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        <name>JP Morgan</name>
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        <name>Federal National Mortgage Association</name>
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        <name>BNP Paribas</name>
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                  <component>
                    <othIndName>AUD USD 1 Month Forward</othIndName>
                    <identifiers>
                      <ticker value="AUD USD 1 Month Forward"/>
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                    <othIndNotAmt>0.01000000</othIndNotAmt>
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                    <othIndValue>10489261.68814759</othIndValue>
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                  <component>
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                      <ticker value="CAD USD 1 Month Forward"/>
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                    <othIndNotAmt>0.01000000</othIndNotAmt>
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                    <othIndValue>7277442.43291395</othIndValue>
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                  <component>
                    <othIndName>USD Cash</othIndName>
                    <identifiers>
                      <ticker value="USD Cash"/>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>38877087.18339729</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>NZD USD 1 Month Forward</othIndName>
                    <identifiers>
                      <ticker value="NZD USD 1 Month Forward"/>
                    </identifiers>
                    <othIndNotAmt>0.01000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>2696614.97476079</othIndValue>
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                  <component>
                    <othIndName>NOK USD 1 Month Forward</othIndName>
                    <identifiers>
                      <ticker value="NOK USD 1 Month Forward"/>
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                    <othIndNotAmt>0.01000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-14614676.79235159</othIndValue>
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                  <component>
                    <othIndName>SEK USD 1 Month Forward</othIndName>
                    <identifiers>
                      <ticker value="SEK USD 1 Month Forward"/>
                    </identifiers>
                    <othIndNotAmt>0.01000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-5886414.22686803</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.10000000"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>-39226860.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-387545.49000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRSTENERGY CORP.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP COMMON STOCK</title>
        <cusip>337932107</cusip>
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          <isin value="US3379321074"/>
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        <balance>-32880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1329009.60000000</valUSD>
        <pctVal>-0.07007819424</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2024-3 VERUS 2024-3 B2</title>
        <cusip>92540MAF2</cusip>
        <identifiers>
          <isin value="US92540MAF23"/>
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        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119735.94000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XHR LP</name>
        <lei>549300M88BPT83ZL2164</lei>
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        <cusip>98372MAE5</cusip>
        <identifiers>
          <isin value="US98372MAE57"/>
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        <balance>617000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605733.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TPG RE FINANCE TRUST, INC.</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc PREFERRED STOCK</title>
        <cusip>87266M206</cusip>
        <identifiers>
          <isin value="US87266M2061"/>
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        <balance>13053.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225947.43000000</valUSD>
        <pctVal>0.011914126043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIXTH STREET LENDING PARTNERS</name>
        <lei>549300S9P1HMDERGCR64</lei>
        <title>SIXTH STREET LENDING PARTNERS 5.750000% 01/15/2030</title>
        <cusip>829932AD4</cusip>
        <identifiers>
          <isin value="US829932AD42"/>
        </identifiers>
        <balance>957000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>947833.17000000</valUSD>
        <pctVal>0.049978899321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>NCL CORPORATION LTD.</name>
        <lei>UNZWILHE4KMRP9K2L524</lei>
        <title>NCL CORP LTD 1.125000% 02/15/2027</title>
        <cusip>62886HBD2</cusip>
        <identifiers>
          <isin value="US62886HBD26"/>
        </identifiers>
        <balance>3916000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3800478.00000000</valUSD>
        <pctVal>0.200397826692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>NCL CORPORATION LTD</name>
              <title>NCL CORPORATION LTD</title>
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              <identifiers>
                <cusip value="62886HBD2"/>
                <isin value="US62886HBD26"/>
                <ticker value="NCLH"/>
                <other otherDesc="FIGI" value="BBG013JZ3RQ3"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="29.68500000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 5416 SC</title>
        <cusip>3137HD6J4</cusip>
        <identifiers>
          <isin value="US3137HD6J47"/>
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        <balance>39035449.18450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3858119.37000000</valUSD>
        <pctVal>0.203437235228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.66031000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 05555MAA7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="05555MARD"/>
        </identifiers>
        <balance>-4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4000000.00000000</valUSD>
        <pctVal>-0.21091854939</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="BAML" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.85400000</repurchaseRt>
          <maturityDt>2025-05-06</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>5011655.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 58004JAA0</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="58004JARC"/>
        </identifiers>
        <balance>-2153000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-2153000.00000000</valUSD>
        <pctVal>-0.11352690921</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="MONTGOMERY/BANK OF AMERICA" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>4.84507000</repurchaseRt>
          <maturityDt>2025-06-13</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2986977.30000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ABS</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST</name>
        <lei>N/A</lei>
        <title>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM1 NRZT 2024-NQM1 B2</title>
        <cusip>64828DAF4</cusip>
        <identifiers>
          <isin value="US64828DAF42"/>
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        <balance>190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>187007.86000000</valUSD>
        <pctVal>0.009860856639</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.05681440</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEXCOM, INC.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
        <title>DEXCOM INC 0.375000% 05/15/2028</title>
        <cusip>252131AM9</cusip>
        <identifiers>
          <isin value="US252131AM94"/>
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        <balance>5062000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4510242.00000000</valUSD>
        <pctVal>0.237823425015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>DEXCOM INC</name>
              <title>DEXCOM INC</title>
              <curCd>USD</curCd>
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                <cusip value="252131AM9"/>
                <isin value="US2521311074"/>
                <ticker value="DXCM"/>
                <other otherDesc="FIGI" value="BBG000QTF8K1"/>
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          <currencyInfos>
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          <delta>XXXX</delta>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2021-4 IV</title>
        <cusip>3136BDE61</cusip>
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          <isin value="US3136BDE610"/>
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        <curCd>USD</curCd>
        <valUSD>2738194.16000000</valUSD>
        <pctVal>0.144383985047</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE BANK N.A.</name>
        <lei>984500653R409CC5AB28</lei>
        <title>Credit Default Swap</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="CDSCLIF04"/>
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        <balance>990000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>127519.23000000</valUSD>
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        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>JP MORGAN CHASE BANK N.A.</counterpartyName>
              <counterpartyLei>984500653R409CC5AB28</counterpartyLei>
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            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-62671.56000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>990000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>190190.79000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JETBLUE AIRWAYS CORPORATION</name>
        <lei>54930070J9H97ZO93T57</lei>
        <title>JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP 144A 9.875000% 09/20/2031</title>
