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          <ccc>XXXXXXXX</ccc>
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        <classId>C000173961</classId>
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    </filerInfo>
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      <regFileNumber>811-09491</regFileNumber>
      <regCik>0001091439</regCik>
      <regLei>549300446YVO0C3VKW34</regLei>
      <regStreet1>5701 Golden Hills Drive</regStreet1>
      <regCity>Minneapolis</regCity>
      <regStateConditional regCountry="US" regState="US-MN"/>
      <regZipOrPostalCode>55416</regZipOrPostalCode>
      <regPhone>800-624-0197</regPhone>
      <seriesName>AZL Fidelity Institutional Asset Management Total Bond Fund</seriesName>
      <seriesId>S000037885</seriesId>
      <seriesLei>549300ZJ4WQMV2OFAM06</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>4870051.50</totLiabs>
      <netAssets>133617983.77</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

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        <name>ALLEGRO CLO LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pike Corporation</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BUILDERS FIRSTSOURCE, INC.</name>
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        <name>CLEAR CHANNEL OUTDOOR HOLDINGS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ENERGEAN ISRAEL FINANCE LTD</name>
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        <title>ENERGEAN ISRAEL FINANCE LTD</title>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LGI HOMES, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JACKSON FINANCIAL INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC.</name>
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        <name>GENESIS ENERGY, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PINE STREET TRUST II</name>
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        <name>BLACKBIRD CAPITAL AIRCRAFT LEASE SECURITIZATION LIMITED</name>
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        <name>Freddie Mac</name>
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        <name>OMEGA HEALTHCARE INVESTORS, INC.</name>
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        <title>OMEGA HEALTHCARE INVESTORS</title>
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        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <name>INTELLIGENT PACKAGING LIMITED FINCO INC.</name>
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        <name>SREIT COMMERCIAL MORTGAGE TRUST</name>
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        <name>United States of America</name>
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        <name>Freddie Mac</name>
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        <name>MAGNETITE CLO, LIMITED</name>
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        <name>DRYDEN CLO LTD</name>
        <lei>N/A</lei>
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        <name>CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.</name>
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        <name>TRANSMONTAIGNE PARTNERS LLC</name>
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        <name>PALMER SQUARE LOAN FUNDING LTD.</name>
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        <name>VICI PROPERTIES L.P.</name>
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        <title>VICI PROPERTIES LP</title>
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        <name>Government National Mortgage Association 2</name>
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        <name>BRAND INDUSTRIAL SERVICES, INC.</name>
        <lei>549300B658W2BPDQMW42</lei>
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        <name>Government National Mortgage Association 2</name>
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        <name>BX COMMERCIAL MORTGAGE TRUST</name>
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        <name>ALTICE FRANCE SA</name>
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        <title>ALTICE FRANCE SA FRANCE</title>
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        <name>AVIS BUDGET CAR RENTAL, LLC</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>PIEDMONT OPERATING PARTNERSHIP, LP</name>
        <lei>549300WKGDPAS39FBD10</lei>
        <title>PIEDMONT OPERATING PARTNERSHIP LP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <name>MAJORDRIVE HOLDINGS IV, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CLOUD SOFTWARE GROUP, INC.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GROUP INC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PG&amp;E CORPORATION</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>W. R. GRACE HOLDINGS LLC</name>
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        <name>COREBRIDGE FINANCIAL, INC.</name>
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        <name>Owens &amp; Minor, Inc.</name>
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        <name>United States of America</name>
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        <name>Volcan Compania Minera S.A.A.</name>
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        <title>VOLCAN CIA MINERA SAA</title>
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        <invCountry>PE</invCountry>

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        <name>GOAT HOLDCO, LLC</name>
        <lei>N/A</lei>
        <title>GOAT HOLDCO LLC</title>
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        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>ACADIA HEALTHCARE CO INC</title>
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        <name>Government National Mortgage Association 2</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FLATIRON CLO LTD</name>
        <lei>N/A</lei>
        <title>FLATIRON CLO 26 LTD</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36179SNU77"/>
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        <balance>8802.64300000</balance>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CBRE SERVICES, INC.</name>
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        <title>CBRE SERVICES INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>BEACON MOBILITY FINANCE CORP.</name>
        <lei>N/A</lei>
        <title>BEACON MOBILITY CORP</title>
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          <isin value="US073644AA49"/>
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        <curCd>USD</curCd>
        <valUSD>15300.00000000</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>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>INTELSAT</name>
        <lei>N/A</lei>
        <title>INTELSAT</title>
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          <isin value="LU2445093128"/>
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        <balance>13.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555.75000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVS HEALTH CORPORATION</name>
