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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
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        <name>CIFC Funding 2011-I Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIFC Funding 2015-III Ltd.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CIM TRUST 2023-R3</name>
        <lei>N/A</lei>
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          <isin value="US12570GAC33"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1551020.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-01-25</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Csmc Coml Mtg Tr 2016-Nxsr</name>
        <lei>549300XMRV4C4QGBZZ20</lei>
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          <isin value="US12594PAX96"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.67167000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canyon Capital CLO 2014-1 Ltd.</name>
        <lei>N/A</lei>
        <title>CANYC 2014-1A CR</title>
        <cusip>13875LAU2</cusip>
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          <isin value="US13875LAU26"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CANYON CAPITAL CLO LTD</name>
        <lei>N/A</lei>
        <title>CANYC 2012-1RA D</title>
        <cusip>13876JAJ1</cusip>
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          <isin value="US13876JAJ16"/>
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        <balance>5055000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.56358900</annualizedRt>
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      <invstOrSec>
        <name>CAPITAL FUNDING MORTGAGE TRUST  P-0</name>
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        <title>CFGMS 2025-P05 B</title>
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          <isin value="US139917AB47"/>
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        <balance>2520000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-04</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>14022BAB6</cusip>
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          <isin value="US14022BAB62"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4286422.93000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>15.31044000</annualizedRt>
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      <invstOrSec>
        <name>CAPITAL FUNDING MORTGAGE TRUST-029</name>
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        <title>CFGMS 2024-29 B</title>
        <cusip>14022JAB9</cusip>
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          <isin value="US14022JAB98"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4015030.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.83703900</annualizedRt>
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      <invstOrSec>
        <name>CAPITAL FUNDING MULTIFAMILY MORTGAGE TRUST-PM01</name>
        <lei>N/A</lei>
        <title>MCFMT 2022-PM01 B</title>
        <cusip>14022TAB7</cusip>
        <identifiers>
          <isin value="US14022TAB70"/>
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        <balance>13884554.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.83703900</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CFGMS 2025-31 B</title>
        <cusip>14023CAB3</cusip>
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          <isin value="US14023CAB37"/>
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        <balance>13000000.00000000</balance>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-10</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Carlyle C17 CLO Ltd</name>
        <lei>N/A</lei>
        <title>CGMS C17A CR</title>
        <cusip>14307PAL9</cusip>
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          <isin value="US14307PAL94"/>
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        <balance>4750000.00000000</balance>
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        <valUSD>4770482.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Carlyle Global Market Strategies CLO 2014-3 Ltd.</name>
        <lei>N/A</lei>
        <title>CGMS 2015-1A DR3</title>
        <cusip>14311DBU9</cusip>
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          <isin value="US14311DBU90"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CARLYLE US CLO 2018-2 LTD</name>
        <lei>N/A</lei>
        <title>CGMS 2018-2A D</title>
        <cusip>14317QAA9</cusip>
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          <isin value="US14317QAA94"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CASCADE MH ASSET TRUST 2022-MH1</name>
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        <title>CMHAT 2022-MH1 B1</title>
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          <isin value="US14732KAC53"/>
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        <balance>4852001.62000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Catamaran CLO Ltd. 2014-1 Ltd.</name>
        <lei>549300C8Q7ISEHHDRH76</lei>
        <title>CRMN 2014-1A CR</title>
        <cusip>14889DAS7</cusip>
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          <isin value="US14889DAS71"/>
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        <balance>1448798.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-22</maturityDt>
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          <annualizedRt>7.98170000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cedar Funding V Clo Ltd</name>
        <lei>635400NWFWJ92O7QGD64</lei>
        <title>CEDF 2016-5A DR</title>
        <cusip>15032AAW7</cusip>
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          <isin value="US15032AAW71"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1505676.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-17</maturityDt>
          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust 2015-K47</name>
        <lei>N/A</lei>
        <title>FREMF 2015-K47 B</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust 2015-K47</name>
        <lei>N/A</lei>
        <title>FREMF 2015-K47 C</title>
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      <invstOrSec>
        <name>Fremf 2012 Kf01 Mortgage Trust</name>
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        <title>FREMF 2015-K50 C</title>
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      <invstOrSec>
        <name>Fremf 2012 Kf01 Mortgage Trust</name>
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      <invstOrSec>
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        <name>Fremf 2018-K733 Mtg Tr</name>
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      <invstOrSec>
        <name>Fremf Mortgage Trust 2019-K736</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fremf 2017-K68 Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Fremf 2012 Kf01 Mortgage Trust</name>
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      <invstOrSec>
        <name>FREMF MORTGAGE TRUST</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHR 5438 H</title>
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          <isin value="US3137HFDS17"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Fillmore Pk Clo Ltd / Llc</name>