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        <name>CLICKLEASE EQUIPMENT RECEIVABLES LLC</name>
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        <name>1375209 B.C. LTD.</name>
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        <name>GS MORTGAGE SECURITIES CORPORATION TRUST</name>
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        <name>Freddie Mac</name>
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        <name>CARVANA AUTO RECEIVABLES TRUST</name>
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        <name>ILFC E-CAPITAL TRUST I</name>
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        <title>ILFC E-CAPITAL TRUST I 144A VARIABLE RATE 12/21/2065</title>
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        <name>MERLIN ENTERTAINMENTS GROUP U.S. HOLDINGS INC.</name>
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        <name>BAMLL COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>BUCKEYE PARTNERS, L.P.</name>
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        <name>STARWOOD PROPERTY TRUST, INC.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <name>SPX FLOW, INC.</name>
        <lei>5493003YXEKRBINIEM78</lei>
        <title>SPX FLOW INC 144A 8.750000% 04/01/2030</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GENESIS ENERGY, L.P.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>SABLE INTERNATIONAL FINANCE LIMITED</name>
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          <isin value="US785712AK68"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSMC COMMERCIAL MORTGAGE TRUST</name>
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          <isin value="US12659VAA89"/>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>STATE STREET</name>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>STATE STREET</counterpartyName>
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      <invstOrSec>
        <name>SNAP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>SNAP INC</title>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
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        <cusip>01309QAA6</cusip>
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          <isin value="US01309QAA67"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>EXETER AUTOMOBILE RECEIVABLES TRUST</name>
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        <title>EXETER AUTOMOBILE RECEIVABLES TRUST 2023-4 EART 2023-4A E</title>
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          <isin value="US30166TAG85"/>
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      <invstOrSec>
        <name>CARVAL CLO LTD</name>
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        <title>CARVAL CLO III LTD CARVL 2019-2A ER2</title>
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        <name>Merrill Lynch</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>Barra Beta Factor Short TRS</title>
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        <name>UBS Group AG</name>
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        <name>Government National Mortgage Association</name>
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        <name>OZLM FUNDING LTD</name>
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        <title>OZLM XIV LTD OZLM 2015-14A DR3</title>
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        <name>ISLAND FINANCE TRUST</name>
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        <title>ISLAND FINANCE TRUST 2025-1 ISLN 2025-1A C</title>
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        <name>Government National Mortgage Association</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-5 SC</title>
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        <name>GGAM Finance Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMMERCIAL MORTGAGE RELATED SECURITIES</name>
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        <name>ACRISURE, LLC</name>
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        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAKTREE CLO LTD</name>
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        <name>Government National Mortgage Association</name>
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        <name>SNAP INC.</name>
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        <name>VISTA POINT SECURITIZATION TRUST</name>
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        <name>JP MORGAN CHASE BANK N.A.</name>
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        <name>Government National Mortgage Association</name>
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        <name>HILTON GRAND VACATIONS BORROWER LLC</name>
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        <name>OCTAGON INVESTMENT PARTNERS, LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ONDECK ASSET SECURITIZATION TRUST LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>J.P. MORGAN MORTGAGE TRUST</name>
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          <isin value="US46658DAF69"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARK AVENUE TRUST</name>
        <lei>N/A</lei>
        <title>245 PARK AVENUE TRUST 2017-245P PRKAV 2017-245P E</title>
        <cusip>90187LAN9</cusip>
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          <isin value="US90187LAN91"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-05</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US38383LWM89"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-20</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WEST COMMERCIAL MORTGAGE TRUST</name>
        <lei>N/A</lei>
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          <isin value="US951913AJ17"/>
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      <invstOrSec>
        <name>NEW ENTERPRISE STONE &amp; LIME CO., INC.</name>
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        <title>NEW ENTERPRISE STONE &amp; LIME CO INC 144A 9.750000% 07/15/2028</title>
        <cusip>644274AG7</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>NLT TRUST</name>
        <lei>N/A</lei>
        <title>NLT 2023-1 TRUST NLT 2023-1 B3</title>
        <cusip>62917MAG8</cusip>
        <identifiers>
          <isin value="US62917MAG87"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217477.08000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>PRPM LLC</name>
        <lei>N/A</lei>
        <title>PRPM 2024-NQM4 TRUST PRPM 2024-NQM4 B1</title>
        <cusip>69381UAF4</cusip>
        <identifiers>
          <isin value="US69381UAF49"/>
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        <balance>1440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1455899.04000000</valUSD>
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        <assetCat>ABS-MBS</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>IMPERIAL FUND MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>IMPERIAL FUND MORTGAGE TRUST 2020-NQM1 IMPRL 2020-NQM1 B2</title>
        <cusip>452760AF8</cusip>
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          <isin value="US452760AF89"/>
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        <balance>742000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>706135.50000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>MKT MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>MKT 2020-525M MORTGAGE TRUST MKT 2020-525M B</title>
        <cusip>55316PAE7</cusip>
        <identifiers>
          <isin value="US55316PAE79"/>
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        <balance>2490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2082468.17000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-12</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2020-76 MI</title>
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        <curCd>USD</curCd>
        <valUSD>2818629.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>GOLDENTREE LOAN MANAGEMENT US CLO LTD</name>
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        <title>GOLDENTREE LOAN MANAGEMENT US CLO 5 LTD GLM 2019-5A E</title>
        <cusip>38138EAA2</cusip>
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          <isin value="US38138EAA29"/>
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        <curCd>USD</curCd>
        <valUSD>511384.12000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>REGAL REXNORD CORP 6.300000% 02/15/2030</title>
        <cusip>758750AN3</cusip>
        <identifiers>
          <isin value="US758750AN32"/>
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        <curCd>USD</curCd>
        <valUSD>2023890.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>ALBERTSONS COS INC / SAFEWAY INC / NEW ALBERTSONS 5.875000% 02/15/2028</title>
        <cusip>013092AB7</cusip>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <title>NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-NQM1 NRZT 2024-NQM1 B1</title>
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        <assetCat>ABS-MBS</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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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAREPTA THERAPEUTICS, INC.</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>SAREPTA THERAPEUTICS INC COMMON STOCK</title>
        <cusip>803607100</cusip>
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          <isin value="US8036071004"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-534492.50000000</valUSD>
        <pctVal>-0.02818359569</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>Federal National Mortgage Association</name>
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        <name>DRAFTKINGS HOLDINGS INC.</name>
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        <name>Federal National Mortgage Association</name>
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        <name>SIX FLAGS THEME PARKS INC.</name>
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        <name>ANCHORAGE CAPITAL CLO LTD</name>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST</name>
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            <dbtSecRefInstrument>
