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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>MEDLINE BORROWER L 3.875%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER UK GRP. HLD F2F</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>MONDELEZ INTERNATI 2.625%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BANK OF AMERICA NA FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CHASE ISSUANCE TRUS 5.16%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WALT DISNEY CO/THE FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CARRIER GBL. CORP 2.493%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VMWARE LLC 1.40%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMORGAN CHASE &amp; CO FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KINDER MORGAN INC 1.75%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAP. AMERIC 4.25%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CITADEL FIN. LLC 4.75%</name>
        <lei>549300BQL283NCR7P163</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CREDIT AGRICOLE SA FRN</name>
        <lei>969500TJ5KRTCJQWXH05</lei>
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          <ticker value="ACAFP"/>
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        <fairValLevel>2</fairValLevel>
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        <name>DIAMONDBACK ENERGY 5.20%</name>
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          <ticker value="FANG"/>
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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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        <name>KUBOTA CREDIT OWNER 4.61%</name>
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          <ticker value="KCOT"/>
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        <fairValLevel>2</fairValLevel>
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        <name>HYUNDAI CAP. AMERIC 5.95%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GM FINL. CONSUMER A 4.85%</name>
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        <name>HYUNDAI AUTO LEASE 5.41%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HARLEY-DAVIDSON MOT 5.37%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SCHLUMBERGER HLDGS. 5.00%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ZIMMER BIOMET HLDGS 4.70%</name>
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        <name>BPR TST. 2023-BRK2 VAR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DEUTSCHE BANK AG/NEW F2F</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NORDEA BANK ABP FRN</name>
        <lei>529900ODI3047E2LIV03</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LPL HLDGS. INC 5.70%</name>
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        <name>JP MORGAN MTGE. TST. VAR</name>
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        <name>COMMONWEALTH BANK OF FRN</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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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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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ORACLE CORP FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PNC BANK NA FRN</name>
        <lei>AD6GFRVSDT01YPT1CS68</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>UNITED STATES TSY. 4.125%</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CHASE HOME LENDING MT VAR</name>
        <lei>N/A</lei>
        <title>CHASE HOME LENDING MT VAR</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MACQUARIE BANK LTD FRN</name>
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          <ticker value="MQGAU"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER MTGE. AS 5.599%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>COMCAST CORP 3.30%</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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          <ticker value="CMCSA"/>
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        <fairValLevel>2</fairValLevel>
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        <name>AMERICAN EXPRESS FRN</name>
        <lei>R4PP93JZOLY261QX3811</lei>
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          <ticker value="AXP"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NXP BV / NXP FNDG. 4.30%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BUNGE FIN. CORP 4.90%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CARMAX AUTO OWNER T 6.27%</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EXETER AUTOMOBILE R 5.89%</name>
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          <ticker value="EART"/>
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        <fairValLevel>2</fairValLevel>
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        <name>GLENCORE FNDG. LLC FRN</name>
        <lei>213800STG1QDNBY87K49</lei>
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        <name>MCDONALD S CORP 3.50%</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS PLC FRN</name>
        <lei>213800LBQA1Y9L22JB70</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>NEXTERA ENERGY CAP. H FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SANTANDER HLDGS. USA FRN</name>
        <lei>549300SMVCQN2P0O6I58</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; CO 3.00%</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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          <ticker value="WFC"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERIZON COMMUNICAT 4.125%</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
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          <ticker value="VZ"/>
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        <issuerCat>CORP</issuerCat>
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        <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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          <isin value="US437918AC92"/>
          <ticker value="HAROT"/>
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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>MASTERCARD INC FRN</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>MASTERCARD INC FRN</title>
        <cusip>57636QBE3</cusip>
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          <ticker value="MA"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>SYNOPSYS INC 4.55%</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
        <title>SYNOPSYS INC 4.55%</title>
        <cusip>871607AA5</cusip>
        <identifiers>
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          <ticker value="SNPS"/>
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        <balance>10800000</balance>
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        <curCd>USD</curCd>
        <valUSD>10815311.92</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>Fixed</couponKind>
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      <invstOrSec>
        <name>HSBC HLDGS. PLC FRN</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC FRN</title>
        <cusip>404280ET2</cusip>
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          <ticker value="HSBC"/>
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        <curCd>USD</curCd>
        <valUSD>10057413.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>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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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.40343</annualizedRt>
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      <invstOrSec>
        <name>EATON CORP 3.85%</name>
        <lei>0NZWDMRCE180888QQE14</lei>
        <title>EATON CORP 3.85%</title>
        <cusip>278058DV1</cusip>
        <identifiers>
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          <ticker value="ETN"/>
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        <balance>7200000</balance>
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        <curCd>USD</curCd>
        <valUSD>7130439.43</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>2028-03-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.850000000000</annualizedRt>
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        <name>SYSCO CORP 3.25%</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>SYSCO CORP 3.25%</title>
        <cusip>871829BF3</cusip>
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          <isin value="US871829BF39"/>
          <ticker value="SYY"/>
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        <curCd>USD</curCd>
        <valUSD>7673148.22</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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        <name>WF CARD ISSUANCE TR 4.94%</name>
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        <title>WF CARD ISSUANCE TR 4.94%</title>
        <cusip>92970QAA3</cusip>
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          <isin value="US92970QAA31"/>
          <ticker value="WFCIT"/>
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        <curCd>USD</curCd>
        <valUSD>2541776.9</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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        <name>CARGILL INC FRN</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>CARGILL INC FRN</title>
        <cusip>141781CC6</cusip>
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          <ticker value="CARGIL"/>
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        <curCd>USD</curCd>
        <valUSD>7513117.5</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>PAYPAL HLDGS. INC FRN</name>
        <lei>5493005X2GO78EFZ3E94</lei>
        <title>PAYPAL HLDGS. INC FRN</title>
        <cusip>70450YAR4</cusip>
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          <isin value="US70450YAR45"/>
          <ticker value="PYPL"/>
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        <curCd>USD</curCd>
        <valUSD>7815648.59</valUSD>
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        <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>4.3009128</annualizedRt>
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      <invstOrSec>
        <name>HESS CORP 4.30%</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>HESS CORP 4.30%</title>
        <cusip>42809HAG2</cusip>
        <identifiers>
          <isin value="US42809HAG20"/>
          <ticker value="HES"/>
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        <balance>10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9996168.4</valUSD>
        <pctVal>0.5505752621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.300000000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <name>CITIGROUP INC FRN</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>ABBVIE INC FRN</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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        <name>RIO TINTO FIN. USA PL FRN</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>BOSTON PROPERTIES L 2.75%</name>
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        <name>WORLD OMNI AUTO REC 4.86%</name>
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        <name>AMERICAN EXPRESS CO FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NORDEA BANK ABP FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
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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>FANNIE MAE POOL 3.50%</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>NATIONAL AUSTRALIA BA FRN</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
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        <identifiers>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
