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        <name>Citigroup Global Markets Inc.</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <name>Citibank, National Association</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Credit Suisse International</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Societe Generale</name>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>Corevest American Finance 2019-3 Trust</title>
        <cusip>21872NAC4</cusip>
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          <isin value="US21872NAC48"/>
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        <balance>15672490.97000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FNB25</cusip>
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          <isin value="US3137FNB259"/>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US12622DAF15"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MFT Trust</name>
        <lei>N/A</lei>
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        <cusip>55317BAC1</cusip>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>CMBX--137BERAH0-20571017</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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        <name>European Loan Conduit</name>
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          <isin value="XS1844886637"/>
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        <name>Goldman Sachs International</name>
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        <name>Credit Suisse First Boston Mortgage Securities</name>
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        <name>Real Estate Asset Liquidity Trust</name>
        <lei>N/A</lei>
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        <name>Goldman Sachs International</name>
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        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>ML-CFC Commercial Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SG Americas Securities, LLC</name>
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        <name>LHFC Depositor, LLC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2019-JWDR</title>
        <cusip>95002NAN7</cusip>
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          <isin value="US95002NAN75"/>
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        <balance>902000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Parkdean TL</issuerName>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="London Interbank Offer Rate 3 Month" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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        <securityLending>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
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        <title>CMBX--137BERAH0-20571017</title>
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          <other otherDesc="Internal Identifier" value="137BERAH0GSIL190927"/>
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        <balance>220000.00000000</balance>
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        <valUSD>-52712.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
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          <isin value="US36250SAR04"/>
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        <balance>501000.00000000</balance>
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      <invstOrSec>
        <name>SG Americas Securities, LLC</name>
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        <title>REPO HILT 2016 HHV F REPO HILT 2016 HHV F</title>
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        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>549300L45M7638EL0H21</lei>
        <title>GS Mortgage Securities Trust 2015-GC30</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Parkdean TL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Parkdean TL</issuerName>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>The Bank of New York Mellon</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>JPMorgan Prime Money Market Fund</name>
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        <name>COMM Mortgage Trust</name>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <name>Starwood Mortgage Residential Trust 2018-IMC2</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>Colony American Finance Ltd</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>SG Capital Partners</name>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Spruce Hill Mortgage Loan Trust</name>
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        <name>Credit Suisse International</name>
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        <name>GCAT</name>
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        <name>Spruce Hill Mortgage Loan Trust</name>
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        <name>Citibank, National Association</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Goldman Sachs International</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Bear Stearns Commercial Mortgage Securities Trust</name>
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        <name>Societe Generale</name>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
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        <name>Goldman Sachs International</name>
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        <name>CPUK FINANCE LTD</name>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>LB-UBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LB-UBS Commercial Mortgage Trust 2004-C6</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Residential Loan Securitization</name>
        <lei>635400RFIOEIAK5XC225</lei>
        <title>European Residential Loan Securitisation 2019-PL1 DAC</title>
        <cusip>000000000</cusip>
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          <isin value="XS2052238941"/>
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        <balance>1856000.00000000</balance>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>JPMDB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMDB Commercial Mortgage Securities Trust 2019-COR6</title>
        <cusip>48129RAC9</cusip>
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          <isin value="US48129RAC97"/>
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        <balance>4171000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>432771.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="GBP" fixedOrFloating="Floating" floatingRtIndex="London Interbank Offer Rate 3 Month" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
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        <balance>801000.00000000</balance>
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        <descOthUnits>Notional Amount</descOthUnits>
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        <valUSD>204255.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley Capital Services LLC</counterpartyName>
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                <indexName>Markit CMBX.NA.BBB-.9</indexName>
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      <invstOrSec>
        <name>Wells Fargo Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Commercial Mortgage Trust 2016-LC25</title>
        <cusip>95000JAC2</cusip>
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          <isin value="US95000JAC27"/>
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        <balance>5964000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <title>REPO COMM 2013 LC13 D REPO COMM 2013 LC13 D</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO NOHT 2019 HNLA E REPO NOHT 2019 HNLA E</title>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
        <title>Verus Securitization Trust 2019-INV2</title>
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          <isin value="US92537HAE18"/>
