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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.15152440</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>549300RWLR7W4OBRM426</lei>
        <title>FHLMC STACR Trust, Series 2019-HRP1, Class B1</title>
        <cusip>35564RCB8</cusip>
        <identifiers>
          <isin value="US35564RCB87"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1107662.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.15613160</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>
      <invstOrSec>
        <name>Ford Motor Credit Co. LLC</name>
        <lei>UDSQCVRUX5BONN0VY111</lei>
        <title>Ford Motor Credit Co. LLC</title>
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          <isin value="US345397B280"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>818488.00000000</valUSD>
        <pctVal>0.501727017342</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clearwater Paper Corp.</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>Clearwater Paper Corp.</title>
        <cusip>18538RAJ2</cusip>
        <identifiers>
          <isin value="US18538RAJ23"/>
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        <balance>485000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488671.45000000</valUSD>
        <pctVal>0.299551940979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 3927, Class AI</title>
        <cusip>3137AFED0</cusip>
        <identifiers>
          <isin value="US3137AFED02"/>
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        <balance>186406.05650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7483.33000000</valUSD>
        <pctVal>0.004587225274</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Joseph T Ryerson &amp; Son, Inc.</name>
        <lei>54930086XMNNXPXPWJ34</lei>
        <title>Joseph T Ryerson &amp; Son, Inc.</title>
        <cusip>48088LAB3</cusip>
        <identifiers>
          <isin value="US48088LAB36"/>
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        <balance>254000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>280657.30000000</valUSD>
        <pctVal>0.172040824085</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>British Airways Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>British Airways Pass-Through Trust, Series 2020-1, Class B</title>
        <cusip>11042WAA4</cusip>
        <identifiers>
          <isin value="US11042WAA45"/>
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        <balance>112735.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129189.20000000</valUSD>
        <pctVal>0.079192012575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bunker Hill Loan Depositary Trust</name>
        <lei>N/A</lei>
        <title>Bunker Hill Loan Depositary Trust, Series 2020-1, Class M1</title>
        <cusip>12062RAD2</cusip>
        <identifiers>
          <isin value="US12062RAD26"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>839147.92000000</valUSD>
        <pctVal>0.514391393655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.35300120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gruenenthal GmbH</name>
        <lei>529900SH895E31PGLA72</lei>
        <title>Gruenenthal GmbH</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2337703610"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177375"/>
        <valUSD>386127.66000000</valUSD>
        <pctVal>0.236693365284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2012-130, Class UI</title>
        <cusip>3136AAGJ8</cusip>
        <identifiers>
          <isin value="US3136AAGJ83"/>
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        <balance>440895.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26914.12000000</valUSD>
        <pctVal>0.016498154098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Grupo Aeromexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>Grupo Aeromexico, S.A.B. de C.V.,DIP 1 Term Loan</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="LX189587"/>
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        <balance>955000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>972906.25000000</valUSD>
        <pctVal>0.596384248719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2020-SFR2, Class E</title>
        <cusip>74333LAJ5</cusip>
        <identifiers>
          <isin value="US74333LAJ52"/>
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        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443812.15000000</valUSD>
        <pctVal>0.272053525866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.11500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lions Gate Capital Holdings LLC</name>
        <lei>549300MWJHNLR35C0837</lei>
        <title>Lions Gate Capital Holdings LLC</title>
        <cusip>53627NAE1</cusip>
        <identifiers>
          <isin value="US53627NAE13"/>
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        <balance>505000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506262.50000000</valUSD>
        <pctVal>0.310335122955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-HQA1, Class B</title>
        <cusip>3137G0GM5</cusip>
        <identifiers>
          <isin value="US3137G0GM56"/>
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        <balance>563543.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620498.28000000</valUSD>
        <pctVal>0.380360801001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.90613000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Air Canada Pass-Through Trust</name>
        <lei>N/A</lei>
        <title>Air Canada Pass-Through Trust, Series 2013-1, Class B</title>
        <cusip>009089AB9</cusip>
        <identifiers>
          <isin value="US009089AB93"/>
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        <balance>48533.37000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>48605.62000000</valUSD>
        <pctVal>0.029794881230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NCL Finance Ltd.</name>
        <lei>N/A</lei>
        <title>NCL Finance Ltd.</title>
        <cusip>62888HAA7</cusip>
        <identifiers>
          <isin value="US62888HAA77"/>
        </identifiers>
        <balance>245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258063.40000000</valUSD>
        <pctVal>0.158190932508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2019-159, Class CI</title>
        <cusip>38382BHB2</cusip>
        <identifiers>
          <isin value="US38382BHB27"/>
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        <balance>734739.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100043.14000000</valUSD>
        <pctVal>0.061325695963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</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>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC, Series 4097, Class CI</title>
        <cusip>3137ATHP0</cusip>
        <identifiers>
          <isin value="US3137ATHP09"/>
        </identifiers>
        <balance>351227.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21390.58000000</valUSD>
        <pctVal>0.013112265424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Boyne USA, Inc.</name>
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      <invstOrSec>
        <name>MEG Energy Corp.</name>
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      <invstOrSec>
        <name>TMS International Corp.</name>
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        <name>FHLMC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dycom Industries, Inc.</name>
