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        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
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        <name>Foundry JV Holdco LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Exelon Corp.</name>
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        <name>NiSource Inc.</name>
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        <title>NiSource Inc.</title>
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        <name>Cross Mortgage Trust</name>
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        <name>Oracle Corp.</name>
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        <name>Freddie Mac Multifamily Structured Pass Through Ctfs.</name>
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        <name>Solventum Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Neuberger Berman Loan Advisers CLO 38 Ltd.</name>
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        <name>WEST Trust</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Glencore Funding LLC</name>
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        <name>Americold Realty Operating Partnership, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kinder Morgan, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet Inc.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>BSTN Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BSTN Commercial Mortgage Trust, Series 2025-1C, Class A</title>
        <cusip>05615EAA3</cusip>
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          <isin value="US05615EAA38"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102850.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.54794600</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALA Trust</name>
        <lei>N/A</lei>
        <title>ALA Trust, Series 2025-OANA, Class B</title>
        <cusip>009920AC3</cusip>
        <identifiers>
          <isin value="US009920AC38"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100910.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.52348000</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>Wabtec Corp.</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Wabtec Corp.</title>
        <cusip>960386AT7</cusip>
        <identifiers>
          <isin value="US960386AT71"/>
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        <balance>79000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82064.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Wabtec Corp.</name>
        <lei>06BTX5UWZD0GQ5N5Y745</lei>
        <title>Wabtec Corp.</title>
        <cusip>960386AS9</cusip>
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          <isin value="US960386AS98"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49065.92000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
        <cusip>581557BW4</cusip>
        <identifiers>
          <isin value="US581557BW49"/>
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        <balance>72000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>73185.05000000</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>2030-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>McKesson Corp.</name>
        <lei>549300WZWOM80UCFSF54</lei>
        <title>McKesson Corp.</title>
        <cusip>581557BX2</cusip>
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          <isin value="US581557BX22"/>
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        <balance>31000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31895.36000000</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>2032-05-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Siemens Funding B.V.</name>
        <lei>213800CCRGH2TO338X64</lei>
        <title>Siemens Funding B.V.</title>
        <cusip>82622RAD8</cusip>
        <identifiers>
          <isin value="US82622RAD89"/>
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        <balance>587000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>605017.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</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>Lincoln Financial Global Funding</name>
        <lei>984500OC010458395923</lei>
        <title>Lincoln Financial Global Funding</title>
        <cusip>53359KAB7</cusip>
        <identifiers>
          <isin value="US53359KAB70"/>
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        <balance>23000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23244.12000000</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>2028-05-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>Georgia-Pacific LLC</title>
        <cusip>37331NAR2</cusip>
        <identifiers>
          <isin value="US37331NAR26"/>
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        <balance>48000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48521.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Georgia-Pacific LLC</name>
        <lei>L2EVHWFHVAQK72TMH265</lei>
        <title>Georgia-Pacific LLC</title>
        <cusip>37331NAT8</cusip>
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          <isin value="US37331NAT81"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49400.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Gas Transmission Co., LLC</name>
        <lei>549300Q0UQF87NXNOC32</lei>
        <title>Florida Gas Transmission Co., LLC</title>
        <cusip>340711BC3</cusip>
        <identifiers>
          <isin value="US340711BC39"/>
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        <balance>31000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32121.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AT&amp;T Inc.</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc.</title>
        <cusip>00206RMZ2</cusip>
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          <isin value="US00206RMZ28"/>
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        <balance>37000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37058.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jackson National Life Global Funding</name>
        <lei>635400PQXLYXWJI5QD78</lei>
        <title>Jackson National Life Global Funding</title>
        <cusip>46849CJP7</cusip>
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          <isin value="US46849CJP77"/>
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        <balance>424500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429894.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IP Mortgage Trust</name>
        <lei>N/A</lei>
        <title>IP Mortgage Trust, Series 2025-IP, Class A</title>
        <cusip>449843AA9</cusip>
        <identifiers>
          <isin value="US449843AA99"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101882.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24953000</annualizedRt>
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      <invstOrSec>
        <name>Burlington Northern Santa Fe, LLC</name>
        <lei>N/A</lei>
        <title>Burlington Northern Santa Fe, LLC</title>
