          <isin value="US89651JTC70"/>
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        <balance>3637000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3631336.10000000</valUSD>
        <pctVal>0.080726370616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
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        <name>United States Treasury</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <isin value="US91282CFP14"/>
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      <invstOrSec>
        <name>BARCLAYS BANK PLC NY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Paradelle Funding LLC</name>
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        <name>MACQUARIE BANK LIMITED</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs Financial Square Government Fund</name>
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          <isin value="US38141W2733"/>
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      <invstOrSec>
        <name>Ridgefield Funding Co LLC</name>
        <lei>N/A</lei>
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        <name>BofA Securities Inc</name>
        <lei>549300HN4UKV1E2R3U73</lei>
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          <isin value="US06054NYR69"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>iShares MSCI Mexico ETF</name>
        <lei>549300SQ92O6OZ19G545</lei>
        <title>iShares MSCI Mexico ETF</title>
        <cusip>464286822</cusip>
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          <isin value="US4642868222"/>
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        <balance>864052.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>HSBC USA Inc</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA Inc</title>
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        <valUSD>20828053.57000000</valUSD>
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        <name>Reckitt Benckiser Treasury Services PLC</name>
        <lei>213800LAXWIUOOBZ3908</lei>
        <title>Reckitt Benckiser Treasury Services PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Northrop Grumman Corp</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corp</title>
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        <invCountry>US</invCountry>
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        <name>AbbVie Inc</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie Inc</title>
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        <invCountry>US</invCountry>
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        <name>CHARIOT FUNDING LLC</name>
        <lei>549300EEWRNP448AMT79</lei>
        <title>Chariot Funding LLC</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-12-15</maturityDt>
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      <invstOrSec>
        <name>iShares 7-10 Year Treasury Bond ETF</name>
        <lei>549300XS1PPZG92M8L16</lei>
        <title>iShares 7-10 Year Treasury Bond ETF</title>
        <cusip>464287440</cusip>
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          <isin value="US4642874402"/>
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        <balance>730076.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>S+P500 EMINI FUT JUN25</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Bloomberg Identifier" value="BBG01FTN83M4"/>
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        <balance>45.00000000</balance>
        <units>NC</units>
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        <valUSD>164791.13000000</valUSD>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797PQ4</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Emerson Electric Co</name>
        <lei>FGLT0EWZSUIRRITFOA30</lei>
        <title>Emerson Electric Co</title>
        <cusip>29101AU10</cusip>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Long: SR232776  IRS COP R F  8.65000 2 CCPNDFOIS / Short: SR232776  IRS COP P V 00MCPIBR 1 CCPNDFOIS</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="IR232776"/>
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        <balance>50429000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="COP" exchangeRt="4155.00000000"/>
        <valUSD>87036.45000000</valUSD>
        <pctVal>0.001934862685</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="N/A" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="169637552.78000000" curCd="COP" fixedOrFloating="Fixed" fixedRt="8.65000000"/>
            <floatingPmntDesc curCd="COP" fixedOrFloating="Floating" floatingRtIndex="1 day COP IBR" floatingRtSpread="0.00000000" pmntAmt="-171172835.69000000">
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                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="3"/>
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            <terminationDt>2030-02-18</terminationDt>
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            <pmntCurCd>COP</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>COP</rcptCurCd>
            <notionalAmt>50429000000.00000000</notionalAmt>
            <curCd>COP</curCd>
            <unrealizedAppr>86938.52000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cabot Trail Funding LLC</name>
        <lei>25490002FPRX2W8W9V23</lei>
        <title>Cabot Trail Funding LLC</title>
        <cusip>12710GYA2</cusip>
        <identifiers>
          <isin value="US12710GYA20"/>
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        <balance>24500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24010548.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO DOMINION BK</name>
        <lei>N/A</lei>
        <title>TORONTO DOMINION BK</title>
        <cusip>89115DAT3</cusip>
        <identifiers>
          <isin value="US89115DAT37"/>
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        <balance>6387000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6384803.51000000</valUSD>
        <pctVal>0.141937292574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Albion Capital Corp SA / Albion Capital LLC</name>
        <lei>N/A</lei>
        <title>Albion Capital Corp SA / Albion Capital LLC</title>
        <cusip>01329WU25</cusip>
        <identifiers>
          <isin value="US01329WU251"/>
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        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24898640.00000000</valUSD>
        <pctVal>0.553508897315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED TRY / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25CQKBB3DW4"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="TRY" exchangeRt="40.05070065"/>
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        <pctVal>0.008230757181</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <amtCurSold>9002873.05000000</amtCurSold>