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        <title>Dycom Industries, Inc.</title>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>N/A</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <title>JPMorgan Chase &amp; Co., Series HH</title>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bund</title>
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        <name>GNMA</name>
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        <invCountry>US</invCountry>
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        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-118, Class DS</title>
        <cusip>38380AUM7</cusip>
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        <name>Western Global Airlines LLC</name>
        <lei>N/A</lei>
        <title>Western Global Airlines LLC</title>
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        <name>Neptune Energy Bondco plc</name>
        <lei>549300CPMT8I2QBRYF88</lei>
        <title>Neptune Energy Bondco plc</title>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>Nationstar Mortgage Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Nationstar Mortgage Holdings, Inc.</title>
        <cusip>63861CAA7</cusip>
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        <name>Clear Channel Worldwide Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Channel Worldwide Holdings, Inc.</title>
        <cusip>18451QAP3</cusip>
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      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust, Series 2019-3A, Class B2</title>
        <cusip>24381NAF5</cusip>
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        <name>Hilton Domestic Operating Co., Inc.</name>
        <lei>5493003EG7H0N1E4XV50</lei>
        <title>Hilton Domestic Operating Co., Inc.</title>
        <cusip>432833AL5</cusip>
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        <balance>485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>489850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>UniCredit SpA</name>
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        <name>Marriott International, Inc.</name>
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        <name>Delta Air Lines, Inc.</name>
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        <name>FNMA</name>
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        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>CSC Holdings LLC</name>
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        <name>United Wholesale Mortgage LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freedom Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Verisure Midholding AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Race Point VIII CLO Ltd.</name>
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        <name>Metinvest BV</name>
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        <name>Verus Securitization Trust</name>
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        <name>Scientific Games International, Inc.</name>
        <lei>RLTHESQ0RNFQJWPBJN60</lei>
        <title>Scientific Games International, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Air Canada</name>
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          <isin value="US008911BE87"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LPL Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Petco Health and Wellness Company, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="WNM1COS"/>
          <other otherDesc="Future Ticker" value="WNM1 Comdty"/>
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        <name>Tricon American Homes</name>
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          <isin value="US89613GAF37"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricida, Inc.</name>
        <lei>549300QVPFFJC8SZXG25</lei>
        <title>Tricida, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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              <title>Tricida, Inc.</title>
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        <name>STACR Trust</name>
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        <cusip>35564ACC3</cusip>
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        <debtSec>
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          <annualizedRt>10.60612920</annualizedRt>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
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        <curCd>USD</curCd>
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        <name>Home RE Ltd.</name>
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        <name>Verus Securitization Trust</name>
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        <curCd>USD</curCd>
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        <name>Resorts World Las Vegas LLC</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Patrick Industries, Inc.</name>
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        <title>Patrick Industries, Inc.</title>
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        <name>FHLMC</name>
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        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust, Series 2020-2, Class B1</title>
        <cusip>92537UAE2</cusip>
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          <isin value="US92537UAE29"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209802.54000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MPT Operating Partnership LP</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-15</maturityDt>
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      <invstOrSec>
        <name>Trinseo Materials Operating SCA</name>
        <lei>N/A</lei>
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          <isin value="US89668QAF54"/>
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        <curCd>USD</curCd>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-01</maturityDt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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          <isin value="US345370CV02"/>
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        <curCd>USD</curCd>
        <valUSD>431200.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-04-21</maturityDt>
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          <annualizedRt>8.50000000</annualizedRt>
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      <invstOrSec>
        <name>Global Aircraft Leasing Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Global Aircraft Leasing Co. Ltd.</title>
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          <isin value="US37960JAA60"/>
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        <balance>778514.00000000</balance>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>United Airlines, Inc.</title>
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          <isin value="US90932LAH06"/>
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        <balance>65000.00000000</balance>
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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>2029-04-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
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          <isin value="US02156LAF85"/>
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        <balance>930000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>931162.50000000</valUSD>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Oaktown Re II Ltd.</name>
        <lei>254900KOPN6EP9T3LD85</lei>
        <title>Oaktown Re II Ltd., Series 2018-1A, Class M1</title>
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          <isin value="US67400CAA62"/>