        <lei>549300EJG376EN5NQE29</lei>
        <title>CVS HEALTH CORP</title>
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          <isin value="US126650DX53"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25508.70000000</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>2031-01-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Republica de Colombia</name>
        <lei>549300MHDRBVRF6B9117</lei>
        <title>COLOMBIA GOVERNMENT INTERNATIONAL BOND</title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207177.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Petroleos Mexicanos</name>
        <lei>549300CAZKPF4HKMPX17</lei>
        <title>PETROLEOS MEXICANOS</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND CLIFFS INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY EATON VANCE CLO</name>
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        <title>MORGAN STANLEY EATON VANCE CLO 2025 21 LTD</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <name>CHARTER COMMUNICATIONS OPERATING, LLC</name>
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        <title>CHARTER COMMUNICATIONS OPERATING LLC CHARTER COM</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mativ Holdings, Inc.</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>MATIV HOLDINGS INC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE CORPORATION</title>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>GMF FLOORPLAN OWNER REVOLVING TRUST</name>
        <lei>N/A</lei>
        <title>GMF FLOORPLAN OWNER REVOLVING TRU</title>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101200.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>KEHE DISTRIBUTORS, LLC</name>
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        <name>ICAHN ENTERPRISES L.P.</name>
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        <name>RADIOLOGY PARTNERS, INC.</name>
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        <name>Freddie Mac</name>
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        <name>ALLY FINANCIAL INC.</name>
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        <name>WESTERN DIGITAL CORPORATION</name>
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        <name>AT HOME GROUP INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NATWEST GROUP PLC</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <name>ION TRADING TECHNOLOGIES S.a r.l.</name>
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        <name>CANO HEALTH INC WARRANTS</name>
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        <name>GGAM Finance Limited</name>
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        <name>Champion Iron Canada Inc.</name>
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        <name>Freddie Mac</name>
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        <name>DELEK LOGISTICS PARTNERS, LP</name>
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        <name>AASET TRUST</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>INEOS QUATTRO FINANCE 2 PLC</name>
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        <name>VISTAJET MALTA FINANCE P.L.C.</name>
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        <name>CSC HOLDINGS, LLC</name>
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        <name>TRANSDIGM INC.</name>
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        <name>SIZZLING PLATTER, LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCPE FLAVOR DEBT MERGER SUB, LLC</name>
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      <invstOrSec>
        <name>Life Time, Inc.</name>
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        <name>ENERGEAN PLC</name>
        <lei>549300RVMKU0CYUZBB05</lei>
        <title>ENERGEAN PLC</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HESS MIDSTREAM OPERATIONS LP</name>
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        <name>Federal National Mortgage Association</name>
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        <name>VENTURE GLOBAL PLAQUEMINES LNG, LLC</name>
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        <name>UNITI GROUP LP</name>
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        <name>EATON VANCE CLO LTD</name>
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        <name>1011778 B.C. UNLIMITED LIABILITY COMPANY</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Freddie Mac</name>
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        <name>Ardagh Metal Packaging Finance Public Limited Company</name>
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        <name>CLECO CORPORATE HOLDINGS LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>VLS COMMERCIAL MORTGAGE TRUST</name>
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        <name>GRUBHUB HOLDINGS INC.</name>
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        <name>CEDAR FUNDING LTD</name>
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        <name>Connect Finco SARL</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>Performance Food Group, Inc.</name>
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        <name>CACI INTERNATIONAL INC.</name>
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        <name>THUNDERBOLT AIRCRAFT LEASE LIMITED</name>
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        <name>MAGNETITE CLO, LIMITED</name>
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        <name>Freddie Mac</name>
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        <issuerCat>USGSE</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SUNOCO LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUBWAY FUNDING LLC</name>
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        <name>OPEN TRUST</name>
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        <name>United States of America</name>
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        <name>WESCO DISTRIBUTION, INC.</name>
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        <name>RADIOLOGY PARTNERS, INC.</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>ATHENE GLOBAL FUNDING</name>
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        <title>ATHENE GLOBAL FUNDING</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ORGANON &amp; CO.</name>
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        <name>FTAI AVIATION INVESTORS LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ARES CLO LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Government National Mortgage Association 2</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WILLIAMS SCOTSMAN, INC.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VIRGIN MEDIA FINANCE PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>CORE SCIENTIFIC, INC.</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <title>CORE SCIENTIFIC, INC.</title>
