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        <title>Merck &amp; Co., Inc.</title>
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      <invstOrSec>
        <name>American Financial Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Advance Auto Parts, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ryder System, Inc.</name>
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        <name>Chase Home Lending Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust I LLC</name>
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        <name>Chase Mortgage Finance Corp.</name>
        <lei>N/A</lei>
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        <name>Dell International LLC / EMC Corp.</name>
        <lei>N/A</lei>
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        <name>MPLX L.P.</name>
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        <name>FirstEnergy Corp.</name>
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        <name>MDC Holdings, Inc.</name>
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        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
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        <name>Williams Cos, Inc. (The)</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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      <invstOrSec>
        <name>GCAT Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trust F/1401</name>
        <lei>N/A</lei>
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          <isin value="US898339AA49"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 2YR NOTE (CBT) Sep20TUU0 COMB</title>
        <cusip>N/A</cusip>
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          <ticker value="TUU0"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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                <issuerName>United States Treasury Note/Bond</issuerName>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
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          <isin value="US44891ABJ51"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BBVA Bancomer S.A.</name>
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        <title>BBVA Bancomer S.A.</title>
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          <isin value="US05533UAC27"/>
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        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Crown Castle International Corp.</name>
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        <title>Crown Castle International Corp.</title>
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          <isin value="US22822VAU52"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3</title>
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          <isin value="US12597NAS27"/>
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        <balance>139000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36213FF81</cusip>
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          <isin value="US36213FF815"/>
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        <balance>984.93000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Adjustable Rate Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1</title>
        <cusip>007036BU9</cusip>
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          <isin value="US007036BU97"/>
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        <balance>8370.91000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cascades, Inc./Cascades USA, Inc.</name>
        <lei>FPD41G4F3GH7OJ38TS94</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FirstEnergy Corp., Series B</title>
        <cusip>337932AP2</cusip>
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          <isin value="US337932AP26"/>
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        <balance>22000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.25000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36200XFC8</cusip>
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          <isin value="US36200XFC83"/>
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        <balance>702.80000000</balance>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <name>American Airlines Pass Through Trust</name>
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        <name>CVS Pass Through Trust</name>
        <lei>N/A</lei>
        <title>CVS Pass Through Trust</title>
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      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
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        <name>Athene Global Funding</name>
        <lei>549300LM1QSI4MSIL320</lei>
        <title>Athene Global Funding</title>
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        <balance>45000.00000000</balance>
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        <name>Freeport-McMoRan, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fox Corp.</name>
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        <name>Comcast Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Spirit Realty L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Alexandria Real Estate Equities, Inc.</name>
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        <name>Verus Securitization Trust</name>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Government National Mortgage Association</name>
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        <name>Hertz Vehicle Financing II L.P.</name>
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        <name>Georgia-Pacific LLC</name>
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        <name>DB Master Finance LLC</name>
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        <name>Ryder System, Inc.</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System, Inc.</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Raymond James Financial, Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>Raymond James Financial, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Diamond Sports Group LLC / Diamond Sports Finance Co.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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          <isin value="US06051GJB68"/>
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        <balance>47000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-29</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.59200000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
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          <isin value="US64110LAU08"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23094.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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      <invstOrSec>
        <name>MPLX L.P.</name>
        <lei>5493000CZJ19CK4P3G36</lei>
        <title>MPLX L.P.</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-09</maturityDt>
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      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YBQ1</cusip>
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          <isin value="US00287YBQ17"/>
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        <balance>119000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126798.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Match Group, Inc.</name>
        <lei>549300BIJKT86CPCKK96</lei>
        <title>Match Group, Inc.</title>
        <cusip>57665RAJ5</cusip>
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          <isin value="US57665RAJ59"/>
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        <balance>33000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34903.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Magna International, Inc.</name>
        <lei>95RWVLFZX6VGDZNNTN43</lei>
        <title>Magna International, Inc.</title>
        <cusip>559222AV6</cusip>
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          <isin value="US559222AV67"/>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36891.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAE1</cusip>
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          <isin value="US05369AAE10"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20748.14000000</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>2021-07-30</maturityDt>
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          <annualizedRt>1.43013000</annualizedRt>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>Enterprise Products Operating LLC, Series D</title>
        <cusip>29379VBM4</cusip>
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        <balance>28000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24401.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2077-08-16</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
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        <valUSD>1501979.77000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Walgreens Boots Alliance, Inc.</name>
        <lei>549300RPTUOIXG4LIH86</lei>
        <title>Walgreens Boots Alliance, Inc.</title>
        <cusip>931427AT5</cusip>
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          <isin value="US931427AT57"/>
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        <balance>55000.00000000</balance>
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        <valUSD>55774.32000000</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>2050-04-15</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>Fidelity National Financial, Inc.</name>
        <lei>549300CAZYIH39SYQ287</lei>
        <title>Fidelity National Financial, Inc.</title>
        <cusip>31620RAJ4</cusip>
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        <balance>40000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chemours Co. (The)</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>Chemours Co. (The)</title>
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        <balance>2000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CSWF</name>
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      <invstOrSec>
        <name>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>Oracle Corp.</title>
        <cusip>68389XBX2</cusip>
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        <balance>85000.00000000</balance>
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        <valUSD>96246.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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        <name>Carrier Global Corp.</name>
        <lei>549300JE3W6CWY2NAN77</lei>
        <title>Carrier Global Corp.</title>