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        <curCd>USD</curCd>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="56904"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Minerva Luxembourg SA</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
        <title>Minerva Luxembourg SA</title>
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          <isin value="US603374AF69"/>
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        <balance>1210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1178552.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>FTS International, Inc.</name>
        <lei>549300LIZ1UTOOLOZV47</lei>
        <title>FTS International, Inc., Class A</title>
        <cusip>30283W302</cusip>
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          <isin value="US30283W3025"/>
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        <balance>18426.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>United Mexican States</name>
        <lei>254900EGTWEU67VP6075</lei>
        <title>United Mexican States</title>
        <cusip>91087BAQ3</cusip>
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        <balance>1815000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1851300.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-14</maturityDt>
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          <annualizedRt>4.28000000</annualizedRt>
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        <name>Jazz Securities DAC</name>
        <lei>6354009DV8VV7K6KOO02</lei>
        <title>Jazz Securities DAC</title>
        <cusip>47216FAA5</cusip>
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          <isin value="US47216FAA57"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-15</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Cheniere Energy Partners LP</name>
        <lei>5493005UEC8AZ34LDV29</lei>
        <title>Cheniere Energy Partners LP</title>
        <cusip>16411QAH4</cusip>
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          <isin value="US16411QAH48"/>
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        <balance>630000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc., Series HH</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Multifamily Connecticut Avenue Securities Trust</name>
        <lei>549300HG8ZEWVWVSN227</lei>
        <title>Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10</title>
        <cusip>62547NAB5</cusip>
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          <isin value="US62547NAB55"/>
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        <balance>500000.00000000</balance>
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        <valUSD>502261.00000000</valUSD>
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      <invstOrSec>
        <name>Nationstar Mortgage Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Nationstar Mortgage Holdings, Inc.</title>
        <cusip>63861CAD1</cusip>
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          <isin value="US63861CAD11"/>
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        <balance>185000.00000000</balance>
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        <valUSD>183087.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-15</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Terex Corp.</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>Terex Corp.</title>
        <cusip>880779BA0</cusip>
        <identifiers>
          <isin value="US880779BA01"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>379600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ford Motor Co.</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Iochpe-Maxion Austria GmbH</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>MPT Operating Partnership LP</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Organon Finance 1 LLC</name>
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          <isin value="XS2332250880"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-30</maturityDt>
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      <invstOrSec>
        <name>Farmers Exchange Capital III</name>
        <lei>N/A</lei>
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        <cusip>30958QAA9</cusip>
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          <isin value="US30958QAA94"/>
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        <balance>1070000.00000000</balance>
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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>2054-10-15</maturityDt>
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      <invstOrSec>
        <name>Mileage Plus Holdings LLC</name>
        <lei>N/A</lei>
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        <cusip>599191AA1</cusip>
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        <balance>805000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>883487.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="USM1COS"/>
          <other otherDesc="Future Ticker" value="USM1 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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          <isin value="US38379VDM37"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-20</maturityDt>
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        <name>FHLMC STACR Trust</name>
        <lei>549300KB1O80CETXGJ21</lei>
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        <cusip>35564TBE9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FVM1COS"/>
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        <name>CSC Holdings LLC</name>
        <lei>3HG2WD2W22M120IUNG49</lei>
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          <isin value="US126307BK24"/>
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        <name>Progress Residential Trust</name>
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        <name>Aethon United BR LP</name>
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        <name>MPT Operating Partnership LP</name>
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        <balance>505000.00000000</balance>
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        <name>Altice France SA</name>
        <lei>5493001ZMCICV4N02J21</lei>
        <title>Altice France SA</title>
        <cusip>02156LAE1</cusip>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>GNMA</name>
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        <name>VistaJet Malta Finance plc</name>
        <lei>N/A</lei>
        <title>VistaJet Malta Finance plc</title>
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        <balance>1103000.00000000</balance>
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        <name>Spectacle Gary Holdings, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baytex Energy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FMG Resources August 2006 Pty. Ltd.</name>
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        <name>FNMA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Station Casinos LLC</name>
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        <name>FNMA</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DraftKings, Inc.</name>
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        <name>Caesars Entertainment, Inc.</name>
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        <name>GNMA</name>
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        <name>Teva Pharmaceutical Finance Netherlands III BV</name>
        <lei>5493004T21MOAFINJP35</lei>
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        <name>Alaska Airlines Pass-Through Trust</name>