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              <title>Redwood Trust Inc</title>
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        <name>Mohegan Gaming &amp; Entertainment</name>
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        <name>JP MORGAN CHASE BANK N.A.</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>ANCHORAGE CAPITAL CLO LTD</name>
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        <name>UBS Group AG</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OCTAGON INVESTMENT PARTNERS, LTD.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GREYWOLF CLO LTD.</name>
        <lei>N/A</lei>
        <title>GREYWOLF CLO IV LTD GWOLF 2019-1A DR</title>
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          <isin value="US39810JAG13"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
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          <isin value="US38383XP402"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>QUIKRETE HOLDINGS, INC.</name>
        <lei>5493007KIN86DIZWZT22</lei>
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          <isin value="US74843PAA84"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ONDECK ASSET SECURITIZATION TRUST LLC</name>
        <lei>N/A</lei>
        <title>ONDECK ASSET SECURITIZATION TRUST IV LLC ONDK 2024-2A D</title>
        <cusip>67108SAG3</cusip>
        <identifiers>
          <isin value="US67108SAG30"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TMS INTERNATIONAL CORP.</name>
        <lei>N/A</lei>
        <title>TMS INTERNATIONAL CORP/DE 144A 6.250000% 04/15/2029</title>
        <cusip>87261QAC7</cusip>
        <identifiers>
          <isin value="US87261QAC78"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CSMC TRUST</name>
        <lei>N/A</lei>
        <title>CSMC 2021-GATE CSMC 2021-GATE D</title>
        <cusip>12662UAG2</cusip>
        <identifiers>
          <isin value="US12662UAG22"/>
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        <balance>480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441773.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DRAFTKINGS INC.</name>
        <lei>2549006G33IUL6IVOD83</lei>
        <title>DRAFTKINGS INC-CL A COMMON STOCK</title>
        <cusip>26142V105</cusip>
        <identifiers>
          <isin value="US26142V1052"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>GOLDMAN SACHS COLLATERAL BALANCE FS FUNDS</title>
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        <identifiers>
          <other otherDesc="All Others" value="FSCOLLGS"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MISSION LANE CREDIT CARD MASTER TRUST</name>
        <lei>N/A</lei>
        <title>MISSION LANE CREDIT CARD MASTER TRUST MLANE 2024-A C</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE GEO GROUP, INC.</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO GROUP INC/THE 10.250000% 04/15/2031</title>
        <cusip>36162JAH9</cusip>
        <identifiers>
          <isin value="US36162JAH95"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STARWOOD PROPERTY TRUST, INC.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROPERTY TRUST INC 144A 6.000000% 04/15/2030</title>
        <cusip>85571BBC8</cusip>
        <identifiers>
          <isin value="US85571BBC81"/>
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        <balance>2297000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLAGSTAR FINANCIAL, INC.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>FLAGSTAR BANCORP INC 4.125000% 11/01/2030</title>
        <cusip>337930AD3</cusip>
        <identifiers>
          <isin value="US337930AD30"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FORTRESS CREDIT BSL LIMITED</name>
        <lei>N/A</lei>
        <title>FORTRESS CREDIT BSL VII LTD FCBSL 2019-1A ER</title>
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        <identifiers>
          <isin value="US34962NAE40"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Nomura</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>NOMURA COLLATERAL BALANCE FS FUNDS</title>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-H11 EI</title>
        <cusip>38383KB50</cusip>
        <identifiers>
          <isin value="US38383KB508"/>
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        <curCd>USD</curCd>
        <valUSD>58274.68000000</valUSD>
        <pctVal>0.003072802743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.82652040</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <name>REXFORD INDUSTRIAL REALTY, L.P.</name>
        <lei>549300028US163ELJN70</lei>
        <title>REXFORD INDUSTRIAL REALTY LP 144A 4.125000% 03/15/2029</title>
        <cusip>76169XAE4</cusip>
        <identifiers>
          <isin value="US76169XAE40"/>
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        <balance>4377000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4324476.00000000</valUSD>
        <pctVal>0.228028051203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
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        <name>Freddie Mac</name>
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        <name>JP MORGAN CHASE BANK N.A.</name>
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        <name>LADDER CAPITAL FINANCE HOLDINGS LLLP</name>
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        <name>ALLY BANK AUTO CREDIT-LINKED NOTES</name>
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        <name>JP MORGAN CHASE BANK N.A.</name>
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              <title>FIRSTENERGY CORP</title>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <cusip>64831XAH1</cusip>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AADVANTAGE LOYALTY IP LTD.</name>
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        <cusip>00253XAA9</cusip>
        <identifiers>
          <isin value="US00253XAA90"/>
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        <balance>386666.67000000</balance>
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        <valUSD>385609.27000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST</name>
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        <cusip>62548NAB4</cusip>
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          <isin value="US62548NAB47"/>
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        <balance>1430000.00000000</balance>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ENOVA INTERNATIONAL, INC.</name>
        <lei>549300O8XOCQSB49UO63</lei>
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          <isin value="US29357KAK97"/>
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        <curCd>USD</curCd>
        <valUSD>987290.85000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 5112 KI</title>
        <cusip>3137H0RH3</cusip>
        <identifiers>
          <isin value="US3137H0RH33"/>
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        <balance>18972971.39400000</balance>
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        <curCd>USD</curCd>
        <valUSD>3521497.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CORECIVIC, INC.</name>
        <lei>529900JFA3K6PTLT8B15</lei>
        <title>CORECIVIC INC 4.750000% 10/15/2027</title>
        <cusip>21871NAA9</cusip>
        <identifiers>
          <isin value="US21871NAA90"/>
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        <balance>2266000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-91 SH</title>
        <cusip>38380XYA9</cusip>
        <identifiers>
          <isin value="US38380XYA98"/>
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        <balance>9820731.15270000</balance>
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        <curCd>USD</curCd>
        <valUSD>1188482.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-20</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>HEWLETT PACKARD ENTERPRISE COMMON STOCK</title>
        <cusip>42824C109</cusip>
        <identifiers>
          <isin value="US42824C1099"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1060658.20000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>KKR FINANCIAL CLO, LTD.</name>
        <lei>N/A</lei>
        <title>KKR CLO 23 LTD KKR 23 E</title>
        <cusip>48252XAA9</cusip>
        <identifiers>
          <isin value="US48252XAA90"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>989491.00000000</valUSD>
        <pctVal>0.052175501589</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.55477880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PACTIV LLC</name>
        <lei>549300O4WTC6DL4JIE57</lei>
        <title>PACTIV LLC 7.950000% 12/15/2025</title>
        <cusip>880394AB7</cusip>
        <identifiers>
          <isin value="US880394AB71"/>
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        <balance>777000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>788655.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OHA CREDIT PARTNERS LTD</name>
        <lei>N/A</lei>
        <title>OHA CREDIT PARTNERS VII LTD OAKC 2012-7A ER4</title>
        <cusip>67102UAK5</cusip>
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          <isin value="US67102UAK51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1964576.00000000</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>
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        <name>ORGANON &amp; CO.</name>
        <lei>549300AMCKY57OK2CO56</lei>
        <title>ORGANON &amp; CO / ORGANON FOREIGN DEBT CO-ISSUER BV 1 5.125000% 04/30/2031</title>
        <cusip>68622TAB7</cusip>
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          <isin value="US68622TAB70"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-216 IC</title>
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        <identifiers>
          <isin value="US38383D4F26"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 4986 IO</title>
        <cusip>3137FTWQ6</cusip>
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          <isin value="US3137FTWQ61"/>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>BLCKRCK CASH-TRSRY-INST MONEY MARKET</title>
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        <assetCat>STIV</assetCat>