        <cusip>14448CAF1</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102638.45000000</valUSD>
        <pctVal>0.333839116122</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.24200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uniform Mortgage-Backed Securities</name>
        <lei>N/A</lei>
        <title>Uniform Mortgage-Backed Securities, TBA</title>
        <cusip>01F022477</cusip>
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          <isin value="US01F0224778"/>
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        <balance>431000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451152.62000000</valUSD>
        <pctVal>1.467407115921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dell International LLC/EMC Corp.</name>
        <lei>N/A</lei>
        <title>Dell International LLC/EMC Corp.</title>
        <cusip>25272KAR4</cusip>
        <identifiers>
          <isin value="US25272KAR41"/>
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        <balance>49000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63721.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31371HLE6</cusip>
        <identifiers>
          <isin value="US31371HLE61"/>
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        <balance>565.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>574.25000000</valUSD>
        <pctVal>0.001867790408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Airlines Pass Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass Through Trust, Series 2016-1, Class AA</title>
        <cusip>02376UAA3</cusip>
        <identifiers>
          <isin value="US02376UAA34"/>
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        <balance>26659.84000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25871.89000000</valUSD>
        <pctVal>0.084150227229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.57500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Plains All American Pipeline, L.P.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline, L.P., Series B</title>
        <cusip>726503AE5</cusip>
        <identifiers>
          <isin value="US726503AE55"/>
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        <balance>52000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37168.59000000</valUSD>
        <pctVal>0.120893575780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
        <lei>N/A</lei>
        <title>Credit Acceptance Corp.</title>
        <cusip>225310AM3</cusip>
        <identifiers>
          <isin value="US225310AM36"/>
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        <balance>23000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23193.78000000</valUSD>
        <pctVal>0.075439477259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp., Series Q</title>
        <cusip>89832QAF6</cusip>
        <identifiers>
          <isin value="US89832QAF63"/>
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        <balance>84000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86948.40000000</valUSD>
        <pctVal>0.282806073204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
        <cusip>615369AT2</cusip>
        <identifiers>
          <isin value="US615369AT23"/>
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        <balance>17000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18311.57000000</valUSD>
        <pctVal>0.059559729746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dell International LLC / EMC Corp.</name>
        <lei>N/A</lei>
        <title>Dell International LLC / EMC Corp.</title>
        <cusip>24703DBB6</cusip>
        <identifiers>
          <isin value="US24703DBB64"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17255.16000000</valUSD>
        <pctVal>0.056123678435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nationwide Financial Services, Inc.</name>
        <lei>5493001H7AZNDS6BKJ36</lei>
        <title>Nationwide Financial Services, Inc.</title>
        <cusip>638612AM3</cusip>
        <identifiers>
          <isin value="US638612AM35"/>
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        <balance>38000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38079.44000000</valUSD>
        <pctVal>0.123856182473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>Anheuser-Busch InBev Worldwide, Inc.</name>
        <lei>549300CRGMZK3K53BF92</lei>
        <title>Anheuser-Busch InBev Worldwide, Inc.</title>
        <cusip>035240AS9</cusip>
        <identifiers>
          <isin value="US035240AS95"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35421.57000000</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>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</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>
      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2017-CLS, Class B</title>
        <cusip>61691LAG4</cusip>
        <identifiers>
          <isin value="US61691LAG41"/>
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        <balance>49000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48215.43000000</valUSD>
        <pctVal>0.156824236284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.03475000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Midstream Operating L.P.</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>Western Midstream Operating L.P.</title>
        <cusip>958667AD9</cusip>
        <identifiers>
          <isin value="US958667AD99"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8262.82000000</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>2023-01-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.16138000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galton Funding Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Galton Funding Mortgage Trust, Series 2019-H1, Class A1</title>
        <cusip>36418XAA5</cusip>
        <identifiers>
          <isin value="US36418XAA54"/>
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        <balance>71822.37000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73679.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.65700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Delta Air Lines Pass Through Trust</name>
        <lei>N/A</lei>
        <title>Delta Air Lines Pass Through Trust, Series 2020-1, Class AA</title>
        <cusip>247361ZV3</cusip>
        <identifiers>
          <isin value="US247361ZV38"/>
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        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62217.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series T</title>
        <cusip>172967KM2</cusip>
        <identifiers>
          <isin value="US172967KM26"/>
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        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31851.15000000</valUSD>
        <pctVal>0.103598210646</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invitation Homes Trust</name>
        <lei>N/A</lei>
        <title>Invitation Homes Trust, Series 2017-SFR2, Class C</title>
        <cusip>46187BAC7</cusip>
        <identifiers>
          <isin value="US46187BAC72"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99450.18000000</valUSD>
        <pctVal>0.323469033188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.64388000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>Benchmark 2019-B14 Mortgage Trust</name>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group, Inc.</title>
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        <balance>70000.00000000</balance>
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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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          <maturityDt>2030-06-30</maturityDt>
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          <annualizedRt>3.40000000</annualizedRt>
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        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
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          <isin value="US706451BG56"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18781.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>MDC Holdings, Inc.</name>
        <lei>5299005FV4VNV75R8R35</lei>
        <title>MDC Holdings, Inc.</title>
        <cusip>552676AQ1</cusip>
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        <balance>174000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183521.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Delta Air Lines Pass Through Trust</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Pass Through Trust, 2019-1 Class A</title>
        <cusip>24737RAA8</cusip>
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          <isin value="US24737RAA86"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8864.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833CH1</cusip>
        <identifiers>
          <isin value="US037833CH12"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26378.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co. (The)</title>
        <cusip>191216CY4</cusip>
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          <isin value="US191216CY47"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45616.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>Corp. Andina de Fomento</name>
        <lei>UKZ46SXGNYCZK0UOZE76</lei>
        <title>Corp. Andina de Fomento</title>
        <cusip>219868BS4</cusip>
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          <isin value="US219868BS46"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53075.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <name>Regency Centers, L.P.</name>
        <lei>5493008PTR2GAOYBXW28</lei>
        <title>Regency Centers, L.P.</title>
        <cusip>75884RAX1</cusip>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Apollo Management Holdings LP</name>
        <lei>5493006XQW0V5K38YM64</lei>
        <title>Apollo Management Holdings LP</title>
        <cusip>03765HAE1</cusip>
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        <balance>90000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-14</maturityDt>
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          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>BP Capital Markets PLC</name>
        <lei>549300CRVT18MXX0AG93</lei>
        <title>BP Capital Markets PLC</title>
        <cusip>05565QDU9</cusip>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27472.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
        <cusip>46284VAG6</cusip>
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        <balance>11000.00000000</balance>
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        <valUSD>10773.13000000</valUSD>
