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        <name>Cooperatieve Rabobank UA</name>
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      <invstOrSec>
        <name>John Deere Capital Corp.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>BNP Paribas SA</name>
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        <name>Advanced Micro Devices, Inc.</name>
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        <name>Credit Industriel et Commercial</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC USA, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-03</maturityDt>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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        <name>ANZ New Zealand Int'l Ltd.</name>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <name>Brookfield Renewable Partners LP</name>
        <lei>VA8DFMRI2GY8Y7V79H93</lei>
        <title>Brookfield Renewable Partners LP</title>
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        <invCountry>BM</invCountry>

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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Starbucks Corp.</name>
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        <title>Starbucks Corp.</title>
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        <name>NatWest Markets plc</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NatWest Markets plc</title>
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        <name>Macquarie Bank Ltd.</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd.</title>
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        <invCountry>AU</invCountry>
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        <name>Wells Fargo &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <name>Brookfield Renewable Partners LP</name>
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        <name>NTT Finance Americas, Inc.</name>
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        <name>Mizuho Securities USA LLC</name>
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        <name>Australia &amp; New Zealand Banking Group Ltd.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Pure Grove Funding</name>
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        <name>Deutsche Bank AG</name>
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        <name>Brookfield Corporate Treasury Ltd.</name>
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        <name>Siemens Financieringsmaatschappij NV</name>
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        <name>Athene Global Funding</name>
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        <title>Athene Global Funding</title>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <name>Accenture Capital, Inc.</name>
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        <name>RTX Corp.</name>
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        <title>RTX Corp.</title>
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        <name>Bank of America NA</name>
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        <name>Pure Grove Funding</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Extra Space Storage LP</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Morgan Stanley Bank NA</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BMW US Capital LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citibank NA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NBN Co. Ltd.</name>
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        <title>NBN Co. Ltd.</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>AU</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>CNH Equipment Trust</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>Mercedes-Benz Finance North America LLC</name>
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        <title>Mercedes-Benz Finance North America LLC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CDP Financial, Inc.</name>
        <lei>549300OXMGVYFCBFV096</lei>
        <title>CDP Financial, Inc.</title>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-13</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Northwestern Mutual Global Funding</name>
        <lei>635400LZXFVELZDVP257</lei>
        <title>Northwestern Mutual Global Funding</title>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
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      <invstOrSec>
        <name>Athene Global Funding</name>
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      <invstOrSec>
        <name>Credit Agricole Corporate and Investment Bank</name>
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        <balance>9420000.00000000</balance>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Protective Life Global Funding</name>
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      <invstOrSec>
        <name>Rio Tinto Finance USA plc</name>
        <lei>2138006TSNBEUA761G16</lei>
        <title>Rio Tinto Finance USA plc</title>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-12</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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        <balance>3050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3051575.17000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-23</maturityDt>
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          <annualizedRt>4.40296200</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADA2</cusip>
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        <balance>2005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2016423.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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        <name>Macquarie Bank Ltd.</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Macquarie Bank Ltd.</title>
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        <balance>4285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4293304.16000000</valUSD>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Northwestern Mutual Global Funding</name>
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        <name>Pacific Life Global Funding II</name>
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        <invCountry>US</invCountry>
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        <name>Wells Fargo Securities LLC</name>
        <lei>VYVVCKR63DVZZN70PB21</lei>
        <title>Wells Fargo Securities LLC</title>
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        <curCd>USD</curCd>
        <valUSD>12500000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Mizuho Bank Ltd.</name>
        <lei>RB0PEZSDGCO3JS6CEU02</lei>
        <title>Mizuho Bank Ltd.</title>
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        <balance>8750000.00000000</balance>
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        <valUSD>8751173.38000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
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        <curCd>USD</curCd>
        <valUSD>3141453.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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        <name>USAA Auto Owner Trust</name>
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        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
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        <invCountry>US</invCountry>
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        <name>Reliance Funding Co. LLC</name>
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        <title>Reliance Funding Co. LLC</title>
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        <balance>3950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3916583.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>CNH Equipment Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banco Santander SA</name>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TWDC Enterprises 18 Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
