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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>FEDERAL FARM CREDIT BANKS FUNDING CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NELNET STUDENT LOAN CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN NATIONAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SOUTH JERSEY INDUSTRIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MERCHANTS FLEET FUNDING LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>DBJPM MORTGAGE TRUST</name>
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        <title>DEUTSCHE BANK COMMERCIAL MORTGAGE TRUST</title>
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          <isin value="USU2402AAC81"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140W0GM16"/>
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        <curCd>USD</curCd>
        <valUSD>1868058.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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          <isin value="US3622ACPA23"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY NOTE</title>
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          <isin value="US91282CJZ59"/>
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        <balance>38000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BON SECOURS CHARITY HEALTH SYSTEM, INC.</name>
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          <isin value="US09776UAA43"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>ENTERPRISE FLEET FINANCING LLC</name>
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        <title>ENTERPRISE FLEET FINANCING 2022 4 LLC</title>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regions Bank</name>
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        <title>REGIONS BANK</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CHARTER COMMUNICATIONS OPERATING, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United Airlines Pass Through Trust 2013-1A-O</name>
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        <title>UNITED AIR 13 1 CLs A Ptt</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>BP CAPITAL MARKETS P.L.C.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>LEX MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>LEX 2024 BBG MORTGAGE TRUST</title>
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        <issuerCat>CORP</issuerCat>
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        <name>TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <name>ROYALTY PHARMA PLC</name>
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        <name>FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST</name>
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        <name>Air Canada 2015-2 Pass Through Trusts</name>
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        <name>STERIS IRISH FINCO UNLIMITED COMPANY</name>
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        <name>British Airways Pass Through Trust 2018-AA</name>
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      <invstOrSec>
        <name>MARYLAND ST ECONOMIC DEV CORP ECONOMIC DEV REV</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF AMERICA CORPORATION</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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          <isin value="US06051GKC23"/>
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        <balance>2500000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENTERPRISE FLEET FINANCING LLC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RAYBURN COUNTRY SECURITIZATION LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <isin value="US3140XPJ429"/>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-03-01</maturityDt>
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      <invstOrSec>
        <name>United States of America</name>
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        <title>U S TREASURY BOND</title>
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          <isin value="US912810SS87"/>
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        <issuerCat>UST</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-15</maturityDt>
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      <invstOrSec>
        <name>FLORIDA DEV FIN CORP HEALTHCARE FACS REV</name>
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          <isin value="US34061QBV86"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alabama Power Company</name>
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        <balance>3000000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WHEELS FLEET LEASE FUNDING LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>ROYALTY PHARMA PLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Ontario Teachers' Cadillac Fairview Properties Trust</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KUBOTA CREDIT OWNER TRUST</name>
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        <name>TESLA AUTO LEASE TRUST</name>
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        <title>TESLA AUTO LEASE TRUST 2023 B</title>
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        <name>ENERGY TRANSFER LP</name>
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        <title>ENABLE MIDSTREAM PARTNER</title>
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        <name>Federal National Mortgage Association</name>
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        <name>SkyMiles IP Ltd.</name>
        <lei>2549008L7P4I8VB90936</lei>
        <title>DELTA AIR LINES SKYMILES</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Duke Energy Progress, LLC</name>
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        <name>AMUR EQUIPMENT FINANCE RECEIVABLES LLC</name>
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        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
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        <name>HORIZON MUTUAL HOLDINGS, INC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>OTIS WORLDWIDE CORPORATION</name>
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        <name>PAWNEE EQUIPMENT RECEIVABLES LLC</name>
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        <name>UBS Group AG</name>
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        <name>Sumitomo Mitsui Financial Group, Inc.</name>
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        <name>OGLETHORPE POWER CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MOTOROLA SOLUTIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CONOCOPHILLIPS COMPANY</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>KEYBANK NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SIMON PROPERTY GROUP, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ILLINOIS ST SALES TAX REV</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <name>NIAGARA MOHAWK POWER CORPORATION</name>
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        <name>ONE BRYANT PARK TRUST</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SAVANNAH GA HOSP AUTH REV</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <name>PUBLIC SERVICE COMPANY OF COLORADO</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THE DOW CHEMICAL COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>NEW JERSEY ST EDL FACS AUTH REV</name>
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        <name>CHASE AUTO OWNER TRUST</name>
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        <name>Freddie Mac</name>
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        <name>PORT CORPUS CHRISTI AUTH TEX NUECES CNTY REV</name>
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        <name>GLP Capital, L.P.</name>
        <lei>2549005PXW31DRW8EC44</lei>
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        <name>SAN ANTONIO TEX ED FACS CORP REV</name>
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        <name>Allianz SE</name>
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        <name>HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV</name>
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        <name>AVERY DENNISON CORPORATION</name>
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        <name>TOYOTA AUTO RECEIVABLES OWNER TRUST</name>
