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        <name>Elevance Health Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>FEDEX FREIGHT HOLDING COMPANY INC</name>
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        <name>Comcast Corporation</name>
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        <name>Hewlett Packard Enterprise Co.</name>
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        <name>United States Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>United States Treasury Notes</name>
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        <name>FEDEX FREIGHT HOLDING COMPANY INC</name>
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        <name>Abbott Laboratories</name>
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        <name>United States Treasury Notes</name>
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        <name>Oneok Inc.</name>
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        <name>Ford Credit Floorplan Master Owner Trust A</name>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <name>AERCAP IRELAND CAPITAL DAC</name>
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        <name>United States Treasury Notes</name>
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        <name>Fox Corporation</name>
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        <name>Ellington Financial Mortgage Trust 2019-1</name>
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        <name>Philip Morris International Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Florida Gas Transmission Co.</name>
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        <name>JSC National Company KazMunayGas</name>
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        <name>Alphabet Inc.</name>
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        <name>United States Treasury Notes</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Alphabet Inc.</name>
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        <name>Las Vegas Sands Corp</name>
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        <name>Philip Morris International Inc.</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Continental Resources, Inc.</name>
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        <name>Bravo Residential Funding Trust 2021-NMQ2</name>
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        <name>Citigroup Inc.</name>
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        <title>C V4.412 03/31/31</title>
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        <name>SYCAMORE TREE CLO 2025-6 LTD</name>
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        <name>Oneok Inc.</name>
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        <title>OKE 5.55 11/01/26</title>
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        <name>CVS Health Corp</name>
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        <name>Ellington Financial Mortgage Trust 2019-1</name>
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        <title>EFMT 2022-1 A1</title>
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        <name>Boeing Co.</name>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Bank of America Corp.</name>
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        <name>T-Mobile USA, Inc.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>POLUS US CLO II LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Arbor Realty Commercial Real Estate Notes 2016-FL1 Ltd.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Truist Financial Corp.</name>
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        <name>NRG Energy, Inc.</name>
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        <name>Abbott Laboratories</name>
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        <name>United States Treasury Notes</name>
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        <name>Oracle Corp.</name>
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        <name>United States Treasury Notes</name>
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        <name>Lowes Companies, Inc.</name>
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        <name>Alphabet Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Broadcom Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Glencore Funding LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Caribbean Group</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-30</maturityDt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN AL3673</title>
        <cusip>3138ELCK7</cusip>
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          <isin value="US3138ELCK77"/>
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        <issuerCat>USGSE</issuerCat>
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        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM V4.005 04/23/29</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-23</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>C V3.785 03/17/33</title>
        <cusip>172967NN7</cusip>
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          <isin value="US172967NN71"/>
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        <balance>220000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>B.A.T. Capital Corporation</name>
        <lei>2138005GYEXN7XRHFA84</lei>
        <title>BATSLN 5.35 08/15/32</title>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Humana Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>HUM 3.7 03/23/29</title>
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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>Danske Bank A/S</name>
        <lei>MAES062Z21O4RZ2U7M96</lei>
        <title>DANBNK V4.298 04/01/28 144A</title>
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        <balance>220000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Ares XLIV CLO Ltd.</name>
        <lei>N/A</lei>
        <title>ARES 2017-44A A1RR</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Floating</couponKind>
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        <name>Cooperatieve Rabobank U.A.</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2012-H30 GA</title>
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        <name>New Residential Mortgage Loan</name>
        <lei>549300RCJSGOC0A85G53</lei>
        <title>NRZT 2015-1A A2</title>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V2.572 10/20/32</title>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>TMUS 3.75 04/15/27</title>
        <cusip>87264ABD6</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>BXMT 2026-FL6 LTD</name>
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        <name>Towd Point Mortgage Trust 2017 4</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Synopsys Inc</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>AERCAP IRELAND CAPITAL DAC</name>
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        <name>GE Vernova Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>NAVIGATOR 2025-1 AVIATION LTD</name>
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        <name>Obx 2021-Nqm2 Trust</name>
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        <name>PARK BLUE CLO 2025-VIII LTD</name>
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        <name>Bristol-Myers Squibb Company</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Texas Instruments Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Navient Student Loan Trust 2014-4</name>