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        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2023-6 VERUS 2023-6 B2</title>
        <cusip>92539XAF1</cusip>
        <identifiers>
          <isin value="US92539XAF15"/>
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        <balance>2348000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2330998.37000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <name>CFMT ISSUER TRUST</name>
        <lei>N/A</lei>
        <title>CASCADE FUNDING MORTGAGE TRUST 2021-FRR1 CFMT 2021-FRR1 CK98</title>
        <cusip>12529YCA8</cusip>
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          <isin value="US12529YCA82"/>
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        <curCd>USD</curCd>
        <valUSD>179023.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>RLJ LODGING TRUST, L.P.</name>
        <lei>549300RX5I8Z6I6LDZ74</lei>
        <title>RLJ LODGING TRUST LP 144A 3.750000% 07/01/2026</title>
        <cusip>74965LAA9</cusip>
        <identifiers>
          <isin value="US74965LAA98"/>
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        <balance>793000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775307.06000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICROSTRATEGY INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>MICROSTRATEGY INC</title>
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        <name>STATE STREET</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BENCHMARK MORTGAGE TRUST</name>
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        <securityLending>
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      <invstOrSec>
        <name>Freddie Mac</name>
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        <title>FREDDIE MAC STRIPS FHS 357 IO</title>
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          <isin value="US31325WXD90"/>
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        <issuerCat>USGA</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-65 SU</title>
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          <isin value="US38384NLG87"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>WESTERN ALLIANCE BANCORPORATION</name>
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        <title>Western Alliance Bancorp PREFERRED STOCK</title>
        <cusip>957638406</cusip>
        <identifiers>
          <isin value="US9576384062"/>
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        <balance>5725.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICROSTRATEGY INCORPORATED</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>MICROSTRATEGY INC-CL A COMMON STOCK</title>
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          <isin value="US5949724083"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HEARTLAND DENTAL, LLC</name>
        <lei>5493008FRC0GRKBN1075</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ORACLE CORPORATION</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP 4.500000% 05/06/2028</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-153 SG</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2025-4 SB</title>
        <cusip>3136BUU73</cusip>
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          <isin value="US3136BUU735"/>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CENTURY COMMUNITIES, INC.</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 144A 3.875000% 08/15/2029</title>
        <cusip>156504AM4</cusip>
        <identifiers>
          <isin value="US156504AM47"/>
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        <balance>1276000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149797.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ACHM TRUST</name>
        <lei>N/A</lei>
        <title>ACHM TRUST 2024-HE2 ACHM 2024-HE2 A</title>
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        <identifiers>
          <isin value="US00112DAA46"/>
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        <balance>9190696.48000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9121289.26000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAVO RESIDENTIAL FUNDING TRUST</name>
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        <title>BRAVO RESIDENTIAL FUNDING TRUST 2023-NQM7 BRAVO 2023-NQM7 B2</title>
        <cusip>10569HAF1</cusip>
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          <isin value="US10569HAF10"/>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NUSTAR LOGISTICS, L.P.</name>
        <lei>N62BF2PKP51FIIOIUN20</lei>
        <title>NUSTAR LOGISTICS LP 5.625000% 04/28/2027</title>
        <cusip>67059TAE5</cusip>
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          <isin value="US67059TAE55"/>
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        <curCd>USD</curCd>
        <valUSD>1169069.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>THE NEW HOME COMPANY INC.</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC/THE 144A 9.250000% 10/01/2029</title>
        <cusip>645370AF4</cusip>
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          <isin value="US645370AF49"/>
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        <curCd>USD</curCd>
        <valUSD>1423732.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDUSTRIAL REALTY, INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
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        <name>Government National Mortgage Association</name>
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        <name>CARLYLE GLOBAL MARKET STRATEGIES CLO LTD</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>H-FOOD HOLDINGS, LLC</name>
        <lei>549300JY2LK0EQ95YT44</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AKAMAI TECHNOLOGIES, INC.</name>
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        <curCd>USD</curCd>
        <valUSD>3486500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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              <title>AKAMAI TECHNOLOGIES INC</title>
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                <isin value="US00971TAN19"/>
                <ticker value="AKAM"/>
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      <invstOrSec>
        <name>ICG US CLO</name>
        <lei>N/A</lei>
        <title>ICG US CLO 2023-1 I LTD ICG 2023-1A E</title>
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        <identifiers>
          <isin value="US448989AA12"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>745732.04000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2025-1 VERUS 2025-1 B2</title>
        <cusip>92540TAF7</cusip>
        <identifiers>
          <isin value="US92540TAF75"/>
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        <balance>570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>559852.80000000</valUSD>
        <pctVal>0.029520835112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.34881320</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT AVENUE SECURITIES</name>
        <lei>N/A</lei>
        <title>MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 20 MCAS 2019-01 B10</title>
        <cusip>62547NAC3</cusip>
        <identifiers>
          <isin value="US62547NAC39"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1496270.85000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.95416920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TICP CLO LTD</name>
        <lei>N/A</lei>
        <title>TICP CLO VII LTD TICP 2017-7A ER</title>
        <cusip>87248UAD4</cusip>
        <identifiers>
          <isin value="US87248UAD46"/>
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        <balance>1830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1797810.30000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.61358920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JD.COM, INC.</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC 144A 0.250000% 06/01/2029</title>
        <cusip>47215PAH9</cusip>
        <identifiers>
          <isin value="US47215PAH91"/>
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        <balance>5899000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6801752.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>JD.COM INC</name>
              <title>JD.COM INC</title>
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                <isin value="US47215PAH91"/>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST</name>
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        <title>JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C3 JPMBB 2015-C33 D2</title>
        <cusip>46645JBJ0</cusip>
        <identifiers>
          <isin value="US46645JBJ07"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99909.80000000</valUSD>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CARVAL CLO LTD</name>
        <lei>N/A</lei>
        <title>CARVAL CLO II LTD CARVL 2019-1A ER2</title>
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          <isin value="US14686CAJ45"/>
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        <curCd>USD</curCd>
        <valUSD>981552.00000000</valUSD>
        <pctVal>0.051756880999</pctVal>
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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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AVIENT CORPORATION</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>AVIENT CORP 144A 6.250000% 11/01/2031</title>
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          <isin value="US05368VAB27"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AFFIRM ASSET SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>AFFIRM ASSET SECURITIZATION TRUST 2023-X1 AFFRM 2023-X1 D</title>
        <cusip>00834KAD9</cusip>
        <identifiers>
          <isin value="US00834KAD90"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111708.58000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-170 SC</title>
        <cusip>38384DR82</cusip>
        <identifiers>
          <isin value="US38384DR820"/>
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        <curCd>USD</curCd>
        <valUSD>1336558.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-20</maturityDt>