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          <maturityDt>2028-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Thornburg Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>Thornburg Mortgage Securities Trust, Series 2005-1, Class A3</title>
        <cusip>885220HB2</cusip>
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          <isin value="US885220HB24"/>
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        <balance>34720.52000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <name>United Airlines Pass Through Trust</name>
        <lei>N/A</lei>
        <title>United Airlines Pass Through Trust, Series 2018-1, Class AA</title>
        <cusip>909318AA5</cusip>
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          <isin value="US909318AA56"/>
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        <balance>54115.55000000</balance>
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        <valUSD>50867.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Plains All American Pipeline L.P. / PAA Finance Corp.</name>
        <lei>5521FA2ITF25TVH63740</lei>
        <title>Plains All American Pipeline L.P. / PAA Finance Corp.</title>
        <cusip>72650RBN1</cusip>
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        <balance>26000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25656.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
        <cusip>548661DU8</cusip>
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          <isin value="US548661DU82"/>
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        <balance>32000.00000000</balance>
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        <name>East Ohio Gas Co. (The)</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Upjohn, Inc.</name>
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          <isin value="US91533BAB62"/>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co.</title>
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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>Freddie Mac Whole Loan Securities Trust</name>
        <lei>N/A</lei>
        <title>Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1</title>
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          <isin value="US3137G1BW66"/>
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        <balance>8458.73000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>United Airlines Pass Through Trust</name>
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          <isin value="US90932QAB23"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <title>US ULTRA BOND CBT Sep20WNU0 COMB</title>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
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        <name>Canadian Imperial Bank of Commerce</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
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        <name>Deephaven Residential Mortgage Trust</name>
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        <name>HSBC Holdings PLC</name>
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              <title>USD ICE SWAP RATE 11:00AM NY 5Y USD ICE SWAP RATE 11:00AM NY 5</title>
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        <name>CGDBB Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <name>Anheuser-Busch InBev Worldwide, Inc.</name>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust, Series 2017-2, Class A1</title>
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          <isin value="US89173HAA41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series V</title>
        <cusip>48127FAA1</cusip>
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          <isin value="US48127FAA12"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35376.00000000</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>N/A</maturityDt>
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          <annualizedRt>4.75338000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
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          <isin value="US3138WGD351"/>
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        <balance>32179.69000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife, Inc., Series C</title>
        <cusip>59156RBP2</cusip>
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          <isin value="US59156RBP29"/>
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        <balance>65000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>3.88838000</annualizedRt>
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      <invstOrSec>
        <name>Corning, Inc.</name>
        <lei>549300X2937PB0CJ7I56</lei>
        <title>Corning, Inc.</title>
        <cusip>219350BQ7</cusip>
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          <isin value="US219350BQ76"/>
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        <balance>294000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351631.06000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2079-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BE2</cusip>
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          <isin value="US682680BE21"/>
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        <balance>82000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96154.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-15</maturityDt>
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          <annualizedRt>6.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>3140J9H87</cusip>
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          <isin value="US3140J9H878"/>
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        <balance>234422.09000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250208.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SR0</cusip>
        <identifiers>
          <isin value="US912810SR05"/>
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        <balance>3400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3368.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The), Series G</title>
        <cusip>064058AH3</cusip>
        <identifiers>
          <isin value="US064058AH32"/>
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        <balance>58000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60465.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PAW6</cusip>
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          <isin value="US46647PAW68"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65135.32000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.93300000</annualizedRt>
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      <invstOrSec>
        <name>Northern States Power Co.</name>
        <lei>3S1GHB0TEH85KX44SB51</lei>
        <title>Northern States Power Co.</title>
        <cusip>665772CS6</cusip>
        <identifiers>
          <isin value="US665772CS69"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44495.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</annualizedRt>
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        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YAZ8</cusip>
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        <balance>21000.00000000</balance>
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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>2030-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45000000</annualizedRt>
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        <name>Fairfax Financial Holdings Ltd.</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>Fairfax Financial Holdings Ltd.</title>
        <cusip>303901BB7</cusip>
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          <isin value="US303901BB79"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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        <name>DB Master Finance LLC</name>
        <lei>549300F17UZJL70BPB08</lei>
        <title>DB Master Finance LLC, Series 2019-1A, Class A23</title>
        <cusip>233046AL5</cusip>
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          <isin value="US233046AL57"/>
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        <balance>49625.00000000</balance>
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        <valUSD>53918.51000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-20</maturityDt>
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          <annualizedRt>4.35200000</annualizedRt>
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      <invstOrSec>
        <name>Domino's Pizza Master Issuer LLC</name>
        <lei>N/A</lei>
        <title>Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2</title>
        <cusip>25755TAL4</cusip>
        <identifiers>
          <isin value="US25755TAL44"/>
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        <balance>108455.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113751.94000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-25</maturityDt>
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          <annualizedRt>3.66800000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust 2019-L3</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2019-L3</title>
        <cusip>61691UBH1</cusip>
        <identifiers>
          <isin value="US61691UBH14"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63640.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.49000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Ctfs.</title>
        <cusip>3137FJXW4</cusip>
        <identifiers>
          <isin value="US3137FJXW49"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27962.45000000</valUSD>
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        <assetCat>ABS-APCP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.03000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust, Series 2020-1, Class A1</title>
        <cusip>03464RAA1</cusip>
        <identifiers>
          <isin value="US03464RAA14"/>
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        <balance>47465.79000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Keurig Dr Pepper, Inc.</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper, Inc.</title>
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          <isin value="US49271VAJ98"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11085.67000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36213UMG2</cusip>
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          <isin value="US36213UMG21"/>
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        <balance>461.82000000</balance>
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        <valUSD>523.82000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