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        <balance>288000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Parkdean TL</title>
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                <issuerName>Koninklijke KPN NV</issuerName>
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        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac Structured Agency Credit Risk Debt Notes</title>
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        <balance>3823000.00000000</balance>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HILTON GRAND VACA LLC/IN</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc</title>
        <cusip>43283QAB6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Invitation Homes Operating Partnership LP</name>
        <lei>549300147YMUQB3GW319</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Core Industrial Trust</name>
        <lei>5493003EXJTL54V5K302</lei>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO COMM 2016 COR1 D REPO COMM 2016 COR1 D</title>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Natixis Commercial Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2018-FL1</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>RBC CAPITAL MARKETS, LLC</name>
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        <title>REPO HILT 2018 ORL F REPO HILT 2018 ORL F</title>
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        <name>CFK Trust</name>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>549300NGGFIEJ2ER3D22</lei>
        <title>COMM 2013-CCRE8 Mortgage Trust</title>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Taurus CMBS</name>
        <lei>8156000571844ED04411</lei>
        <title>Taurus 2018-1 IT SRL</title>
        <cusip>000000000</cusip>
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        <balance>1473158.05000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Ashford Hospitality Trust</name>
        <lei>N/A</lei>
        <title>Ashford Hospitality Trust 2018-KEYS</title>
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          <isin value="US04410CAN92"/>
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        <curCd>USD</curCd>
        <valUSD>4285522.98000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Morgan Stanley BAML Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34</title>
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          <isin value="US61767EAU82"/>
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        <curCd>USD</curCd>
        <valUSD>430536.98000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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        <title>IRS 20M 2.57650% 08/25/25</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WF-RBS Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>WFRBS Commercial Mortgage Trust 2014-C22</title>
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          <isin value="US92890KBG94"/>
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        <balance>1561000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1336685.86000000</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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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Prima Capital Ltd</name>
        <lei>N/A</lei>
        <title>Prima Capital CRE Securitization 2019-RK1 Ltd</title>
        <cusip>74166HAE7</cusip>
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          <isin value="US74166HAE71"/>
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        <balance>487000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>404299.85000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-15</maturityDt>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO MSBAM 2016 C31 D REPO MSBAM 2016 C31 D</title>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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              <invstCat>ABS</invstCat>
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        <securityLending>
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      <invstOrSec>
        <name>Credit Suisse International</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>CMBX.NA.BBB-.9</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C33</title>
        <cusip>46645JAY8</cusip>
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          <isin value="US46645JAY82"/>
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        <balance>7618000.00000000</balance>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO COMM 2014 UBS6 E REPO COMM 2014 UBS6 E</title>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO AHT1 2018 KEYS D REPO AHT1 2018 KEYS D</title>
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          <transCat>Reverse repurchase</transCat>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FPHY4</cusip>
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          <isin value="US3137FPHY49"/>
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        <curCd>USD</curCd>
        <valUSD>233947.06000000</valUSD>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2017-GS8</title>
        <cusip>36254KAA0</cusip>
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          <isin value="US36254KAA07"/>
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        <balance>3789000.00000000</balance>
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        <valUSD>2258230.36000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Societe Generale</name>
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        <name>Goldman Sachs International</name>
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        <name>Societe Generale</name>
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        <name>The Bank of New York Mellon</name>
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        <name>COMM Mortgage Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>549300ZAGI6FKGY8O078</lei>
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        <name>SG Commercial Mortgage Securities Trust</name>
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        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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      <invstOrSec>
        <name>GE Commercial Mortgage Corporation Trust</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>Morgan Stanley BAML Trust</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>54930025J96YEH8FQE77</lei>
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        <name>Taurus CMBS</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>California Housing Finance</name>
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        <name>Societe Generale</name>
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            <unrealizedAppr>-2178048.80000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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          <isin value="US3137FHQ895"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ML-CFC Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ML-CFC Commercial Mortgage Trust 2007-5</title>
        <cusip>55312YAR3</cusip>
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          <isin value="US55312YAR36"/>
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        <balance>1861977.05000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1124013.47000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WF-RBS Commercial Mortgage Trust</name>
        <lei>549300FCX3YXSYSLU895</lei>
        <title>WFRBS Commercial Mortgage Trust 2014-C19</title>
        <cusip>92938VAA3</cusip>
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          <isin value="US92938VAA35"/>
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        <balance>362000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>290476.05000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Velocity Commercial Capital Loan Trust</name>
        <lei>N/A</lei>