          <couponKind>Floating</couponKind>
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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>GCAT TRUST</name>
        <lei>N/A</lei>
        <title>GCAT 2024-NQM2 TRUST GCAT 2024-NQM2 B1</title>
        <cusip>36831CAE2</cusip>
        <identifiers>
          <isin value="US36831CAE21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LUMMUS TECHNOLOGY HOLDINGS V LLC</name>
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        <name>OZLM FUNDING LTD</name>
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      <invstOrSec>
        <name>CHASE HOME LENDING MORTGAGE TRUST</name>
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          <isin value="US16159QAX51"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <name>CVS HEALTH CORPORATION</name>
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        <name>HAYFIN EMERALD CLO DAC</name>
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        <title>HAYFIN EMERALD CLO V DAC HAYEM 5A ER</title>
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          <isin value="XS2904563983"/>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARES CAPITAL CORPORATION.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>WELLS FARGO COMMERCIAL MORTGAGE TRUST</name>
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        <name>MCR MORTGAGE TRUST</name>
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          <isin value="US55286PAL76"/>
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        <name>COMMERCIAL MORTGAGE RELATED SECURITIES</name>
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        <name>MF1 LTD</name>
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        <name>CSMC TRUST</name>
        <lei>N/A</lei>
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          <isin value="US12595KAA97"/>
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        <name>LEVEL 3 FINANCING, INC.</name>
        <lei>254900AE5FEFIJOXWL19</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>A&amp;D MORTGAGE TRUST</name>
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        <title>ADMT 2024-NQM6 ADMT 2024-NQM6 B1B</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <cusip>912797NV5</cusip>
        <identifiers>
          <isin value="US912797NV50"/>
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        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29719953.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2024-97 MS</title>
        <cusip>3136BUNH9</cusip>
        <identifiers>
          <isin value="US3136BUNH99"/>
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        <balance>32478867.34000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1802924.66000000</valUSD>
        <pctVal>0.095067563489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.56030840</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Macquarie</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>MACQUARIE COLLATERAL BALANCE FS FUNDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="FSCOLLMAC"/>
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        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUPER MICRO COMPUTER, INC.</name>
        <lei>54930022CZO1N2UGVW07</lei>
        <title>SUPER MICRO COMPUTER INC 3.500000% 03/01/2029</title>
        <cusip>86800UAB0</cusip>
        <identifiers>
          <isin value="US86800UAB08"/>
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        <balance>2775000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2677875.00000000</valUSD>
        <pctVal>0.141203377615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>SUPER MICRO COMPUTER INC</name>
              <title>SUPER MICRO COMPUTER INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="86800UAB0"/>
                <isin value="US86800UAB08"/>
                <ticker value="SMCI"/>
                <other otherDesc="FIGI" value="BBG01LNV6CT4"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="11.98420000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2024-9 VERUS 2024-9 B2</title>
        <cusip>92540RAH7</cusip>
        <identifiers>
          <isin value="US92540RAH75"/>
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        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>145497.53000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2069-11-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.37197560</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FLAGSTAR FINANCIAL, INC.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>FLAGSTAR FINANCIAL INC VARIABLE RATE 11/06/2028</title>
        <cusip>649445AC7</cusip>
        <identifiers>
          <isin value="US649445AC78"/>
        </identifiers>
        <balance>959000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>935113.37000000</valUSD>
        <pctVal>0.049308188880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.34348880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PACTIV LLC</name>
        <lei>549300O4WTC6DL4JIE57</lei>
        <title>PACTIV LLC 8.375000% 04/15/2027</title>
        <cusip>880394AE1</cusip>
        <identifiers>
          <isin value="US880394AE11"/>
        </identifiers>
        <balance>1029000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1092602.49000000</valUSD>
        <pctVal>0.057612533064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMPOWER CLO LTD</name>
        <lei>N/A</lei>
        <title>EMPOWER CLO 2023-2 LTD EMPWR 2023-2A E</title>
        <cusip>29247JAA8</cusip>
        <identifiers>
          <isin value="US29247JAA88"/>
        </identifiers>
        <balance>1530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1552428.27000000</valUSD>
        <pctVal>0.081858979687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.55197960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2024-7 VERUS 2024-7 B1</title>
        <cusip>924925AG5</cusip>
        <identifiers>
          <isin value="US924925AG54"/>
        </identifiers>
        <balance>1950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1925970.35000000</valUSD>
        <pctVal>0.101555718100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.49599840</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXACT SCIENCES CORPORATION</name>
        <lei>549300VM3X1FYD4N9Z14</lei>
        <title>EXACT SCIENCES CORP COMMON STOCK</title>
        <cusip>30063P105</cusip>
        <identifiers>
          <isin value="US30063P1057"/>
        </identifiers>
        <balance>-6143.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-265930.47000000</valUSD>
        <pctVal>-0.01402241724</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WAYFAIR INC.</name>
        <lei>N/A</lei>
        <title>WAYFAIR INC 3.500000% 11/15/2028</title>
        <cusip>94419LAR2</cusip>
        <identifiers>
          <isin value="US94419LAR24"/>
        </identifiers>
        <balance>5727000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6129652.37000000</valUSD>
        <pctVal>0.323214346544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>WAYFAIR INC</name>
              <title>WAYFAIR INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="94419LAR2"/>
                <isin value="US94419LAR24"/>
                <ticker value="W"/>
                <other otherDesc="FIGI" value="BBG01GKTVK17"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="21.83410000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>US 10YR FUT OPTN  May25P 109.5</name>
        <lei>N/A</lei>
        <title>US 10YR FUT OPTN  May25P 109.5 LONG</title>
        <cusip>01RJRLP64</cusip>
        <identifiers>
          <ticker value="TY1095Q25"/>
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        <balance>2642.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>412812.50000000</valUSD>
        <pctVal>0.021767453418</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>US 10YR FUT OPTN  May25P 109.5</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <other otherDesc="Other" value="N/A"/>
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            <delta>XXXX</delta>
            <unrealizedAppr>-1891043.20000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROGRESS RESIDENTIAL MASTER TRUST</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2024-SFR2 TRUST PROG 2024-SFR2 F</title>
        <cusip>74290XAN1</cusip>
        <identifiers>
          <isin value="US74290XAN12"/>
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        <balance>690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>574183.71000000</valUSD>
        <pctVal>0.030276498799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.65000040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOMBARDIER INC.</name>
        <lei>W7L3VLU8EHQY34Z36697</lei>
        <title>BOMBARDIER INC 144A 7.875000% 04/15/2027</title>
        <cusip>097751BT7</cusip>
        <identifiers>
          <isin value="US097751BT78"/>
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        <balance>12237000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12283365.99000000</valUSD>
        <pctVal>0.647697434075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOHL'S CORPORATION</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>KOHL'S CORP 5.550000% 07/17/2045</title>
        <cusip>500255AV6</cusip>
        <identifiers>
          <isin value="US500255AV61"/>
        </identifiers>
        <balance>1080000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589464.76000000</valUSD>
        <pctVal>0.031082263024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Macquarie</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>MORGAN STANLEY COLLATERAL BALANCE FS FUNDS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="FSCOLLMS"/>
        </identifiers>
        <balance>1770509.38000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1770509.38000000</valUSD>
        <pctVal>0.093358317530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2024-11 IK</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>ARES CAPITAL CORPORATION.</name>
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          <couponKind>Fixed</couponKind>
