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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30166QAF6</cusip>
        <identifiers>
          <isin value="US30166QAF63"/>
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        <balance>483750.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263132.53000000</valUSD>
        <pctVal>0.091350597981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.56000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BELLSOUTH TELECOMMUNICATIONS, LLC</name>
        <lei>N/A</lei>
        <title>Bellsouth Telecommunications</title>
        <cusip>079867AW7</cusip>
        <identifiers>
          <isin value="US079867AW73"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>515883.50000000</valUSD>
        <pctVal>0.179097074063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Can-Pack SA/Canpack US LLC</title>
        <cusip>13806CAA0</cusip>
        <identifiers>
          <isin value="US13806CAA09"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467893.00000000</valUSD>
        <pctVal>0.162436416893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ZAIS CLO 01/20/2032 VAR%</title>
        <cusip>98887YAQ0</cusip>
        <identifiers>
          <isin value="US98887YAQ08"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>472021.00000000</valUSD>
        <pctVal>0.163869517044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.45763000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>EQT Corp 04/01/2029 6.3750% 144A</title>
        <cusip>26884LAZ2</cusip>
        <identifiers>
          <isin value="US26884LAZ22"/>
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        <balance>880000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908484.72000000</valUSD>
        <pctVal>0.315394764870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Space Coast Credit 11/15/2028 4.67% 144A</title>
        <cusip>80620BAB3</cusip>
        <identifiers>
          <isin value="US80620BAB36"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>333054.43000000</valUSD>
        <pctVal>0.115625085735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.67000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Provident Funding Mortgage Trust</title>
        <cusip>74388JAA3</cusip>
        <identifiers>
          <isin value="US74388JAA34"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600159.46000000</valUSD>
        <pctVal>0.208354799596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Apache Corp. 12/15/2029 7.75%</title>
        <cusip>03743QAY4</cusip>
        <identifiers>
          <isin value="US03743QAY44"/>
        </identifiers>
        <balance>133000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>142688.52000000</valUSD>
        <pctVal>0.049536564814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>FedEx Corp.</title>
        <cusip>31428XBS4</cusip>
        <identifiers>
          <isin value="US31428XBS45"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>867284.00000000</valUSD>
        <pctVal>0.301091286660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fidelity NATL Financial 06/15/2030 3.40%</title>
        <cusip>31620RAJ4</cusip>
        <identifiers>
          <isin value="US31620RAJ41"/>
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        <balance>1080000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015491.60000000</valUSD>
        <pctVal>0.352543886935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Helmerich &amp; Payne Inc 12/01/2029 4.85% 144A</title>
        <cusip>423452AM3</cusip>
        <identifiers>
          <isin value="US423452AM35"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>899928.90000000</valUSD>
        <pctVal>0.312424477338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Trinity Rail Leasing LP</title>
        <cusip>89657BAB0</cusip>
        <identifiers>
          <isin value="US89657BAB09"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33401.89000000</valUSD>
        <pctVal>0.011595991667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.39000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae Cas 07/25/2045 VAR% 144A</title>
        <cusip>20753CAC4</cusip>
        <identifiers>
          <isin value="US20753CAC47"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451390.50000000</valUSD>
        <pctVal>0.156707314364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.26190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Multifamily Structured 11/25/2045 Var% 144A</title>
        <cusip>355913AA2</cusip>
        <identifiers>
          <isin value="US355913AA28"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>399108.56000000</valUSD>
        <pctVal>0.138556816276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.41190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ciena Corp.</title>
        <cusip>171779AL5</cusip>
        <identifiers>
          <isin value="US171779AL52"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95106.90000000</valUSD>
        <pctVal>0.033017856770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac- STACR 12/25/2041 VAR% 144A</title>
        <cusip>35564KPP8</cusip>
        <identifiers>
          <isin value="US35564KPP83"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1443776.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.66190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 11/25/2043 VAR% 144A</title>
        <cusip>35564K3F4</cusip>
        <identifiers>
          <isin value="US35564K3F46"/>
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        <balance>2340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2014513.49000000</valUSD>
        <pctVal>0.699370054905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.51190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>3136BNEW2</cusip>
        <identifiers>
          <isin value="US3136BNEW25"/>
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        <balance>33214554.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>32077.81000000</valUSD>
        <pctVal>0.011136316461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.11448000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Quanta Services, Inc.</title>
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          <isin value="US74762EAF97"/>
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        <valUSD>927550.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Banco Santander SA</title>
        <cusip>05971KAG4</cusip>
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          <isin value="US05971KAG40"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223937.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.74900000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Avis Budget Rental Car 08/20/2029 5.87% 144A</title>
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          <isin value="US05377RKN34"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110843.48000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables 04/17/2028 6.15% 144A</title>
        <cusip>36265NAE3</cusip>
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          <isin value="US36265NAE31"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>760849.26000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 10/25/2041 VAR% 144A</title>
        <cusip>35564KKY4</cusip>
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          <isin value="US35564KKY46"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>750561.87000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