        <title>Velocity Commercial Capital Loan Trust 2019-2</title>
        <cusip>92257NAU0</cusip>
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          <isin value="US92257NAU00"/>
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        <balance>424323.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217199.00000000</valUSD>
        <pctVal>0.036324416768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.30000000</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>CFCRE Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CFCRE Commercial Mortgage Trust 2017-C8</title>
        <cusip>12532CAA3</cusip>
        <identifiers>
          <isin value="US12532CAA36"/>
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        <balance>5741000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3823404.67000000</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>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FHQ97</cusip>
        <identifiers>
          <isin value="US3137FHQ978"/>
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        <balance>9502000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2918989.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.23000000</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>Citigroup Global Markets Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>REPO FHMS KW01 X3 REPO FHMS KW01 X3</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="966CDRII5"/>
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        <balance>-1498000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1498000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="Citigroup Global Markets Inc."/>
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          <isTriParty>N</isTriParty>
          <repurchaseRt>2.29000000</repurchaseRt>
          <maturityDt>2020-05-29</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>9077000.00000000</principalAmt>
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              <collateralVal>1658138.25200000</collateralVal>
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              <invstCat>AMBS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2016-GS2</title>
        <cusip>36252TAA3</cusip>
        <identifiers>
          <isin value="US36252TAA34"/>
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        <balance>3325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2290311.07000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</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>Natixis Commercial Mortgage Securities</name>
        <lei>N/A</lei>
        <title>Natixis Commercial Mortgage Securities Trust 2019-MILE</title>
        <cusip>63875FAL0</cusip>
        <identifiers>
          <isin value="US63875FAL04"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91435.64000000</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>2036-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Corp Trust 2017-SLP</title>
        <cusip>36255MAN7</cusip>
        <identifiers>
          <isin value="US36255MAN74"/>
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        <balance>3591000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3213948.95000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.59000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Credit Suisse Commercial Mortgage Trust Series 2007-C3</title>
        <cusip>22544QAH2</cusip>
        <identifiers>
          <isin value="US22544QAH20"/>
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        <balance>37297.44000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18935.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.48000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO COMM 2015 CR27 D REPO COMM 2015 CR27 D</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="965VDMII5"/>
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        <balance>-4074000.00000000</balance>
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        <valUSD>-4074000.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="MMYX0N4ZEZ13Z4XCG897" name="The Bank of New York Mellon"/>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO AHT1 2018 KEYS D REPO AHT1 2018 KEYS D</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="965VCSII3"/>
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        <balance>-1547000.00000000</balance>
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        <valUSD>-1547000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
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        <securityLending>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance 2019-2Trust</title>
        <cusip>21872GAL9</cusip>
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          <isin value="US21872GAL95"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157134.46000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.22000000</annualizedRt>
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      <invstOrSec>
        <name>Mulcair Securities</name>
        <lei>6354001ECZ5C5ROCKB97</lei>
        <title>Mulcair Securities DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1962597594"/>
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        <balance>802000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91136900"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-04-24</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley Capital Services LLC</name>
        <lei>I7331LVCZKQKX5T7XV54</lei>
        <title>CMBX--137BERAI8-20580917</title>
        <cusip>000000000</cusip>
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        <balance>2087000.00000000</balance>
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        <valUSD>532185.00000000</valUSD>
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        <name>COMM Mortgage Trust</name>
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        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
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          <isin value="US46645JBA97"/>
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        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-FL5 Mortgage Trust</title>
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          <isin value="US12635HAL42"/>
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      </invstOrSec>
      <invstOrSec>
        <name>DIAMOND RESORTS INTL INC</name>
        <lei>5493008MIJR7VMQP7U77</lei>
        <title>Diamond Resorts International Inc</title>
        <cusip>23422RAB8</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>Parkdean TL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LSTAR Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LSTAR Commercial Mortgage Trust 2017-5</title>
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          <isin value="US54910TAQ58"/>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2</title>
        <cusip>46590MAC4</cusip>
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          <isin value="US46590MAC47"/>
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        <name>Prima Capital Ltd</name>
        <lei>N/A</lei>
        <title>Prima Capital CRE Securitization 2019-RK1 Ltd</title>
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          <isin value="US74166GAJ85"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Casablanca US Holdings, Inc.</name>
        <lei>N/A</lei>
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        <name>Merrill Lynch Capital Services, Inc.</name>
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        <title>CMBX--137BERAH0-20571017</title>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Verus Securitization Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Morgan Stanley BAML Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22</title>
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          <isin value="US61690FAB94"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Merrill Lynch Capital Services, Inc.</name>