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        <name>Government National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>LD HOLDINGS GROUP LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>COMM MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2024-WCL1 MORTGAGE TRUST COMM 2024-WCL1 D</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2019-143 SC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
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        <title>VERUS SECURITIZATION TRUST 2023-INV3 VERUS 2023-INV3 B1</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>REGIONAL MANAGEMENT ISSUANCE TRUST</name>
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        <title>REGIONAL MANAGEMENT ISSUANCE TRUST 2024-1 RMIT 2024-1 D</title>
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        <name>ALTA EQUIPMENT GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EMPOWER CLO LTD</name>
        <lei>N/A</lei>
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        <name>FORTRESS CREDIT BSL LIMITED</name>
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        <name>JP MORGAN CHASE BANK N.A.</name>
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                <indexName>iBoxx USD Liquid High Yield Total Return Index</indexName>
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        <name>SEQUOIA MORTGAGE TRUST</name>
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        <title>SEQUOIA MORTGAGE TRUST 2024-9 SEMT 2024-9 B4</title>
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      <invstOrSec>
        <name>PRKCM TRUST</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>CROSS MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>CROSS 2023-H1 MORTGAGE TRUST CROSS 2023-H1 B1</title>
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        <name>DEXCOM, INC.</name>
        <lei>549300YSK3QDSFR5EU59</lei>
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        <name>CORE MORTGAGE TRUST</name>
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        <name>CARVANA CO.</name>
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        <name>Freddie Mac</name>
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        <title>FREDDIE MAC REMICS FHR 5252 SP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CORNERSTONE BUILDING BRANDS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ALBERTSONS COMPANIES, INC.</name>
        <lei>549300YKWOC0AOR16R51</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>REACH ABS TRUST</name>
        <lei>N/A</lei>
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        <name>FORD MOTOR COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>VISTA POINT SECURITIZATION TRUST</name>
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        <name>PROGRESS RESIDENTIAL MASTER TRUST</name>
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        <title>PROGRESS RESIDENTIAL 2024-SFR3 TRUST PROG 2024-SFR3 E2</title>
        <cusip>74331VAL0</cusip>
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          <isin value="US74331VAL09"/>
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        <name>JP MORGAN CHASE BANK N.A.</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
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      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
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        <title>VERUS SECURITIZATION TRUST 2023-8 VERUS 2023-8 B1</title>
        <cusip>92540DAE5</cusip>
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          <isin value="US92540DAE58"/>
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        <name>GRAHAM PACKAGING COMPANY INC.</name>
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        <title>GRAHAM PACKAGING CO INC 144A 7.125000% 08/15/2028</title>
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      <invstOrSec>
        <name>RAD CLO LTD.</name>
        <lei>N/A</lei>
        <title>RAD CLO 7 LTD RAD 2020-7A FR</title>
        <cusip>74936PAC2</cusip>
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          <isin value="US74936PAC23"/>
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        <name>MORGAN STANLEY CAPITAL I TRUST</name>
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        <name>Brookfield Property Preferred L.P.</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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        <title>VERUS SECURITIZATION TRUST 2024-6 VERUS 2024-6 B2</title>
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        <name>Macquarie</name>
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        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2023-3 VERUS 2023-3 B2</title>
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        <name>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST</name>
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        <name>FREEDOM MORTGAGE HOLDINGS LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>PLANET FINANCIAL GROUP, LLC</name>
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        <name>TENET HEALTHCARE CORPORATION</name>
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        <name>SAKS GLOBAL ENTERPRISES LLC</name>
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        <name>HERTZ VEHICLE FINANCING III LLC</name>
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        <name>Government National Mortgage Association</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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      <invstOrSec>
        <name>Freddie Mac</name>
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      <invstOrSec>
        <name>DEERPATH CAPITAL CLO LTD</name>
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      <invstOrSec>
        <name>T-MOBILE USA, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>TEXAS COMMERCIAL MORTGAGE TRUST</name>
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      <invstOrSec>
        <name>COMM MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>COMM 2024-CBM MORTGAGE TRUST COMM 2024-CBM E</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MARLETTE FUNDING TRUST</name>
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        <title>MARLETTE FUNDING TRUST 2023-3 MFT 2023-3A D</title>
        <cusip>57109RAD2</cusip>
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          <isin value="US57109RAD26"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HOMES TRUST</name>
        <lei>N/A</lei>
        <title>HOMES 2024-NQM2 TRUST HOMES 2024-NQM2 B1</title>
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          <isin value="US43761CAH51"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: JP MORGAN CHASE BANK NA COL: 52609YAB7</title>
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        <identifiers>
          <other otherDesc="All Others" value="52609YABR"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
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      <invstOrSec>
        <name>REDWOOD TRUST, INC.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC 7.750000% 06/15/2027</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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              <title>Redwood Trust Inc</title>
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                <ticker value="RWT"/>
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        <name>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-5 NI</title>
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        <curCd>USD</curCd>
        <valUSD>3577590.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>STARWOOD PROPERTY TRUST, INC.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PROPERTY TRUST INC 144A 3.625000% 07/15/2026</title>
        <cusip>85571BAU9</cusip>
        <identifiers>
          <isin value="US85571BAU98"/>
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        <balance>1311000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PRKCM TRUST</name>
        <lei>N/A</lei>
        <title>PRKCM 2024-HOME1 TRUST PRKCM 2024-HOME1 B2</title>
        <cusip>69391XAF6</cusip>
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          <isin value="US69391XAF69"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148162.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.77882600</annualizedRt>
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      <invstOrSec>
        <name>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C9 E</title>
        <cusip>61762DAJ0</cusip>
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          <isin value="US61762DAJ00"/>
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        <balance>1030000.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>LFS TOPCO LLC</name>
        <lei>N/A</lei>
        <title>LFS TOPCO LLC 144A 5.875000% 10/15/2026</title>
        <cusip>50203TAA4</cusip>
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          <isin value="US50203TAA43"/>
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        <balance>2101000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2054438.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HOMES TRUST</name>
        <lei>N/A</lei>
        <title>HOMES 2025-AFC1 TRUST HOMES 2025-AFC1 B1</title>
        <cusip>403969AG3</cusip>
        <identifiers>
          <isin value="US403969AG31"/>
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        <balance>1755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1756219.90000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.06218480</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST MSBAM 2013-C10 C</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>WISDOMTREE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>UPGRADE RECEIVABLES TRUST</name>
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        <name>VERDANT RECEIVABLES LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>R. R. DONNELLEY &amp; SONS COMPANY</name>
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        <cusip>257867BJ9</cusip>
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          <isin value="US257867BJ97"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DRB PRIME STUDENT LOAN TRUST</name>