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        <balance>3150000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-18</maturityDt>
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      <invstOrSec>
        <name>PNC Bank NA</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
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        <balance>4240000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-13</maturityDt>
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        <name>Toronto-Dominion Bank (The)</name>
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        <title>Toronto-Dominion Bank (The), New York</title>
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        <balance>4710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4711404.99000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-20</maturityDt>
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      <invstOrSec>
        <name>Verto Capital I Compartment A</name>
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        <title>Verto Capital I Compartment A</title>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2746607.60000000</valUSD>
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        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Daimler Truck Finance North America LLC</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>Daimler Truck Finance North America LLC</title>
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        <balance>2280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2279885.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-12</maturityDt>
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          <annualizedRt>4.15000000</annualizedRt>
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        <name>Commonwealth Bank of Australia</name>
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        <balance>3035000.00000000</balance>
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        <valUSD>3077220.10000000</valUSD>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.42300000</annualizedRt>
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        <name>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd.</title>
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        <balance>9660000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-04</maturityDt>
          <couponKind>None</couponKind>
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        <name>VW Credit, Inc.</name>
        <lei>549300UUPJ2NXDB68M19</lei>
        <title>VW Credit, Inc.</title>
        <cusip>91842KG18</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <invCountry>US</invCountry>
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        <name>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>Danske Bank A/S</title>
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        <balance>8120000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA, New York</title>
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        <balance>2500000.00000000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-08</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3997075.60000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mitsubishi Corp.</name>
        <lei>KVIPTY4PULAPGC1VVD26</lei>
        <title>Mitsubishi Corp.</title>
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          <isin value="US606769AL18"/>
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        <balance>1035000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PayPal Holdings, Inc.</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PayPal Holdings, Inc.</title>
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          <isin value="US70450YAS28"/>
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        <balance>1305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1318957.01000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Bunge Ltd. Finance Corp.</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>Bunge Ltd. Finance Corp.</title>
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          <isin value="US12057BC919"/>
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        <balance>2135000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
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          <isin value="US89236TND36"/>
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        <balance>5850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5850277.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.93999840</annualizedRt>
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      <invstOrSec>
        <name>Ford Credit Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Lease Trust, Series 2026-A, Class A2A</title>
        <cusip>345276AB5</cusip>
        <identifiers>
          <isin value="US345276AB52"/>
          <other otherDesc="Inhouse Asset ID" value="345276AB5"/>
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        <balance>1940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1941113.37000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.83000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intesa Sanpaolo SpA</name>
        <lei>2W8N8UU78PMDQKZENC08</lei>
        <title>Intesa Sanpaolo SpA</title>
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          <isin value="US46115K6V74"/>
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        <balance>5290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5292100.13000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Parker-Hannifin Corp.</name>
        <lei>5493002CONDB4N2HKI23</lei>
        <title>Parker-Hannifin Corp.</title>
        <cusip>70109MBH6</cusip>
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          <isin value="US70109MBH60"/>
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        <balance>3280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3273720.11000000</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>2026-02-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADJ3</cusip>
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          <isin value="US44891ADJ34"/>
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        <balance>2965000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2978260.70000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.69421640</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
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          <isin value="US63743HFY36"/>
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        <balance>7550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7568895.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.25527200</annualizedRt>
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      <invstOrSec>
        <name>Skandinaviska Enskilda Banken AB</name>
        <lei>F3JS33DEI6XQ4ZBPTN86</lei>
        <title>Skandinaviska Enskilda Banken AB</title>
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          <isin value="US830505BE29"/>
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        <balance>6205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6274472.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>BMW Vehicle Lease Trust</name>
        <lei>N/A</lei>
        <title>BMW Vehicle Lease Trust, Series 2025-2, Class A2A</title>
        <cusip>05594HAB9</cusip>
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          <isin value="US05594HAB96"/>
          <other otherDesc="Inhouse Asset ID" value="05594HAB9"/>