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        <name>ENERGY TRANSFER LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>HIGHTOWER HOLDING, LLC</name>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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          <isin value="US3128MFY286"/>
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        <balance>16472.43000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16147.76000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>ROCKIES EXPRESS PIPELINE LLC</name>
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        <valUSD>10400.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CITGO PETROLEUM CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>ENTEGRIS ESCROW CORPORATION</name>
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        <name>CORE SCIENTIFIC, INC.</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>NCL CORPORATION LTD.</name>
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        <title>NCL CORP LTD</title>
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        <curCd>USD</curCd>
        <valUSD>30637.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <balance>1304.70200000</balance>
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        <curCd>USD</curCd>
        <valUSD>1317.44000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>THE BOEING COMPANY</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>KINETIK HOLDINGS LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AUTONATION, INC.</name>
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        <name>NABORS INDUSTRIES LTD.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>TRANSOCEAN AQUILA LIMITED</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WESTERN-SOUTHERN GLOBAL FUNDING</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MESQUITE ENERGY INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEVEL 3 FINANCING, INC.</name>
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        <name>JERSEY MIKES FUNDING LLC</name>
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        <name>Owens &amp; Minor, Inc.</name>
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        <name>CELANESE US HOLDINGS LLC</name>
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        <name>Freddie Mac</name>
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        <name>DCP MIDSTREAM OPERATING, LP</name>
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        <invCountry>US</invCountry>

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        <name>United States of America</name>
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        <title>U S TREASURY BOND</title>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>DUQUESNE LIGHT HOLDINGS, INC.</name>
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      <invstOrSec>
        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>Alcoa Nederland Holding B.V.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wolfspeed, Inc.</name>
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              <title>Wolfspeed, Inc.</title>
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        <name>UNITI GROUP LP</name>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>PAYCHEX, INC.</name>
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        <name>ARIS WATER HOLDINGS, LLC</name>
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        <name>AT HOME GROUP INC.</name>
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        <name>SPIN HOLDCO INC.</name>
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        <title>SPIN HOLDCO INC</title>
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        <name>ASHTON WOODS USA L.L.C.</name>
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        <name>EXTENDED STAY AMERICA TRUST</name>
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        <name>RITHM CAPITAL CORP.</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BAYTEX ENERGY CORP.</name>
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        <name>PERMIAN RESOURCES OPERATING, LLC</name>
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        <name>MPLX LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>M2S GROUP INTERMEDIATE HOLDINGS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HOWARD MIDSTREAM ENERGY PARTNERS, LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>USA COMPRESSION PARTNERS, LP</name>
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        <title>USA COM PART USA COM FIN</title>
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        <name>VICI PROPERTIES L.P.</name>
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        <name>Freddie Mac</name>
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        <title>FEDERAL HOME LOAN MORTGAGE CORP</title>
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        <name>Freddie Mac</name>
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        <name>ALLIED UNIVERSAL HOLDCO LLC</name>
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        <name>ATP TOWER HOLDINGS, LLC</name>
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        <title>ATP TOWER HOLDINGS ANDEAN TELECOM</title>
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        <name>THE CHEMOURS COMPANY</name>
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        <title>CHEMOURS CO</title>
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        <name>LIGHTNING POWER, LLC</name>
        <lei>254900BWCHJ03XRL8K59</lei>
        <title>LIGHTNING POWER LLC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Azorra Finance Limited</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>ARES CLO LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Sensata Technologies B.V.</name>
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        <name>Freddie Mac</name>
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        <name>WOLVERINE WORLD WIDE, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>DISCOVERY COMMUNICATIONS, LLC</name>
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      <invstOrSec>
        <name>NABORS INDUSTRIES, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HARVEST MIDSTREAM I, L.P.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OT MIDCO INC.</name>
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        <invCountry>US</invCountry>

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        <name>RFNA, LP</name>
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        <title>RFNA LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>HELIOS SOFTWARE HOLDINGS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>BW REAL ESTATE, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSMC TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>United States of America</name>
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        <name>Federal National Mortgage Association</name>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>HILTON GRAND VACATIONS BORROWER LLC</name>