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          <isin value="US46623EKG34"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65138.72000000</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>2021-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.29500000</annualizedRt>
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      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891AAZ0</cusip>
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          <isin value="US44891AAZ03"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23512.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northeastern University</name>
        <lei>549300I2J5CUY7XEVC78</lei>
        <title>Northeastern University</title>
        <cusip>664675AT2</cusip>
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          <isin value="US664675AT20"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20320.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>2.89400000</annualizedRt>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773DA5</cusip>
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          <isin value="US316773DA59"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37475.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
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      <invstOrSec>
        <name>Westinghouse Air Brake Technologies Corp.</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Westinghouse Air Brake Technologies Corp.</title>
        <cusip>960386AQ3</cusip>
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          <isin value="US960386AQ33"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12264.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TICP CLO Ltd.</name>
        <lei>N/A</lei>
        <title>TICP CLO Ltd., Series 2020-15A, Class A</title>
        <cusip>87250RAA2</cusip>
        <identifiers>
          <isin value="US87250RAA23"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244296.60000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-20</maturityDt>
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          <annualizedRt>2.91527000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36210RHN3</cusip>
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          <isin value="US36210RHN35"/>
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        <balance>116.17000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127.86000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC</name>
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          <isin value="US85208NAE04"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.15200000</annualizedRt>
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      <invstOrSec>
        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
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        <cusip>85573AAA3</cusip>
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          <isin value="US85573AAA34"/>
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        <balance>90033.83000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.27500000</annualizedRt>
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      <invstOrSec>
        <name>Park Aerospace Holdings Ltd.</name>
        <lei>635400CPI3EOIFF6OC33</lei>
        <title>Park Aerospace Holdings Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-08-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Mexico Government International Bond</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>Mexico Government International Bond</title>
        <cusip>91086QBC1</cusip>
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        <balance>14000.00000000</balance>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-10-02</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31389DTA5</cusip>
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          <isin value="US31389DTA53"/>
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        <balance>620.53000000</balance>
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        <curCd>USD</curCd>
        <valUSD>714.82000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Golub Capital Partners CLO 41 B Ltd.</name>
        <lei>2549005QZPXI5WPU4V74</lei>
        <title>Golub Capital Partners CLO 41 B Ltd., Series 2019-41A, Class A</title>
        <cusip>38176GAA0</cusip>
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          <isin value="US38176GAA04"/>
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      <invstOrSec>
        <name>British Airways Pass Through Trust</name>
        <lei>635400GSHSFIWYIDXC76</lei>
        <title>British Airways Pass Through Trust, Series 2019-1, Class A</title>
        <cusip>11043XAB9</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>3.35000000</annualizedRt>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust, Series 2020-NQM1, Series A1</title>
        <cusip>64830VAA1</cusip>
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          <isin value="US64830VAA17"/>
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        <balance>94156.30000000</balance>
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        <name>Dominion Energy, Inc.</name>
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        <name>Carlyle Holdings II Finance LLC</name>
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        <name>Teck Resources Ltd.</name>
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        <name>Angel Oak Mortgage Trust I LLC</name>
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        <name>Microsoft Corp.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Interpublic Group of Cos., Inc. (The)</name>
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      <invstOrSec>
        <name>HSBC Holdings PLC</name>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GMACM Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Coca-Cola Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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          <isin value="US95000U2Q52"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.06800000</annualizedRt>
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      <invstOrSec>
        <name>Delta Air Lines, Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amazon.com, Inc.</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>Amazon.com, Inc.</title>
        <cusip>023135BU9</cusip>
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        <valUSD>14297.43000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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        <name>NVR, Inc.</name>
        <lei>529900RWXR4JI3JYTV70</lei>
        <title>NVR, Inc.</title>
        <cusip>62944TAF2</cusip>
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        <balance>24000.00000000</balance>
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        <valUSD>25109.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc., Series B</title>
        <cusip>ZP9910362</cusip>
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          <isin value="XS2114413565"/>
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        <balance>100000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.89007600"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <annualizedRt>2.87500000</annualizedRt>
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        <name>Physicians Realty L.P.</name>
        <lei>549300P6Q1UMT0X60U20</lei>
        <title>Physicians Realty L.P.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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      <invstOrSec>
        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FAF8</cusip>
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          <isin value="US11135FAF80"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
        <cusip>98956PAP7</cusip>
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        <balance>38000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-04-30</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36200T2M9</cusip>
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          <isin value="US36200T2M98"/>
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        <balance>653.78000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>East Ohio Gas Co. (The)</name>
        <lei>BC95Y6MXLT75BGO7UM71</lei>
        <title>East Ohio Gas Co. (The)</title>
        <cusip>27409LAA1</cusip>
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        <invCountry>US</invCountry>
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          <annualizedRt>1.30000000</annualizedRt>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
        <cusip>02209SBC6</cusip>
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        <balance>18000.00000000</balance>
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        <valUSD>20718.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2026-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ACC Claims Holdings, LLC</name>
        <lei>N/A</lei>
        <title>ACC Claims Holdings, LLC</title>
        <cusip>00084K104</cusip>
        <identifiers>
          <isin value="US00084K1043"/>
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        <balance>73980.00000000</balance>
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        <valUSD>0.07000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>WR Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp.</title>
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          <isin value="US084423AU64"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39085.08000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
        <cusip>225401AP3</cusip>
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          <isin value="US225401AP33"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285876.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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      <invstOrSec>
        <name>MVW Owner Trust</name>
        <lei>N/A</lei>
        <title>MVW Owner Trust, Series 2019-1A, Class A</title>
        <cusip>55389PAA7</cusip>
        <identifiers>
          <isin value="US55389PAA75"/>
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        <balance>79398.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80933.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.89000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
        <title>Micron Technology, Inc.</title>
        <cusip>595112BM4</cusip>