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        <name>LOUISIANA LOC GOVT ENVIRONMENTAL FACS &amp; CMNTY DEV AUTH SYS RESTORATION</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>443.53000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ENEL Finance International N.V.</name>
        <lei>0YQH6LCEF474UTUV4B96</lei>
        <title>ENEL FINANCE INTERNATIONAL NV</title>
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          <isin value="US29278GAP37"/>
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        <curCd>USD</curCd>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES INCORPORATED</name>
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        <cusip>446150BB9</cusip>
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          <isin value="US446150BB90"/>
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        <balance>2750000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GLOBAL PAYMENTS INC.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>GLOBAL PAYMENTS INC</title>
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          <isin value="US37940XAH52"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>BURLINGTON NORTHERN SANTA FE, LLC</name>
        <lei>N/A</lei>
        <title>BURLINGTON NORTHERN SANTA FE LLC</title>
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          <other otherDesc="Internal" value="BYP8NL8"/>
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        <balance>5000000.00000000</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>
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          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <curCd>USD</curCd>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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          <isin value="US912810TG31"/>
          <other otherDesc="Internal" value="BLDBDJ6"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7126562.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</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>Hawaiian Airlines 2013-1 Pass Through Trusts</name>
        <lei>N/A</lei>
        <title>HAWAIIAN AIRLINES 2013 1 CLASS A PASS THROUGH CERT</title>
        <cusip>419838AA5</cusip>
        <identifiers>
          <isin value="US419838AA57"/>
          <other otherDesc="Internal" value="B99L590"/>
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        <balance>7187085.60000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6937189.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</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>CHASE AUTO OWNER TRUST</name>
        <lei>N/A</lei>
        <title>CHASE AUTO OWNER TRUST</title>
        <cusip>16144CAE6</cusip>
        <identifiers>
          <isin value="US16144CAE66"/>
          <other otherDesc="Internal" value="16144CAE6"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2576069.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</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>AUTONATION, INC.</name>
        <lei>N/A</lei>
        <title>AUTONATION INC</title>
        <cusip>05329RAA1</cusip>
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          <isin value="US05329RAA14"/>
          <other otherDesc="Internal" value="BQ0JXD2"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4042968.10000000</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>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Spirit Airlines Class A Pass Through Certificates, Series 2015-1</name>
        <lei>N/A</lei>
        <title>SPIRIT AIRLINES PTT 2015 1A</title>
        <cusip>84858DAA6</cusip>
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          <isin value="US84858DAA63"/>
          <other otherDesc="Internal" value="BYZWGT9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>CAMERON LNG, LLC</name>
        <lei>549300C39FLHGVD73K22</lei>
        <title>CAMERON LNG LLC</title>
        <cusip>133434AB6</cusip>
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          <other otherDesc="Internal" value="BKPK082"/>
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        <balance>6364000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WESTPAC BANKING CORPORATION</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WESTPAC BANKING CORP</title>
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          <other otherDesc="Internal" value="BDBGH51"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32200000</annualizedRt>
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        <name>LLOYDS BANKING GROUP PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC</title>
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          <other otherDesc="Internal" value="BP6WW19"/>
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        <balance>2121000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2413071.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>7.95300000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <valUSD>73771.57000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <balance>4023775.04000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3563352.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARDS II TRUST</name>
        <lei>N/A</lei>
        <title>CARDS II TRUST</title>
        <cusip>14161GCL2</cusip>
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          <isin value="US14161GCL23"/>
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        <balance>1575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1585924.69000000</valUSD>
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        <name>Government National Mortgage Association 2</name>
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        <name>Freddie Mac</name>
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        <name>UNION PACIFIC CORPORATION</name>
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        <name>AKER BP ASA</name>
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        <name>Government National Mortgage Association</name>
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        <name>NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION</name>
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        <name>Freddie Mac</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>JBS USA Holding Lux S.a r.l.</name>
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          <isin value="US47214BAC28"/>
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        <balance>2786000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3021333.42000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-15</maturityDt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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          <isin value="US3137FPHR97"/>
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        <balance>9091000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8507379.45000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE STREET CORPORATION</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP</title>
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          <isin value="US857477CG64"/>
          <other otherDesc="Internal" value="BLFBVY5"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1305706.76000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US36210AP506"/>
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        <balance>25204.95000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25537.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORDSTROM, INC.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>NORDSTROM INC</title>
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          <isin value="US655664AY65"/>
          <other otherDesc="Internal" value="BKWHKV9"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3619289.01000000</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>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CANADIAN NATURAL RESOURCES LIMITED</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CANADIAN NATURAL RESOURCES LTD</title>
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          <isin value="US136385BC44"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2329560.23000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.40000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>31418DLT7</cusip>
