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      <invstOrSec>
        <name>DAIMLER TRUCK FIN. 5.00%</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DAIMLER TRUCK FIN. 5.00%</title>
        <cusip>233853AV2</cusip>
        <identifiers>
          <isin value="US233853AV24"/>
          <ticker value="DTRGR"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4020138.76</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GENERAL MILLS INC 4.70%</name>
        <lei>2TGYMUGI08PO8X8L6150</lei>
        <title>GENERAL MILLS INC 4.70%</title>
        <cusip>370334CX0</cusip>
        <identifiers>
          <isin value="US370334CX03"/>
          <ticker value="GIS"/>
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        <balance>2291000</balance>
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        <curCd>USD</curCd>
        <valUSD>2294166.99</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTANDER MTGE. AS 4.876%</name>
        <lei>N/A</lei>
        <title>SANTANDER MTGE. AS 4.876%</title>
        <cusip>802932AA1</cusip>
        <identifiers>
          <isin value="US802932AA18"/>
          <ticker value="SAN"/>
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        <balance>4915335.75</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4877821.42</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KUBOTA CREDIT OWNER 4.61%</name>
        <lei>N/A</lei>
        <title>KUBOTA CREDIT OWNER 4.61%</title>
        <cusip>50117FAB7</cusip>
        <identifiers>
          <isin value="US50117FAB76"/>
          <ticker value="KCOT"/>
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        <balance>1290784.3</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1293810.67</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.61</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ZIMMER BIOMET HLDGS 4.70%</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>ZIMMER BIOMET HLDGS 4.70%</title>
        <cusip>98956PBA9</cusip>
        <identifiers>
          <isin value="US98956PBA93"/>
          <ticker value="ZBH"/>
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        <balance>5432000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5447880.94</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL FRN</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL FRN</title>
        <cusip>06368FAD1</cusip>
        <identifiers>
          <isin value="US06368FAD15"/>
          <ticker value="BMO"/>
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        <balance>10800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10810991.7</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2607152</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATIONWIDE BLDG. SOCI FRN</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>NATIONWIDE BLDG. SOCI FRN</title>
        <cusip>63861VAG2</cusip>
        <identifiers>
          <isin value="US63861VAG23"/>
          <ticker value="NWIDE"/>
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        <balance>10700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10740996.62</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>2028-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9557744</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWEDBANK AB 5.472%</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB 5.472%</title>
        <cusip>87020PAV9</cusip>
        <identifiers>
          <isin value="US87020PAV94"/>
          <ticker value="SWEDA"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3008402.85</valUSD>
        <pctVal>0.1822096783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.472</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNCHRONY CARD FNDG 5.54%</name>
        <lei>N/A</lei>
        <title>SYNCHRONY CARD FNDG 5.54%</title>
        <cusip>87166PAK7</cusip>
        <identifiers>
          <isin value="US87166PAK75"/>
          <ticker value="SYNIT"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1254924.13</valUSD>
        <pctVal>0.0760068825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.54</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>FANNIE MAE POOL 3.50%</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE POOL 3.50%</title>
        <cusip>3140X6K91</cusip>
        <identifiers>
          <isin value="US3140X6K912"/>
          <ticker value="FNMA"/>
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        <balance>1402740.08</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1373408.42</valUSD>
        <pctVal>0.0831831104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</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>NAVIENT PRIVATE EDU 1.33%</name>
        <lei>549300JSCKIU587G1R13</lei>
        <title>NAVIENT PRIVATE EDU 1.33%</title>
        <cusip>63942AAA4</cusip>
        <identifiers>
          <isin value="US63942AAA43"/>
          <ticker value="NAVSL"/>
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        <balance>826761.8</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>758427.79</valUSD>
        <pctVal>0.0459356311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.33</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>DELL INTL. LLC / EM 4.90%</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>DELL INTL. LLC / EM 4.90%</title>
        <cusip>24703TAE6</cusip>
        <identifiers>
          <isin value="US24703TAE64"/>
          <ticker value="DELL"/>
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        <balance>3425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3429758.56</valUSD>
        <pctVal>0.2077298935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.9</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>CAPITAL ONE MULTI-A 4.42%</name>
        <lei>R42WS16M9R97TJJKGU15</lei>
        <title>CAPITAL ONE MULTI-A 4.42%</title>
        <cusip>14041NGD7</cusip>
        <identifiers>
          <isin value="US14041NGD75"/>
          <ticker value="COMET"/>
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        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8003057.6</valUSD>
        <pctVal>0.4847205056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.42</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>ELEMENT FLEET MGT. 6.271%</name>
        <lei>5493000PGBS1C22ELQ16</lei>
        <title>ELEMENT FLEET MGT. 6.271%</title>
        <cusip>286181AH5</cusip>
        <identifiers>
          <isin value="US286181AH56"/>
          <ticker value="EFNCN"/>
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        <balance>9720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9745318.56</valUSD>
        <pctVal>0.5902438762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.271</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>ONEOK INC 5.55%</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC 5.55%</title>
        <cusip>682680BH5</cusip>
        <identifiers>
          <isin value="US682680BH51"/>
          <ticker value="OKE"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5028977.75</valUSD>
        <pctVal>0.3045896655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55</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>SWEDBANK AB 6.136%</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB 6.136%</title>
        <cusip>87020PAX5</cusip>
        <identifiers>
          <isin value="US87020PAX50"/>
          <ticker value="SWEDA"/>
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        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7055291.32</valUSD>
        <pctVal>0.4273172263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.136</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>FREDDIE MAC POOL 2.50%</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC POOL 2.50%</title>
        <cusip>3132A9S65</cusip>
        <identifiers>
          <isin value="US3132A9S650"/>
          <ticker value="FHLMC"/>
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        <balance>1844554.2</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1774187.35</valUSD>
        <pctVal>0.1074570536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</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>ING GROEP NV FRN</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV FRN</title>
        <cusip>456837AX1</cusip>
        <identifiers>
          <isin value="US456837AX12"/>
          <ticker value="INTNED"/>
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        <balance>27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27000000</valUSD>
        <pctVal>1.6353066921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6958112</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EBAY INC 1.40%</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>EBAY INC 1.40%</title>
        <cusip>278642AX1</cusip>
        <identifiers>
          <isin value="US278642AX15"/>
          <ticker value="EBAY"/>
        </identifiers>
        <balance>3454000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3442411.17</valUSD>
        <pctVal>0.2084962231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO FRN</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO FRN</title>
        <cusip>46647PCY0</cusip>
        <identifiers>
          <isin value="US46647PCY07"/>
          <ticker value="JPM"/>
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        <balance>13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13071005.35</valUSD>
        <pctVal>0.7916704638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8404376</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="126287.610000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>GM FINL. CONSUMER A 4.47%</name>
        <lei>N/A</lei>
        <title>GM FINL. CONSUMER A 4.47%</title>
        <cusip>362583AD8</cusip>
        <identifiers>
          <isin value="US362583AD87"/>
          <ticker value="GMCAR"/>
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        <balance>1371836.1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1372984.05</valUSD>
        <pctVal>0.0831574076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.47</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CNH INDL. CAP. LLC 1.45%</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH INDL. CAP. LLC 1.45%</title>
        <cusip>12592BAM6</cusip>
        <identifiers>
          <isin value="US12592BAM63"/>
          <ticker value="CNHI"/>
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        <balance>5450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5400638.53</valUSD>
        <pctVal>0.3271000122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.45</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>NATWEST MARKETS PLC FRN</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NATWEST MARKETS PLC FRN</title>
        <cusip>63906YAE8</cusip>
        <identifiers>
          <isin value="US63906YAE86"/>
          <ticker value="NWG"/>
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        <balance>27900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27940138.61</valUSD>
        <pctVal>1.6922479869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4452368</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>SUMITOMO MITSUI FINAN FRN</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINAN FRN</title>
        <cusip>86562MCL2</cusip>
        <identifiers>
          <isin value="US86562MCL28"/>
          <ticker value="SUMIBK"/>
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        <balance>5840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5855042.09</valUSD>
        <pctVal>0.3546218338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-14</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5492876</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="124513.610000000000"/>
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      <invstOrSec>
        <name>SANTANDER MTGE. AS 5.091%</name>
        <lei>N/A</lei>
        <title>SANTANDER MTGE. AS 5.091%</title>
        <cusip>802929AA7</cusip>
        <identifiers>
          <isin value="US802929AA70"/>