        <lei>N/A</lei>
        <title>FILPK 2018-1A D</title>
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          <isin value="US31722PAW68"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3006537.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>FRST AM-GV OB-X</title>
        <cusip>31846V336</cusip>
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          <isin value="US31846V3362"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fremf 2017 K71 Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2017-K71 C</title>
        <cusip>35708WAU4</cusip>
        <identifiers>
          <isin value="US35708WAU45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>958766.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.75196300</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Corp</name>
        <lei>N/A</lei>
        <title>GSMS 2018-3PCK C</title>
        <cusip>36255YAG6</cusip>
        <identifiers>
          <isin value="US36255YAG61"/>
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        <balance>4036820.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4070706.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>GSMS TRUST 2024-FAIR</name>
        <lei>N/A</lei>
        <title>GSMS 2024-FAIR D</title>
        <cusip>36270JAG0</cusip>
        <identifiers>
          <isin value="US36270JAG04"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2067038.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.21429600</annualizedRt>
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      <invstOrSec>
        <name>Galaxy Xxvii Clo Ltd / Galaxy Xxvii Clo Llc</name>
        <lei>549300GJYHKO4BDEN716</lei>
        <title>GALXY 2018-27A E</title>
        <cusip>36320VAA6</cusip>
        <identifiers>
          <isin value="US36320VAA61"/>
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        <balance>4900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4917924.20000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.52700100</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galaxy XXI CLO Ltd</name>
        <lei>549300BW4412X0TZDD77</lei>
        <title>GALXY 2015-21A ER</title>
        <cusip>36320XAM6</cusip>
        <identifiers>
          <isin value="US36320XAM65"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2004942.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.80478000</annualizedRt>
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      <invstOrSec>
        <name>Gallatin Clo Viii 2017-1 Ltd/Gallatin Clo Viii 2017-1 Llc</name>
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        <title>GALL 2017-1A D1R</title>
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          <isin value="US36361UAY64"/>
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        <balance>12500000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Goldentree Loan Opportunities XII Ltd/LLC</name>
        <lei>5493004WVEVHIF701522</lei>
        <title>GLD12 2016-12A ER</title>
        <cusip>38137TAD4</cusip>
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          <isin value="US38137TAD46"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>374832.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>9.95478100</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2023-168 FA</title>
        <cusip>38384D7U5</cusip>
        <identifiers>
          <isin value="US38384D7U55"/>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>GNR 2024-76 KA</title>
        <cusip>38384NTQ8</cusip>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GUGGENHEIM CLO LTD</name>
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          <isin value="US40172DAJ81"/>
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        <balance>1300000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Halcyon Ln Advisors Fdg 2018-2 Ltd/Llc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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        <name>HARVEST SBA LOAN TRUST 2024-1</name>
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        <title>HSLT 2024-1 B</title>
        <cusip>41756NAB5</cusip>
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        <name>HARVEST SBA LOAN TRUST 2024-1</name>
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        <cusip>41756NAC3</cusip>
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      <invstOrSec>
        <name>Highbridge Loan Management 2 2013 Ltd.</name>
        <lei>N/A</lei>
        <title>HLM 2013-2A CR</title>
        <cusip>44330DAL4</cusip>
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        <balance>4000000.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Hudson's Bay Simon JV Trust</name>
        <lei>N/A</lei>
        <title>HBCT 2015-HB10 C10</title>
        <cusip>44422PBY7</cusip>
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        <balance>1070000.00000000</balance>
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        <name>KKR CLO 10 LTD</name>
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        <name>KKR STATIC CLO I LTD</name>
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        <name>Lcm XXIII Ltd/ Lcm XXIII Llc</name>
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        <name>LUXURY LEASE PARTNERS AUTO LEASE TRUST 2024-4</name>
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        <name>Marble Point CLO XI Ltd.</name>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2024-BPR2</name>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2024-2</name>
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        <name>Ozlm Xvii Limited</name>
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        <name>OCTAGON INVESTMENT PARTNERS LTD</name>
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        <name>ONITY LOAN INVESTMENT TRUST 2024-HB2</name>
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        <name>PAGAYA AI DEBT TRUST 2024-1</name>
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      <invstOrSec>
        <name>Shackleton 2013-Iii Clo Ltd</name>
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        <name>Shackleton 2017-XI CLO Ltd./LLC</name>
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      <invstOrSec>
        <name>TCI-FLATIRON CLO LTD</name>
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        <title>TFLAT 2017-1A D</title>
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          <isin value="US87231BAJ26"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>TCI-FLATIRON CLO LTD</name>
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      <invstOrSec>
        <name>Thl Credit Wr 2014-3K Clo Ltd</name>
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        <name>Wind River Clo I Ltd/Corp</name>
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        <name>THL Credit Wind River 2014-3 CLO LLC</name>
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        <name>Wind River 2015-1 CLO Ltd.</name>
        <lei>549300H4V7OE3OL7II20</lei>
        <title>WINDR 2015-1A DR</title>
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        <name>THL CREDIT WIND RIVER CLO LTD</name>
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        <title>WINDR 2018-1A D</title>