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          <isin value="US595112BM49"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28710.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.97500000</annualizedRt>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp.</title>
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          <isin value="US674599BY08"/>
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        <balance>114000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115026.00000000</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>2021-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
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          <isin value="US35671DCF06"/>
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        <balance>28000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27186.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JOL Air Ltd.</name>
        <lei>549300TS4MUGCDXPW498</lei>
        <title>JOL Air Ltd., Series 2019-1, Class A</title>
        <cusip>46651NAA2</cusip>
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          <isin value="US46651NAA28"/>
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        <balance>225614.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197225.60000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-15</maturityDt>
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          <annualizedRt>3.96700000</annualizedRt>
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      <invstOrSec>
        <name>Mitsubishi UFJ Lease &amp; Finance Co. Ltd.</name>
        <lei>353800MZ3QX9RLMH7B09</lei>
        <title>Mitsubishi UFJ Lease &amp; Finance Co. Ltd.</title>
        <cusip>60682LAF9</cusip>
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          <isin value="US60682LAF94"/>
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        <balance>256000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-13</maturityDt>
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          <annualizedRt>3.63700000</annualizedRt>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCZ2</cusip>
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          <isin value="US20030NCZ24"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62457.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36213HWZ8</cusip>
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          <isin value="US36213HWZ80"/>
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        <balance>405.06000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671DCE3</cusip>
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          <isin value="US35671DCE31"/>
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        <balance>36000.00000000</balance>
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        <valUSD>35004.06000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Ross Stores, Inc.</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
        <title>Ross Stores, Inc.</title>
        <cusip>778296AC7</cusip>
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          <isin value="US778296AC75"/>
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        <balance>49000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56947.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark Mortgage Trust, Series 2019-B14, Class A5</title>
        <cusip>08162YAE2</cusip>
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          <isin value="US08162YAE23"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2062-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04860000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36179UV90</cusip>
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          <isin value="US36179UV905"/>
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        <balance>141984.63000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150550.89000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>6174468L6</cusip>
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          <isin value="US6174468L62"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>143570.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.69900000</annualizedRt>
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      <invstOrSec>
        <name>Argentine Republic Government International Bond</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentine Republic Government International Bond</title>
        <cusip>040114HN3</cusip>
        <identifiers>
          <isin value="US040114HN39"/>
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        <balance>1000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>392.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2117-06-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust, Series 2016-GCT, Class B</title>
        <cusip>12594JAE5</cusip>
        <identifiers>
          <isin value="US12594JAE55"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100401.64000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.08600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Spirit Realty L.P.</name>
        <lei>549300GTBVIBJRX5BW73</lei>
        <title>Spirit Realty L.P.</title>
        <cusip>84861TAF5</cusip>
        <identifiers>
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        <name>Netflix, Inc.</name>
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        <name>Northwestern University</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Lamar Media Corp.</name>
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        <name>CGDBB Commercial Mortgage Trust</name>
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        <name>Invesco Treasury Portfolio</name>
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        <name>AIG Global Funding</name>
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        <name>Cigna Corp.</name>
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        <name>GCAT Trust</name>
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        <name>Reinsurance Group of America, Inc.</name>
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        <name>Crown Castle International Corp.</name>
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        <name>Ameriprise Financial, Inc.</name>
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        <name>Fannie Mae Connecticut Avenue Securities</name>
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        <name>Moody's Corp.</name>
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      <invstOrSec>
        <name>DT Auto Owner Trust</name>
        <lei>N/A</lei>
        <title>DT Auto Owner Trust, Series 2019-3A, Class D</title>
        <cusip>26253KAD6</cusip>
        <identifiers>
          <isin value="US26253KAD63"/>
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        <balance>56000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56313.40000000</valUSD>
        <pctVal>0.183163479980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.96000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cigna Corp.</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>Cigna Corp.</title>
        <cusip>125523AE0</cusip>
        <identifiers>
          <isin value="US125523AE07"/>
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        <balance>36000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37226.07000000</valUSD>
        <pctVal>0.121080533713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
        <cusip>04686JAA9</cusip>
        <identifiers>
          <isin value="US04686JAA97"/>
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        <balance>77000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>79480.56000000</valUSD>
        <pctVal>0.258516373730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Twitter, Inc.</name>
        <lei>549300I8RX485XMK6836</lei>
        <title>Twitter, Inc.</title>
        <cusip>90184LAG7</cusip>
        <identifiers>
          <isin value="US90184LAG77"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31080.60000000</valUSD>
        <pctVal>0.101091940033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairfax Financial Holdings Ltd.</name>
        <lei>GLS7OQD0WOEDI8YAP031</lei>
        <title>Fairfax Financial Holdings Ltd.</title>
        <cusip>303901BE1</cusip>
        <identifiers>
          <isin value="US303901BE19"/>
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        <balance>105000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113343.50000000</valUSD>
        <pctVal>0.368658079484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co., Class A, Series L, Conv. Pfd.</title>
        <cusip>949746804</cusip>
        <identifiers>
          <isin value="US9497468044"/>
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        <balance>11.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14267.00000000</valUSD>
        <pctVal>0.046404468010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc.</title>
        <cusip>21036PBG2</cusip>
        <identifiers>
          <isin value="US21036PBG28"/>
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        <balance>41000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44775.13000000</valUSD>
        <pctVal>0.145634407217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AbbVie, Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>AbbVie, Inc.</title>
        <cusip>00287YBL2</cusip>
        <identifiers>
          <isin value="US00287YBL20"/>
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        <balance>123000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127202.82000000</valUSD>
        <pctVal>0.413736538276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Qatar Government Bond</name>
        <lei>52990074F6OJOAXK4P65</lei>
        <title>Qatar Government Bond</title>
        <cusip>74727PBD2</cusip>
        <identifiers>
          <isin value="US74727PBD24"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>228235.40000000</valUSD>
        <pctVal>0.742352443980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae Connecticut Avenue Securities</name>
        <lei>N/A</lei>
        <title>Fannie Mae Connecticut Avenue Securities, Series 2018-C05, Class 1M2</title>
        <cusip>30711XY24</cusip>
        <identifiers>
          <isin value="US30711XY248"/>
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        <balance>23827.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23515.12000000</valUSD>
        <pctVal>0.076484659270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.51825000</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>Texas (State of) Transportation Commission</name>
        <lei>5493006JSGNPGVJS7691</lei>
        <title>Texas (State of) Transportation Commission, Series 2020, Ref. GO Bonds</title>