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        <name>United States Treasury Bonds</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>PRKCM TRUST 2021-AFC2</name>
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        <name>PRKCM 2024-HOME1 TRUST</name>
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        <name>The Toronto-Dominion Bank</name>
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        <name>Broadcom Inc</name>
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        <name>FEDERAL HOME LOAN MORTGAGE CORP</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>Bank of America Corp.</name>
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        <name>Vantage Data Centers Issuer</name>
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        <name>Altria Group, Inc.</name>
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        <title>MO 2.45 02/04/32</title>
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        <name>HINNT 2025-A LLC</name>
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        <name>Caixabank S.A.</name>
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        <name>AT&amp;T Inc</name>
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        <name>Las Vegas Sands Corp</name>
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        <name>Swch Commercial Mortgage Trust 2025-Data</name>
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        <name>Williams Companies Inc. (The)</name>
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        <name>Government National Mortgage Association</name>
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        <name>NAVIENT PRIVATE EDUCATION REFI LOAN</name>
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        <name>The Cigna Group</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>WEA Finance LLC</name>
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        <name>Broadcom Inc</name>
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        <name>CVS Health Corp</name>
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        <name>Government National Mortgage Association</name>
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        <name>FirstEnergy Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
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        <name>Mexico (United Mexican States)</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>American Transmission Systems, Incorporated</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65000000</annualizedRt>
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        <name>T-Mobile USA, Inc.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
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        <balance>580000.00000000</balance>
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        <name>Comision Federal de Electricidad</name>
        <lei>4469000001BFPONMPF32</lei>
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        <name>Boeing Co.</name>
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        <name>Aon North America Inc.</name>
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        <name>Chile (Republic Of)</name>
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        <invCountry>CL</invCountry>
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        <name>Deutsche Bank Commercial Mortgage Trust</name>
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        <name>Western Midstream Operating LP</name>
        <lei>L6D8A6MLSY454J2JXJ60</lei>
        <title>WES 4.75 08/15/28</title>
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        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>FNR 2021-65 JA</title>
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        <name>Las Vegas Sands Corp</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>LVS 6 06/14/30</title>
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        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>VZ 1.68 10/30/30</title>
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        <name>Mosaic Solar Loan Trust 2018-2 Gs</name>
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        <name>McDonald's Corp.</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal Home Loan Mortgage Corp.</name>
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        <name>CSMC 2021-NQM2 TRUST</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2021-L6</name>
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        <name>Pacific Gas and Electric Company</name>
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        <name>Government National Mortgage Association</name>
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        <name>Alphabet Inc.</name>
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        <name>WarnerMedia Holdings Inc.</name>
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        <name>Israel (State Of)</name>
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        <name>United States Treasury Notes</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2021-188 PA</title>
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        <name>Perusahaan Listrik Negara PT</name>
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        <name>Washington Mutual Mortgage Pass-Through Certificates</name>
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        <name>Citigroup Inc.</name>
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        <name>Citigroup Inc.</name>
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        <name>Petroleos del Peru - Petroperu SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
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        <name>GALAXY CLO 33 LTD</name>
        <lei>3912004FNLYTWOWSZU31</lei>
        <title>GALXY 2024-33A A1</title>
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          <isin value="US36321EAC93"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Humana Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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        <name>Midamerican Energy Company</name>
        <lei>NINLOILYRTLIMK26MZ18</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Enterprise Products Operating LLC</name>
        <lei>5493004LGN656HWLDA30</lei>
        <title>EPD 4.15 10/16/28</title>
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          <isin value="US29379VBT98"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST 2024-B</name>
        <lei>N/A</lei>
        <title>BX 2024-BIO2 D</title>
        <cusip>05613GAG7</cusip>
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          <isin value="US05613GAG73"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</name>
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        <title>GNR 2021-8 AQ</title>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V4.493 01/16/32</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BAC V3.419 12/20/28</title>
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        <balance>382000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Balboa Bay Loan Funding Ltd</name>
        <lei>2549002Z9TKO9WGID477</lei>
        <title>Balboa Bay Loan Funding 2025-2 Ltd</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC V2.848 06/04/31</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC</name>
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        <title>PHNTOM 2026-1A A</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Greystone CRE Notes 2025-FL4 LLC</name>
        <lei>N/A</lei>