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        <name>State of Qatar</name>
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        <name>American Airlines, Inc.</name>
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        <name>FHLMC Multifamily Structured Credit Risk</name>
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        <name>Shelf Drilling Holdings Ltd.</name>
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        <title>Shelf Drilling Holdings Ltd.</title>
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        <name>Morgan Stanley Capital I Trust</name>
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        <name>Hess Midstream Operations LP</name>
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        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
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      <invstOrSec>
        <name>Wheel Pros, Inc.</name>
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        <name>Teva Pharmaceutical Finance Netherlands II BV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
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        <name>Eagle RE Ltd.</name>
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        <name>iStar, Inc.</name>
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        <name>Nationstar Mortgage Holdings, Inc.</name>
        <lei>N/A</lei>
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        <name>Home RE Ltd.</name>
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        <name>News Corp.</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>News Corp.</title>
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        <name>N/A</name>
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        <name>Air Canada Pass-Through Trust</name>
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        <name>Viking Ocean Cruises Ship VII Ltd.</name>
        <lei>N/A</lei>
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        <name>Mercer International, Inc.</name>
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        <name>Hilton Domestic Operating Co., Inc.</name>
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        <title>Hilton Domestic Operating Co., Inc.</title>
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        <name>Summit Materials LLC</name>
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        <name>ASG Finance Designated Activity Co.</name>
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        <title>ASG Finance Designated Activity Co.</title>
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      <invstOrSec>
        <name>Expedia Group, Inc.</name>
        <lei>N/A</lei>
        <title>Expedia Group, Inc.</title>
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          <isin value="US30212PAR64"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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      <invstOrSec>
        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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          <isin value="US808513BK01"/>
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        <balance>1565000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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      <invstOrSec>
        <name>Cidron Aida Finco Sarl</name>
        <lei>98450036A07991DEBF10</lei>
        <title>Cidron Aida Finco Sarl</title>
        <cusip>N/A</cusip>
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          <isin value="XS2325700081"/>
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        <balance>390000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Spectacle Gary Holdings, LLC</name>
        <lei>N/A</lei>
        <title>Spectacle Gary Holdings, LLC, Term Loan</title>
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          <isin value="US84752PAC23"/>
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        <balance>1535800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1674022.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>11.00000000</annualizedRt>
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      <invstOrSec>
        <name>York Clo-4 Ltd.</name>
        <lei>549300HNXZUJB12SQJ60</lei>
        <title>York Clo-4 Ltd., Series 2016-2A, Class CR</title>
        <cusip>986252AW4</cusip>
        <identifiers>
          <isin value="US986252AW49"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600145.80000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>EnLink Midstream LLC</name>
        <lei>54930000GY1H533OBE23</lei>
        <title>EnLink Midstream LLC</title>
        <cusip>29336TAA8</cusip>
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          <isin value="US29336TAA88"/>
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        <balance>871000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>871000.00000000</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>2029-06-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>FNMA</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FNMA, Series 2016-C04, Class 1B</title>
        <cusip>30711XDB7</cusip>
        <identifiers>
          <isin value="US30711XDB73"/>
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        <balance>0.01000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.35613080</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2020-4A, Class B1</title>
        <cusip>07876UAC3</cusip>
        <identifiers>
          <isin value="US07876UAC36"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>160000.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.10612840</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-81</title>
        <cusip>38379YNN4</cusip>
        <identifiers>
          <isin value="US38379YNN49"/>
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        <balance>108992.21000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17244.43000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QDC3</cusip>
        <identifiers>
          <isin value="US71654QDC33"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>950437.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.84000000</annualizedRt>
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      <invstOrSec>
        <name>Avation Capital SA</name>
        <lei>54930056OEYSV06OMD90</lei>
        <title>Avation Capital SA</title>
        <cusip>05351CAA5</cusip>
        <identifiers>
          <isin value="US05351CAA53"/>
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        <balance>1205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>976050.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-31</maturityDt>
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          <annualizedRt>8.25000000</annualizedRt>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust, Series 2020-INV1, Class B2</title>
        <cusip>92537TAH8</cusip>
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          <isin value="US92537TAH86"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000120</annualizedRt>
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      <invstOrSec>
        <name>Dealer Tire LLC</name>
        <lei>N/A</lei>
        <title>Dealer Tire LLC</title>
        <cusip>24229JAA1</cusip>
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          <isin value="US24229JAA16"/>
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        <balance>757000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>Windstream Escrow LLC</name>
        <lei>N/A</lei>
        <title>Windstream Escrow LLC</title>
        <cusip>97382WAA1</cusip>