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          <isin value="US12663BAE83"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 01/25/2051 VAR% 144A</title>
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          <isin value="US35564KAH23"/>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federated Government Obligations Fund</title>
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          <isin value="US60934N1046"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
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          <isin value="US14686KAD90"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.07000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 12/25/2041 VAR% 144A</title>
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          <isin value="US20754LAJ89"/>
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        <balance>900000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BorgWarner, Inc.</title>
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          <isin value="US099724AC03"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PEAC Solutions Rec 10/20/2031 4.65%144A</title>
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          <isin value="US69392BAC00"/>
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        <issuerCat>CORP</issuerCat>
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          <maturityDt>2031-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Plains All American Pipeline LP</title>
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          <isin value="US72650RBN17"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PRA Health Sciences, Inc.</title>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>First Investors Auto Owner Trust</title>
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        <name>FIRST CITIZENS BANKSHARE</name>
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          <isin value="US31959XAA19"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sequoia Mortgage Trust</title>
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          <isin value="US81748AAD63"/>
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          <maturityDt>2050-04-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>NGC Ltd 04/20/2038 VAR% 144A</title>
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        <identifiers>
          <isin value="US652942AA15"/>
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        <balance>880000.00000000</balance>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>MOO Securitization Trus 12/25/2065 4.50% 144A</title>
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          <isin value="US614872AA76"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Valero Energy Corp.</title>
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          <isin value="US91913YBC30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>900899.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Saratoga Invest Corp 04/20/2033 Var% 144A</title>
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          <isin value="US80349BBF31"/>
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        <curCd>USD</curCd>
        <valUSD>452475.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>FANNIE MAE</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
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          <isin value="US3136BMXV57"/>
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        <balance>22736291.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38879.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.16448000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 02/25/2037 1.5000%</title>
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          <isin value="US31423XPH88"/>
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        <balance>10800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 03/25/2043 VAR% 144A</title>
        <cusip>35564KP37</cusip>
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          <isin value="US35564KP373"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.76721000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto 02/15/2029 7.700% 144A</title>
        <cusip>04047JAB1</cusip>
        <identifiers>
          <isin value="US004047JAB1"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>688959.68000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.70000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>3137AQH35</cusip>
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          <isin value="US3137AQH359"/>
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        <balance>25937000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2426.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Bank</title>
        <cusip>3130ARR78</cusip>
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          <isin value="US3130ARR781"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4983320.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Energy Transfer LP</title>
        <cusip>29273VAJ9</cusip>
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          <isin value="US29273VAJ98"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>398655.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 05/25/2043 VAR% 144A</title>
        <cusip>35564KX87</cusip>
        <identifiers>
          <isin value="US35564KX872"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>939631.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16190000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sofi Consumer Loan Pro 06/25/2034 4.82% 144A</title>
        <cusip>83407HAA5</cusip>
        <identifiers>
          <isin value="US83407HAA59"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207828.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.82000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Shackleton CLO Ltd 08/15/2030 VAR% 144A</title>
        <cusip>81883EAJ0</cusip>
        <identifiers>
          <isin value="US81883EAJ01"/>
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        <balance>888000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755624.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.06414000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 01/25/2044 VAR% 144A</title>
        <cusip>20753UAB6</cusip>
        <identifiers>
          <isin value="US20753UAB61"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.46190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TREASURY 08/31/2029 3.625%</title>
        <cusip>91282CLK5</cusip>
        <identifiers>
          <isin value="US91282CLK52"/>
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        <balance>2350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2332008.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd 10/15/2037 VAR% 144A</title>
        <cusip>92944YAA9</cusip>
        <identifiers>
          <isin value="US92944YAA91"/>
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        <balance>1125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1123875.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.87219000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ICG US CLO Ltd 01/15/2031 VAR</title>
        <cusip>BCC2FMLA6</cusip>
        <identifiers>
          <isin value="USG47077AN53"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>377204.21000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.73380000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Timken Co.</title>
        <cusip>88738TAA8</cusip>
        <identifiers>