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            <amtCurPur>375400000.00000000</amtCurPur>
            <curPur>TRY</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>370246.37000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYERISCHE LANDESBANK NY</name>
        <lei>549300DJ6F1V4GISFC11</lei>
        <title>Bayerische Landesbank/New York</title>
        <cusip>0727MDDR3</cusip>
        <identifiers>
          <isin value="US0727MDDR31"/>
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        <balance>20831000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20848589.70000000</valUSD>
        <pctVal>0.463474306043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.72000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>NASDAQ 100 E-MINI JUN25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01KJ7X5T9"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>69211.10000000</valUSD>
        <pctVal>0.001538596471</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME E-mini NASDAQ 100 Index Futures</indexName>
                <indexIdentifier>NQM5 Index</indexIdentifier>
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            <expDate>2025-06-20</expDate>
            <notionalAmt>785858.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>69211.10000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW Bank</title>
        <cusip>62939LWP0</cusip>
        <identifiers>
          <isin value="US62939LWP02"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4929637.50000000</valUSD>
        <pctVal>0.109588243245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VW Credit Inc</name>
        <lei>549300UUPJ2NXDB68M19</lei>
        <title>VW Credit Inc</title>
        <cusip>91842JTA7</cusip>
        <identifiers>
          <isin value="US91842JTA78"/>
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        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14978623.50000000</valUSD>
        <pctVal>0.332982097688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF MONTREAL CHICAGO</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal/Chicago IL</title>
        <cusip>06370B3D4</cusip>
        <identifiers>
          <isin value="US06370B3D44"/>
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        <balance>5029000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5032461.56000000</valUSD>
        <pctVal>0.111874072192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.73000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OLD LINE FUNDING LLC</name>
        <lei>N/A</lei>
        <title>OLD LINE FUNDING LLC</title>
        <cusip>67984VLS7</cusip>
        <identifiers>
          <isin value="US67984VLS78"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30000192.00000000</valUSD>
        <pctVal>0.666918883648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-14</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gotham Funding Corp</name>
        <lei>549300Z2ZR7VTUMRPR17</lei>
        <title>Gotham Funding Corp</title>
        <cusip>38346LV86</cusip>
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          <isin value="US38346LV865"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29743527.00000000</valUSD>
        <pctVal>0.661213095656</pctVal>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-08</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED INR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25CKKBCJZBR"/>
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        <assetCat>DFE</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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      <invstOrSec>
        <name>Reckitt Benckiser Treasury Services PLC</name>
        <lei>213800LAXWIUOOBZ3908</lei>
        <title>Reckitt Benckiser Treasury Services PLC</title>
        <cusip>7562E0VL7</cusip>
        <identifiers>
          <isin value="US7562E0VL74"/>
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        <balance>15103000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14946703.58000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>CITIBANK NA DDCA</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Collateralized Commercial Paper V Co LLC</name>
        <lei>549300ZLXI3T111CH173</lei>
        <title>Collateralized Commercial Paper V Co LLC</title>
        <cusip>19423RJM2</cusip>
        <identifiers>
          <isin value="US19423RJM25"/>
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        <balance>15750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15751315.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-31</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Salisbury Receivables Co LLC</name>
        <lei>549300HB2PGDP0V6U989</lei>
        <title>Salisbury Receivables Co LLC</title>
        <cusip>79490ATA6</cusip>
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          <isin value="US79490ATA69"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14980138.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Paradelle Funding LLC</name>
        <lei>N/A</lei>
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        <cusip>69901NDM3</cusip>
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          <isin value="US69901NDM39"/>
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        <balance>4583000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4406804.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-21</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>
      <invstOrSec>
        <name>Oracle Corp</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp</title>
        <cusip>6840C2TG0</cusip>
        <identifiers>
          <isin value="US6840C2TG03"/>
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        <balance>12141000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12115140.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>BofA Securities Inc</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities Inc</title>
        <cusip>06054NYD7</cusip>
        <identifiers>
          <isin value="US06054NYD73"/>
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        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9794296.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-13</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hannover Funding Co LLC</name>
        <lei>549300Q4LWLYRV25UY62</lei>
        <title>Hannover Funding Co LLC</title>
        <cusip>41068KU22</cusip>
        <identifiers>
          <isin value="US41068KU229"/>
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        <balance>5985000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5960026.39000000</valUSD>
        <pctVal>0.132494290254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797PV3</cusip>