        <cusip>882830AP7</cusip>
        <identifiers>
          <isin value="US882830AP73"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25421.75000000</valUSD>
        <pctVal>0.082686113735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.56200000</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>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp.</title>
        <cusip>00912XAT1</cusip>
        <identifiers>
          <isin value="US00912XAT19"/>
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        <balance>64000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63156.80000000</valUSD>
        <pctVal>0.205422142375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1</title>
        <cusip>64828EAA3</cusip>
        <identifiers>
          <isin value="US64828EAA38"/>
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        <balance>85492.66000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86298.06000000</valUSD>
        <pctVal>0.280690794468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.49188000</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>UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>UBS Commercial Mortgage Trust, Series 2019-C16</title>
        <cusip>90276YAE3</cusip>
        <identifiers>
          <isin value="US90276YAE32"/>
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        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90242.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60480000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust, Series 2017-CLS, Class C</title>
        <cusip>61691LAJ8</cusip>
        <identifiers>
          <isin value="US61691LAJ89"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32175.17000000</valUSD>
        <pctVal>0.104652109554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.18475000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zions Bancorp N.A.</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp N.A.</title>
        <cusip>98971DAB6</cusip>
        <identifiers>
          <isin value="US98971DAB64"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246805.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796XH7</cusip>
        <identifiers>
          <isin value="US912796XH73"/>
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        <balance>108000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>107975.28000000</valUSD>
        <pctVal>0.351197548660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-09-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hyundai Capital America</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>Hyundai Capital America</title>
        <cusip>44891ABK2</cusip>
        <identifiers>
          <isin value="US44891ABK25"/>
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        <balance>34000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38215.31000000</valUSD>
        <pctVal>0.124298109653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Benchmark 2019-B15 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2019-B15 Mortgage Trust</title>
        <cusip>08160KAJ3</cusip>
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          <isin value="US08160KAJ34"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>71356.36000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2072-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.56400000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
        <cusip>87161CAL9</cusip>
        <identifiers>
          <isin value="US87161CAL90"/>
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        <balance>33000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33485.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>American Airlines Pass Through Trust</name>
        <lei>N/A</lei>
        <title>American Airlines Pass Through Trust, Series 2017-1, Class B</title>
        <cusip>02378WAA7</cusip>
        <identifiers>
          <isin value="US02378WAA71"/>
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        <balance>26703.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20237.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>American Tower Corp.</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp.</title>
        <cusip>03027XBD1</cusip>
        <identifiers>
          <isin value="US03027XBD12"/>
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        <balance>73000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>72073.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
        <cusip>58933YAY1</cusip>
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          <isin value="US58933YAY14"/>
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        <balance>39000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38999.94000000</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>Fixed</couponKind>
          <annualizedRt>0.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-Mobile USA, Inc.</title>
        <cusip>87264ABJ3</cusip>
        <identifiers>
          <isin value="US87264ABJ34"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50301.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONEOK, Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680BD4</cusip>
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          <isin value="US682680BD48"/>
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        <balance>21000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24008.46000000</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>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Toyota Motor Credit Corp.</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>Toyota Motor Credit Corp.</title>
        <cusip>89236TGU3</cusip>
        <identifiers>
          <isin value="US89236TGU34"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32639.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Welltower, Inc.</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower, Inc.</title>
        <cusip>95040QAJ3</cusip>
        <identifiers>
          <isin value="US95040QAJ31"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32198.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NextEra Energy Capital Holdings, Inc.</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings, Inc.</title>
        <cusip>65339KBQ2</cusip>
        <identifiers>
          <isin value="US65339KBQ22"/>
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        <balance>16000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17307.45000000</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>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fannie Mae Connecticut Avenue Securities</name>
        <lei>N/A</lei>
        <title>Fannie Mae Connecticut Avenue Securities, Series 2019-R03, Class 1M2</title>
        <cusip>20753MAF5</cusip>
        <identifiers>
          <isin value="US20753MAF59"/>
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        <balance>39809.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39650.84000000</valUSD>
        <pctVal>0.128967276679</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.33450000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Healthpeak Properties, Inc.</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties, Inc.</title>
        <cusip>42250PAB9</cusip>
        <identifiers>
          <isin value="US42250PAB94"/>
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        <balance>29000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29837.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>88032WAU0</cusip>
        <identifiers>
          <isin value="US88032WAU09"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200464.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.39000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WFRBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>WFRBS Commercial Mortgage Trust, Series 2012-C6, Class B</title>
        <cusip>92936QAJ7</cusip>
        <identifiers>
          <isin value="US92936QAJ76"/>
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        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82010.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.69700000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Grand Parkway Transportation Corp., Series 2020, Ref. RB</title>
        <cusip>38611TDL8</cusip>
        <identifiers>
          <isin value="US38611TDL89"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62624.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.23600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust, Series 2020-3, Class A1</title>
        <cusip>03465LAA3</cusip>
        <identifiers>
          <isin value="US03465LAA35"/>
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        <balance>118000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>117999.39000000</valUSD>
        <pctVal>0.383801704532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.69100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HMH Trust</name>
        <lei>N/A</lei>
        <title>HMH Trust, Series 2017-NSS, Class A</title>
        <cusip>40390AAA9</cusip>
        <identifiers>
          <isin value="US40390AAA97"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96370.87000000</valUSD>
        <pctVal>0.313453350676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.06220000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31391ANZ8</cusip>
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        <name>Saudi Arabian Oil Co.</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Ellington Financial Mortgage Trust</name>
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        <name>United Airlines Pass Through Trust</name>
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        <name>Bank of America Corp.</name>
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        <name>N/A</name>
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        <name>Cantor Fitzgerald, L.P.</name>
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        <name>Boston Properties L.P.</name>
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        <name>Broadcom, Inc.</name>
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        <name>Delta Air Lines, Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Analog Devices, Inc.</name>
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          <isin value="US032654AS42"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southern Copper Corp.</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>Southern Copper Corp.</title>
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          <isin value="US84265VAJ44"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Senior Housing Properties Trust</name>