          <ticker value="SAN"/>
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        <balance>3300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3292192.86</valUSD>
        <pctVal>0.1993979635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0910012</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>T-MOBILE USA INC 3.75%</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-MOBILE USA INC 3.75%</title>
        <cusip>87264ABD6</cusip>
        <identifiers>
          <isin value="US87264ABD63"/>
          <ticker value="TMUS"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4969048.95</valUSD>
        <pctVal>0.3009599630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75</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>DEUTSCHE BANK AG/NEW FRN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG/NEW FRN</title>
        <cusip>251526CN7</cusip>
        <identifiers>
          <isin value="US251526CN70"/>
          <ticker value="DB"/>
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        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6517446</valUSD>
        <pctVal>0.3947415948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8847752</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>RYDER SYSTEM INC 1.75%</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>RYDER SYSTEM INC 1.75%</title>
        <cusip>78355HKS7</cusip>
        <identifiers>
          <isin value="US78355HKS75"/>
          <ticker value="R"/>
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        <balance>4527000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4475740.91</valUSD>
        <pctVal>0.2710818171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75</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>BANK OF AMERICA AUT 5.53%</name>
        <lei>N/A</lei>
        <title>BANK OF AMERICA AUT 5.53%</title>
        <cusip>06428AAC2</cusip>
        <identifiers>
          <isin value="US06428AAC27"/>
          <ticker value="BAAT"/>
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        <balance>705852.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>709421.97</valUSD>
        <pctVal>0.0429674998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.53</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>MORGAN STANLEY PRIVAT FRN</name>
        <lei>549300GS0W0TEUQS8571</lei>
        <title>MORGAN STANLEY PRIVAT FRN</title>
        <cusip>61776NU35</cusip>
        <identifiers>
          <isin value="US61776NU358"/>
          <ticker value="MS"/>
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        <balance>10700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10609436.27</valUSD>
        <pctVal>0.6425808197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4354988</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>ROSS STORES INC 0.875%</name>
        <lei>549300ENZFLPGRDFZQ60</lei>
        <title>ROSS STORES INC 0.875%</title>
        <cusip>778296AF0</cusip>
        <identifiers>
          <isin value="US778296AF07"/>
          <ticker value="ROST"/>
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        <balance>10300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10284976.32</valUSD>
        <pctVal>0.6229292816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.875</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>GOVERNMENT NATIONAL 2.50%</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GOVERNMENT NATIONAL 2.50%</title>
        <cusip>38378UQY6</cusip>
        <identifiers>
          <isin value="US38378UQY63"/>
          <ticker value="GNR"/>
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        <balance>364021.91</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>360785.14</valUSD>
        <pctVal>0.0218516427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.5</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>TORONTO-DOMINION BANK FRN</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO-DOMINION BANK FRN</title>
        <cusip>89114TZH8</cusip>
        <identifiers>
          <isin value="US89114TZH84"/>
          <ticker value="TD"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5005963</valUSD>
        <pctVal>0.3031957331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2349572</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>MEDLINE BORROWER L 3.875%</name>
        <lei>254900QT3R363TVK6F09</lei>
        <title>MEDLINE BORROWER L 3.875%</title>
        <cusip>62482BAA0</cusip>
        <identifiers>
          <isin value="US62482BAA08"/>
          <ticker value="MEDIND"/>
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        <balance>4400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4256391.92</valUSD>
        <pctVal>0.2577965256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.875</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>AUTOZONE INC 5.05%</name>
        <lei>GA3JGKJ41LJKXDN23E90</lei>
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        <cusip>053332BE1</cusip>
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          <ticker value="AZO"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>AIR LEASE CORP 1.875%</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>AIR LEASE CORP 1.875%</title>
        <cusip>00914AAM4</cusip>
        <identifiers>
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          <ticker value="AL"/>
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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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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW ZEALAND FRN</name>
        <lei>N7LGVZM7X4UQ66T7LT74</lei>
        <title>BANK OF NEW ZEALAND FRN</title>
        <cusip>06407EAD7</cusip>
        <identifiers>
          <isin value="US06407EAD76"/>
          <ticker value="BZLNZ"/>
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        <balance>21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21061602.87</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHASE ISSUANCE TRUS 5.16%</name>
        <lei>5493008SHVCX2Y068L12</lei>
        <title>CHASE ISSUANCE TRUS 5.16%</title>
        <cusip>161571HT4</cusip>
        <identifiers>
          <isin value="US161571HT41"/>
          <ticker value="CHAIT"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4021699.6</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO FRN</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO FRN</title>
        <cusip>46647PCQ7</cusip>
        <identifiers>
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          <ticker value="JPM"/>
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        <balance>10100000</balance>
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        <curCd>USD</curCd>
        <valUSD>10105226.14</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>KINDER MORGAN INC 1.75%</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KINDER MORGAN INC 1.75%</title>
        <cusip>49456BAU5</cusip>
        <identifiers>
          <isin value="US49456BAU52"/>
          <ticker value="KMI"/>
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        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2756256.61</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHARLES SCHWAB CORP/T FRN</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>CHARLES SCHWAB CORP/T FRN</title>
        <cusip>808513BZ7</cusip>
        <identifiers>
          <isin value="US808513BZ79"/>
          <ticker value="SCHW"/>
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        <balance>20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20082020</valUSD>
        <pctVal>1.2163059888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.706874</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITED STATES TSY. 3.50%</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TSY. 3.50%</title>
        <cusip>91282CPB1</cusip>
        <identifiers>
          <isin value="US91282CPB18"/>
          <ticker value="T"/>
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        <balance>35000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34829101.65</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>2027-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMPHENOL CORP FRN</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>AMPHENOL CORP FRN</title>
        <cusip>032095AV3</cusip>
        <identifiers>
          <isin value="US032095AV36"/>
          <ticker value="APH"/>
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        <balance>8700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8701803.42</valUSD>
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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>Floating</couponKind>
          <annualizedRt>4.1957748</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUGUSTA SPINCO COR 4.321%</name>
        <lei>N/A</lei>
        <title>AUGUSTA SPINCO COR 4.321%</title>
        <cusip>051473AB2</cusip>
        <identifiers>
          <isin value="US051473AB24"/>
          <ticker value="WAT"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2497290.83</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.321</annualizedRt>
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      <invstOrSec>
        <name>AMERICAN HONDA FIN. C FRN</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
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        <cusip>02665WFS5</cusip>
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          <isin value="US02665WFS52"/>
          <ticker value="HNDA"/>
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        <curCd>USD</curCd>
        <valUSD>8961049.8</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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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LLOYDS BANKING GRP. P FRN</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GRP. P FRN</title>
        <cusip>539439BB4</cusip>
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          <ticker value="LLOYDS"/>
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        <curCd>USD</curCd>
        <valUSD>11046756.16</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
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          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SCHLUMBERGER HLDGS. 5.00%</name>
        <lei>529900IKZG65COT1D505</lei>
        <title>SCHLUMBERGER HLDGS. 5.00%</title>
        <cusip>806851AL5</cusip>
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          <isin value="US806851AL54"/>
          <ticker value="SLB"/>
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        <balance>12799000</balance>
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        <curCd>USD</curCd>
        <valUSD>12888464.75</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>STATE STREET CORP 4.33%</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP 4.33%</title>
        <cusip>857477CP6</cusip>
        <identifiers>
          <isin value="US857477CP63"/>
          <ticker value="STT"/>
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        <balance>7040000</balance>
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        <curCd>USD</curCd>
        <valUSD>7053075.04</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33</annualizedRt>
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        <name>OBX 2024-NQM16 TRUS 5.53%</name>
        <lei>549300JK5TDDSAIKZ665</lei>
        <title>OBX 2024-NQM16 TRUS 5.53%</title>
        <cusip>67120GAA6</cusip>
        <identifiers>
          <isin value="US67120GAA67"/>
          <ticker value="OBX"/>
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        <balance>1967679.16</balance>
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        <curCd>USD</curCd>
        <valUSD>1974518.03</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.5299996</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HSBC HLDGS. PLC FRN</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC FRN</title>
        <cusip>404280EK1</cusip>