        <lei>GDWTXX036O1TB7DW3U69</lei>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Merrill Lynch Capital Services, Inc.</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>N/A</lei>
        <title>Freddie Mac Structured Agency Credit Risk Debt Notes</title>
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          <isin value="US3137G1DM66"/>
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        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-25</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <title>Apple Leisure Group</title>
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        <units>OU</units>
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        <curCd>USD</curCd>
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        <assetCat>DCR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank, National Association</counterpartyName>
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              <otherRefInst>
                <issuerName>Apple Leisure Group</issuerName>
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                  <other otherDesc="LoanX ID" value="LX173679"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
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            <upfrontRcpt>0.00000000</upfrontRcpt>
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        <securityLending>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-CR28 Mortgage Trust</title>
        <cusip>12593YAS2</cusip>
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          <isin value="US12593YAS28"/>
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        <balance>9169000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3812483.04000000</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>2049-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
        <cusip>3137FMD58</cusip>
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          <isin value="US3137FMD588"/>
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        <balance>1961000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>441470.32000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.12000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Citigroup Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Citigroup Commercial Mortgage Trust 2019-GC43</title>
        <cusip>17328HAC5</cusip>
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          <isin value="US17328HAC51"/>
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        <balance>4867000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234928.73000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
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        <title>CMBX--137BERAJ6-20591117</title>
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              <counterpartyName>Citigroup Global Markets Inc.</counterpartyName>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley BAML Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Compass IV Limited</issuerName>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Credit Suisse Commercial Mortgage Trust Series 2006-C5</title>
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        <balance>4295847.26000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO HILT 2016 HHV F REPO HILT 2016 HHV F</title>
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        <name>LB-UBS Commercial Mortgage Trust</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>The Bancorp Commercial Mortgage Trust</name>
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        <name>Homeward Opportunities Fund I Trust</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Deephaven Residential Mortgage Trust</name>
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        <name>HAMBROS BANK LTD., LONDON</name>
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      <invstOrSec>
        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Goldman Sachs International</name>
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        <name>Goldman Sachs International</name>
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        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>GS Mortgage Securities Trust</name>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
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        <name>JPMBB Commercial Mortgage Securities Trust</name>
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        <name>Nomura CRE CDO LTD</name>
        <lei>549300U9HYZNUTPVJA78</lei>
        <title>Nomura CRE CDO 2007-2 Ltd</title>
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        <invCountry>KY</invCountry>
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      <invstOrSec>
        <name>JPMBB Commercial Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>JPMBB Commercial Mortgage Securities Trust 2015-C30</title>
        <cusip>46644UBJ6</cusip>
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          <isin value="US46644UBJ60"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust 2019-5</title>
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        <name>Goldman Sachs International</name>
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      <invstOrSec>
        <name>Shelter Growth CRE</name>
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      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage Securities Trust 2012-GCJ9</title>
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      <invstOrSec>
        <name>Home Partners of America Trust</name>
        <lei>N/A</lei>
        <title>Home Partners of America 2017-1 Trust</title>
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      <invstOrSec>
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        <name>Marriott Ownership Resorts, Inc.</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>CD Commercial Mortgage Trust</name>
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          <isin value="US14986DAJ90"/>
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        <name>Citibank, National Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>The Bank of New York Mellon</name>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>SG Americas Securities, LLC</name>
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        <name>MARRIOTT OWNERSHIP RESOR</name>
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        <title>Marriott Ownership Resorts Inc</title>
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        <name>GS Mortgage Securities Trust</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Agro Merchants NAI Holdings, LLC</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>BANC OF AMERICA MERRILL LYNCH LARGE LOAN INC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <title>Freddie Mac Multifamily Structured Pass Through Certificates</title>
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        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2015-CCRE23 Mortgage Trust</title>
        <cusip>12593ABF1</cusip>
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          <isin value="US12593ABF12"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE EUROPEAN MORTGAGE CAPITAL</name>
        <lei>N/A</lei>
        <title>Magnolia Finance XI DAC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS1900132868"/>
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        <balance>8061378.68000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.91136900"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Cold Finance PLC</name>
        <lei>635400FTSG9PJZ77LL12</lei>
        <title>Cold Finance PLC</title>
        <cusip>000000000</cusip>
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          <isin value="XS1997243040"/>