        <lei>N/A</lei>
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          <isin value="US81721MAG42"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Hungary Government International Bond</name>
        <lei>5299008DH62LEB10JK83</lei>
        <title>Hungary Government International Bond</title>
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        <balance>28000.00000000</balance>
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        <invCountry>HU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-03-25</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
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          <ticker value="TYU0"/>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COLT Funding LLC</name>
        <lei>N/A</lei>
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          <isin value="US19688JAA51"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Iron Mountain, Inc.</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KeyCorp</name>
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        <title>KeyCorp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hershey Co. (The)</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Co. (The)</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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          <maturityDt>2024-01-16</maturityDt>
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        <name>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>Georgia-Pacific LLC</title>
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          <annualizedRt>1.75000000</annualizedRt>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust, Series 2015-CR25, Class B</title>
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          <isin value="US12593PAZ53"/>
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        <balance>72000.00000000</balance>
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        <name>Banc of America Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Structured Asset Securities Mortgage Pass-Through Ctfs.</name>
        <lei>N/A</lei>
        <title>Structured Asset Securities Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Nationwide Financial Services, Inc.</name>
        <lei>5493001H7AZNDS6BKJ36</lei>
        <title>Nationwide Financial Services, Inc.</title>
        <cusip>638612AK7</cusip>
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        <balance>165000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Ctfs.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southwest Airlines Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Air Lease Corp.</name>
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        <title>Air Lease Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MVW Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-30</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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      <invstOrSec>
        <name>Amgen, Inc.</name>
        <lei>62QBXGPJ34PQ72Z12S66</lei>
        <title>Amgen, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-21</maturityDt>
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          <annualizedRt>3.15000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-24</maturityDt>
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          <annualizedRt>2.87600000</annualizedRt>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co., Series W</title>
        <cusip>48123UAB0</cusip>
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        <balance>65000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern Co. (The)</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. (The), Series B</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Lamar Media Corp.</name>
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        <title>Lamar Media Corp.</title>
        <cusip>513075BS9</cusip>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Jefferies Group LLC/Jefferies Group Capital Finance, Inc.</name>
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        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
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          <maturityDt>2031-03-31</maturityDt>
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        <name>Children's Hospital Corp. (The)</name>
        <lei>549300NXFO6BISJLOS32</lei>
        <title>Children's Hospital Corp. (The)</title>
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        <balance>20000.00000000</balance>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NCS8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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      <invstOrSec>
        <name>Chase Mortgage Finance Corp.</name>
        <lei>N/A</lei>
        <title>Chase Mortgage Finance Corp., Series 2016-SH2, Class M3</title>
        <cusip>16164AAD7</cusip>
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          <isin value="US16164AAD72"/>
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        <balance>52859.17000000</balance>
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        <valUSD>52622.79000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-25</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Nationwide Mutual Insurance Co.</name>
        <lei>Z7LVXXWM8HZPKF5T2355</lei>
        <title>Nationwide Mutual Insurance Co.</title>
        <cusip>638671AL1</cusip>
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          <isin value="US638671AL18"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115739.97000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massachusetts (Commonwealth of)</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds</title>
        <cusip>57582RG34</cusip>
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          <isin value="US57582RG349"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25137.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.51400000</annualizedRt>
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      <invstOrSec>
        <name>Starwood Waypoint Homes Trust</name>
        <lei>N/A</lei>
        <title>Starwood Waypoint Homes Trust, Series 2017-1, Class D</title>
        <cusip>85572MAD2</cusip>
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          <isin value="US85572MAD20"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99708.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.13475000</annualizedRt>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp. (The), Series G</title>
        <cusip>808513BD6</cusip>
        <identifiers>
          <isin value="US808513BD67"/>
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        <balance>93000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99586.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
        <cusip>345370CV0</cusip>
        <identifiers>
          <isin value="US345370CV02"/>
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        <balance>24000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NXP B.V. / NXP Funding LLC / NXP USA, Inc.</name>
        <lei>724500RKKW4NOJ9YQF60</lei>
        <title>NXP B.V. / NXP Funding LLC / NXP USA, Inc.</title>
        <cusip>62954HAD0</cusip>
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          <isin value="US62954HAD08"/>
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        <balance>27000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29113.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>XX</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anglo American Capital PLC</name>
        <lei>TINT358G1SSHR3L3PW36</lei>
        <title>Anglo American Capital PLC</title>
        <cusip>034863AV2</cusip>
        <identifiers>
          <isin value="US034863AV24"/>
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        <balance>203000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229516.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association, Series BM1322</title>
        <cusip>3140J5PG8</cusip>
        <identifiers>
          <isin value="US3140J5PG80"/>
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        <balance>600088.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>639791.59000000</valUSD>
        <pctVal>2.080969255753</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135FAR2</cusip>
        <identifiers>
          <isin value="US11135FAR29"/>
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        <balance>64000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>70820.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US 5YR NOTE (CBT) Sep20FVU0 COMB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVU0"/>
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        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1133.08000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
        <cusip>015271AJ8</cusip>
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          <isin value="US015271AJ82"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44902.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
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        <name>VEREIT Operating Partnership L.P.</name>
        <lei>5493005TQOUJE1LCS698</lei>
        <title>VEREIT Operating Partnership L.P.</title>
        <cusip>92340LAF6</cusip>
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          <isin value="US92340LAF67"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11084.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd.</title>
        <cusip>04686JAB7</cusip>
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          <isin value="US04686JAB70"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57688.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
        <cusip>126650DL1</cusip>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Football Trust V</name>
        <lei>N/A</lei>
        <title>Football Trust V, Sec. Pass Through Ctfs.</title>
        <cusip>344868AA2</cusip>
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          <isin value="US344868AA27"/>
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        <balance>33353.29000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33626.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
        <lei>N/A</lei>
        <title>Credit Acceptance Corp.</title>
        <cusip>225310AN1</cusip>
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          <isin value="US225310AN19"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17427.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc.</title>