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          <isin value="US97382WAA18"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>677625.00000000</valUSD>
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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>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>Grupo Posadas SAB de CV</name>
        <lei>529900NRFIXN5G8NUX35</lei>
        <title>Grupo Posadas SAB de CV</title>
        <cusip>400489AH3</cusip>
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          <isin value="US400489AH37"/>
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        <balance>434000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>236707.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LCM Investments Holdings II LLC</name>
        <lei>549300P5V78NNQTG4428</lei>
        <title>LCM Investments Holdings II LLC</title>
        <cusip>50190EAA2</cusip>
        <identifiers>
          <isin value="US50190EAA29"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>562606.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diamond Sports Group LLC</name>
        <lei>N/A</lei>
        <title>Diamond Sports Group LLC</title>
        <cusip>25277LAC0</cusip>
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          <isin value="US25277LAC00"/>
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        <balance>322000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173880.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>N/A</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-HQA4, Class B1</title>
        <cusip>35565RBD4</cusip>
        <identifiers>
          <isin value="US35565RBD44"/>
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        <balance>160000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168609.49000000</valUSD>
        <pctVal>0.103356355271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="56906"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Tidewater Auto Receivables Trust</name>
        <lei>549300045J2AQZL8DT48</lei>
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          <isin value="US88642MAF77"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="UXYM1CM"/>
          <other otherDesc="Future Ticker" value="UXYM1 Comdty"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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                <issuerName>United States of America</issuerName>
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      <invstOrSec>
        <name>Credit Suisse Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ford Motor Credit Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>ICE Clear US</counterpartyName>
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                <indexName>Markit CDX North American High Yield Index Series 36-V1</indexName>
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      <invstOrSec>
        <name>Belden, Inc.</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
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          <isin value="XS1789515217"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Organon Finance 1 LLC</name>
        <lei>549300SH15FO4Y2G3V63</lei>
        <title>Organon Finance 1 LLC</title>
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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>2028-04-30</maturityDt>
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        <name>FHLMC STACR Trust</name>
        <lei>549300NKHCH87PYOHD44</lei>
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        <cusip>35564MBE4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>British Airways Pass-Through Trust</name>
        <lei>N/A</lei>
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          <isin value="US11044MAA45"/>
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        <balance>120385.76000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127680.19000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>United Airlines, Inc.</name>
        <lei>K1OQBWM7XEOO08LDNP29</lei>
        <title>United Airlines, Inc.</title>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67451.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Oaktown Re III Ltd.</name>
        <lei>2549008N2FD0KB1Y5E03</lei>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>Verus Securitization Trust</name>
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      <invstOrSec>
        <name>Danaos Corp.</name>
        <lei>734IM3DNDNT36T7YTD24</lei>
        <title>Danaos Corp.</title>
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          <isin value="US23585WAA27"/>
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        <balance>532000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stoneway Capital Corp.</name>
        <lei>549300CV1RKODDF74O91</lei>
        <title>Stoneway Capital Corp.</title>
        <cusip>86188PAA5</cusip>
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        <balance>1381509.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>407545.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2011-135, Class QI</title>
        <cusip>38377YA75</cusip>
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          <isin value="US38377YA750"/>
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        <balance>109970.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13938.03000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust, Series 2019-INV2, Class B1</title>
        <cusip>92537HAE1</cusip>
        <identifiers>
          <isin value="US92537HAE18"/>
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        <balance>430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>439843.52000000</valUSD>
        <pctVal>0.269620785383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.45200120</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Natwest Group plc</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>Natwest Group plc</title>
        <cusip>639057AB4</cusip>
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          <isin value="US639057AB46"/>
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        <balance>1030000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004353.00000000</valUSD>
        <pctVal>0.615660871080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.03199920</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Foursight Capital Automobile Receivables Trust</name>
        <lei>N/A</lei>
        <title>Foursight Capital Automobile Receivables Trust, Series 2018-1, Class F</title>
        <cusip>35105DAH4</cusip>
        <identifiers>
          <isin value="US35105DAH44"/>
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        <balance>1080000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118354.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.82000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2012-140, Class IC</title>
        <cusip>38378GHA9</cusip>
        <identifiers>
          <isin value="US38378GHA94"/>
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        <balance>147769.68000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22955.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Commercial Mortgage Trust, Series 2015-CR26, Class D</title>
        <cusip>12593QBK5</cusip>
        <identifiers>
          <isin value="US12593QBK58"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1322464.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.62851560</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>Gruenenthal GmbH</name>
        <lei>529900SH895E31PGLA72</lei>
        <title>Gruenenthal GmbH</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2337065077"/>