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        <title>HILTON GRAND VAC BOR ESC</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
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        <name>BEAZER HOMES USA, INC.</name>
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        <name>Freddie Mac</name>
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        <name>Freddie Mac</name>
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        <name>LEIA FINCO US LLC</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>MAJORDRIVE HOLDINGS IV, LLC</name>
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        <title>CLUB CAR TERM</title>
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        <name>Freddie Mac</name>
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        <name>HAMLIN PARK CLO LTD</name>
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        <name>Consolidated Energy Finance S.A.</name>
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        <name>JEFFERIES FINANCE LLC</name>
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        <name>AASET TRUST</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>ICAHN ENTERPRISES L.P.</name>
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        <name>Freddie Mac</name>
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        <name>Government National Mortgage Association</name>
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        <name>DELEK LOGISTICS PARTNERS, LP</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>JETBLUE AIRWAYS CORPORATION</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <name>CEDAR FUNDING LTD</name>
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        <name>AerCap Ireland Capital Designated Activity Company</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Herens Holdco S.a r.l.</name>
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        <name>TRINET GROUP, INC.</name>
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        <name>Somnigroup International Inc.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>POLARIS NEWCO, LLC</name>
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        <name>ORGANON &amp; CO.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Petroleos Mexicanos</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WELLS FARGO &amp; COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUGET ENERGY, INC.</name>
        <lei>SYBSJ96YIDMIUY7WDR33</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MPT OPERATING PARTNERSHIP, L.P.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MEDLINE BORROWER, LP</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>LEVEL 3 FINANCING, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>COGENT COMMUNICATIONS GROUP, LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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      <invstOrSec>
        <name>CANO HEALTH LLC COMMON STOCK LINE</name>
        <lei>N/A</lei>
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        <balance>4657.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FINASTRA TERM 1LN</name>
        <lei>N/A</lei>
        <title>FINASTRA TERM 1LN</title>
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          <isin value="N/A"/>
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        <valUSD>53073.00000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-13</maturityDt>
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      <invstOrSec>
        <name>Post Holdings, Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>STAPLES, INC.</name>
        <lei>XQM2JINI1UL7642TU573</lei>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>COLUMBIA PIPELINES OPERATING COMPANY LLC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CNX RESOURCES CORPORATION</name>
        <lei>549300JK3KH8PWM3B226</lei>
        <title>CNX RESOURCES CORP</title>
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        <name>VTR Finance N.V.</name>
        <lei>213800F4XI4RJB82XM19</lei>
        <title>VTR FINANCE NV</title>
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        <name>DTP COMMERCIAL MORTGAGE TRUST</name>
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        <title>DTP COMMERCIAL MORTGAGE TRUST 2023 STE2</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36202FUF16"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
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        <balance>4747.28800000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Federal National Mortgage Association</name>
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        <name>ADVANTAGE SALES &amp; MARKETING INC.</name>
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        <name>Freddie Mac</name>
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        <name>CLUBCORP HOLDINGS, INC.</name>
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        <name>Freddie Mac</name>
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        <name>SELECT MEDICAL CORPORATION</name>
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        <name>Teva Pharmaceutical Finance Netherlands IV B.V.</name>
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        <name>SUNOCO LP</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Phoenix Aviation Capital Limited</name>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LIQUID TELECOMMUNICATIONS FINANCING PLC</name>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HESS CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>JPMORGAN CHASE &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ICAHN ENTERPRISES L.P.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LADDER CAPITAL FINANCE HOLDINGS LLLP</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>RHP HOTEL PROPERTIES, LP</name>
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        <title>RHP HOTEL PROPERTIES LP RHP FINANCE CORP</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>UNIVISION COMMUNICATIONS INC.</name>
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        <title>UNIVISION COMMUNICATIONS INC</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CEC ENTERTAINMENT, LLC</name>
        <lei>N/A</lei>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FEDERAL HOME LOAN MORTGAGE CORPORATION</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JANE STREET GROUP, LLC</name>
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        <name>Government National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>ASCENT RESOURCES UTICA HOLDINGS, LLC</name>
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        <name>SOTERA HEALTH HOLDINGS, LLC</name>
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        <title>SOTERA HEALTH HOLDINGS LLC</title>