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        <balance>3980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3981614.29000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.94000000</annualizedRt>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
        <cusip>05973REQ1</cusip>
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          <isin value="US05973REQ11"/>
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        <balance>7020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7032216.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.44000000</annualizedRt>
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      <invstOrSec>
        <name>BMW Vehicle Lease Trust</name>
        <lei>N/A</lei>
        <title>BMW Vehicle Lease Trust, Series 2025-2, Class A2B</title>
        <cusip>05594HAC7</cusip>
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          <isin value="US05594HAC79"/>
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        <balance>2920000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2920368.21000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00727880</annualizedRt>
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      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
        <title>Toyota Auto Receivables Owner Trust, Series 2025-D, Class A2A</title>
        <cusip>89231GAB4</cusip>
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          <isin value="US89231GAB41"/>
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        <balance>2192000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2194127.99000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.89000000</annualizedRt>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>Honda Auto Receivables Owner Trust</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Transitional Finance Authority Future Tax Secured</name>
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          <isin value="US64972JUW60"/>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
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          <isin value="US02665KDA25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
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          <isin value="US04685A4J75"/>
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        <balance>3810000.00000000</balance>
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        <name>Commonwealth Bank of Australia</name>
        <lei>MSFSBD3QN1GSN7Q6C537</lei>
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        <balance>2770000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-27</maturityDt>
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        <name>Waste Management, Inc.</name>
        <lei>549300YX8JIID70NFS41</lei>
        <title>Waste Management, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Toronto-Dominion Bank (The)</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander SA</name>
        <lei>5493006QMFDDMYWIAM13</lei>
        <title>Banco Santander SA</title>
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        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Citigroup Global Markets, Inc.</title>
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        <name>Equitable America Global Funding</name>
        <lei>98450066CCBIACF06694</lei>
        <title>Equitable America Global Funding</title>
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        <name>ASB Bank Ltd.</name>
        <lei>549300IBZWZL1KTPF918</lei>
        <title>ASB Bank Ltd.</title>
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        <invCountry>NZ</invCountry>
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      <invstOrSec>
        <name>Pacific Life Global Funding II</name>
        <lei>6354003EUPCHXTWUU869</lei>
        <title>Pacific Life Global Funding II</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Principal Life Global Funding II</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pure Grove Funding</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>National Bank of Kuwait</name>
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        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lloyds Bank plc</name>
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        <balance>15160000.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-02</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
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          <isin value="US65339NC516"/>
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        <balance>5500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-05</maturityDt>
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      <invstOrSec>
        <name>Ford Credit Auto Lease Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Lease Trust, Series 2024-B, Class A2A</title>
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          <isin value="US345279AB91"/>
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        <balance>19089.47000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19099.95000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.18000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Bank of Kuwait</name>
        <lei>549300NB7FE83IH6BW96</lei>
        <title>National Bank of Kuwait</title>
        <cusip>63376GBD9</cusip>
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          <isin value="US63376GBD97"/>
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        <balance>5325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5327090.06000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Dynamics Corp.</name>
        <lei>9C1X8XOOTYY2FNYTVH06</lei>
        <title>General Dynamics Corp.</title>
        <cusip>369550BL1</cusip>
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          <isin value="US369550BL15"/>
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        <balance>1970000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1966500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
        <title>Standard Chartered Bank, New York</title>
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          <isin value="US85325VTX81"/>
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        <balance>3400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3400562.22000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-05</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG</title>
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        <balance>3280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3279953.10000000</valUSD>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Overwatch Bravo Funding LLC</name>
        <lei>254900PNCXTKEIEUSA81</lei>
        <title>Overwatch Bravo Funding LLC</title>
        <cusip>69040CDF4</cusip>
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          <isin value="US69040CDF41"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>2976687.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
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        <balance>3150000.00000000</balance>
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        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-19</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>Sumitomo Mitsui Trust Bank Ltd.</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-10</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
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        <title>Hyundai Capital America</title>
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        <balance>3030000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-25</maturityDt>
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        <name>Nationwide Building Society</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>Nationwide Building Society</title>
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        <balance>8900000.00000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-13</maturityDt>