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        <balance>36000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36243.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</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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        <name>Global Atlantic Fin Co.</name>
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        <name>Carrier Global Corp.</name>
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        <name>CenterPoint Energy, Inc.</name>
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        <name>Roper Technologies, Inc.</name>
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        <name>Carrier Global Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Sempra Energy</name>
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        <name>Uniform Mortgage-Backed Securities</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Comcast Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Wendy's Funding LLC</name>
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        <name>Dell International LLC / EMC Corp.</name>
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        <name>CVS Health Corp.</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS Health Corp.</title>
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          <maturityDt>2040-04-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Ctfs.</title>
        <cusip>3137FL6Q2</cusip>
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          <isin value="US3137FL6Q29"/>
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        <balance>39000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46436.61000000</valUSD>
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        <assetCat>ABS-APCP</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.63300000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Targa Resources Partners L.P./Targa Resources Partners Finance Corp.</name>
        <lei>N/A</lei>
        <title>Targa Resources Partners L.P./Targa Resources Partners Finance Corp.</title>
        <cusip>87612BAM4</cusip>
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          <isin value="US87612BAM46"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54306.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Penske Truck Leasing Co. L.P. / PTL Finance Corp.</name>
        <lei>N/A</lei>
        <title>Penske Truck Leasing Co. L.P. / PTL Finance Corp.</title>
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          <isin value="US709599BJ27"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27362.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ross Stores, Inc.</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
        <title>Ross Stores, Inc.</title>
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          <isin value="US778296AE32"/>
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        <balance>56000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC</name>
        <lei>N/A</lei>
        <title>Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC</title>
        <cusip>013092AD3</cusip>
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          <isin value="US013092AD31"/>
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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>2023-02-15</maturityDt>
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      <invstOrSec>
        <name>CGDBB Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US125282AA10"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Invesco Liquid Assets Portfolio</name>
        <lei>549300DC1W0JSX3QRC47</lei>
        <title>Invesco Liquid Assets Portfolio, Institutional Class</title>
        <cusip>825252729</cusip>
        <identifiers>
          <isin value="US8252527291"/>
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        <curCd>USD</curCd>
        <valUSD>1193362.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DT Auto Owner Trust</name>
        <lei>N/A</lei>
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        <cusip>26253KAC8</cusip>
        <identifiers>
          <isin value="US26253KAC80"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40481.92000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.74000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group, Inc.</title>
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          <isin value="US91324PCP53"/>
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        <balance>35000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39925.24000000</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>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aviation Capital Group LLC</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05369AAD3</cusip>
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          <isin value="US05369AAD37"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27940.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>American Equity Investment Life Holding Co.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co.</title>
        <cusip>025676AM9</cusip>
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          <isin value="US025676AM95"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MSCI, Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI, Inc.</title>
        <cusip>55354GAL4</cusip>
        <identifiers>
          <isin value="US55354GAL41"/>
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        <balance>36000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36787.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>
        <cusip>70450YAE3</cusip>
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          <isin value="US70450YAE32"/>
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        <balance>29000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31797.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385BA8</cusip>
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          <isin value="US136385BA87"/>
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        <balance>47000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46734.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MQ1</cusip>
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          <isin value="US172967MQ12"/>
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        <balance>54000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57999.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-08</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.10600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Homeward Opportunities Fund I Trust</name>
        <lei>N/A</lei>
        <title>Homeward Opportunities Fund I Trust, Series 2019-1, Class A1</title>
        <cusip>43789EAA4</cusip>
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          <isin value="US43789EAA47"/>
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        <balance>59997.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61236.08000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-01-25</maturityDt>
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          <annualizedRt>3.45400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp.</title>
        <cusip>20030NDL2</cusip>
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          <isin value="US20030NDL29"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>51361.73000000</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>2051-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>General Electric Co.</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
        <title>General Electric Co.</title>
        <cusip>36962GT95</cusip>
        <identifiers>
          <isin value="US36962GT956"/>
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        <name>Government National Mortgage Association</name>
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        <name>Air Lease Corp.</name>
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        <name>Discovery Communications LLC</name>
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        <name>Credit Suisse First Boston Mortgage Securities Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Citigroup, Inc.</name>
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        <name>Ross Stores, Inc.</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>31287XG26</cusip>
        <identifiers>
          <isin value="US31287XG260"/>
        </identifiers>
        <balance>601.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>688.88000000</valUSD>
        <pctVal>0.002240632923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust</title>
        <cusip>133131AZ5</cusip>
        <identifiers>
          <isin value="US133131AZ59"/>
        </identifiers>
        <balance>22000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23816.70000000</valUSD>
        <pctVal>0.077465570426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
        <cusip>345397A29</cusip>
        <identifiers>
          <isin value="US345397A290"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>190562.00000000</valUSD>
        <pctVal>0.619816936504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.08700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46647PBK1</cusip>
        <identifiers>
          <isin value="US46647PBK12"/>
        </identifiers>
        <balance>69000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>71671.60000000</valUSD>
        <pctVal>0.233117156339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.08300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
        <cusip>651639AY2</cusip>
        <identifiers>
          <isin value="US651639AY25"/>
        </identifiers>
        <balance>28000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28433.07000000</valUSD>
        <pctVal>0.092480653765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A</title>
        <cusip>59020UL52</cusip>
        <identifiers>
          <isin value="US59020UL524"/>
        </identifiers>
        <balance>11968.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11531.92000000</valUSD>
        <pctVal>0.037508418920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.01460000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2020-SFR1, Class A</title>
        <cusip>74331CAA6</cusip>
        <identifiers>
          <isin value="US74331CAA62"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101035.41000000</valUSD>
        <pctVal>0.328625110487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.73200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-14</ncom:dateSigned>
      <ncom:nameOfApplicant>AIM Variable Insurance Funds (Invesco Variable Insurance Funds)</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