          <isin value="US88738TAA88"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>333943.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust</title>
        <cusip>20755DAB2</cusip>
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          <isin value="US20755DAB29"/>
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        <balance>2110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2172388.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.26190000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>COMM Mortgage Trust</title>
        <cusip>20048KAG2</cusip>
        <identifiers>
          <isin value="US20048KAG22"/>
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        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16495.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.14557000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>New Cingular Wireless 03/01/2031 8.750%</title>
        <cusip>00209AAF3</cusip>
        <identifiers>
          <isin value="US00209AAF30"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>579269.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30167JAF1</cusip>
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          <isin value="US30167JAF12"/>
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        <balance>1130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>314874.02000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.02000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Energen Corp 02/15/2028 7.125%</title>
        <cusip>29265AAS5</cusip>
        <identifiers>
          <isin value="US29265AAS50"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>491954.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Sec 05/15/2030 5.18% 144A</title>
        <cusip>52611JAB6</cusip>
        <identifiers>
          <isin value="US52611JAB61"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>773575.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.18000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20754MBZ9</cusip>
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          <isin value="US20754MBZ95"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.61721000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KX79</cusip>
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          <isin value="US35564KX799"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury</title>
        <cusip>91282CDJ7</cusip>
        <identifiers>
          <isin value="US91282CDJ71"/>
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        <balance>3028000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2625845.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564K2F5</cusip>
        <identifiers>
          <isin value="US35564K2F54"/>
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        <balance>2055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>237254.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.66190000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686KAB3</cusip>
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          <isin value="US14686KAB35"/>
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        <balance>288000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40470.59000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.97000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BreanAsset Backed Sec 01/25/2065 5.0000% 144A</title>
        <cusip>10638FAC9</cusip>
        <identifiers>
          <isin value="US10638FAC95"/>
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        <balance>337500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 02/15/2034 4.000%</title>
        <cusip>91282CJZ5</cusip>
        <identifiers>
          <isin value="US91282CJZ59"/>
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        <balance>5030000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sound Point CLO LTD 07/18/2031 VAR% 144A</title>
        <cusip>83607EAC6</cusip>
        <identifiers>
          <isin value="US83607EAC66"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>471410.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.67924000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>X-Caliber Funding LLC</title>
        <cusip>98373XBD1</cusip>
        <identifiers>
          <isin value="US98373XBD12"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>457811.48000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Brean Asset Backed 05/25/2065 4.7500% 144A</title>
        <cusip>10638GAG8</cusip>
        <identifiers>
          <isin value="US10638GAG82"/>
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        <balance>264000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215935.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Government National Mortgage Assoc.</title>
        <cusip>38383HMA4</cusip>
        <identifiers>
          <isin value="US38383HMA40"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621453.51000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
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        <name>Default</name>
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        <name>Default</name>
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        <name>Default</name>
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      <invstOrSec>
        <name>Default</name>
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        <name>Default</name>
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        <title>Avolon Holdings Funding Ltd.</title>
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        <name>Default</name>
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        <name>Default</name>
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        <name>Default</name>
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        <name>Default</name>
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        <title>Fortune Brands Innovation</title>
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        <name>Default</name>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 09/25/2042 VAR% 144A</title>
        <cusip>35564KH44</cusip>
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          <isin value="US35564KH446"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2062500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.36190000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 07/25/2044 VAR% 144A</title>
        <cusip>20754XAC7</cusip>
        <identifiers>
          <isin value="US20754XAC74"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862610.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.36190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ford Holdings LLC 03/01/2030 9.30%</title>
        <cusip>345277AE7</cusip>
        <identifiers>
          <isin value="US345277AE74"/>
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        <balance>810000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>906061.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.30000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A</title>
        <cusip>795935AA3</cusip>
        <identifiers>
          <isin value="US795935AA37"/>
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        <balance>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>239718.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.76200000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 05/25/2042 VAR% 144A</title>
        <cusip>20754NAB1</cusip>
        <identifiers>