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      <invstOrSec>
        <name>VW Credit, Inc.</name>
        <lei>549300UUPJ2NXDB68M19</lei>
        <title>VW Credit, Inc.</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-20</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Stryker Corp.</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>Stryker Corp.</title>
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        <balance>5935000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5979563.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Truist Bank</name>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <name>Toyota Lease Owner Trust</name>
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        <name>HSBC USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Private Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Receivables Trust</name>
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        <name>Pfizer, Inc.</name>
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        <name>Glencore Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ANZ New Zealand Int'l Ltd.</name>
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        <invCountry>NZ</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>Natixis SA</name>
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        <invCountry>FR</invCountry>
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        <name>Bank of Nova Scotia (The)</name>
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        <invCountry>CA</invCountry>
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        <name>Hyundai Auto Receivables Trust</name>
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        <name>Barclays Bank plc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>Bank of New Zealand</name>
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        <name>BPCE SA</name>
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        <invCountry>FR</invCountry>
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        <name>MUFG Bank Ltd.</name>
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        <name>Nissan Auto Receivables Owner Trust</name>
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        <name>BMW US Capital LLC</name>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <name>PayPal Holdings, Inc.</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>Daimler Truck Finance North America LLC</name>
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        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Korea Development Bank</name>
        <lei>549300ML2LNRZUCS7149</lei>
        <title>Korea Development Bank</title>
        <cusip>50066BQ46</cusip>
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          <isin value="US50066BQ467"/>
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        <balance>5750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5752937.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</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>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc.</title>
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          <isin value="US571903BV42"/>
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        <balance>3030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3040048.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Toyota Auto Receivables Owner Trust</name>
        <lei>N/A</lei>
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        <cusip>89240KAB4</cusip>
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          <isin value="US89240KAB44"/>
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        <balance>3734000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3735417.05000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Citigroup Global Markets, Inc.</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="BRWTNFC91"/>
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        <balance>13000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets, Inc."/>
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          <isTriParty>Y</isTriParty>
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            <repurchaseCollateral>
              <principalAmt>13972000.00000000</principalAmt>
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              <invstCat>PLCMO</invstCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>63743HGA4</cusip>
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          <isin value="US63743HGA41"/>
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        <balance>2690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2693416.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-30</maturityDt>
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          <annualizedRt>3.98036880</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>Truist Bank</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>Truist Bank</title>
        <cusip>89788JAE9</cusip>
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          <isin value="US89788JAE91"/>
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        <balance>4955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4963190.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.67100000</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>Nordea Bank Abp</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>Nordea Bank Abp</title>
        <cusip>65558RAM1</cusip>
        <identifiers>
          <isin value="US65558RAM16"/>
          <other otherDesc="Inhouse Asset ID" value="65558RAM1"/>
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        <balance>2210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2221310.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.36683600</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Westpac New Zealand Ltd.</name>
        <lei>549300MW73M5PK1PNG73</lei>
        <title>Westpac New Zealand Ltd.</title>
        <cusip>96122FAF4</cusip>
        <identifiers>
          <isin value="US96122FAF45"/>
          <other otherDesc="Inhouse Asset ID" value="96122FAF4"/>
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        <balance>2050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2056265.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12700000</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>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp.</title>
        <cusip>032095AM3</cusip>
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          <isin value="US032095AM37"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750987.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CLH2</cusip>
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          <isin value="US91282CLH24"/>
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        <balance>5815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5818725.21000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Helvetica Funding Co. LLC</name>
        <lei>9845008D80E44E0A7B98</lei>
        <title>Helvetica Funding Co. LLC</title>
        <cusip>42351CDU1</cusip>
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          <isin value="US42351CDU18"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4954411.00000000</valUSD>
        <pctVal>0.465302898781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CNH Equipment Trust</name>
        <lei>N/A</lei>
        <title>CNH Equipment Trust, Series 2024-B, Class A2B</title>
        <cusip>18978JAC2</cusip>
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          <isin value="US18978JAC27"/>
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        <balance>91712.75000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91719.31000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.10735160</annualizedRt>