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          <isin value="US404280EK15"/>
          <ticker value="HSBC"/>
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        <balance>3200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3209648</valUSD>
        <pctVal>0.1943984761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7057904</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DR HORTON INC 1.30%</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>DR HORTON INC 1.30%</title>
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          <ticker value="DHI"/>
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        <valUSD>5572210.12</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK FLTG RT</name>
        <lei>G1MLHIS0N32I3QPILB75</lei>
        <title>MORGAN STANLEY BK FLTG RT</title>
        <cusip>61690U8C7</cusip>
        <identifiers>
          <isin value="US61690U8C76"/>
          <ticker value="MS"/>
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        <valUSD>13113599.09</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AG/NEW FRN</name>
        <lei>N/A</lei>
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        <cusip>25160PAP2</cusip>
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          <ticker value="DB"/>
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        <balance>7000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-10</maturityDt>
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      <invstOrSec>
        <name>CARGILL INC FRN</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>CARGILL INC FRN</title>
        <cusip>141781CC6</cusip>
        <identifiers>
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          <ticker value="CARGIL"/>
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        <balance>7500000</balance>
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        <curCd>USD</curCd>
        <valUSD>7506644.55</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNITED STATES TSY. 4.125%</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UNITED STATES TSY. 4.125%</title>
        <cusip>91282CKA8</cusip>
        <identifiers>
          <isin value="US91282CKA89"/>
          <ticker value="T"/>
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        <balance>10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10031093.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MARSH &amp; MCLENNAN COS FRN</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>MARSH &amp; MCLENNAN COS FRN</title>
        <cusip>571748BZ4</cusip>
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          <ticker value="MRSH"/>
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        <balance>5280000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DAIMLER TRUCK FIN. NO FRN</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DAIMLER TRUCK FIN. NO FRN</title>
        <cusip>233853BB5</cusip>
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          <ticker value="DTRGR"/>
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        <balance>5900000</balance>
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        <curCd>USD</curCd>
        <valUSD>5903369.49</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SANTANDER COMMER. 4.0781%</name>
        <lei>N/A</lei>
        <title>SANTANDER COMMER. 4.0781%</title>
        <cusip>78398LAA7</cusip>
        <identifiers>
          <isin value="US78398LAA70"/>
          <ticker value="SCMS"/>
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        <balance>1710203.15</balance>
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        <curCd>USD</curCd>
        <valUSD>1704528.18</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>NEW YORK LIFE GBL. FU FRN</name>
        <lei>635400DPNHEAUHB7ZI15</lei>
        <title>NEW YORK LIFE GBL. FU FRN</title>
        <cusip>64953BBL1</cusip>
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          <ticker value="NYLIFE"/>
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        <curCd>USD</curCd>
        <valUSD>2486035.4</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SWEDBANK AB FRN</name>
        <lei>M312WZV08Y7LYUC71685</lei>
        <title>SWEDBANK AB FRN</title>
        <cusip>870195AD6</cusip>
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          <isin value="US870195AD63"/>
          <ticker value="SWEDA"/>
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        <curCd>USD</curCd>
        <valUSD>4240404</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>EVERGREEN CREDIT CA 5.51%</name>
        <lei>5493002G9KVV6J3CNU15</lei>
        <title>EVERGREEN CREDIT CA 5.51%</title>
        <cusip>30023JCM8</cusip>
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          <isin value="US30023JCM80"/>
          <ticker value="EVGRN"/>
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        <curCd>USD</curCd>
        <valUSD>4782898.77</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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      <invstOrSec>
        <name>SVENSKA HANDELSBANKEN FRN</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
        <title>SVENSKA HANDELSBANKEN FRN</title>
        <cusip>86959LAR4</cusip>
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          <ticker value="SHBASS"/>
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        <curCd>USD</curCd>
        <valUSD>15244047.6</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.3182324</annualizedRt>
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        <name>ELEVANCE HEALTH INC 4.50%</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>ELEVANCE HEALTH INC 4.50%</title>
        <cusip>036752BG7</cusip>
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          <isin value="US036752BG70"/>
          <ticker value="ELV"/>
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        <curCd>USD</curCd>
        <valUSD>2323156.5</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>AMERICAN EXPRESS CO FRN</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS CO FRN</title>
        <cusip>025816EA3</cusip>
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          <isin value="US025816EA39"/>
          <ticker value="AXP"/>
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        <curCd>USD</curCd>
        <valUSD>3001469.07</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <name>TRUIST BANK F2F</name>
        <lei>JJKC32MCHWDI71265Z06</lei>
        <title>TRUIST BANK F2F</title>
        <cusip>89788JAH2</cusip>
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          <isin value="US89788JAH23"/>
          <ticker value="TFC"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AVOLON HLDGS. FNDG. 4.20%</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>AVOLON HLDGS. FNDG. 4.20%</title>
        <cusip>05401ABE0</cusip>
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          <ticker value="AVOL"/>
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        <curCd>USD</curCd>
        <valUSD>2404092.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOLE SA FRN</name>
        <lei>N/A</lei>
        <title>CREDIT AGRICOLE SA FRN</title>
        <cusip>22534PAJ2</cusip>
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          <isin value="US22534PAJ21"/>
          <ticker value="ACAFP"/>
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        <balance>4660000</balance>
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        <curCd>USD</curCd>
        <valUSD>4670951</valUSD>
        <pctVal>0.2829050900</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS PLC FRN</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC FRN</title>
        <cusip>06738ECQ6</cusip>
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          <ticker value="BACR"/>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>AMCOR FLEXIBLES NOR 4.80%</name>
        <lei>PTVU09TE3QPJPL7K4E13</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HONDA AUTO RECEIVAB 5.21%</name>
        <lei>N/A</lei>
        <title>HONDA AUTO RECEIVAB 5.21%</title>
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          <ticker value="HAROT"/>
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        <curCd>USD</curCd>
        <valUSD>1138647.51</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HYUNDAI AUTO RECEIV 4.99%</name>
        <lei>N/A</lei>
        <title>HYUNDAI AUTO RECEIV 4.99%</title>
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          <isin value="US448973AD90"/>
          <ticker value="HART"/>
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        <curCd>USD</curCd>
        <valUSD>774042.78</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SYNCHRONY CARD FNDG 5.04%</name>
        <lei>N/A</lei>
        <title>SYNCHRONY CARD FNDG 5.04%</title>
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          <isin value="US87166PAM32"/>
          <ticker value="SYNIT"/>
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        <curCd>USD</curCd>
        <valUSD>1470755.9</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AGCO CORP 5.45%</name>
        <lei>LYOM0B2GCF1JWXK5ZG04</lei>
        <title>AGCO CORP 5.45%</title>
        <cusip>001084AR3</cusip>
        <identifiers>
          <isin value="US001084AR30"/>
          <ticker value="AGCO"/>
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        <balance>1710000</balance>
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        <curCd>USD</curCd>
        <valUSD>1721648.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNH INDL. CAP. LLC 4.50%</name>
        <lei>549300PNSJ5B81UMVO28</lei>
        <title>CNH INDL. CAP. LLC 4.50%</title>
        <cusip>12592BAT1</cusip>
        <identifiers>
          <isin value="US12592BAT17"/>
          <ticker value="CNHI"/>
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        <balance>2620000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2618846.49</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>2027-10-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BARCLAYS PLC FRN</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC FRN</title>
        <cusip>06738EDF9</cusip>
        <identifiers>
          <isin value="US06738EDF97"/>
          <ticker value="BACR"/>
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        <balance>5700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5705606.46</valUSD>
        <pctVal>0.3455709788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.745376</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BMW US CAP. LLC FRN</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
        <title>BMW US CAP. LLC FRN</title>
        <cusip>05565EDE2</cusip>
        <identifiers>
          <isin value="US05565EDE23"/>
          <ticker value="BMW"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1699997.16</valUSD>
        <pctVal>0.1029635827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3753752</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>CHEVRON USA INC FRN</name>
        <lei>VA8TZDWPEZYU430RZ444</lei>
        <title>CHEVRON USA INC FRN</title>
        <cusip>166756BM7</cusip>
        <identifiers>
          <isin value="US166756BM73"/>
          <ticker value="CVX"/>
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        <balance>8800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8818040</valUSD>
        <pctVal>0.5340814749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.235778</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PAGAYA AI DEBT GRA 4.497%</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT GRA 4.497%</title>
        <cusip>69549BAB4</cusip>
        <identifiers>
          <isin value="US69549BAB45"/>
          <ticker value="PAID"/>
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        <balance>1499861.76</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1494608.04</valUSD>
        <pctVal>0.0905237974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.497</annualizedRt>