          <isin value="US20754NAB10"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>359892.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.41190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust</title>
        <cusip>20754DAB3</cusip>
        <identifiers>
          <isin value="US20754DAB38"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1014217.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.66190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust 05/15/2029 5.990% 144A</title>
        <cusip>525920AB0</cusip>
        <identifiers>
          <isin value="US525920AB00"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162934.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.99000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Polus Capital Management 10/20/2037 VAR% 144A</title>
        <cusip>73163EAA7</cusip>
        <identifiers>
          <isin value="US73163EAA73"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>710171.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.91763000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Celanese US Holdings 07/15/2032 6.629%</title>
        <cusip>15089QAP9</cusip>
        <identifiers>
          <isin value="US15089QAP90"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>234844.65000000</valUSD>
        <pctVal>0.081530015351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury</title>
        <cusip>912810TH1</cusip>
        <identifiers>
          <isin value="US912810TH14"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3295936.00000000</valUSD>
        <pctVal>1.144236041470</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae - CAS 05/25/2044 VAR% 144A</title>
        <cusip>20753GAC5</cusip>
        <identifiers>
          <isin value="US20753GAC50"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>898879.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A</title>
        <cusip>89616PAB9</cusip>
        <identifiers>
          <isin value="US89616PAB94"/>
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        <balance>630000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441000.00000000</valUSD>
        <pctVal>0.153100088802</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.57000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KQC6</cusip>
        <identifiers>
          <isin value="US35564KQC61"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1259375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Owens Corning</title>
        <cusip>690742AK7</cusip>
        <identifiers>
          <isin value="US690742AK72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>968035.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Recei  06/15/2027 VAR%</title>
        <cusip>30166AAF1</cusip>
        <identifiers>
          <isin value="US30166AAF12"/>
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        <balance>1048500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248142.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Rec Trust 01/10/2031 4.74%</title>
        <cusip>146919AF2</cusip>
        <identifiers>
          <isin value="US146919AF20"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>447784.20000000</valUSD>
        <pctVal>0.155455330577</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.74000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Teva Pharmaceutical Industries Ltd.</title>
        <cusip>88167AAP6</cusip>
        <identifiers>
          <isin value="US88167AAP66"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99769.90000000</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>2027-05-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 05/25/2042 VAR% 144A</title>
        <cusip>35564KWT2</cusip>
        <identifiers>
          <isin value="US35564KWT23"/>
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        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1838250.00000000</valUSD>
        <pctVal>0.638177410979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Crown Castle, Inc.</title>
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          <isin value="US22822VAZ40"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246261.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust 11/15/2028 8.320% 144A</title>
        <cusip>924933AC8</cusip>
        <identifiers>
          <isin value="US924933AC82"/>
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        <balance>819000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>830893.52000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.32000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae- CAS 12/25/2042 Var%</title>
        <cusip>207932AA2</cusip>
        <identifiers>
          <isin value="US207932AA28"/>
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        <balance>1890000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1059505.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.06190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance Trust 10/15/2054 2.911% 144A</title>
        <cusip>21873NAJ8</cusip>
        <identifiers>
          <isin value="US21873NAJ81"/>
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        <balance>960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>911019.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.91100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Charter Comm Opt LLC 02/01/2034 6.650%</title>
        <cusip>161175CP7</cusip>
        <identifiers>
          <isin value="US161175CP73"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1043135.00000000</valUSD>
        <pctVal>0.362140728193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KQY8</cusip>
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          <isin value="US35564KQY81"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101821.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.06190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TREASURY 08/15/2034 3.875%</title>
        <cusip>91282CLF6</cusip>
        <identifiers>
          <isin value="US91282CLF67"/>
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        <balance>9830000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9580023.10000000</valUSD>
        <pctVal>3.325855753612</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exeter Automobile Receivables Trust</title>
        <cusip>30166QAG4</cusip>
        <identifiers>
          <isin value="US30166QAG47"/>
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        <balance>787500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>770119.09000000</valUSD>
        <pctVal>0.267358959337</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.34000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARMAX INC</name>
        <lei>N/A</lei>
        <title>Carmax Auto Owner Trust</title>
        <cusip>14318UAH4</cusip>
        <identifiers>
          <isin value="US14318UAH41"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026915.00000000</valUSD>
        <pctVal>0.356509699983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KHE2</cusip>
        <identifiers>
          <isin value="US35564KHE29"/>
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        <balance>87717.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16829.11000000</valUSD>
        <pctVal>0.005842490329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.31190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 11/25/2041 VAR% 144A</title>
        <cusip>35564KND7</cusip>
        <identifiers>
          <isin value="US35564KND71"/>