        <identifiers>
          <isin value="US912797PV33"/>
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        <balance>65208000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63105100.69000000</valUSD>
        <pctVal>1.402857131872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs MLP Energy Infrastructure Fund</name>
        <lei>549300QNI1STTSJRLK10</lei>
        <title>Goldman Sachs MLP Energy Infrastructure Fund</title>
        <cusip>38150C887</cusip>
        <identifiers>
          <isin value="US38150C8872"/>
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        <balance>122794.75000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4687075.68000000</valUSD>
        <pctVal>0.104195975815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.K. Gilts</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Gilts</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BSQNRD01"/>
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        <balance>104064815.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74219800"/>
        <valUSD>141626397.51000000</valUSD>
        <pctVal>3.148423814174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>50244MCC4</cusip>
        <identifiers>
          <isin value="US50244MCC47"/>
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        <balance>11051000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10681397.09000000</valUSD>
        <pctVal>0.237452661072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25EKKBB5WNZ"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74218147"/>
        <valUSD>-996177.53000000</valUSD>
        <pctVal>-0.02214551180</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
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            <amtCurPur>70856245.02000000</amtCurPur>
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            <settlementDt>2025-06-04</settlementDt>
            <unrealizedAppr>-996177.53000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Toronto-Dominion Bank/The</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/The</title>
        <cusip>89119AWA2</cusip>
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          <isin value="US89119AWA23"/>
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        <balance>8288000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8183860.45000000</valUSD>
        <pctVal>0.181931204815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25EKKBB5WLQ"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74218147"/>
        <valUSD>-990631.47000000</valUSD>
        <pctVal>-0.02202222019</pctVal>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR NOTE (CBT)SEP25</title>
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          <other otherDesc="Bloomberg Identifier" value="BBG01R98QBS9"/>
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        <balance>7978.00000000</balance>
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        <curCd>USD</curCd>
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            <payOffProf>Long</payOffProf>
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                <indexName>CBOT 10 Year U.S. Treasury Notes</indexName>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED INR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="25CKKBCHRFC"/>
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        <balance>1.00000000</balance>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>Long: SR232732  IRS COP R F  8.56500 2 CCPNDFOIS / Short: SR232732  IRS COP P V 00MCPIBR 1 CCPNDFOIS</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alerian MLP ETF</name>
        <lei>549300WPBLCQJSVVVV61</lei>
        <title>Alerian MLP ETF</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Equitable Short Term Funding LLC</name>
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        <name>BANCO SANTANDER SA/NY</name>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <isin value="US91282CLA70"/>
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        <name>HSBC USA Inc</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CREDIT AGRICOLE SA</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
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          <isin value="US50244LTD63"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-13</maturityDt>
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      <invstOrSec>
        <name>Pure Grove Funding</name>
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          <isin value="US74625UA789"/>
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        <balance>15519000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-07</maturityDt>
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      <invstOrSec>
        <name>Brighthouse Financial Short Term Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US10924HYR91"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-25</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Lloyds Bank PLC</name>
        <lei>H7FNTJ4851HG0EXQ1Z70</lei>
        <title>Lloyds Bank PLC</title>
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          <isin value="US53943FX347"/>
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        <curCd>USD</curCd>
        <valUSD>984488.00000000</valUSD>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alphabet Inc</name>
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        <title>Alphabet Inc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Mondelez International Inc</name>
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        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Mercado Mexicano De Derivados</name>
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        <name>Salisbury Receivables Co LLC</name>
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        <name>UBS AG/London</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>N/A</lei>
        <title>BANK OF MONTREAL</title>
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          <isin value="US06367DNK71"/>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG LDN</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <isin value="XS3003323238"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Equitable Short Term Funding LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>KOOKMIN BANK/NEW YORK</name>
        <lei>549300XXMOJSIW8P4769</lei>
        <title>Kookmin Bank/New York</title>
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          <isin value="US48668M6H17"/>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>eBay Inc</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>ING US FUNDING LLC</name>
        <lei>N/A</lei>
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          <isin value="US44988GFX16"/>