        <title>GSTNE 2025-FL4 A</title>
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        <name>American Airlines Pass Through Trust 2015-1A</name>
        <lei>N/A</lei>
        <title>AAL 3.375 05/01/27</title>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Continental Resources, Inc.</name>
        <lei>XXRTID9RYWOZ0UPIVR53</lei>
        <title>CLR 4.375 01/15/28</title>
        <cusip>212015AS0</cusip>
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          <isin value="US212015AS02"/>
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        <balance>40000.00000000</balance>
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        <name>MF1 2026-FL21 LLC</name>
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        <name>Mars Inc.</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Verizon Communications Inc.</name>
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        <name>Lockheed Martin Corporation</name>
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        <name>Peru (Republic Of)</name>
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        <name>Viper Energy Partners LLC</name>
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        <name>Government National Mortgage Association</name>
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        <name>Bank of America Corp.</name>
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        <name>GE Vernova Inc.</name>
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        <name>Morgan Stanley</name>
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        <name>Wells Fargo &amp; Co.</name>
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        <name>Oracle Corp.</name>
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        <name>Enterprise Products Operating LLC</name>
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        <name>APIDOS LOAN FUND 2024-1 LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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          <maturityDt>2054-12-25</maturityDt>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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          <isin value="US95000U2L65"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-04</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Oncor Electric Delivery Company LLC</name>
        <lei>549300SP2X2BS1KERD24</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>MS V3.772 01/24/29 GMTN</title>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209247.09000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-24</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>Elevation Clo 2016-5 Ltd</name>
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        <name>Banco Santander SA</name>
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        <name>Reliance Industries Ltd.</name>
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        <name>MetLife Capital Trust IV</name>
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        <name>Fox Corporation</name>
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        <name>BARINGS CLO 2024-I LTD</name>
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        <title>BABSN 2024-1A A</title>
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        <name>QUALCOMM Inc.</name>
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        <title>QCOM 5 05/20/35</title>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP V5.125 01/13/29 144A</title>
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        <balance>200000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mexico (United Mexican States)</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>MEX 2.659 05/24/31</title>
        <cusip>91087BAM2</cusip>
        <identifiers>
          <isin value="US91087BAM28"/>
        </identifiers>
        <balance>325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>292191.25000000</valUSD>
        <pctVal>0.175218973444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.65900000</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>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>T 4 01/31/31</title>
        <cusip>91282CJX0</cusip>
        <identifiers>
          <isin value="US91282CJX02"/>
        </identifiers>
        <balance>1220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1245877.35000000</valUSD>
        <pctVal>0.747118027336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2022-99 JW</title>
        <cusip>38383R7N1</cusip>
        <identifiers>
          <isin value="US38383R7N15"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>174446.66000000</valUSD>
        <pctVal>0.104610814615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BK V4.289 06/13/33 MTN</title>
        <cusip>06406RBH9</cusip>
        <identifiers>
          <isin value="US06406RBH93"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>287870.31000000</valUSD>
        <pctVal>0.172627825793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.28900000</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>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2010-H26 LF</title>
        <cusip>38375BGS5</cusip>
        <identifiers>
          <isin value="US38375BGS51"/>
        </identifiers>
        <balance>8116.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8106.72000000</valUSD>
        <pctVal>0.004861374720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-08-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.14691000</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>Intel Corporation</name>
        <lei>KNX4USFCNGPY45LOCE31</lei>
        <title>INTC 3.75 03/25/27</title>
        <cusip>458140BQ2</cusip>
        <identifiers>
          <isin value="US458140BQ26"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129822.68000000</valUSD>
        <pctVal>0.077851053785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</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>Oracle Corp.</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORCL 4.8 09/26/32</title>
        <cusip>68389XDK8</cusip>
        <identifiers>
          <isin value="US68389XDK81"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244379.01000000</valUSD>
        <pctVal>0.146547301685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Howmet Aerospace Inc</name>
        <lei>549300HO5WFZUT5N2T22</lei>
        <title>HWM 4.55 11/15/32</title>
        <cusip>443201AD0</cusip>
        <identifiers>
          <isin value="US443201AD04"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>142731.46000000</valUSD>
        <pctVal>0.085592090452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</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>FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHMS K093 X1</title>
        <cusip>3137FMCT7</cusip>
        <identifiers>
          <isin value="US3137FMCT77"/>
        </identifiers>
        <balance>1819769.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46099.87000000</valUSD>
        <pctVal>0.027644811052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.93796500</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>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META 4.2 11/15/30</title>
        <cusip>30303MAB8</cusip>
        <identifiers>
          <isin value="US30303MAB81"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121084.35000000</valUSD>
        <pctVal>0.072610920098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Western Asset Funds Inc</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>