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      <invstOrSec>
        <name>AT&amp;T INC 3.80%</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T INC 3.80%</title>
        <cusip>00206RHW5</cusip>
        <identifiers>
          <isin value="US00206RHW51"/>
          <ticker value="T"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1994638.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.8</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>HYUNDAI AUTO LEASE 5.41%</name>
        <lei>N/A</lei>
        <title>HYUNDAI AUTO LEASE 5.41%</title>
        <cusip>44934FAD7</cusip>
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          <isin value="US44934FAD78"/>
          <ticker value="HALST"/>
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        <balance>1715735.79</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1719658.31</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>2027-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.41</annualizedRt>
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      <invstOrSec>
        <name>HARLEY-DAVIDSON MOT 5.37%</name>
        <lei>N/A</lei>
        <title>HARLEY-DAVIDSON MOT 5.37%</title>
        <cusip>412922AC0</cusip>
        <identifiers>
          <isin value="US412922AC08"/>
          <ticker value="HDMOT"/>
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        <balance>1437094.11</balance>
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        <curCd>USD</curCd>
        <valUSD>1450818.07</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37</annualizedRt>
          <isDefault>N</isDefault>
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        <name>AMERICAN CREDIT ACC 4.75%</name>
        <lei>N/A</lei>
        <title>AMERICAN CREDIT ACC 4.75%</title>
        <cusip>02528EAC2</cusip>
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          <isin value="US02528EAC21"/>
          <ticker value="ACAR"/>
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        <balance>8565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8582256.76</valUSD>
        <pctVal>0.5198008116</pctVal>
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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>2029-09-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>GEORGIA POWER CO 4.00%</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>GEORGIA POWER CO 4.00%</title>
        <cusip>373334LC3</cusip>
        <identifiers>
          <isin value="US373334LC35"/>
          <ticker value="SO"/>
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        <balance>5800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5766024.06</valUSD>
        <pctVal>0.3492302864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WF CARD ISSUANCE TR 4.94%</name>
        <lei>N/A</lei>
        <title>WF CARD ISSUANCE TR 4.94%</title>
        <cusip>92970QAA3</cusip>
        <identifiers>
          <isin value="US92970QAA31"/>
          <ticker value="WFCIT"/>
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        <balance>2530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2550535.5</valUSD>
        <pctVal>0.1544780656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>SALESFORCE INC 4.50%</name>
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      <invstOrSec>
        <name>GM FINL. AUTOMOBILE 5.09%</name>
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        <name>CNH EQUIP. TST. 202 5.19%</name>
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        <name>PAGAYA AI DEBT GRA 4.883%</name>
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        <name>TRILLIUM CREDIT CA 4.405%</name>
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        <issuerCat>CORP</issuerCat>
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        <name>UBS AG/STAMFORD CT F2F</name>
        <lei>254900R882POXXVAK772</lei>
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        <name>SKANDINAVISKA ENSKILD FRN</name>
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        <title>SKANDINAVISKA ENSKILD FRN</title>
        <cusip>830505BP7</cusip>
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          <ticker value="SEB"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>JOHN DEERE OWNER TS 4.96%</name>
        <lei>N/A</lei>
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        <cusip>47800RAD5</cusip>
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        <name>JOHN DEERE CAP. CORP FRN</name>
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        <name>MORGAN STANLEY FRN</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
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          <ticker value="MS"/>
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        <fairValLevel>2</fairValLevel>
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        <name>WORLD OMNI AUTO REC 5.27%</name>
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          <ticker value="WOART"/>
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        <name>NXP BV / NXP FNDG. 4.30%</name>
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        <invCountry>NL</invCountry>
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        <name>SANTANDER UK GRP. HLD F2F</name>
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          <ticker value="SANUK"/>
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        <invCountry>GB</invCountry>
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        <name>AMERICAN EXPRESS CO FRN</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <cusip>025816EQ8</cusip>
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          <ticker value="AXP"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALPHABET INC 3.70%</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC 3.70%</title>
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          <isin value="US02079KBJ51"/>
          <ticker value="GOOGL"/>
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        <curCd>USD</curCd>
        <valUSD>2761064.4</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>AIR LEASE CORP 3.75%</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>AIR LEASE CORP 3.75%</title>
        <cusip>00914AAB8</cusip>
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          <isin value="US00914AAB89"/>
          <ticker value="AL"/>
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        <valUSD>3993669.48</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CARMAX AUTO OWNER T 6.27%</name>
        <lei>N/A</lei>
        <title>CARMAX AUTO OWNER T 6.27%</title>
        <cusip>14318DAG4</cusip>
        <identifiers>
          <isin value="US14318DAG43"/>
          <ticker value="CARMX"/>
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        <curCd>USD</curCd>
        <valUSD>3453180.76</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>BMW VEHICLE LEASE T 5.00%</name>
        <lei>N/A</lei>
        <title>BMW VEHICLE LEASE T 5.00%</title>
        <cusip>05611UAE3</cusip>
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          <isin value="US05611UAE38"/>
          <ticker value="BMWLT"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>BMW US CAP. LLC 4.90%</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>AUSTRALIA &amp; NEW ZEALA FRN</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
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        <cusip>05252ADM0</cusip>
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          <ticker value="ANZ"/>
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        <curCd>USD</curCd>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>BANK OF MONTREAL F2F</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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        <cusip>06368MXU3</cusip>
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          <isin value="US06368MXU34"/>
          <ticker value="BMO"/>
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        <balance>9500000</balance>
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        <curCd>USD</curCd>
        <valUSD>9445195.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>WORLD OMNI AUTO REC 4.86%</name>
        <lei>N/A</lei>
        <title>WORLD OMNI AUTO REC 4.86%</title>
        <cusip>98164RAD8</cusip>
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          <isin value="US98164RAD89"/>
          <ticker value="WOART"/>
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        <curCd>USD</curCd>
        <valUSD>780650.31</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>EVERGREEN CREDIT CA 5.25%</name>
        <lei>5493002G9KVV6J3CNU15</lei>
        <title>EVERGREEN CREDIT CA 5.25%</title>
        <cusip>30023JCS5</cusip>
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          <isin value="US30023JCS50"/>
          <ticker value="EVGRN"/>
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        <balance>6770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6797474.01</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BUNGE FIN. CORP 2.00%</name>
        <lei>549300QHC068L40NNM71</lei>
        <title>BUNGE FIN. CORP 2.00%</title>
        <cusip>120568BL3</cusip>
        <identifiers>
          <isin value="US120568BL38"/>
          <ticker value="BG"/>
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        <balance>7101000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7090773.21</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>HYUNDAI CAP. AMERIC 4.25%</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAP. AMERIC 4.25%</title>
        <cusip>44891ADZ7</cusip>
        <identifiers>
          <isin value="US44891ADZ75"/>
          <ticker value="HYNMTR"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1684578.23</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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      <invstOrSec>
        <name>CITADEL FIN. LLC 4.75%</name>
        <lei>549300BQL283NCR7P163</lei>
        <title>CITADEL FIN. LLC 4.75%</title>
        <cusip>17287HAE0</cusip>
        <identifiers>
          <isin value="US17287HAE09"/>
          <ticker value="CITADL"/>
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        <balance>2900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2841376.33</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>2029-02-14</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</annualizedRt>
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        <name>FANNIE MAE POOL 3.50%</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FANNIE MAE POOL 3.50%</title>
        <cusip>31418DLN0</cusip>
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          <isin value="US31418DLN02"/>
          <ticker value="FHLMC"/>
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        <balance>1219263.68</balance>
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        <curCd>USD</curCd>
        <valUSD>1191589.24</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>
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        <name>AMERICREDIT AUTOMOB 3.23%</name>
        <lei>N/A</lei>
        <title>AMERICREDIT AUTOMOB 3.23%</title>
        <cusip>03066TAF8</cusip>
        <identifiers>
          <isin value="US03066TAF84"/>
          <ticker value="AMCAR"/>
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        <balance>4500000</balance>
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        <curCd>USD</curCd>
        <valUSD>4473169.65</valUSD>
        <pctVal>0.2709260838</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.23</annualizedRt>
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      <invstOrSec>
        <name>CITIGROUP INC FRN</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC FRN</title>
        <cusip>172967NH0</cusip>
        <identifiers>
          <isin value="US172967NH04"/>
          <ticker value="C"/>
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        <balance>21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21095109</valUSD>