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          <isin value="US31418DLT71"/>
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        <curCd>USD</curCd>
        <valUSD>3578973.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNION ELECTRIC COMPANY</name>
        <lei>QMPJLLDULY5C1M8PNY21</lei>
        <title>UNION ELECTRIC CO</title>
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          <isin value="US906548CY62"/>
          <other otherDesc="Internal" value="BQFH687"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2528918.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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          <isin value="US3132DSZU94"/>
          <other otherDesc="Internal" value="3132DSZU9"/>
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        <balance>3077858.65500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3076149.37000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TREASURY BOND</title>
        <cusip>912810RK6</cusip>
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          <isin value="US912810RK60"/>
          <other otherDesc="Internal" value="BYNJ6S1"/>
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        <balance>55000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39092968.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>STATE PUB SCH BLDG AUTH PA LEASE REV</name>
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        <title>STATE PUBLIC SCHOOL BUILDING AUTHORITY</title>
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          <isin value="US85732GWF35"/>
          <other otherDesc="Internal" value="BJYPZ19"/>
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        <valUSD>1930765.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.04600000</annualizedRt>
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        <name>HAMDEN CONN</name>
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        <title>TOWN OF HAMDEN CT</title>
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        <balance>3845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3807274.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U S TREASURY BOND</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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          <isin value="USU12272AC13"/>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>RTX CORPORATION</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RAYTHEON TECHNOLOGIES CORP</title>
        <cusip>75513ECC3</cusip>
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          <other otherDesc="Internal" value="BMCJZZ8"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>Government National Mortgage Association 2</name>
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        <name>CHASE AUTO CREDIT LINKED NOTES</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BANK OF AMERICA CORPORATION</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>GTE AUTO RECEIVABLES TRUST</name>
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        <name>STELLANTIS FINANCE US INC.</name>
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        <name>DELL EQUIPMENT FINANCE TRUST</name>
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        <name>Ferguson Finance Plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CITIZENS FINANCIAL GROUP, INC.</name>
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        <name>Alcoa Nederland Holding B.V.</name>
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        <name>TAPESTRY, INC.</name>
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        <name>MMAF EQUIPMENT FINANCE LLC</name>
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        <name>FORD MOTOR CREDIT COMPANY LLC</name>
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        <name>ENDEAVOUR MINING PLC</name>
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        <name>WACO TEX EDL FIN CORP REV</name>
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        <name>ATALAYA EQUIPMENT LEASING TRUST LLC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>SLM STUDENT LOAN TRUST</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-15</maturityDt>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UL SOLUTIONS INC.</name>
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        <name>ABN AMRO Bank N.V.</name>
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        <name>United States of America</name>
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        <name>LPL HOLDINGS, INC.</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>BACARDI LIMITED</name>
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        <invCountry>BM</invCountry>

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        <name>CARVANA AUTO RECEIVABLES TRUST</name>
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        <name>GENUINE PARTS COMPANY</name>
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        <name>Freddie Mac</name>
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        <name>AIRCASTLE LIMITED</name>
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        <name>United States of America</name>
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        <name>OLYMPUS CORPORATION</name>
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        <invCountry>JP</invCountry>

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        <name>FISERV, INC.</name>
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        <name>NAVIENT STUDENT LOAN TRUST</name>
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        <name>Freddie Mac</name>
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        <name>Enel Chile S.A.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Freddie Mac</name>
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        <name>THE ALLSTATE CORPORATION</name>
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        <name>BARCLAYS PLC</name>
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        <name>Federal National Mortgage Association</name>
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          <other otherDesc="Internal" value="BPCQCW6"/>
        </identifiers>
        <balance>3480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3465773.63000000</valUSD>
        <pctVal>0.086486288710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>31412LB82</cusip>
        <identifiers>
          <isin value="US31412LB823"/>
          <other otherDesc="Internal" value="31412LB82"/>
        </identifiers>
        <balance>188915.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>195266.94000000</valUSD>
        <pctVal>0.004872768608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCF EQUIPMENT LEASING LLC</name>
        <lei>N/A</lei>
        <title>SCF EQUIPMENT LEASING 2022 2 LLC</title>
        <cusip>78397WAD8</cusip>
        <identifiers>
          <isin value="US78397WAD83"/>
          <other otherDesc="Internal" value="78397WAD8"/>
        </identifiers>
        <balance>874037.32000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>878032.59000000</valUSD>
        <pctVal>0.021910773230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-20</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>VERIDIAN AUTO RECEIVABLES TRUST</name>
        <lei>N/A</lei>
        <title>VERIDIAN AUTO RECEIVABLES TRUST 2023 1</title>
        <cusip>92347BAF1</cusip>
        <identifiers>
          <isin value="US92347BAF13"/>
          <other otherDesc="Internal" value="92347BAF1"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3604138.29000000</valUSD>
        <pctVal>0.089939095272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37000000</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>WarnerMedia Holdings, Inc.</name>
        <lei>549300DXR29GD4N0A520</lei>
        <title>WARNERMEDIA HOLDINGS INC</title>
        <cusip>55903VBD4</cusip>
        <identifiers>
          <isin value="US55903VBD47"/>
          <other otherDesc="Internal" value="BQPF8K7"/>
        </identifiers>
        <balance>3759000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2828760.27000000</valUSD>
        <pctVal>0.070590004865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