        <cusip>12189LBM2</cusip>
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          <isin value="US12189LBM28"/>
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        <balance>19000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19505.03000000</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>2056-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>Equitable America Global Funding</name>
        <lei>98450066CCBIACF06694</lei>
        <title>Equitable America Global Funding</title>
        <cusip>29446Q2A0</cusip>
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          <isin value="US29446Q2A05"/>
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        <balance>23000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23281.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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      <invstOrSec>
        <name>GE HealthCare Technologies Inc.</name>
        <lei>549300OI9J7XOWZMUN85</lei>
        <title>GE HealthCare Technologies Inc.</title>
        <cusip>36266GAB3</cusip>
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          <isin value="US36266GAB32"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48747.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The)</title>
        <cusip>06406RCD7</cusip>
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          <isin value="US06406RCD70"/>
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        <balance>31000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>RCKT Mortgage Trust</name>
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        <name>Atmos Energy Corp.</name>
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        <name>VDCM Commercial Mortgage Trust</name>
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        <name>Niagara Mohawk Power Corp.</name>
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        <name>Broadcom Inc.</name>
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        <name>Banque Federative du Credit Mutuel</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gulfstream Natural Gas System, L.L.C.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NTT Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aircastle Ltd. / Aircastle Ireland DAC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jersey Mike's Funding</name>
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        <name>PepsiCo, Inc.</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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        <name>John Deere Capital Corp.</name>
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        <name>PepsiCo, Inc.</name>
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        <name>CVS Health Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Marriott International, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>McDonald's Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>RGA Global Funding</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>National Rural Utilities Cooperative Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Symphony CLO XXIV, Ltd.</name>
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        <name>Alabama Power Co.</name>
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        <name>Cigna Group (The)</name>
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        <name>Southern Co. Gas Capital Corp.</name>
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        <name>Avolon Holdings Funding Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Brookfield Asset Management Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Webster Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot, Inc. (The)</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
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        <title>Home Depot, Inc. (The)</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Uber Technologies, Inc.</name>
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        <title>Uber Technologies, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Electric and Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Electric and Power Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uber Technologies, Inc.</name>
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        <name>Raymond James Financial, Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
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        <name>Carlyle Group Inc. (The)</name>
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        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
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        <name>Southern Power Co.</name>
        <lei>5LADC78JBG2BMZD5XF57</lei>
        <title>Southern Power Co., Series B</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AP Grange Holdings, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>CenterPoint Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Vistra Operations Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Deere Funding Canada Corp.</name>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>T-Mobile USA, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CRH America Finance, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Toronto-Dominion Bank (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SHRN Trust 2025-MF18</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Switch ABS Issuer LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DB Master Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DB Master Finance LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>RR 16 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COLT 2025-3 Mortgage Loan Trust</name>
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          <isin value="US12674LAA17"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Beignet Investor LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cargill, Inc.</name>
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        <title>Cargill, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cargill, Inc.</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Carlyle Global Market Strategies CLO Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>General Motors Financial Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pershing Square Holdings, Ltd.</name>
        <lei>U7LC4KOKCTZ0YWGI2G56</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prologis Targeted U.S. Logistics Fund, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prologis Targeted U.S. Logistics Fund, L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>254900J0PZAB9KZBPX66</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Amphenol Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HCA Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philip Morris International Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Textron Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Bank of America Merrill Lynch Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Trust</name>