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      <invstOrSec>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>NATGASOLINE LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ARES STRATEGIC INCOME FUND</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Viking Cruises Ltd</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>CELANESE US HOLDINGS LLC</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>WarnerMedia Holdings, Inc.</name>
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        <name>THE BOEING COMPANY</name>
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        <name>GGAM Finance Limited</name>
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        <invCountry>KY</invCountry>

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        <name>AHLSTROM TERM</name>
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        <title>AHLSTROM TERM</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Gobierno de la Republica Dominicana</name>
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        <name>CITIGROUP INC.</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>LIFE MORTGAGE TRUST</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>TELUS Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MIWD HOLDCO II LLC</name>
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        <name>Government National Mortgage Association</name>
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        <name>Government National Mortgage Association 2</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>DCP MIDSTREAM OPERATING, LP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MAGNETITE CLO, LIMITED</name>
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        <name>FIESTA PURCHASER, INC.</name>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>Freddie Mac</name>
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        <name>AVIENT CORPORATION</name>
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        <name>ATHENE GLOBAL FUNDING</name>
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        <name>ATLANTICA SUSTAINABLE INFRASTRUCTURE GROUP PLC</name>
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        <invCountry>GB</invCountry>

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        <name>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
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        <name>INVESCO CLO LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <name>GLOBAL PARTNERS LP</name>
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        <name>X CORP.</name>
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        <name>Yinson Boronia Production B.V.</name>
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        <name>Freddie Mac</name>
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        <name>PAYCHEX, INC.</name>
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        <name>COMSTOCK RESOURCES, INC.</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
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        <name>DAVITA INC.</name>
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        <name>United States of America</name>
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        <name>CLARIOS US FINANCE COMPANY, INC.</name>
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        <name>SABRA HEALTH CARE LIMITED PARTNERSHIP</name>
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        <name>KRONOS ACQUISITION HOLDINGS INC.</name>
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        <name>PG&amp;E CORPORATION</name>
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        <name>FIRST QUANTUM MINERALS LTD.</name>
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        <name>OMEGA HEALTHCARE INVESTORS, INC.</name>
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        <name>HAH GROUP HOLDING COMPANY LLC</name>
        <lei>254900FFJQHW9R90FL74</lei>
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        <name>PUGET ENERGY, INC.</name>
        <lei>SYBSJ96YIDMIUY7WDR33</lei>
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        <name>Freddie Mac</name>
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        <name>Federal National Mortgage Association</name>
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        <name>LIFE MORTGAGE TRUST</name>
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        <name>ORGANON &amp; CO.</name>
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        <name>CARVANA CO.</name>
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        <name>CTR PARTNERSHIP, L.P.</name>
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        <name>WAND NEWCO 3, INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>DUNKIN BRANDS</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCPE ULYSSES INTERMEDIATE, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ALLIED UNIVERSAL HOLDCO LLC</name>
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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>2031-02-15</maturityDt>
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      <invstOrSec>
        <name>NFE FINANCING LLC</name>
        <lei>N/A</lei>
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          <isin value="US62909BAA52"/>
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        <balance>35000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-15</maturityDt>
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          <annualizedRt>12.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROYAL CARIBBEAN CRUISES LTD.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>ROYAL CARIBBEAN CRUISES LTD</title>
        <cusip>780153BV3</cusip>
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          <isin value="US780153BV38"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66215.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>KINETIK HOLDINGS LP</name>
        <lei>549300RD6AJIMYC0HY12</lei>
        <title>KINETIK HOLDINGS LP</title>
        <cusip>49461MAA8</cusip>
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          <isin value="US49461MAA80"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20125.00000000</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>2030-06-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLOUD SOFTWARE GROUP, INC.</name>
        <lei>04EEB871XLHVNY4RZJ65</lei>
        <title>CLOUD SOFTWARE GROUP INC</title>
        <cusip>88632QAE3</cusip>
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          <isin value="US88632QAE35"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25125.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-31</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Seadrill Finance Limited</name>
        <lei>213800WMN3OHFUDHD642</lei>
        <title>SEADRILL FINANCE LTD</title>
        <cusip>81172QAA2</cusip>
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          <isin value="US81172QAA22"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10112.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association 2</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION</title>