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        <balance>450444.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>457482.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.31190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 05/25/2045 VAR% 144A</title>
        <cusip>35564NHZ9</cusip>
        <identifiers>
          <isin value="US35564NHZ96"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377709.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.86190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Transamerica Capital II</title>
        <cusip>893472AA8</cusip>
        <identifiers>
          <isin value="US893472AA88"/>
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        <balance>675000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>682514.78000000</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>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Exelon Corp.</title>
        <cusip>210371AF7</cusip>
        <identifiers>
          <isin value="US210371AF74"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1133489.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.60000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20755CAA6</cusip>
        <identifiers>
          <isin value="US20755CAA62"/>
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        <balance>1310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>331458.87000000</valUSD>
        <pctVal>0.115071161976</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.16190000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Enbridge Energy LP</title>
        <cusip>511546AB9</cusip>
        <identifiers>
          <isin value="US511546AB95"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535969.50000000</valUSD>
        <pctVal>0.186070245001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Citigroup, Inc.</title>
        <cusip>172967MP3</cusip>
        <identifiers>
          <isin value="US172967MP39"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>247142.25000000</valUSD>
        <pctVal>0.085799320684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.41200000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 08/25/2044 VAR% 144A</title>
        <cusip>35564NDY6</cusip>
        <identifiers>
          <isin value="US3556ANDY67"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1058483.46000000</valUSD>
        <pctVal>0.367469187578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <name>Default</name>
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        <name>Default</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>MSCI, Inc.</title>
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        <name>Default</name>
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          <isin value="US87612BBQ41"/>
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          <couponKind>Fixed</couponKind>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Ally Financial Inc Perpetual</title>
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          <isin value="US02005NBM11"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>The Goldman Sachs Group, Inc.</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Albemarle Corp.</title>
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          <isin value="US012653AE17"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Nissan Motor Co.</title>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-17</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fortune Brands Innovation</title>
        <cusip>34964CAG1</cusip>
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          <isin value="US34964CAG15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>TSY INFL 02/15/2055 2.375%</title>
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          <isin value="US912810UH94"/>
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        <issuerCat>UST</issuerCat>
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        <name>Default</name>
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          <isin value="US871044AG87"/>
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      <invstOrSec>
        <name>Default</name>
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        <title>Hasbro, Inc.</title>
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          <couponKind>Fixed</couponKind>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Eversource Energy</title>
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          <couponKind>Fixed</couponKind>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Factset Research Systems</title>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Constellation Brands, Inc.</title>
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          <isin value="US21036PBF45"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US227927AB63"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Occidental Petroleum Corp.</title>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 12/25/2041 VAR% 144A</title>
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          <isin value="US20754AAB98"/>
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        <issuerCat>USGSE</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>AutoNation, Inc.</title>
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          <isin value="US05329RAA14"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>929804.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US TREASURY N/B 11/15/2027 4.125%</title>
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          <isin value="US91282CLX73"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
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          <isin value="US14686JAE01"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2010908.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.08000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 04/25/2042 VAR%</title>
        <cusip>35564KUX5</cusip>
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          <isin value="US35564KUX52"/>
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        <balance>586000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alliant Energy Finance LLC</title>
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          <isin value="US01882YAD85"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>924954.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Crossroads Asset Trusts 08/20/2032 8.32% 144A</title>
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          <isin value="US22767VAF58"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>229618.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.32000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>General Motors Financial Co.</title>
        <cusip>37045XDS2</cusip>
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          <isin value="US37045XDS27"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>897195.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Harvest SBA Loan Trust</title>
        <cusip>41755NAA8</cusip>
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          <isin value="US41755NAA81"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200151.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>GLS Auto Receivables Trust 10/15/2027 3.510% 144A</title>
        <cusip>36261EAE7</cusip>
        <identifiers>
          <isin value="US36261EAE77"/>
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        <balance>292500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83174.72000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 03/25/2042 VAR% 144A</title>
        <cusip>35564KTJ8</cusip>