        <lei>254900MQ3DUBXKU1DC81</lei>
        <title>GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>American Airlines 2025-1 Class A Pass Through Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Blackstone Reg Finance Co. L.L.C.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Lloyds Banking Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>EFMT 2025-NQM5</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander S.A.</name>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Compass Datacenters Issuer II LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HSBC Holdings PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Banco Santander S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beechwood Park CLO, Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Howmet Aerospace Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
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        <name>Lincoln National Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Palmer Square Loan Funding 2025-3 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Entergy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BlackRock DLF X 2025-C CLO L.P.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Mosaic Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Thayer Park, CLO Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Trust Corp.</name>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>UBS AG</name>
        <lei>254900R882POXXVAK772</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BX Trust</name>
        <lei>N/A</lei>
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          <isin value="US05619PAC05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Notes/Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810UQ93"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
        <lei>VZFZPMWDHTQCFKYOBP05</lei>
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          <isin value="US209111GP24"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
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      <invstOrSec>
        <name>Evergy Missouri West, Inc.</name>
        <lei>EZIFUDC0VSUS6T6LCG85</lei>
        <title>Evergy Missouri West, Inc.</title>
        <cusip>30037EAC7</cusip>
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          <isin value="US30037EAC75"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Voya Global Funding</name>
        <lei>N/A</lei>
        <title>Voya Global Funding</title>
        <cusip>92921LAA4</cusip>
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          <isin value="US92921LAA44"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc.</title>
        <cusip>717081FD0</cusip>
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          <isin value="US717081FD01"/>
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        <curCd>USD</curCd>
        <valUSD>142389.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc.</title>
        <cusip>717081FE8</cusip>
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          <isin value="US717081FE83"/>
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        <balance>159000.00000000</balance>
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        <valUSD>159552.05000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc.</title>
        <cusip>717081FH1</cusip>
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          <isin value="US717081FH15"/>
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        <curCd>USD</curCd>
        <valUSD>131197.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Ascension Health</name>
        <lei>N/A</lei>
        <title>Ascension Health, Series 2025</title>
        <cusip>04351LAD2</cusip>
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          <isin value="US04351LAD29"/>
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        <balance>109000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109130.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.29400000</annualizedRt>
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        <name>Ascension Health</name>
        <lei>N/A</lei>
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          <isin value="US04351LAE02"/>
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        <balance>70000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.92300000</annualizedRt>
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      <invstOrSec>
        <name>Protective Life Corp.</name>
        <lei>549300ZWIT8J8Y2EXL07</lei>
        <title>Protective Life Corp.</title>
        <cusip>743674BG7</cusip>
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          <isin value="US743674BG76"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
        <lei>765LHXWGK1KXCLTFYQ30</lei>
        <title>Pfizer Inc.</title>
        <cusip>717081FG3</cusip>
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          <isin value="US717081FG32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Protective Life Corp.</name>
        <lei>549300ZWIT8J8Y2EXL07</lei>
        <title>Protective Life Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>VSP Optical Group, Inc.</name>
        <lei>549300PHX8USLM2BT742</lei>
        <title>VSP Optical Group, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Duke Energy Florida, LLC</name>
        <lei>7MOHLM3DKE63RX2ZCN83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>GS Mortgage-Backed Securities Corp Trust 2025-NQM6</name>
        <lei>254900X1ABPQ6D4G6D07</lei>
        <title>GS Mortgage-Backed Securities Corp Trust 2025-NQM6, Series 2025-NQM6, Class A1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ares LIII CLO Ltd.</name>
        <lei>N/A</lei>
        <title>Ares LIII CLO Ltd., Series 2019-53A, Class A1R2</title>
        <cusip>04009GBE6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Public Service Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Israel Government International Bond</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>American Honda Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Orange</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</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>
      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <identifiers>
          <isin value="US61748UAT97"/>
        </identifiers>
        <balance>1556000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1550569.84000000</valUSD>
        <pctVal>0.836722765856</pctVal>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Paramount Global</name>
        <lei>5KYC8KF17ROCY24M3H09</lei>
        <title>Paramount Global</title>
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          <isin value="US92553PAU66"/>
        </identifiers>
        <balance>56000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45167.84000000</valUSD>
        <pctVal>0.024373594170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Actively Managed Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