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          <isin value="US36179SSP38"/>
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        <balance>459982.22400000</balance>
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        <curCd>USD</curCd>
        <valUSD>412869.90000000</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>2046-12-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW FORTRESS ENERGY INC.</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>NEW FORTRESS ENERGY INC</title>
        <cusip>644393AB6</cusip>
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          <isin value="US644393AB64"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4440.00000000</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>2026-09-30</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>COMMERCIAL METALS COMPANY</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS CO</title>
        <cusip>201723AQ6</cusip>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14306.25000000</valUSD>
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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>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>TALOS PRODUCTION INC.</name>
        <lei>549300GZ2DZZE2Y8TX15</lei>
        <title>TALOS PRODUCTION INC</title>
        <cusip>87485LAE4</cusip>
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          <isin value="US87485LAE48"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15262.50000000</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>2031-02-01</maturityDt>
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        <name>BRANDYWINE OPERATING PARTNERSHIP, L.P.</name>
        <lei>IXBXSCONLDQ1ZI73YU71</lei>
        <title>BRANDYWINE OPERATING PARTNERSHIP LP</title>
        <cusip>105340AR4</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LADDER CAPITAL FINANCE HOLDINGS LLLP</name>
        <lei>254900TBF2Z4GR7NSX02</lei>
        <title>LADDER CAPITAL FINANCE HOLDINGS LLLP</title>
        <cusip>505742AR7</cusip>
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        <balance>15000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WHIRLPOOL CORPORATION</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP</title>
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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>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140QSVD0</cusip>
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        <balance>133024.65600000</balance>
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        <curCd>USD</curCd>
        <valUSD>134598.82000000</valUSD>
        <pctVal>0.100734060043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>BAUSCH HEALTH COMPANIES INC.</name>
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        <name>AMERICAN ROCK SALT COMPANY LLC</name>
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        <name>Government National Mortgage Association 2</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Bausch + Lomb Corporation</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Freddie Mac</name>
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        <name>Axian Telecom</name>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALKER &amp; DUNLOP, INC.</name>
        <lei>N/A</lei>
        <title>WALKER DUNLOP INC</title>
        <cusip>93148PAA0</cusip>
        <identifiers>
          <isin value="US93148PAA03"/>
          <other otherDesc="Internal" value="93148PAA0"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10275.00000000</valUSD>
        <pctVal>0.007689833142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FEDERAL NATIONAL MORTGAGE ASSOCIATION</title>
        <cusip>3140XLDH8</cusip>
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          <other otherDesc="Internal" value="3140XLDH8"/>
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        <balance>692307.23800000</balance>
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        <curCd>USD</curCd>
        <valUSD>600451.91000000</valUSD>
        <pctVal>0.449379561836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Consolidated Energy Finance S.A.</name>
        <lei>549300PUNIS0USNSL750</lei>
        <title>CONSOLIDATED ENERGY FINANCE SA</title>
        <cusip>20914UAF3</cusip>
        <identifiers>
          <isin value="US20914UAF30"/>
          <other otherDesc="Internal" value="20914UAF3"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17175.00000000</valUSD>
        <pctVal>0.012853808683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>FOUNDATION BUILDING MATERIALS, INC.</name>
        <lei>549300ZVE6MONHB01I28</lei>
        <title>FOUNDATION BUILDING MATERIALS INC</title>
        <cusip>350392AA4</cusip>
        <identifiers>
          <isin value="US350392AA45"/>
          <other otherDesc="Internal" value="350392AA4"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22906.25000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSCAR ACQUISITIONCO, LLC</name>
        <lei>254900RDCZK0Q19MEL65</lei>
        <title>OLDCASTLE BUILDINGENVELOPE</title>
        <cusip>68778DAB4</cusip>
        <identifiers>
          <isin value="US68778DAB47"/>
          <other otherDesc="Internal" value="LX203897"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>918.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUEBERRY PARK CLO LTD</name>
        <lei>N/A</lei>
        <title>BLUEBERRY PARK CLO</title>
        <cusip>09609QAA6</cusip>
        <identifiers>
          <isin value="US09609QAA67"/>
          <other otherDesc="Internal" value="09609QAA6"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249862.59000000</valUSD>
        <pctVal>0.186997725119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.61947000</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>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>CASTLELAKE AIRCRAFT SECURITIZATION TRUST</title>
        <cusip>14855MAB4</cusip>
        <identifiers>
          <isin value="US14855MAB46"/>
          <other otherDesc="Internal" value="14855MAB4"/>
        </identifiers>
        <balance>186314.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154510.63000000</valUSD>
        <pctVal>0.115636103494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.09500000</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>BROADCOM INC.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>BROADCOM INC</title>
        <cusip>11135FBF7</cusip>
        <identifiers>
          <isin value="US11135FBF71"/>
          <other otherDesc="Internal" value="11135FBF7"/>
        </identifiers>
        <balance>597000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507419.55000000</valUSD>
        <pctVal>0.379753934076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</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>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Monique Labbe</ncom:signature>
      <ncom:signerName>Monique Labbe</ncom:signerName>
      <ncom:title>Treasurer - Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