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        <title>LAUREL ROAD PRIME STUDENT LOAN TRUST 2017-B DRB 2017-B R</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CCO HOLDINGS, LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>CONSTELLIUM SE</name>
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          <isin value="US21039CAB00"/>
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        <issuerCat>NUSS</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2023-11 SA</title>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>GOOD LEAP HOME IMPROVEMENT SOLUTIONS</name>
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        <cusip>24380QAC6</cusip>
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        <name>MARINER FINANCE ISSUANCE TRUST</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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        <name>CHART INDUSTRIES, INC.</name>
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        <title>CHART INDUSTRIES INC COMMON STOCK</title>
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        <name>HEWLETT PACKARD ENTERPRISE COMPANY</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co PREFERRED STOCK</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2022-40 PS</title>
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        <fairValLevel>2</fairValLevel>
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        <name>EMPOWER CLO LTD</name>
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        <name>ACHV ABS TRUST</name>
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        <name>Freddie Mac</name>
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        <name>NEW YORK MORTGAGE TRUST, INC.</name>
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        <name>Government National Mortgage Association</name>
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        <name>COMM MORTGAGE TRUST</name>
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        <name>PRPM LLC</name>
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        <name>Freddie Mac</name>
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        <name>A&amp;D MORTGAGE TRUST</name>
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        <name>MOHEGAN ESCROW ISSUER, LLC</name>
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        <name>UBS SECURITIES</name>
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        <name>DEWOLF PARK CLO, LTD.</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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              <title>JetBlue Airways Corp</title>
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        <name>ONEMAIN FINANCE CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>AKAMAI TECHNOLOGIES, INC.</name>
        <lei>OC1LZNN2LF5WTJ5RIL89</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <clearedCentCparty centralCounterparty="BAML" isCleared="Y"/>
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        <name>TRIP.COM GROUP LIMITED</name>
        <lei>2549004RMYDSRQL4KW41</lei>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>NEW RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <name>SURGERY CENTER HOLDINGS, INC.</name>
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        <name>ACHV ABS TRUST</name>
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        <name>NEPTUNE BIDCO US INC.</name>
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        <name>NOMURA</name>
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      </invstOrSec>
      <invstOrSec>
        <name>VERUS SECURITIZATION TRUST</name>
        <lei>N/A</lei>
        <title>VERUS SECURITIZATION TRUST 2025-2 VERUS 2025-2 B1</title>
        <cusip>92540VAG0</cusip>
        <identifiers>
          <isin value="US92540VAG05"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1998975.60000000</valUSD>
        <pctVal>0.105405258457</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2070-03-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.96600000</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>FULL HOUSE RESORTS, INC.</name>
        <lei>5493009DKIWW0H901Y82</lei>
        <title>FULL HOUSE RESORTS INC 144A 8.250000% 02/15/2028</title>
        <cusip>359678AC3</cusip>
        <identifiers>
          <isin value="US359678AC31"/>
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        <balance>-1072000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1059385.24000000</valUSD>
        <pctVal>-0.05586099951</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CARNIVAL PLC</name>
        <lei>4DR1VPDQMHD3N3QW8W95</lei>
        <title>CARNIVAL CORP 7.875000% 06/01/2027</title>
        <cusip>693070AD6</cusip>
        <identifiers>
          <isin value="US693070AD69"/>
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        <balance>1565000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1644719.54000000</valUSD>
        <pctVal>0.086725464884</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 05613RAA6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="05613RARC"/>
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        <balance>-4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4000000.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="BAML" isCleared="Y"/>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOLINA HEALTHCARE, INC.</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE INC 144A 6.250000% 01/15/2033</title>
        <cusip>60855RAM2</cusip>
        <identifiers>
          <isin value="US60855RAM25"/>
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        <balance>1577000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1552065.42000000</valUSD>
        <pctVal>0.081839846738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2020-57 IB</title>
        <cusip>3136BBCT7</cusip>
        <identifiers>
          <isin value="US3136BBCT75"/>
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        <balance>28686876.12470000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6252855.44000000</valUSD>
        <pctVal>0.329710799745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRK: MERRILL LYNCH, PIERCE, FENNER &amp; SMITH COL: 05613RAA6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="05613RARD"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4000000.00000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <clearedCentCparty centralCounterparty="BAML" isCleared="Y"/>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <collateralVal>5000455.00000000</collateralVal>
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              <invstCat>ABS</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS INC 144A 7.500000% 02/01/2032</title>
        <cusip>66981QAB2</cusip>
        <identifiers>
          <isin value="US66981QAB23"/>
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        <balance>1777000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1692338.05000000</valUSD>
        <pctVal>0.089236371648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2015-C3 JPMBB 2015-C33 D1</title>
        <cusip>46645JBG6</cusip>
        <identifiers>
          <isin value="US46645JBG67"/>
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        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>154622.65000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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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>COINBASE GLOBAL, INC.</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GLOBAL INC -CLASS A COMMON STOCK</title>
        <cusip>19260Q107</cusip>
        <identifiers>
          <isin value="US19260Q1076"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-752128.41000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE-BACKED SECURITIES TRUST</name>
        <lei>N/A</lei>
        <title>GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ6 GSMBS 2021-PJ6 AIOS</title>
        <cusip>36262LBE9</cusip>
        <identifiers>
          <isin value="US36262LBE92"/>
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        <balance>5770815.41230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54598.84000000</valUSD>
        <pctVal>0.002878977032</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>0.15000120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC STRIPS FHS 406 S4</title>
        <cusip>3142G5WY0</cusip>
        <identifiers>
          <isin value="US3142G5WY08"/>
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        <balance>58144098.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3337972.43000000</valUSD>
        <pctVal>0.176010075714</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>1.76031000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANC OF CALIFORNIA, INC.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California Inc PREFERRED STOCK</title>
        <cusip>05990K841</cusip>
        <identifiers>
          <isin value="US05990K8412"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24850.20000000</valUSD>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FORTRESS CREDIT BSL LIMITED</name>
        <lei>N/A</lei>
        <title>FORTRESS CREDIT BSL III LTD FCBSL 2015-1A ER</title>
        <cusip>34960HAE9</cusip>
        <identifiers>
          <isin value="US34960HAE99"/>
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        <units>PA</units>
        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>HUSKY IMS CANADIAN ESCROW CO-ISSUER LTD.</name>
        <lei>N/A</lei>
        <title>HUSKY INJECTION MOLDING SYSTEMS LTD / TITAN CO-BOR 9.000000% 02/15/2029</title>
        <cusip>44805RAA3</cusip>
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          <isin value="US44805RAA32"/>
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        <balance>1949000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>J.P. MORGAN MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>J.P. MORGAN MORTGAGE TRUST 2023-4 JPMMT 2023-4 B4</title>
        <cusip>46656QCC4</cusip>
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          <isin value="US46656QCC42"/>