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          <isin value="US35564KTJ87"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KWS4</cusip>
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          <isin value="US35564KWS40"/>
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        <balance>2587500.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.86190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 01/25/2042 VAR% 144A</title>
        <cusip>35564KPV5</cusip>
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          <isin value="US35564KPV51"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>653175.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.51190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Pioneer Natural Resource</title>
        <cusip>723787AB3</cusip>
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          <isin value="US723787AB37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1045617.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.20000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Domtar Corp.</title>
        <cusip>70478JAA2</cusip>
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          <isin value="US70478JAA25"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ONEOK, Inc.</title>
        <cusip>682680AY9</cusip>
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          <isin value="US682680AY93"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>961794.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Trocolor Auto Securitization Trust </title>
        <cusip>89616KAE4</cusip>
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          <isin value="US89616KAE47"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lad Auto Receivables Trust</title>
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        <name>Default</name>
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      <invstOrSec>
        <name>Default</name>
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        <name>Default</name>
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        <name>Default</name>
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      <invstOrSec>
        <name>Default</name>
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        <name>Default</name>
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        <title>The Huntington Nat Bank 02/20/2034 VAR% 144A</title>
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      <invstOrSec>
        <name>Default</name>
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        <title>Truist Financial Corp.</title>
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        <name>Default</name>
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        <name>Default</name>
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          <isin value="US842434DA71"/>
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      <invstOrSec>
        <name>Default</name>
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        <name>Default</name>
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        <title>Bank of America Corp.</title>
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        <name>Default</name>
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        <title>EPR Properties</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae - CAS 04/25/2043 VAR% 144A</title>
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          <isin value="US20753AAA25"/>
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        <name>Default</name>
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        <title>US Treasury</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>MDC Holdings, Inc.</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Voya CLO Ltd 10/18/2031 VAR% 144A</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 06/25/2042 VAR% 144A</title>
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          <isin value="US20754MCB19"/>
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        <curCd>USD</curCd>
        <valUSD>883201.00000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac STACR 08/25/2044 VAR% 144A</title>
        <cusip>35564NEC3</cusip>
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          <isin value="US35564NEC39"/>
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        <curCd>USD</curCd>
        <valUSD>2184091.86000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.46190000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CH Robinson Worldwide, Inc.</title>
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          <isin value="US12541WAA80"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hubbell, Inc.</title>
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          <isin value="US443510AH55"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590199.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TransCanada Pipelines Ltd.</title>
        <cusip>89352LAG5</cusip>
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          <isin value="US89352LAG59"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>919376.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Flagship Credit Auto 07/16/2029 5.6400% 144A</title>
        <cusip>33846BAG9</cusip>
        <identifiers>
          <isin value="US33846BAG95"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1353688.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.64000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20755AAB8</cusip>
        <identifiers>
          <isin value="US20755AAB89"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250634.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.96190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ASB Bank Ltd.</title>
        <cusip>00216LAE3</cusip>
        <identifiers>
          <isin value="US00216LAE39"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1773968.00000000</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>2031-10-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Bridgecrest Lending Au 10/16/2028 5.370%</title>
        <cusip>10805NAD7</cusip>
        <identifiers>
          <isin value="US10805NAD75"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1353811.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>American Express Co.</title>
        <cusip>025816CH0</cusip>
        <identifiers>
          <isin value="US025816CH00"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494333.00000000</valUSD>
        <pctVal>0.171615478907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2149-06-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Assoc.</title>
        <cusip>20754EAA3</cusip>
        <identifiers>
          <isin value="US20754EAA38"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>122665.91000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.36190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac- STACR 11/25/2041 VAR% 144A</title>
        <cusip>35564KMH9</cusip>
        <identifiers>
          <isin value="US35564KMH94"/>
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        <balance>477000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478186.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.46190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 03/25/2052 VAR% 144A</title>
        <cusip>35564KL49</cusip>
        <identifiers>
          <isin value="US35564KL497"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>945749.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.66190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Avid Automobile Receivables Trust</title>