        <pctVal>1.2776656636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-24</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>SAUDI ARABIAN OIL C 4.00%</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>SAUDI ARABIAN OIL C 4.00%</title>
        <cusip>80415RAB7</cusip>
        <identifiers>
          <isin value="US80415RAB78"/>
          <ticker value="ARAMCO"/>
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        <balance>3070000</balance>
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        <curCd>USD</curCd>
        <valUSD>3005572.98</valUSD>
        <pctVal>0.1820382818</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HONEYWELL AEROSPACE I FRN</name>
        <lei>213800ZUAQRBYL67JS90</lei>
        <title>HONEYWELL AEROSPACE I FRN</title>
        <cusip>43849RAD7</cusip>
        <identifiers>
          <isin value="US43849RAD70"/>
          <ticker value="HONA"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2985549</valUSD>
        <pctVal>0.1808254911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.270716</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASTERCARD INC FRN</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC FRN</title>
        <cusip>57636QBE3</cusip>
        <identifiers>
          <isin value="US57636QBE35"/>
          <ticker value="MA"/>
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        <balance>4700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4694590.3</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>2028-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.0807152</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNOPSYS INC 4.55%</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SYNOPSYS INC 4.55%</title>
        <cusip>871607AA5</cusip>
        <identifiers>
          <isin value="US871607AA58"/>
          <ticker value="SNPS"/>
        </identifiers>
        <balance>10800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10807333.96</valUSD>
        <pctVal>0.6545668722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55</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>HSBC HLDGS. PLC FRN</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC FRN</title>
        <cusip>404280ET2</cusip>
        <identifiers>
          <isin value="US404280ET24"/>
          <ticker value="HSBC"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10026500</valUSD>
        <pctVal>0.6072741685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6898568</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADVANCED MICRO DEV 4.319%</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>ADVANCED MICRO DEV 4.319%</title>
        <cusip>007903BJ5</cusip>
        <identifiers>
          <isin value="US007903BJ50"/>
          <ticker value="AMD"/>
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        <balance>11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11069504.93</valUSD>
        <pctVal>0.6704457589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.319</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PAYPAL HLDGS. INC FRN</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PAYPAL HLDGS. INC FRN</title>
        <cusip>70450YAR4</cusip>
        <identifiers>
          <isin value="US70450YAR45"/>
          <ticker value="PYPL"/>
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        <balance>7800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7814215.66</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>2028-03-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3173936</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP INC FRN</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC FRN</title>
        <cusip>17327CAX1</cusip>
        <identifiers>
          <isin value="US17327CAX11"/>
          <ticker value="C"/>
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        <balance>5514000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5514055.14</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>2029-03-04</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.51611</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>ADVANCED MICRO DEV 4.212%</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>ADVANCED MICRO DEV 4.212%</title>
        <cusip>007903BH9</cusip>
        <identifiers>
          <isin value="US007903BH94"/>
          <ticker value="AMD"/>
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        <balance>4600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4606340.18</valUSD>
        <pctVal>0.2789918119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.212</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 FRN</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC FRN</title>
        <cusip>00287YEC9</cusip>
        <identifiers>
          <isin value="US00287YEC93"/>
          <ticker value="ABBV"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4003800</valUSD>
        <pctVal>0.2424978124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.132206</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>HCA INC 5.00%</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
        <title>HCA INC 5.00%</title>
        <cusip>404119CY3</cusip>
        <identifiers>
          <isin value="US404119CY34"/>
          <ticker value="HCA"/>
        </identifiers>
        <balance>2220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2241770.54</valUSD>
        <pctVal>0.1357771247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>HUNTINGTON NATL. BANK F2F</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
        <title>HUNTINGTON NATL. BANK F2F</title>
        <cusip>44644MAK7</cusip>
        <identifiers>
          <isin value="US44644MAK71"/>
          <ticker value="HBAN"/>
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        <balance>3800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3812844.72</valUSD>
        <pctVal>0.2309322402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.8710016</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>SUMITOMO MITSUI TST 3.95%</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITOMO MITSUI TST 3.95%</title>
        <cusip>86563VCG2</cusip>
        <identifiers>
          <isin value="US86563VCG23"/>
          <ticker value="SUMITR"/>
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        <balance>8400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8303521.88</valUSD>
        <pctVal>0.5029186999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95</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>MARS INC 4.60%</name>
        <lei>54930073HKEO6GZBSS03</lei>
        <title>MARS INC 4.60%</title>
        <cusip>571676AX3</cusip>
        <identifiers>
          <isin value="US571676AX38"/>
          <ticker value="MARS"/>
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        <balance>5200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5231336.55</valUSD>
        <pctVal>0.3168459137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.6</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>NORDEA BANK ABP FRN</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>NORDEA BANK ABP FRN</title>
        <cusip>65558RAM1</cusip>
        <identifiers>
          <isin value="US65558RAM16"/>
          <ticker value="NDAFH"/>
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        <balance>14300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14334297.12</valUSD>
        <pctVal>0.8681841484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3408044</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>NUTRIEN LTD 4.50%</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>NUTRIEN LTD 4.50%</title>
        <cusip>67077MBE7</cusip>
        <identifiers>
          <isin value="US67077MBE75"/>
          <ticker value="NTRCN"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5008326.95</valUSD>
        <pctVal>0.3033389103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>MERCEDES-BENZ FIN. N FRN</name>
        <lei>549300423Z16BB673J12</lei>
        <title>MERCEDES-BENZ FIN. N FRN</title>
        <cusip>58769JBK2</cusip>
        <identifiers>
          <isin value="US58769JBK25"/>
          <ticker value="MBGGR"/>
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        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6499129</valUSD>
        <pctVal>0.3936321906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.354956</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>GENERAL MOTORS FINL. FRN</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GENERAL MOTORS FINL. FRN</title>
        <cusip>37045XFD3</cusip>
        <identifiers>
          <isin value="US37045XFD30"/>
          <ticker value="GM"/>
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        <balance>11500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11388066.82</valUSD>
        <pctVal>0.6897400697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-07</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9602636</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>CANADIAN IMPERIAL BAN FRN</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>CANADIAN IMPERIAL BAN FRN</title>
        <cusip>13607PVR2</cusip>
        <identifiers>
          <isin value="US13607PVR27"/>
          <ticker value="CM"/>
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        <balance>15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15004747.35</valUSD>
        <pctVal>0.9087912502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-13</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3891452</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>SOCIETE GENERALE SA FRN</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA FRN</title>
        <cusip>83368RCB6</cusip>
        <identifiers>
          <isin value="US83368RCB69"/>
          <ticker value="SOCGEN"/>
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        <balance>3100000</balance>
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      <invstOrSec>
        <name>CHASE HOME LENDING MT VAR</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ARTHUR J GALLAGHER 4.60%</name>
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      <invstOrSec>
        <name>SANTANDER MTGE. AS 5.545%</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>RIO TINTO FIN. USA PL FRN</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANTANDER DRIVE AUT 3.93%</name>
        <lei>N/A</lei>
        <title>SANTANDER DRIVE AUT 3.93%</title>
        <cusip>80288FAC5</cusip>
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          <ticker value="SDART"/>
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      <invstOrSec>
        <name>WALT DISNEY CO/THE FRN</name>
        <lei>549300GZKULIZ0WOW665</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-14</maturityDt>
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      <invstOrSec>
        <name>AVOLON HLDGS. FNDG. 4.95%</name>
        <lei>635400ZRKEX9L1BKCH30</lei>
        <title>AVOLON HLDGS. FNDG. 4.95%</title>
        <cusip>05401AAW1</cusip>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
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      <invstOrSec>
        <name>CENCORA INC 4.625%</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>CENCORA INC 4.625%</title>
        <cusip>03073EAV7</cusip>
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          <ticker value="COR"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WESTLAKE AUTOMOBILE 4.65%</name>
        <lei>N/A</lei>
        <title>WESTLAKE AUTOMOBILE 4.65%</title>
        <cusip>96043LAB6</cusip>
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          <isin value="US96043LAB62"/>
          <ticker value="WLAKE"/>
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        <invCountry>US</invCountry>
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        <name>SUMITOMO MITSUI TST. FRN</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITOMO MITSUI TST. FRN</title>
        <cusip>86563VCH0</cusip>