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        <balance>875000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177375"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential Trust, Series 2017-SFR1, Class E</title>
        <cusip>74333JAN1</cusip>
        <identifiers>
          <isin value="US74333JAN19"/>
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        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>312338.92000000</valUSD>
        <pctVal>0.191461419998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.26100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Shelf Drilling Holdings Ltd.</name>
        <lei>54930078ZJ3XP4MRYB68</lei>
        <title>Shelf Drilling Holdings Ltd.</title>
        <cusip>822538AG9</cusip>
        <identifiers>
          <isin value="US822538AG91"/>
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        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>390450.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Outfront Media Capital LLC</name>
        <lei>N/A</lei>
        <title>Outfront Media Capital LLC</title>
        <cusip>69007TAE4</cusip>
        <identifiers>
          <isin value="US69007TAE47"/>
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        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>307988.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hidrovias International Finance SARL</name>
        <lei>222100RBWNBUZOTA9381</lei>
        <title>Hidrovias International Finance SARL</title>
        <cusip>42953LAB8</cusip>
        <identifiers>
          <isin value="US42953LAB80"/>
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        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537950.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-08</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>Traingle Re Ltd.</name>
        <lei>N/A</lei>
        <title>Traingle Re Ltd., Series 2020-1, Class B1</title>
        <cusip>89600MAE8</cusip>
        <identifiers>
          <isin value="US89600MAE84"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152742.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.85612880</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Auto Credit Securitization Trust</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securitization Trust, Series 2019-1, Class E</title>
        <cusip>90945QAE1</cusip>
        <identifiers>
          <isin value="US90945QAE17"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>661064.04000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.29000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
        <lei>N/A</lei>
        <title>FHLMC STACR REMIC Trust, Series 2020-DNA5, Class B2</title>
        <cusip>35566ABE8</cusip>
        <identifiers>
          <isin value="US35566ABE82"/>
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        <balance>710000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908318.48000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.50999920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Beacon Roofing Supply, Inc.</name>
        <lei>549300HDXQWWCBOYXP31</lei>
        <title>Beacon Roofing Supply, Inc.</title>
        <cusip>073685AH2</cusip>
        <identifiers>
          <isin value="US073685AH26"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453862.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tricon American Homes Trust</name>
        <lei>N/A</lei>
        <title>Tricon American Homes Trust, Series 2017-SFR2, Class E</title>
        <cusip>89613FAE8</cusip>
        <identifiers>
          <isin value="US89613FAE88"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>488298.86000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.21600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-5, Class CS</title>
        <cusip>38379TQP7</cusip>
        <identifiers>
          <isin value="US38379TQP74"/>
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        <balance>178455.97000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42730.28000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.03411840</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Celestial-Saturn Merger Sub, Inc.</name>
        <lei>N/A</lei>
        <title>Celestial-Saturn Merger Sub, Inc.</title>
        <cusip>15103MAA3</cusip>
        <identifiers>
          <isin value="US15103MAA36"/>
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        <balance>945000.00000000</balance>
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        <name>Clearway Energy Operating LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC STACR REMIC Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Spirit Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tricon American Homes Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sands China Ltd.</name>
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        <title>Sands China Ltd.</title>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Summit Hotel Properties, Inc.</name>
        <lei>254900OBQWJK6X20LS71</lei>
        <title>Summit Hotel Properties, Inc.</title>
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        <balance>115000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <title>Summit Hotel Properties, Inc.</title>
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      <invstOrSec>
        <name>Arconic Corp.</name>
        <lei>549300B4YFWH3U74B152</lei>
        <title>Arconic Corp.</title>
        <cusip>03966VAA5</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Development Authority</name>
        <lei>N/A</lei>
        <title>Enterprise Development Authority, Term Loan B</title>
        <cusip>29372LAC6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Intertrust Group BV</name>
        <lei>724500E2H60ZHP192G28</lei>
        <title>Intertrust Group BV</title>
        <cusip>N/A</cusip>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Liberty Mutual Insurance Co.</name>
        <lei>CNC20I6IOMGF7KY49D67</lei>
        <title>Liberty Mutual Insurance Co.</title>
        <cusip>53079QAD9</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Trust</name>
        <lei>N/A</lei>
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        <cusip>92838WAE4</cusip>
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        <balance>580000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP, Series G</title>
        <cusip>29273VAM2</cusip>
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        <balance>1370000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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        <name>Societe Generale SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale SA</title>
        <cusip>83370RAA6</cusip>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.37500160</annualizedRt>
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        <name>Oman Government International Bond</name>
        <lei>549300SZ20F0QTKNQC75</lei>
        <title>Sultanate of Oman Government Bond</title>
        <cusip>68205LAS2</cusip>
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          <isin value="US68205LAS25"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>516000.00000000</valUSD>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>OM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-25</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Simmons Foods, Inc.</name>
        <lei>N/A</lei>
        <title>Simmons Foods, Inc.</title>
        <cusip>82873MAA1</cusip>
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        <balance>939000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
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        <name>Symphony CLO XXII Ltd.</name>