        <cusip>05368QAC1</cusip>
        <identifiers>
          <isin value="US05368QAC15"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230423.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Arivo Acceptance Auto Loan Rec'ls Trust</title>
        <cusip>04047JAC9</cusip>
        <identifiers>
          <isin value="US04047JAC99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>519189.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.84000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 08/15/2053 4.125%</title>
        <cusip>912810TT5</cusip>
        <identifiers>
          <isin value="US912810TT51"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4384765.00000000</valUSD>
        <pctVal>1.522240160724</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Golun Capital Partners 04/25/2034 VAR% 144A</title>
        <cusip>38180UAA3</cusip>
        <identifiers>
          <isin value="US38180UAA34"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>896130.00000000</valUSD>
        <pctVal>0.311105629430</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.56802000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
        <cusip>12664WAE1</cusip>
        <identifiers>
          <isin value="US12664WAE12"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>325251.30000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.72000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BreanAsset Backed Sec 07/25/2065 4.50% 144A</title>
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          <isin value="US10638KAE47"/>
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        <balance>472000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-07-25</maturityDt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tricolor Auto 01/16/2029 5.12%</title>
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          <isin value="US89617QAA85"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>549273.76000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>X-Caliber Funding LLC 08/04/2027 12.000% 144A</title>
        <cusip>98373XBP4</cusip>
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          <isin value="US98373XBP42"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450777.60000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Carvana Auto Receivables Trust</title>
        <cusip>14686KAF4</cusip>
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          <isin value="US14686KAF49"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26848.84000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>General Motors Financial Co.</title>
        <cusip>37045XDE3</cusip>
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          <isin value="US37045XDE31"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222711.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Benefit Street Partners 07/15/2037 VAR% 144A</title>
        <cusip>08179MAL3</cusip>
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          <isin value="US08179MAL37"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>656355.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.85219000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securitization Turst</title>
        <cusip>90944KAF2</cusip>
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          <isin value="US90944KAF21"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>169984.80000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust</title>
        <cusip>20753DAA6</cusip>
        <identifiers>
          <isin value="US20753DAA63"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>163666.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.16190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>AutoNation, Inc.</title>
        <cusip>05329WAS1</cusip>
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          <isin value="US05329WAS17"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>873731.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Phillips 66 Partners LP</title>
        <cusip>718549AF5</cusip>
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          <isin value="US718549AF57"/>
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        <balance>549000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>534433.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 10/25/2041 VAR% 144A</title>
        <cusip>20754RAB2</cusip>
        <identifiers>
          <isin value="US20754RAB24"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150969.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital</title>
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          <isin value="US92259HAA59"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <debtSec>
          <maturityDt>2053-11-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 02/15/2044 4.500%</title>
        <cusip>912810TZ1</cusip>
        <identifiers>
          <isin value="US912810TZ12"/>
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        <balance>3800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3633898.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KTB5</cusip>
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          <isin value="US35564KTB51"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511477.00000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.16190000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Avis Budget Rental Car 08/20/2031 6.24% 144A</title>
        <cusip>05377RKS2</cusip>
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          <isin value="US05377RKS21"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101888.30000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.24000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Bluemountain CLO Ltd 10/20/2030 var% 144A</title>
        <cusip>09629EAE1</cusip>
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          <isin value="US09629EAE14"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480672.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.52924000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Mastec Inc 08/15/2029 6.625% 144A</title>
        <cusip>576323AQ2</cusip>
        <identifiers>
          <isin value="US576323AQ25"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac Stacr 05/25/2044 VAR% 144A</title>
        <cusip>35564NDA8</cusip>
        <identifiers>
          <isin value="US35564NDA81"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>899442.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.36190000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Timken Co.</title>
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          <isin value="US887389AK07"/>
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        <curCd>USD</curCd>
        <valUSD>498796.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae 04/25/2042 VAR% 144A</title>
        <cusip>20754DAA5</cusip>
        <identifiers>
          <isin value="US20754DAA54"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98208.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.56190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Lendbuzz Securitization Trust</title>
        <cusip>525931AB7</cusip>
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          <isin value="US525931AB72"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>121399.85000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae- Cas 03/25/2042 VAR% 144A</title>
        <cusip>20753XAB0</cusip>
        <identifiers>