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        <balance>3500000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>BX COMMER. MTGE. TST. FRN</name>
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        <name>HYUNDAI CAP. AMERIC 5.45%</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAP. AMERIC 5.45%</title>
        <cusip>44891ADA2</cusip>
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          <ticker value="HYNMTR"/>
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        <name>SYNCHRONY CARD FNDG 4.93%</name>
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        <title>SYNCHRONY CARD FNDG 4.93%</title>
        <cusip>87166PAN1</cusip>
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          <isin value="US87166PAN15"/>
          <ticker value="SYNIT"/>
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        <name>JOHN DEERE OWNER TS 4.36%</name>
        <lei>N/A</lei>
        <title>JOHN DEERE OWNER TS 4.36%</title>
        <cusip>477911AB7</cusip>
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          <isin value="US477911AB70"/>
          <ticker value="JDOT"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-08-16</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NTT FIN. CORP FRN</name>
        <lei>3538007PR116187GD960</lei>
        <title>NTT FIN. CORP FRN</title>
        <cusip>62954WAR6</cusip>
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        <curCd>USD</curCd>
        <valUSD>10782179.1</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-16</maturityDt>
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      <invstOrSec>
        <name>MERCK INC FRN</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>MERCK INC FRN</title>
        <cusip>58933YBV6</cusip>
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          <isin value="US58933YBV65"/>
          <ticker value="MRK"/>
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        <balance>13700000</balance>
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        <curCd>USD</curCd>
        <valUSD>13728222</valUSD>
        <pctVal>0.8314760484</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2117624</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HSBC HLDGS. PLC 3.90%</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC 3.90%</title>
        <cusip>404280BB4</cusip>
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          <isin value="US404280BB43"/>
          <ticker value="HSBC"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2999119.95</valUSD>
        <pctVal>0.1816474417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.9</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KRAFT HEINZ FOODS C 3.00%</name>
        <lei>5493003STKEZ2S0RNU91</lei>
        <title>KRAFT HEINZ FOODS C 3.00%</title>
        <cusip>50077LAD8</cusip>
        <identifiers>
          <isin value="US50077LAD82"/>
          <ticker value="KHC"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5985425.76</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>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>AGILENT TECHS. INC 4.20%</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>AGILENT TECHS. INC 4.20%</title>
        <cusip>00846UAQ4</cusip>
        <identifiers>
          <isin value="US00846UAQ40"/>
          <ticker value="A"/>
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        <balance>7800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7783874.83</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.2</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>VERIZON MASTER TRUS 5.65%</name>
        <lei>5493007MUBNP1GFMEB89</lei>
        <title>VERIZON MASTER TRUS 5.65%</title>
        <cusip>92348KBV4</cusip>
        <identifiers>
          <isin value="US92348KBV44"/>
          <ticker value="VZMT"/>
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        <balance>5200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5214444.56</valUSD>
        <pctVal>0.3158228179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65</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>BXP TST. 2017-GM 3.379%</name>
        <lei>N/A</lei>
        <title>BXP TST. 2017-GM 3.379%</title>
        <cusip>056083AA6</cusip>
        <identifiers>
          <isin value="US056083AA67"/>
          <ticker value="BXP"/>
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        <balance>5505000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5411527.3</valUSD>
        <pctVal>0.3277595114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.379</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>LENNAR CORP 5.25%</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>LENNAR CORP 5.25%</title>
        <cusip>526057CT9</cusip>
        <identifiers>
          <isin value="US526057CT92"/>
          <ticker value="LEN"/>
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        <balance>8500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8504396.12</valUSD>
        <pctVal>0.5150850329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>MACQUARIE BANK LT 5.272%</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>MACQUARIE BANK LT 5.272%</title>
        <cusip>55608PBT0</cusip>
        <identifiers>
          <isin value="US55608PBT03"/>
          <ticker value="MQGAU"/>
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        <balance>9430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9552402.15</valUSD>
        <pctVal>0.5785595245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.272</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>MERCEDES-BENZ FIN. 4.75%</name>
        <lei>549300423Z16BB673J12</lei>
        <title>MERCEDES-BENZ FIN. 4.75%</title>
        <cusip>58769JAU1</cusip>
        <identifiers>
          <isin value="US58769JAU16"/>
          <ticker value="MBGGR"/>
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        <balance>7350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7389153.67</valUSD>
        <pctVal>0.4475382387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>HEWLETT PACKARD ENT 4.45%</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>HEWLETT PACKARD ENT 4.45%</title>
        <cusip>42824CBR9</cusip>
        <identifiers>
          <isin value="US42824CBR97"/>
          <ticker value="HPE"/>
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        <balance>5711000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5715675.54</valUSD>
        <pctVal>0.3461808319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45</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>CONSTELLATION ENERGY FRN</name>
        <lei>S2PEWKCZFFECR4533P43</lei>
        <title>CONSTELLATION ENERGY FRN</title>
        <cusip>210385AN0</cusip>
        <identifiers>
          <isin value="US210385AN03"/>
          <ticker value="CEG"/>
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        <balance>5600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5590346.27</valUSD>
        <pctVal>0.3385900247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2695136</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ANZ NEW ZEALAND INT L FRN</name>
        <lei>N/A</lei>
        <title>ANZ NEW ZEALAND INT L FRN</title>
        <cusip>00182EBW8</cusip>
        <identifiers>
          <isin value="US00182EBW84"/>
          <ticker value="ANZNZ"/>
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        <balance>6200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6191700.37</valUSD>
        <pctVal>0.3750121871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2785928</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>PNC FINL. SERVS. GRP. FRN</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINL. SERVS. GRP. FRN</title>
        <cusip>693475CH6</cusip>
        <identifiers>
          <isin value="US693475CH64"/>
          <ticker value="PNC"/>
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        <balance>11500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11488311.98</valUSD>
        <pctVal>0.6958116097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.288896</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>SYSCO CORP 3.25%</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYSCO CORP 3.25%</title>
        <cusip>871829BF3</cusip>
        <identifiers>
          <isin value="US871829BF39"/>
          <ticker value="SYY"/>
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        <balance>7760000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7641755.6</valUSD>
        <pctVal>0.4628375582</pctVal>
        <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>3.25</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>VERIZON COMMS. INC 4.329%</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VERIZON COMMS. INC 4.329%</title>
        <cusip>92343VER1</cusip>
        <identifiers>
          <isin value="US92343VER15"/>
          <ticker value="VZ"/>
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        <balance>9800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9802907.76</valUSD>
        <pctVal>0.5937318764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.329</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 AGRICOLE SA FRN</name>
        <lei>N/A</lei>
        <title>CREDIT AGRICOLE SA FRN</title>
        <cusip>22535WAM9</cusip>
        <identifiers>
          <isin value="US22535WAM91"/>
          <ticker value="ACAFP"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6026331.96</valUSD>
        <pctVal>0.3649963327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8530088</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>WESTLAKE AUTOMOBILE 4.98%</name>
        <lei>N/A</lei>
        <title>WESTLAKE AUTOMOBILE 4.98%</title>
        <cusip>96043VAF5</cusip>
        <identifiers>
          <isin value="US96043VAF58"/>
          <ticker value="WLAKE"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2767177.05</valUSD>
        <pctVal>0.1675993759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.98</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>PNC BANK NA FRN</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
        <title>PNC BANK NA FRN</title>
        <cusip>69353RGA0</cusip>
        <identifiers>
          <isin value="US69353RGA05"/>
          <ticker value="PNC"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751252.3</valUSD>
        <pctVal>0.0455010338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-21</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3989336</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>ORANGE SA 4.00%</name>
        <lei>969500MCOONR8990S771</lei>
        <title>ORANGE SA 4.00%</title>
        <cusip>685218AH2</cusip>
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          <isin value="US685218AH23"/>
          <ticker value="ORAFP"/>
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        <curCd>USD</curCd>
        <valUSD>3959951.28</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KELLANOVA 3.25%</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>KELLANOVA 3.25%</title>
        <cusip>487836BP2</cusip>
        <identifiers>
          <isin value="US487836BP25"/>
          <ticker value="K"/>
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        <balance>15200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15200000</valUSD>
        <pctVal>0.9206171007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTANDER HLDGS. USA F2F</name>
        <lei>549300SMVCQN2P0O6I58</lei>
        <title>SANTANDER HLDGS. USA F2F</title>
        <cusip>80282KBK1</cusip>
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          <isin value="US80282KBK16"/>
          <ticker value="SANUSA"/>
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        <balance>2850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2855834.24</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VERIZON MASTER TST. 5.40%</name>
        <lei>5493007MUBNP1GFMEB89</lei>
        <title>VERIZON MASTER TST. 5.40%</title>
        <cusip>92348KCW1</cusip>