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        <balance>779000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80648400"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO JPMBB 2015 C29 D REPO JPMBB 2015 C29 D</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <name>Chicago Mercantile Exchange</name>
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        <title>IRS 10M 3.16100% 03/25/28</title>
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      <invstOrSec>
        <name>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CoreVest American Finance 2018-1 Trust</title>
        <cusip>21872BAL0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RBC LONDON</name>
        <lei>549300ICKHYC3M8VVY74</lei>
        <title>REPO TAURS 2018 IT1 D REPO TAURS 2018 IT1 D</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO CD 2016 CD1 D REPO CD 2016 CD1 D</title>
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        <name>RBC LONDON</name>
        <lei>549300ICKHYC3M8VVY74</lei>
        <title>REPO TAURS 2018 IT1 E REPO TAURS 2018 IT1 E</title>
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        <name>Morgan Stanley Capital Services LLC</name>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
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        <title>COMM 2019-GC44 Mortgage Trust</title>
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        <name>HAMBROS BANK LTD., LONDON</name>
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        <title>REPO EURO 31 E REPO EURO 31 E</title>
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      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9</title>
        <cusip>46629PAF5</cusip>
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        <valUSD>26837299.26000000</valUSD>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>CSAIL Commercial Mortgage Trust</name>
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        <name>Colony American Finance Ltd</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Wells Fargo Commercial Mortgage Trust</name>
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        <name>Citibank, National Association</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Natixis Commercial Mortgage Securities</name>
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        <name>FHLMC Multifamily Structured Pass Through Certs.</name>
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        <name>Credit Suisse International</name>
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        <name>Goldman Sachs &amp; Co. LLC</name>
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        <name>Natixis Commercial Mortgage Securities</name>
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        <name>DBWF Mortgage Trust</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Credit Suisse International</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>Citibank, National Association</name>
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        <name>Citigroup Global Markets Inc.</name>
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        <name>The Bank of New York Mellon</name>
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        <name>Ashford Hospitality Trust</name>
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        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <name>Credit Suisse International</name>
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        <name>Freddie Mac - SCRT</name>
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          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSAIL Commercial Mortgage Trust</name>
        <lei>54930025J96YEH8FQE77</lei>
        <title>CSAIL 2015-C4 Commercial Mortgage Trust</title>
        <cusip>12635RAN8</cusip>
        <identifiers>
          <isin value="US12635RAN89"/>
        </identifiers>
        <balance>5786000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2719363.88000000</valUSD>
        <pctVal>0.454787116528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>IRS 100M 3.00300% 3/14/23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="7341476292449BRYE"/>
        </identifiers>
        <balance>100000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-7701351.00000000</valUSD>
        <pctVal>-1.28797592717</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE Libor USD 3 Months</indexName>
                <indexIdentifier>US0003M Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="ICE Libor USD 3 Months" floatingRtSpread="0.00000000" pmntAmt="32911.11000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-125125.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <terminationDt>2023-03-14</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>100000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7701351.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>549300RWLR7W4OBRM426</lei>
        <title>Freddie Mac STACR Trust 2019-HRP1</title>
        <cusip>35564RCB8</cusip>
        <identifiers>
          <isin value="US35564RCB87"/>
        </identifiers>
        <balance>4474000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2172319.56000000</valUSD>
        <pctVal>0.363299283386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-25</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>
      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2014-UBS6 Mortgage Trust</title>
        <cusip>12592PAJ2</cusip>
        <identifiers>
          <isin value="US12592PAJ21"/>
        </identifiers>
        <balance>658000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508062.94000000</valUSD>
        <pctVal>0.084968577098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.95000000</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>COMM Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COMM 2016-COR1 Mortgage Trust</title>
        <cusip>12594MAL2</cusip>
        <identifiers>
          <isin value="US12594MAL28"/>
        </identifiers>
        <balance>8294000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5798483.86000000</valUSD>
        <pctVal>0.969739935989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>MMYX0N4ZEZ13Z4XCG897</lei>
        <title>REPO WFRBS 2014 C22 D REPO WFRBS 2014 C22 D</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="965VEMII4"/>
        </identifiers>
        <balance>-1244000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1244000.00000000</valUSD>
        <pctVal>-0.20804688078</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="MMYX0N4ZEZ13Z4XCG897" name="The Bank of New York Mellon"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>2.85000000</repurchaseRt>
          <maturityDt>2020-04-10</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2171000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>539150.34000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Global Markets Inc.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>CMBX--137BERAJ6-20591117</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="137BERAJ6CITIGM20200107V2"/>
        </identifiers>
        <balance>744000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-207427.20000000</valUSD>
        <pctVal>-0.03469017841</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citigroup Global Markets Inc.</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Markit CMBX.NA.BBB-.10</indexName>
                <indexIdentifier>137BERAJ6</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="434.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">sell protection</otherPmntDesc>
            <terminationDt>2059-11-18</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-1159.07000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>744000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-206268.13000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Blackstone Real Estate Income Master Fund</ncom:nameOfApplicant>
      <ncom:signature>Anthony Marone</ncom:signature>
      <ncom:signerName>Anthony Marone</ncom:signerName>
      <ncom:title>CFO and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