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        <balance>7149000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>iShares Core MSCI Emerging Markets ETF</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eurex Deutschland</name>
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        <name>MITSUBISHI UFJ TR&amp;BK NY</name>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Apple Inc</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc</title>
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          <isin value="US03785DTH97"/>
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        <curCd>USD</curCd>
        <valUSD>29935428.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>
      <invstOrSec>
        <name>eBay Inc</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc</title>
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          <isin value="US27864AW929"/>
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        <balance>27374000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27017226.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mosaic Co/The</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co/The</title>
        <cusip>61945NTW9</cusip>
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          <isin value="US61945NTW91"/>
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        <balance>2865000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2853552.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAT International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
        <title>BAT International Finance PLC</title>
        <cusip>05531MVE5</cusip>
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          <isin value="US05531MVE55"/>
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        <balance>4730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4684112.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
        <cusip>8085A2YE1</cusip>
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          <isin value="US8085A2YE10"/>
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        <balance>23775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23289704.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equitable Short Term Funding LLC</name>
        <lei>N/A</lei>
        <title>Equitable Short Term Funding LLC</title>
        <cusip>29456CU74</cusip>
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          <isin value="US29456CU740"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7465578.00000000</valUSD>
        <pctVal>0.165963436019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Stock Exchange Of India</name>
        <lei>N/A</lei>
        <title>IFSC NIFTY 50 FUT JUN25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01NJHJ8K0"/>
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        <balance>1223.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-700875.80000000</valUSD>
        <pctVal>-0.01558081048</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>National Stock Exchange Of India</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>IFSC NIFTY 50 Index Futures</indexName>
                <indexIdentifier>JGSM5 Index</indexIdentifier>
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            <unrealizedAppr>-700875.80000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Albion Capital Corp SA / Albion Capital LLC</name>
        <lei>N/A</lei>
        <title>Albion Capital Corp SA / Albion Capital LLC</title>
        <cusip>01329WUR0</cusip>
        <identifiers>
          <isin value="US01329WUR05"/>
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        <balance>14758000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14655933.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antalis SA</name>
        <lei>549300G2LM2ZKZ0X4Y50</lei>
        <title>Antalis SA</title>
        <cusip>03664AV62</cusip>
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          <isin value="US03664AV626"/>
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        <balance>15235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15107364.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Antalis SA</name>
        <lei>549300G2LM2ZKZ0X4Y50</lei>
        <title>Antalis SA</title>
        <cusip>03664AV47</cusip>
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          <isin value="US03664AV477"/>
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        <balance>7457000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>DEUTSCHE BANK AG LDN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG LDN</title>
        <cusip>000000000</cusip>
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          <isin value="XS3015665220"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-02</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Chevron Corp</name>
        <lei>N/A</lei>
        <title>Chevron Corp</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-27</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Albion Capital Corp SA / Albion Capital LLC</name>
        <lei>N/A</lei>
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        <cusip>01329WUM1</cusip>
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          <isin value="US01329WUM18"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>eBay Inc</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Salisbury Receivables Co LLC</name>
        <lei>549300HB2PGDP0V6U989</lei>
        <title>Salisbury Receivables Co LLC</title>
        <cusip>79490AUX4</cusip>
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          <isin value="US79490AUX44"/>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>MACQUARIE BANK LIMITED</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd</title>
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        <balance>12593000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>Hannover Funding Co LLC</name>
        <lei>549300Q4LWLYRV25UY62</lei>
        <title>Hannover Funding Co LLC</title>
        <cusip>41068KVL9</cusip>
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          <isin value="US41068KVL96"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9895799.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Deere Financial Inc</name>
        <lei>CWQ698NK2DINVLMZRZ97</lei>
        <title>John Deere Financial Inc</title>
        <cusip>24422CTT0</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>iShares Core S&amp;P 500 ETF</name>
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          <isin value="US4642872000"/>
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      <invstOrSec>
        <name>MIZUHO BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Equitable Short Term Funding LLC</name>