        <lei>N/A</lei>
        <title>Symphony CLO XXII Ltd., Series 2020-22A, Class C</title>
        <cusip>87167GBC3</cusip>
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          <isin value="US87167GBC33"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248526.50000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.33975160</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>Bellemeade Re Ltd.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GNMA</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-20</maturityDt>
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      <invstOrSec>
        <name>PBF Holding Co. LLC</name>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>830043.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>United Airlines Pass-Through Trust</name>
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          <isin value="US90932VAA35"/>
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        <balance>193129.50000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201685.85000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>549300NKHCH87PYOHD44</lei>
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          <isin value="US35564MBD65"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103312.97000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-25</maturityDt>
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          <annualizedRt>4.20612840</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Transocean Sentry Ltd.</name>
        <lei>N/A</lei>
        <title>Transocean Sentry Ltd.</title>
        <cusip>89385AAA3</cusip>
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          <isin value="US89385AAA34"/>
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        <balance>754118.58000000</balance>
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        <curCd>USD</curCd>
        <valUSD>714527.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Scotts Miracle-Gro Co. (The)</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>Scotts Miracle-Gro Co. (The)</title>
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          <isin value="US810186AT39"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485100.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNMA, Series 2016-17, Class JS</title>
        <cusip>38379T5H8</cusip>
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          <isin value="US38379T5H84"/>
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        <balance>162720.72000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31303.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.98412160</annualizedRt>
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      <invstOrSec>
        <name>GNMA</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <balance>1885687.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>280358.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Genting New York LLC</name>
        <lei>N/A</lei>
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        <cusip>37255JAA0</cusip>
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          <isin value="US37255JAA07"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338979.54000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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      <invstOrSec>
        <name>Hillenbrand, Inc.</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>Hillenbrand, Inc.</title>
        <cusip>431571AE8</cusip>
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          <isin value="US431571AE83"/>
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        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>371718.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Continental Credit Card ABS LLC</name>
        <lei>5493002QR2K2E0R56Z02</lei>
        <title>Continental Credit Card ABS LLC, Series 2019-1A, Class C</title>
        <cusip>21134LAC2</cusip>
        <identifiers>
          <isin value="US21134LAC28"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>761536.88000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.16000000</annualizedRt>
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        <securityLending>
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        <name>Gol Finance SA</name>
        <lei>5299007RH8MA67ZC6J07</lei>
        <title>Gol Finance SA</title>
        <cusip>36254VAC2</cusip>
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          <isin value="US36254VAC28"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802564.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>FHLMC Structured Agency Credit Risk Debt Notes</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class B</title>
        <cusip>3137G0EM7</cusip>
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          <isin value="US3137G0EM74"/>
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        <balance>345488.71000000</balance>
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        <curCd>USD</curCd>
        <valUSD>345045.07000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>10.85613120</annualizedRt>
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      <invstOrSec>
        <name>Southwest Airlines Co.</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
        <title>Southwest Airlines Co.</title>
        <cusip>844741BG2</cusip>
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        <balance>625000.00000000</balance>
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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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              <title>Southwest Airlines Co.</title>
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      <invstOrSec>
        <name>Uniti Group LP</name>
        <lei>N/A</lei>
        <title>Uniti Group LP</title>
        <cusip>91327BAA8</cusip>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>675943.80000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Citigroup, Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc., Series V</title>
        <cusip>172967MK4</cusip>
        <identifiers>
          <isin value="US172967MK42"/>
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        <balance>925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>942158.75000000</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>2025-01-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.70000160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Seaspan Corp.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="57456"/>
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        <curCd>N/A</curCd>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Brown Brothers Harriman &amp; Co.</counterpartyName>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
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          <isin value="US18453HAC07"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257390.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NCL Corp. Ltd.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL Corp. Ltd.</title>
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          <isin value="US62886HBA86"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>370975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-15</maturityDt>
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      <invstOrSec>
        <name>PowerTeam Services LLC</name>
        <lei>549300J2G34D0WX8Z443</lei>
        <title>PowerTeam Services LLC</title>
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          <isin value="US73939VAA26"/>