          <isin value="US20753XAB01"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3057981.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.16190000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>35564KT58</cusip>
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          <isin value="US35564KT581"/>
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        <balance>1462981.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731385.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.76190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 10/25/2044 VAR% 144A</title>
        <cusip>35564NFA6</cusip>
        <identifiers>
          <isin value="US35564NFA63"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>465381.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.11190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alliance Res Op/Finance 06/15/29 8.625% 144A</title>
        <cusip>01879NAC9</cusip>
        <identifiers>
          <isin value="US01879NAC92"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>467441.55000000</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>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CPS Auto Trust</title>
        <cusip>12663BAD0</cusip>
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          <isin value="US12663BAD01"/>
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        <balance>1800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506127.81000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.19000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Greensky Home Imp 06/25/2060 4.9300% 144A</title>
        <cusip>39571VAB4</cusip>
        <identifiers>
          <isin value="US39571VAB45"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>107919.74000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.93000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Flowserve Corp.</title>
        <cusip>34355JAB4</cusip>
        <identifiers>
          <isin value="US34355JAB44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>882711.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Avnet, Inc.</title>
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          <isin value="US053807AV56"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1012468.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>MPLX LP 02/15/2031 4.8000%</title>
        <cusip>55336VCA6</cusip>
        <identifiers>
          <isin value="US55336VCA61"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>451029.60000000</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>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Weyerhaeuser Co.</title>
        <cusip>962166CA0</cusip>
        <identifiers>
          <isin value="US962166CA07"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>450170.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Fannie Mae-CAS 10/25/2041 VAR%</title>
        <cusip>20754RAF3</cusip>
        <identifiers>
          <isin value="US20754RAF38"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908517.60000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.76190000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Upstart Securitization 06/20/2033 7.92% 144A</title>
        <cusip>91683VAB0</cusip>
        <identifiers>
          <isin value="US91683VAB09"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50800.34000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.92000000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>NatWest Group plc</title>
        <cusip>780097BG5</cusip>
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          <isin value="US780097BG51"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503494.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.89200000</annualizedRt>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Q0RV0 Inc 04/01/2031 3.375% 144A</title>
        <cusip>74736KAJ0</cusip>
        <identifiers>
          <isin value="US74736KAJ07"/>
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        <balance>987000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>892722.74000000</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>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Banco Santander SA</title>
        <cusip>05964HAQ8</cusip>
        <identifiers>
          <isin value="US05964HAQ83"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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        <name>Default</name>
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        <name>Default</name>
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        <name>Default</name>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Default</name>
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        <name>Default</name>
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        <title>Zais Clo 15 LTD 10/25/2032 VAR% 144A</title>
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        <name>Default</name>
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        <title>Freddie Mac 02/25/2042 VAR% 144A</title>
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        <lei>N/A</lei>
        <title>Barclays plc</title>
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        <name>Default</name>
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        <name>Default</name>
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        <title>Corning, Inc.</title>
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        <name>Default</name>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Freddie Mac 02/25/2045 VAR% 144A</title>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>US Treasury</title>
        <cusip>912810TQ1</cusip>
        <identifiers>
          <isin value="US912810TQ13"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4442775.00000000</valUSD>
        <pctVal>1.542379244967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BGC GROUP INC 04/02/2030 6.1500% 144A</title>
        <cusip>05555LAD3</cusip>
        <identifiers>
          <isin value="US05555LAD38"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>915384.60000000</valUSD>
        <pctVal>0.317790166777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-02</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.15000000</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>Default</name>
        <lei>N/A</lei>
        <title>United Auto Credit Securitization Trust</title>
        <cusip>90944DAJ0</cusip>
        <identifiers>
          <isin value="US90944DAJ00"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199036.56000000</valUSD>
        <pctVal>0.069098673494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Default</name>
        <lei>N/A</lei>
        <title>US Treasury 01/31/2029 4.000%</title>
        <cusip>91282CJW2</cusip>
        <identifiers>
          <isin value="US91282CJW29"/>
        </identifiers>
        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4771522.25000000</valUSD>
        <pctVal>1.656509025395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Charles Schwab Corp.</title>
        <cusip>808513CB9</cusip>
        <identifiers>
          <isin value="US808513CB92"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494500.00000000</valUSD>
        <pctVal>0.171673455585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2164-06-19</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</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>2026-05-08</ncom:dateSigned>
      <ncom:nameOfApplicant>World Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann MacDonald</ncom:signature>
      <ncom:signerName>Ann MacDonald</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