        <identifiers>
          <isin value="US92348KCW18"/>
          <ticker value="VZMT"/>
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        <balance>4045000</balance>
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        <curCd>USD</curCd>
        <valUSD>4058032.99</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK FNDG. INC 4.60%</name>
        <lei>529900VBK42Y5HHRMD23</lei>
        <title>BLACKROCK FNDG. INC 4.60%</title>
        <cusip>09290DAH4</cusip>
        <identifiers>
          <isin value="US09290DAH44"/>
          <ticker value="BLK"/>
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        <balance>17340000</balance>
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        <curCd>USD</curCd>
        <valUSD>17457787.33</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.6</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RECKITT BENCKISER T 3.00%</name>
        <lei>213800LAXWIUOOBZ3908</lei>
        <title>RECKITT BENCKISER T 3.00%</title>
        <cusip>75625QAE9</cusip>
        <identifiers>
          <isin value="US75625QAE98"/>
          <ticker value="RKTLN"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4924220.1</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>2027-06-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>HYUNDAI CAP. AMERICA FRN</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAP. AMERICA FRN</title>
        <cusip>44891ADE4</cusip>
        <identifiers>
          <isin value="US44891ADE47"/>
          <ticker value="HYNMTR"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10024400</valUSD>
        <pctVal>0.6071469779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6695132</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUMITOMO MITSUI FINL. FRN</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINL. FRN</title>
        <cusip>86562MDL1</cusip>
        <identifiers>
          <isin value="US86562MDL19"/>
          <ticker value="SUMIBK"/>
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        <balance>3807000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3827024.82</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8443544</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AUSTRALIA &amp; NEW ZEALA FRN</name>
        <lei>JHE42UYNWWTJB8YTTU19</lei>
        <title>AUSTRALIA &amp; NEW ZEALA FRN</title>
        <cusip>05252ADV0</cusip>
        <identifiers>
          <isin value="US05252ADV08"/>
          <ticker value="ANZ"/>
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        <balance>5600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5610958.92</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.235994</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOYOTA MOTOR CREDIT C FRN</name>
        <lei>Z2VZBHUMB7PWWJ63I008</lei>
        <title>TOYOTA MOTOR CREDIT C FRN</title>
        <cusip>89236TPG4</cusip>
        <identifiers>
          <isin value="US89236TPG49"/>
          <ticker value="TOYOTA"/>
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        <balance>8800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8791156</valUSD>
        <pctVal>0.5324531940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.119138</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UNITEDHEALTH GRP. INC FRN</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GRP. INC FRN</title>
        <cusip>91324PFE7</cusip>
        <identifiers>
          <isin value="US91324PFE79"/>
          <ticker value="UNH"/>
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        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7004853.31</valUSD>
        <pctVal>0.4242623517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.1692428</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL ONE MULTI-A 3.92%</name>
        <lei>R42WS16M9R97TJJKGU15</lei>
        <title>CAPITAL ONE MULTI-A 3.92%</title>
        <cusip>14041NGE5</cusip>
        <identifiers>
          <isin value="US14041NGE58"/>
          <ticker value="COMET"/>
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        <balance>9575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9563913.11</valUSD>
        <pctVal>0.5792567078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.92</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>GE HEALTHCARE TECHS 4.15%</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HEALTHCARE TECHS 4.15%</title>
        <cusip>36266GAD9</cusip>
        <identifiers>
          <isin value="US36266GAD97"/>
          <ticker value="GEHC"/>
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        <balance>2100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2086285.82</valUSD>
        <pctVal>0.1263598949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOSTON PROPERTIES L 2.75%</name>
        <lei>BVHHEFJI6SHNOKQT2572</lei>
        <title>BOSTON PROPERTIES L 2.75%</title>
        <cusip>10112RAY0</cusip>
        <identifiers>
          <isin value="US10112RAY09"/>
          <ticker value="BXP"/>
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        <balance>2700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2674948.64</valUSD>
        <pctVal>0.1620133856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75</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>DAIMLER TRUCK FIN. NO FRN</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DAIMLER TRUCK FIN. NO FRN</title>
        <cusip>233853AX8</cusip>
        <identifiers>
          <isin value="US233853AX89"/>
          <ticker value="DTRGR"/>
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        <balance>10720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10745192</valUSD>
        <pctVal>0.6508031254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5807264</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>NATIONAL BANK OF CANA FRN</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>NATIONAL BANK OF CANA FRN</title>
        <cusip>63307A2Z7</cusip>
        <identifiers>
          <isin value="US63307A2Z76"/>
          <ticker value="NACN"/>
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        <balance>6260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6268566.5</valUSD>
        <pctVal>0.3796677314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-02</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7103048</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>SUMITOMO MITSUI TST 4.45%</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITOMO MITSUI TST 4.45%</title>
        <cusip>86563VBT5</cusip>
        <identifiers>
          <isin value="US86563VBT52"/>
          <ticker value="SUMITR"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5013453.2</valUSD>
        <pctVal>0.3036493914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>CREDIT AGRICOLE SA F2F</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL AUSTRALIA BA FRN</name>
        <lei>F8SB4JFBSYQFRQEH3Z21</lei>
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          <ticker value="NAB"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ROYAL BANK OF CANADA FRN</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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          <ticker value="RY"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEXTERA ENERGY CAP. H FRN</name>
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          <ticker value="NEE"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER HLDGS. USA FRN</name>
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          <ticker value="SANUSA"/>
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        <valUSD>11085637.09</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC STORAGE OPERAT FRN</name>
        <lei>549300LMZF40TKJ6DM64</lei>
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        <cusip>74464AAA9</cusip>
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          <ticker value="PSA"/>
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        <balance>4720000</balance>
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        <curCd>USD</curCd>
        <valUSD>4727367.26</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>BANQUE FEDERATIVE DU FRN</name>
        <lei>VBHFXSYT7OG62HNT8T76</lei>
        <title>BANQUE FEDERATIVE DU FRN</title>
        <cusip>06675DCP5</cusip>
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          <ticker value="BFCM"/>
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        <balance>5100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5142492.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>FRESB 2022-SB94 MTGE. VAR</name>
        <lei>N/A</lei>
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        <cusip>30324QAC2</cusip>
        <identifiers>
          <isin value="US30324QAC24"/>
          <ticker value="FRESB"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5112980.27</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO FRN</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <cusip>46647PET9</cusip>
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          <ticker value="JPM"/>
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        <balance>4300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4302417.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>BMW US CAP. LLC FRN</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
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        <cusip>05565ECV5</cusip>
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          <ticker value="BMW"/>
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        <balance>12400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12429957.04</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.4091468</annualizedRt>
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        <name>SANTANDER DRIVE AUT 4.71%</name>
        <lei>N/A</lei>
        <title>SANTANDER DRIVE AUT 4.71%</title>
        <cusip>80287NAB1</cusip>
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          <ticker value="SDART"/>
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        <balance>3939703.99</balance>
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        <curCd>USD</curCd>
        <valUSD>3942181.67</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.71</annualizedRt>
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        <name>CARVANA AUTO RECEIV 4.56%</name>
        <lei>N/A</lei>
        <title>CARVANA AUTO RECEIV 4.56%</title>
        <cusip>14688YAB1</cusip>
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          <isin value="US14688YAB11"/>
          <ticker value="CRVNA"/>
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        <curCd>USD</curCd>
        <valUSD>3242238.45</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.56</annualizedRt>
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        <name>LEGENDS OUTLETS KA 6.247%</name>
        <lei>N/A</lei>
        <title>LEGENDS OUTLETS KA 6.247%</title>
        <cusip>524947AA6</cusip>
        <identifiers>
          <isin value="US524947AA60"/>
          <ticker value="MES01"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5005072.5</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>WELLS FARGO &amp; CO FRN</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; CO FRN</title>
        <cusip>95000U3S0</cusip>
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          <ticker value="WFC"/>
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        <curCd>USD</curCd>
        <valUSD>11495134.24</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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          <couponKind>Floating</couponKind>
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        <name>STRYKER CORP 4.55%</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>STRYKER CORP 4.55%</title>
        <cusip>863667BJ9</cusip>
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          <isin value="US863667BJ94"/>
          <ticker value="SYK"/>