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        <balance>1175000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-04</maturityDt>
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      <invstOrSec>
        <name>STACR Trust</name>
        <lei>549300YG8OJES76WL398</lei>
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          <isin value="US35564ACB52"/>
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        <balance>1310000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="CNPM1CM"/>
          <other otherDesc="Future Ticker" value="CNPM1 Comdty"/>
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        <balance>-27.00000000</balance>
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Euro-Bobl</title>
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          <isin value="DE000C5RQDB7"/>
          <other otherDesc="Future Ticker" value="OEM1 Comdty"/>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
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        <cusip>36251XAA5</cusip>
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          <isin value="US36251XAA54"/>
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        <balance>1340000.00000000</balance>
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      <invstOrSec>
        <name>Alcoa Nederland Holding BV</name>
        <lei>5493000UL1QLQLT1VQ42</lei>
        <title>Alcoa Nederland Holding BV</title>
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          <isin value="US013822AG68"/>
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        <balance>300000.00000000</balance>
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        <invCountry>NL</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Novelis Sheet Ingot GmbH</name>
        <lei>9845005E95899E77AY49</lei>
        <title>Novelis Sheet Ingot GmbH</title>
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          <isin value="XS2326533614"/>
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        <balance>195000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Eagle RE Ltd.</name>
        <lei>N/A</lei>
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        <cusip>269820AH9</cusip>
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      <invstOrSec>
        <name>Midwest Connector Capital Co. LLC</name>
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        <name>NOVA Chemicals Corp.</name>
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        <title>NOVA Chemicals Corp.</title>
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        <name>Emirate of Abu Dhabi United Arab Emirates</name>
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        <name>Cameron LNG LLC</name>
        <lei>549300C39FLHGVD73K22</lei>
        <title>Cameron LNG LLC</title>
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        <name>Credit Suisse Group AG</name>
        <lei>549300506SI9CRFV9Z86</lei>
        <title>Credit Suisse Group AG</title>
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        <balance>225000.00000000</balance>
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        <name>Commercial Mortgage Trust</name>
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        <name>Citrix Systems, Inc.</name>
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        <name>Boeing Co. (The)</name>
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        <name>MDC Partners, Inc.</name>
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        <name>Cidron Aida Finco Sarl</name>
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        <name>Coeur Mining, Inc.</name>
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        <name>American Airlines, Inc.</name>
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        <name>BCC Funding XIV LLC</name>
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        <name>Organon Finance 1 LLC</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FHLMC STACR Trust</name>
        <lei>5493007222WHFWMBOC78</lei>
        <title>FHLMC STACR Trust, Series 2019-DNA1, Class B2</title>
        <cusip>35563KBE9</cusip>
        <identifiers>
          <isin value="US35563KBE91"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1925250.85000000</valUSD>
        <pctVal>1.180164359900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.85613120</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>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>Petroleos Mexicanos</title>
        <cusip>71654QDG4</cusip>
        <identifiers>
          <isin value="US71654QDG47"/>
        </identifiers>
        <balance>435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>474893.85000000</valUSD>
        <pctVal>0.291106375309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</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>Liberty Mutual Group, Inc.</name>
        <lei>QUR0DG15Z6FFGYCHH861</lei>
        <title>Liberty Mutual Group, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS2000504956"/>
        </identifiers>
        <balance>950000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177375"/>
        <valUSD>1170677.00000000</valUSD>
        <pctVal>0.717616238089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-05-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.62499942</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>CSAIL Commercial Mortgage Trust</name>
        <lei>54930025J96YEH8FQE77</lei>
        <title>CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D</title>
        <cusip>12635RBE7</cusip>
        <identifiers>
          <isin value="US12635RBE71"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>253180.55000000</valUSD>
        <pctVal>0.155197782008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.71418480</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>International Design Group SpA</name>
        <lei>815600907387ED411436</lei>
        <title>International Design Group SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS1908257873"/>
        </identifiers>
        <balance>585000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177375"/>
        <valUSD>733508.22000000</valUSD>
        <pctVal>0.449635048304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iStar, Inc.</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>iStar, Inc.</title>
        <cusip>45031UCG4</cusip>
        <identifiers>
          <isin value="US45031UCG40"/>
        </identifiers>
        <balance>1225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1241415.00000000</valUSD>
        <pctVal>0.760978102591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>Clear Channel International BV</name>
        <lei>N/A</lei>
        <title>Clear Channel International BV</title>
        <cusip>18452MAB2</cusip>
        <identifiers>
          <isin value="US18452MAB28"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209000.00000000</valUSD>
        <pctVal>0.128115435564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</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>EnLink Midstream Partners LP</name>
        <lei>88CPW63VL7KHJWS0NY83</lei>
        <title>EnLink Midstream Partners LP</title>
        <cusip>29336UAC1</cusip>
        <identifiers>
          <isin value="US29336UAC18"/>
        </identifiers>
        <balance>167000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144037.50000000</valUSD>
        <pctVal>0.088293909330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
          <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>2021-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>Lee Cummings</ncom:signature>
      <ncom:signerName>Lee Cummings</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