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        <name>THL CREDIT WIND RIVER 2018-3 CLO LTD</name>
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      <invstOrSec>
        <name>Venture XVIII CLO Ltd./LLC</name>
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        <curCd>USD</curCd>
        <valUSD>4509657.00000000</valUSD>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Venture Xxvi Clo Ltd</name>
        <lei>549300XGJ8CFTLD6FC04</lei>
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        <curCd>USD</curCd>
        <valUSD>4411101.20000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST 2023-2</name>
        <lei>N/A</lei>
        <title>VERUS 2023-2 A1</title>
        <cusip>92539DAA6</cusip>
        <identifiers>
          <isin value="US92539DAA63"/>
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        <curCd>USD</curCd>
        <valUSD>624689.48000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Voya CLO 2013-2 Ltd</name>
        <lei>5493007ASGBOUR3XJY69</lei>
        <title>INGIM 2013-2A CR</title>
        <cusip>92916WAJ8</cusip>
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          <isin value="US92916WAJ80"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Voya CLO Limited</name>
        <lei>N/A</lei>
        <title>VOYA 2018-2A D</title>
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          <isin value="US92917JAN72"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2817419.64000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Wp Glimcher Mall Trust 2015-Wp</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG C</title>
        <cusip>92939VAG9</cusip>
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          <isin value="US92939VAG95"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2681373.00000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust 2015-Lc22</name>
        <lei>549300XO83D3BDYP0P62</lei>
        <title>WFCM 2015-LC22 XA</title>
        <cusip>94989TBC7</cusip>
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          <isin value="US94989TBC71"/>
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        <balance>3019413.80000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5857.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.72967300</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>XCAL 2021-7 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCAL 2021-7 B1</title>
        <cusip>98370NAC9</cusip>
        <identifiers>
          <isin value="US98370NAC92"/>
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        <balance>4165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4149181.33000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.96017800</annualizedRt>
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      <invstOrSec>
        <name>X-CALI 2021-10 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2021-10 B1</title>
        <cusip>98372NAC7</cusip>
        <identifiers>
          <isin value="US98372NAC74"/>
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        <balance>471250.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>467955.16000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-30</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.45704000</annualizedRt>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 11 09/01/24</title>
        <cusip>98373XAD2</cusip>
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          <isin value="US98373XAD21"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 25 09/01/25</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCALFD 11 03/01/25</title>
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        <isRestrictedSec>Y</isRestrictedSec>

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          <maturityDt>2025-03-01</maturityDt>
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        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
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        <name>X-Caliber Funding Llc</name>
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        <name>X-Caliber Funding Llc</name>
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        <name>X-Caliber Funding Llc</name>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
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        <balance>4000000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
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        <cusip>98373XBT6</cusip>
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        <balance>2450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2456108.83000000</valUSD>
        <pctVal>0.458151143233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.33704000</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>X-Caliber Funding Llc</name>
        <lei>N/A</lei>
        <title>XCAL 2024-MSD B1</title>
        <cusip>98373XBX7</cusip>
        <identifiers>
          <isin value="US98373XBX75"/>
        </identifiers>
        <balance>1748750.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1748750.00000000</valUSD>
        <pctVal>0.326203709682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.32999800</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>X-CALI 2020-5 MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>XCALI 2020-5 B1</title>
        <cusip>98401JAB3</cusip>
        <identifiers>
          <isin value="US98401JAB35"/>
        </identifiers>
        <balance>374714.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>375592.53000000</valUSD>
        <pctVal>0.070061287556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.70703900</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>Zais Clo 5 Limited</name>
        <lei>5493001XJXUE8BZ0Q137</lei>
        <title>ZAIS5 2016-2A C</title>
        <cusip>98875LAG4</cusip>
        <identifiers>
          <isin value="US98875LAG41"/>
        </identifiers>
        <balance>766802.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>772057.72000000</valUSD>
        <pctVal>0.144016064247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.06359000</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>ZAIS CLO 6 Ltd</name>
        <lei>549300ZPQFDVEE67IB71</lei>
        <title>ZAIS6 2017-1A D</title>
        <cusip>98887TAE8</cusip>
        <identifiers>
          <isin value="US98887TAE82"/>
        </identifiers>
        <balance>5595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5605093.38000000</valUSD>
        <pctVal>1.045548107889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.44359100</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>ZAIS CLO 7 LTD</name>
        <lei>549300XFDOUEB0QTZS87</lei>
        <title>ZAIS7 2017-2A D</title>
        <cusip>98887VAG8</cusip>
        <identifiers>
          <isin value="US98887VAG86"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5044505.00000000</valUSD>
        <pctVal>0.940978552972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.31359200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Two Roads Shared Trust</ncom:nameOfApplicant>
      <ncom:signature>Laura Szalyga</ncom:signature>
      <ncom:signerName>Laura Szalyga</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