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      <invstOrSec>
        <name>Glencore Funding LLC</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>Glencore Funding LLC</title>
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          <isin value="US37790BC411"/>
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        <balance>4430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4414032.95000000</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>2022-03-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Life Global Funding I</name>
        <lei>635400MMSOCXNNNZDZ82</lei>
        <title>Metropolitan Life Global Funding I</title>
        <cusip>592179KR5</cusip>
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          <isin value="US592179KR57"/>
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        <balance>1295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1300935.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>Westpac Banking Corp.</title>
        <cusip>9612E0DL8</cusip>
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          <isin value="US9612E0DL85"/>
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        <balance>2900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2904743.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.18048200</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Protective Life Global Funding</name>
        <lei>635400EVYITCJYWL2I50</lei>
        <title>Protective Life Global Funding</title>
        <cusip>743672AG2</cusip>
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          <isin value="US743672AG20"/>
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        <balance>8460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8466985.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15332360</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Cooperatieve Rabobank UA</name>
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          <isin value="US21684LL919"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-08</maturityDt>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
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          <isin value="US14913UAW09"/>
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        <balance>2155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2159593.02000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-07</maturityDt>
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          <annualizedRt>4.03887240</annualizedRt>
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      <invstOrSec>
        <name>Union Electric Co.</name>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-02</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp.</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.22187840</annualizedRt>
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      <invstOrSec>
        <name>VW Credit, Inc.</name>
        <lei>549300UUPJ2NXDB68M19</lei>
        <title>VW Credit, Inc.</title>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2225373.30000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891ACT25"/>
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        <balance>2625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2656774.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>National Rural Utilities Cooperative Finance Corp.</name>
        <lei>4NYF266XZC35SCTGX023</lei>
        <title>National Rural Utilities Cooperative Finance Corp.</title>
        <cusip>63743HFW7</cusip>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1370526.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>Equitable America Global Funding</name>
        <lei>98450066CCBIACF06694</lei>
        <title>Equitable America Global Funding</title>
        <cusip>29446Q2D4</cusip>
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          <isin value="US29446Q2D44"/>
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        <balance>3115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3119906.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.38765840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Hyundai Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Hyundai Auto Receivables Trust, Series 2025-C, Class A2B</title>
        <cusip>44935JAC0</cusip>
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          <isin value="US44935JAC09"/>
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        <balance>2537000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2538768.54000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.05735120</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>254900R882POXXVAK772</lei>
        <title>UBS AG</title>
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        <balance>3420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3449847.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.86400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Citigroup Global Markets, Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Citigroup Global Markets, Inc.</title>
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        <balance>2260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2257467.67000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>HSBC Bank plc</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>HSBC Bank plc</title>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-24</maturityDt>
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      <invstOrSec>
        <name>BofA Securities, Inc.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2005240.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.38972120</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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        <balance>2980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2987635.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.44185640</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Volkswagen Group of America Finance LLC</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>Volkswagen Group of America Finance LLC</title>
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        <balance>3280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3290476.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>National Australia Bank Ltd.</name>
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        <title>National Australia Bank Ltd.</title>
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          <isin value="US632525CG48"/>
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        <balance>2805000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United Overseas Bank Ltd.</name>
        <lei>IO66REGK3RCBAMA8HR66</lei>
        <title>United Overseas Bank Ltd.</title>
        <cusip>91127KAL6</cusip>
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          <isin value="US91127KAL61"/>
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        <balance>3035000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3043902.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.23086040</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust, Series 2025-B, Class A2B</title>
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          <isin value="US34532BAC54"/>
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        <balance>2558000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
        <title>Standard Chartered Bank</title>
        <cusip>85324UEM1</cusip>
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          <isin value="US85324UEM18"/>
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        <balance>9370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9259500.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>National Bank of Canada</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>National Bank of Canada</title>