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          <isin value="US29456CXA43"/>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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          <isin value="US91282CJU62"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Paradelle Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US69901Q2G12"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-02</maturityDt>
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      <invstOrSec>
        <name>National Grid North America Inc</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>NATL BANK OF KUWAIT NY</name>
        <lei>549300NB7FE83IH6BW96</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BAT International Finance PLC</name>
        <lei>21380041YBGOQDFAC823</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-21</maturityDt>
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      <invstOrSec>
        <name>Bell Telephone Co of Canada or Bell Canada/The</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-12</maturityDt>
          <couponKind>None</couponKind>
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        <name>RWE AG</name>
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        <title>RWE AG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cabot Trail Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Trade</name>
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        <name>Paradelle Funding LLC</name>
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        <name>Macquarie Bank Ltd</name>
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        <name>Goldman Sachs Energy Infrastructure Fund</name>
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        <title>Goldman Sachs Energy Infrastructure Fund</title>
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        <name>NATL BANK OF KUWAIT NY</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>National Bank of Kuwait/New York NY</title>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aon Corp</name>
        <lei>LTS3U8DGK38SETRUWX71</lei>
        <title>Aon Corp</title>
        <cusip>03739NU90</cusip>
        <identifiers>
          <isin value="US03739NU902"/>
        </identifiers>
        <balance>14000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13929430.20000000</valUSD>
        <pctVal>0.309658019483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-09</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>BASF SE</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE</title>
        <cusip>05526LUX3</cusip>
        <identifiers>
          <isin value="US05526LUX36"/>
        </identifiers>
        <balance>3409000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381625.05000000</valUSD>
        <pctVal>0.075175172321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</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>Broadcom Inc</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom Inc</title>
        <cusip>11135MXM3</cusip>
        <identifiers>
          <isin value="US11135MXM36"/>
        </identifiers>
        <balance>26272000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25791012.22000000</valUSD>
        <pctVal>0.573346766512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-21</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>Albion Capital Corp SA / Albion Capital LLC</name>
        <lei>N/A</lei>
        <title>Albion Capital Corp SA / Albion Capital LLC</title>
        <cusip>01329WVL2</cusip>
        <identifiers>
          <isin value="US01329WVL26"/>
        </identifiers>
        <balance>14352000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14207485.41000000</valUSD>
        <pctVal>0.315839322264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Victory Receivables Corp</name>
        <lei>549300D0F37QF0LP7F94</lei>
        <title>Victory Receivables Corp</title>
        <cusip>92646KU83</cusip>
        <identifiers>
          <isin value="US92646KU832"/>
        </identifiers>
        <balance>9767000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9720443.64000000</valUSD>
        <pctVal>0.216090197721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-08</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>MORGAN STANLEY &amp; CO. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>PURCHASED TRY / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="25CRKBCDZCM"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="TRY" exchangeRt="40.05070065"/>
        <valUSD>554582.90000000</valUSD>
        <pctVal>0.012328648048</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <amtCurSold>12553802.01000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>525000000.00000000</amtCurPur>
            <curPur>TRY</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>554582.90000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ridgefield Funding Co LLC</name>
        <lei>N/A</lei>
        <title>Ridgefield Funding Co LLC</title>
        <cusip>76582JYC2</cusip>
        <identifiers>
          <isin value="US76582JYC25"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24493047.50000000</valUSD>
        <pctVal>0.544492378444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-12</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>CDP Financial Inc</name>
        <lei>549300OXMGVYFCBFV096</lei>
        <title>CDP Financial Inc</title>
        <cusip>12509RYU9</cusip>
        <identifiers>
          <isin value="US12509RYU93"/>
        </identifiers>
        <balance>28147000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27526893.44000000</valUSD>
        <pctVal>0.611936251718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LANDESBANK HESSEN THURINGEN GI</name>
        <lei>N/A</lei>
        <title>LANDESBANK HESSEN THURINGEN GI</title>
        <cusip>51500XQC2</cusip>
        <identifiers>
          <isin value="US51500XQC29"/>
        </identifiers>
        <balance>5636000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5637809.72000000</valUSD>
        <pctVal>0.125331256702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.54000000</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>DEUTSCHE BANK AG LDN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG LDN</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS2978123359"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11940437.16000000</valUSD>
        <pctVal>0.265441735207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-10</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>

      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>GOLDMAN SACHS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Peter Fortner</ncom:signature>
      <ncom:signerName>Peter Fortner</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