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        <balance>9500000</balance>
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        <curCd>USD</curCd>
        <valUSD>9526546.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>JP MORGAN MTGE. TS 5.591%</name>
        <lei>529900AW45JIN41HJ284</lei>
        <title>JP MORGAN MTGE. TS 5.591%</title>
        <cusip>46593QAC2</cusip>
        <identifiers>
          <isin value="US46593QAC24"/>
          <ticker value="JPMMT"/>
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        <balance>4553777.93</balance>
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        <curCd>USD</curCd>
        <valUSD>4572257.16</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.5910016</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EATON CORP 3.85%</name>
        <lei>0NZWDMRCE180888QQE14</lei>
        <title>EATON CORP 3.85%</title>
        <cusip>278058DV1</cusip>
        <identifiers>
          <isin value="US278058DV11"/>
          <ticker value="ETN"/>
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        <balance>12200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12110487.75</valUSD>
        <pctVal>0.7334948764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>WESTLAKE AUTOMOBILE 5.14%</name>
        <lei>N/A</lei>
        <title>WESTLAKE AUTOMOBILE 5.14%</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BRAVO RESIDENTIAL 5.604%</name>
        <lei>N/A</lei>
        <title>BRAVO RESIDENTIAL 5.604%</title>
        <cusip>10569MAC7</cusip>
        <identifiers>
          <isin value="US10569MAC73"/>
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        <curCd>USD</curCd>
        <valUSD>8944891.36</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL FRN</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL FRN</title>
        <cusip>06368MJH8</cusip>
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          <isin value="US06368MJH88"/>
          <ticker value="BMO"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3494032.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>ORACLE CORP FRN</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
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          <ticker value="ORCL"/>
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        <curCd>USD</curCd>
        <valUSD>11428216.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-03</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNITEDHEALTH GRP. I 4.40%</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GRP. I 4.40%</title>
        <cusip>91324PFN7</cusip>
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          <isin value="US91324PFN78"/>
          <ticker value="UNH"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4012992.84</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>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RESEARCH-DRIVEN PA 4.864%</name>
        <lei>N/A</lei>
        <title>RESEARCH-DRIVEN PA 4.864%</title>
        <cusip>76100KAC8</cusip>
        <identifiers>
          <isin value="US76100KAC80"/>
          <ticker value="RPM"/>
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        <balance>4860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4842004.88</valUSD>
        <pctVal>0.2932652957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-25</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIFTH THIRD BANK NA FRN</name>
        <lei>QFROUN1UWUYU0DVIWD51</lei>
        <title>FIFTH THIRD BANK NA FRN</title>
        <cusip>31677QBV0</cusip>
        <identifiers>
          <isin value="US31677QBV05"/>
          <ticker value="FITB"/>
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        <balance>7300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7303556.41</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>2028-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.4788176</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNC BANK NA F2F</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
        <title>PNC BANK NA F2F</title>
        <cusip>69353RFY9</cusip>
        <identifiers>
          <isin value="US69353RFY99"/>
          <ticker value="PNC"/>
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        <balance>9050000</balance>
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        <curCd>USD</curCd>
        <valUSD>9050360.91</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5429984</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>MACQUARIE BANK LTD FRN</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>MACQUARIE BANK LTD FRN</title>
        <cusip>55608PBY9</cusip>
        <identifiers>
          <isin value="US55608PBY97"/>
          <ticker value="MQGAU"/>
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        <balance>17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16985971.43</valUSD>
        <pctVal>1.0287878797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.382226</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SANTANDER MTGE. AS 5.599%</name>
        <lei>N/A</lei>
        <title>SANTANDER MTGE. AS 5.599%</title>
        <cusip>80263AAC5</cusip>
        <identifiers>
          <isin value="US80263AAC53"/>
          <ticker value="SAN"/>
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        <balance>7196604.69</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7214392.54</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.5990008</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ABBOTT LABORATORIES FRN</name>
        <lei>HQD377W2YR662HK5JX27</lei>
        <title>ABBOTT LABORATORIES FRN</title>
        <cusip>002824BY5</cusip>
        <identifiers>
          <isin value="US002824BY58"/>
          <ticker value="ABT"/>
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        <balance>26900000</balance>
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        <curCd>USD</curCd>
        <valUSD>26913288.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.1452488</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BAKER HUGHES HLDGS. 4.05%</name>
        <lei>549300XU3XH6F05YEQ93</lei>
        <title>BAKER HUGHES HLDGS. 4.05%</title>
        <cusip>05724BAL3</cusip>
        <identifiers>
          <isin value="US05724BAL36"/>
          <ticker value="BHI"/>
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        <balance>1340000</balance>
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        <curCd>USD</curCd>
        <valUSD>1333180.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>AMERICAN EXPRESS FRN</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS FRN</title>
        <cusip>025816DJ5</cusip>
        <identifiers>
          <isin value="US025816DJ56"/>
          <ticker value="AXP"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5005950</valUSD>
        <pctVal>0.3031949458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6386648</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KEURIG DR PEPPER INC FRN</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>KEURIG DR PEPPER INC FRN</title>
        <cusip>49271VAY6</cusip>
        <identifiers>
          <isin value="US49271VAY65"/>
          <ticker value="KDP"/>
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        <balance>6190000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6179726.21</valUSD>
        <pctVal>0.3742869491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.2457752</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXETER AUTOMOBILE R 5.89%</name>
        <lei>N/A</lei>
        <title>EXETER AUTOMOBILE R 5.89%</title>
        <cusip>30168JAF0</cusip>
        <identifiers>
          <isin value="US30168JAF03"/>
          <ticker value="EART"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1419143.46</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.89</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DELL INTL. LLC / EM 4.75%</name>
        <lei>254900ZARLSVK41DKO78</lei>
        <title>DELL INTL. LLC / EM 4.75%</title>
        <cusip>24703TAL0</cusip>
        <identifiers>
          <isin value="US24703TAL08"/>
          <ticker value="DELL"/>
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        <balance>3660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3685720.72</valUSD>
        <pctVal>0.2232327318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</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>GLENCORE FNDG. LLC FRN</name>
        <lei>213800STG1QDNBY87K49</lei>
        <title>GLENCORE FNDG. LLC FRN</title>
        <cusip>378272BX5</cusip>
        <identifiers>
          <isin value="US378272BX50"/>
          <ticker value="GLENLN"/>
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        <balance>21450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21484293.62</valUSD>
        <pctVal>1.3012373753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.430304</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>LPL HLDGS. INC 4.90%</name>
        <lei>549300Z5YF8CCRMYUL26</lei>
        <title>LPL HLDGS. INC 4.90%</title>
        <cusip>50212YAN4</cusip>
        <identifiers>
          <isin value="US50212YAN40"/>
          <ticker value="LPLA"/>
        </identifiers>
        <balance>4370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4382974.84</valUSD>
        <pctVal>0.2654632625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.9</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>STARBUCKS CORP 4.50%</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>STARBUCKS CORP 4.50%</title>
        <cusip>855244BN8</cusip>
        <identifiers>
          <isin value="US855244BN88"/>
          <ticker value="SBUX"/>
        </identifiers>
        <balance>4790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4799727.44</valUSD>
        <pctVal>0.2907046816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA CORP FRN</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP FRN</title>
        <cusip>06051GMU0</cusip>
        <identifiers>
          <isin value="US06051GMU03"/>
          <ticker value="BAC"/>
        </identifiers>
        <balance>34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34193997.88</valUSD>
        <pctVal>2.0710249468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.7739276</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>BLACKSTONE PRIVATE 4.95%</name>
        <lei>549300ORP3TTCNXSYO43</lei>
        <title>BLACKSTONE PRIVATE 4.95%</title>
        <cusip>09261HBR7</cusip>
        <identifiers>
          <isin value="US09261HBR75"/>
          <ticker value="BCRED"/>
        </identifiers>
        <balance>2310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2281133.52</valUSD>
        <pctVal>0.1381612189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95</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>LSEG US FIN CORP 4.25%</name>
        <lei>2138007FV67QQ13CGJ43</lei>
        <title>LSEG US FIN CORP 4.25%</title>
        <cusip>50222CAD2</cusip>
        <identifiers>
          <isin value="US50222CAD20"/>
          <ticker value="LSELN"/>
        </identifiers>
        <balance>5500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5459914.02</valUSD>
        <pctVal>0.3306901457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>WESTPAC BANKING CORP FRN</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WESTPAC BANKING CORP FRN</title>
        <cusip>961214GD9</cusip>
        <identifiers>
          <isin value="US961214GD95"/>
          <ticker value="WSTP"/>
        </identifiers>
        <balance>1380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1389602.23</valUSD>
        <pctVal>0.0841639195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.5002664</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>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
        </identifiers>
        <balance>3235075</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3235075</valUSD>
        <pctVal>0.1959385110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3235075.000000000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