        <cusip>63307MGV5</cusip>
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          <isin value="US63307MGV54"/>
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        <balance>4080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4005132.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB, New York</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>Svenska Handelsbanken AB, New York</title>
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          <isin value="US86959TNF92"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3502154.88000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-22</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Caterpillar Financial Services Corp.</name>
        <lei>EDBQKYOPJUCJKLOJDE72</lei>
        <title>Caterpillar Financial Services Corp.</title>
        <cusip>14913UAV2</cusip>
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          <isin value="US14913UAV26"/>
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        <balance>2780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2800965.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Citibank NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Citibank NA</title>
        <cusip>17325FBJ6</cusip>
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          <isin value="US17325FBJ66"/>
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        <balance>4420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4441721.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.92900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>Ford Credit Auto Owner Trust, Series 2024-B, Class A2A</title>
        <cusip>34531QAB5</cusip>
        <identifiers>
          <isin value="US34531QAB59"/>
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        <balance>159596.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159740.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Penske Truck Leasing Co. LP</name>
        <lei>549300ZX07JYMI8GHQ39</lei>
        <title>Penske Truck Leasing Co. LP</title>
        <cusip>70962BB29</cusip>
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        <balance>795000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>794743.77000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-02</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Deutsche Bank Securities, Inc.</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Deutsche Bank Securities, Inc.</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>
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          <transCat>Repurchase</transCat>
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              <invstCat>PLCMO</invstCat>
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      <invstOrSec>
        <name>Macquarie Group Ltd.</name>
        <lei>ACMHD8HWFMFUIQQ8Y590</lei>
        <title>Macquarie Group Ltd.</title>
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          <isin value="US55608VD814"/>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>Bank of Montreal</title>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC USA, Inc.</name>
        <lei>549300LBOHZ4QSIWU288</lei>
        <title>HSBC USA, Inc.</title>
        <cusip>40434REK4</cusip>
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        <balance>9730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9617407.36000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <curCd>USD</curCd>
        <valUSD>3751565.25000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Parker-Hannifin Corp.</name>
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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>
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          <maturityDt>2026-03-19</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Power &amp; Light Co.</name>
        <lei>A89MY1K3YLIGJMYWVX50</lei>
        <title>Florida Power &amp; Light Co.</title>
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        <balance>1915000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US91282CLP40"/>
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        <balance>2930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2927962.74000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-30</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>MUFG Bank Ltd.</name>
        <lei>C3GTMMZIHMY46P4OIX74</lei>
        <title>MUFG Bank Ltd.</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ford Credit Auto Owner Trust</name>
        <lei>N/A</lei>
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          <isin value="US34535LAB27"/>
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        <balance>1862000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1864470.13000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.99000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Rio Tinto Finance USA plc</name>
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        <balance>1395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1406393.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-14</maturityDt>
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      <invstOrSec>
        <name>Mars, Inc.</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>Mars, Inc.</title>
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        <balance>3370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3394737.92000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>Salisbury Receivables Co. LLC</name>
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        <balance>2710000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hyundai Auto Lease Securitization Trust</name>
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        <balance>4109000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NTT Finance Corp.</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT Finance Corp.</title>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-16</maturityDt>
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        <name>Banque Federative du Credit Mutuel SA</name>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-02-15</maturityDt>
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        <name>Extra Space Storage LP</name>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3982800.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-11</maturityDt>
          <couponKind>None</couponKind>
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        <name>American Honda Finance Corp.</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
        <title>American Honda Finance Corp.</title>
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        <valUSD>2201672.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-21</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ADY0</cusip>
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        <balance>2835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2855793.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.79465640</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Securities LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JPMorgan Securities LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="BYDJLDRL3"/>
        </identifiers>
        <balance>6220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6220000.00000000</valUSD>
        <pctVal>0.584163088290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="JPMorgan Securities LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.88000000</repurchaseRt>
          <maturityDt>2026-02-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>5843000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6966763.09000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>CDS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>


      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