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        <curCd>USD</curCd>
        <valUSD>227568.24000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2024-24 SB</title>
        <cusip>3136BRRX7</cusip>
        <identifiers>
          <isin value="US3136BRRX74"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3257049.24000000</valUSD>
        <pctVal>0.171743025252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.26031040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>TIAA CLO LTD</name>
        <lei>N/A</lei>
        <title>TIAA CLO I LTD TIA 2016-1A DR</title>
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          <isin value="US87271LAQ59"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CROSS MORTGAGE TRUST</name>
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          <isin value="US22757NAG34"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>BREAD FINANCIAL HOLDINGS, INC.</name>
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          <isin value="US018581AQ17"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>VERUS SECURITIZATION TRUST</name>
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      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage Association</name>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>CITGO PETROLEUM CORPORATION</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>VISTA POINT SECURITIZATION TRUST</name>
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        <name>VERUS SECURITIZATION TRUST</name>
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        <name>GOLDENTREE LOAN MANAGEMENT US CLO LTD</name>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>GO DADDY OPERATING COMPANY, LLC</name>
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        <lei>GI7UBEJLXYLGR2C7GV83</lei>
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        <name>Government National Mortgage Association</name>
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      <invstOrSec>
        <name>JETBLUE AIRWAYS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AB BSL CLO LTD</name>
        <lei>N/A</lei>
        <title>AB BSL CLO 2 LTD ABBSL 2021-2A E</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FUNDAMENTAL INCOME NET-LEASE MORTGAGE NOTES</name>
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        <name>IRIS ESCROW ISSUER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>SELECT MEDICAL CORPORATION</name>
        <lei>549300X05KS0JKR8CB50</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PennyMac Mortgage Investment Trust PREFERRED STOCK</title>
        <cusip>70931T707</cusip>
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          <isin value="US70931T7072"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC REMICS FHR 5255 SA</title>
        <cusip>3137H8VH1</cusip>
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          <isin value="US3137H8VH13"/>
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        <curCd>USD</curCd>
        <valUSD>2697319.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>US TREASURY N/B</name>
        <lei>N/A</lei>
        <title>US TREASURY N/B 4.625000% 06/15/2027</title>
        <cusip>91282CKV2</cusip>
        <identifiers>
          <isin value="US91282CKV27"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5076757.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OAKTREE CLO LTD</name>
        <lei>N/A</lei>
        <title>OAKTREE CLO 2023-2 LTD OAKCL 2023-2A E</title>
        <cusip>67402AAA8</cusip>
        <identifiers>
          <isin value="US67402AAA88"/>
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        <balance>250000.00000000</balance>
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        <valUSD>252979.75000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HUDSON PACIFIC PROPERTIES, L.P.</name>
        <lei>5493007NTUGLGZ8T3526</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HOTWIRE FUNDING LLC</name>
        <lei>N/A</lei>
        <title>HOTWIRE FUNDING LLC HWIRE 2024-1A C</title>
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        <name>RCKT MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>RCKT MORTGAGE TRUST 2021-4 RCKT 2021-4 AX1</title>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>FERTITTA ENTERTAINMENT, LLC</name>
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        <name>CHASE HOME LENDING MORTGAGE TRUST</name>
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        <title>CHASE HOME LENDING MORTGAGE TRUST SERIES 2024-4 CHASE 2024-4 AX1</title>
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          <isin value="US16159NAX21"/>
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        <name>T-MOBILE USA, INC.</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>T-MOBILE USA INC 4.950000% 03/15/2028</title>
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        <name>TRIMAS CORPORATION</name>
        <lei>75G1WUQ8QK4P5MZOYD78</lei>
        <title>TRIMAS CORP 144A 4.125000% 04/15/2029</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FANNIE MAE REMICS FNR 2023-11 HS</title>
        <cusip>3136BPW72</cusip>
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          <isin value="US3136BPW723"/>
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        <curCd>USD</curCd>
        <valUSD>5682353.04000000</valUSD>
        <pctVal>0.299628415087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.83530880</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>APIDOS CLO</name>
        <lei>N/A</lei>
        <title>APIDOS CLO XXII APID 2015-22A DR</title>
        <cusip>03766AAE5</cusip>
        <identifiers>
          <isin value="US03766AAE55"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999095.00000000</valUSD>
        <pctVal>0.052681917027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.30478120</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>DUKE ENERGY CORPORATION</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP 4.125000% 04/15/2026</title>
        <cusip>26441CBY0</cusip>
        <identifiers>
          <isin value="US26441CBY03"/>
        </identifiers>
        <balance>6390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6925482.00000000</valUSD>
        <pctVal>0.365178154325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>DUKE ENERGY CORP</name>
              <title>DUKE ENERGY CORP</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="26441CBY0"/>
                <isin value="US26441CBY03"/>
                <ticker value="DUK"/>
                <other otherDesc="FIGI" value="BBG01G4DPF45"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="8.4265" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARKO CORP.</name>
        <lei>N/A</lei>
        <title>ARKO CORP 144A 5.125000% 11/15/2029</title>
        <cusip>041242AA6</cusip>
        <identifiers>
          <isin value="US041242AA67"/>
        </identifiers>
        <balance>1724000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1397102.02000000</valUSD>
        <pctVal>0.073668682853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>TXNM Energy, Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM ENERGY INC COMMON STOCK</title>
        <cusip>69349H107</cusip>
        <identifiers>
          <isin value="US69349H1077"/>
        </identifiers>
        <balance>-72306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3866924.88000000</valUSD>
        <pctVal>-0.20390154657</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN, SACHS &amp; CO.</name>
        <lei>N/A</lei>
        <title>SPX-SOFR BINARY CALL OPTION 12/19/25 LONG</title>
        <cusip>SPXC60067</cusip>
        <identifiers>
          <other otherDesc="Options" value="SPXC60067"/>
        </identifiers>
        <balance>200000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>380000.00000000</valUSD>
        <pctVal>0.020037262192</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN, SACHS &amp; CO.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>200000000.00000000</shareNo>
            <exercisePrice>6.70000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-960000.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA</name>
        <lei>N/A</lei>
        <title>USD-SOFR 4.27 01/16/2035 EXPIRATION: 01/16/2035</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Options" value="SOFRP4.27"/>
        </identifiers>
        <balance>-60000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3416837.04000000</valUSD>
        <pctVal>-0.18016857799</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NOMURA</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>N/A</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <shareNo>-60000000.00000000</shareNo>
            <exercisePrice>4.27000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2035-01-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3416837.04000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BSPRT ISSUER, LTD.</name>
        <lei>N/A</lei>
        <title>BSPRT 2024-FL11 ISSUER LLC BSPRT 2024-FL11 A</title>
        <cusip>05613RAA6</cusip>
        <identifiers>
          <isin value="US05613RAA68"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10000910.00000000</valUSD>
        <pctVal>0.527344357458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.95717920</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>ARCOSA, INC.</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>ARCOSA INC 144A 6.875000% 08/15/2032</title>
        <cusip>039653AC4</cusip>
        <identifiers>
          <isin value="US039653AC46"/>
        </identifiers>
        <balance>1010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023952.14000000</valUSD>
        <pctVal>0.053992625004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FREDDIE MAC MSCR TRUST MN10 MSCR 2025-MN10 B1</title>
        <cusip>35563UAC2</cusip>
        <identifiers>
          <isin value="US35563UAC27"/>
        </identifiers>
        <balance>390000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>391809.09000000</valUSD>
        <pctVal>0.020659951225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.28968840</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>ALBEMARLE CORPORATION</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp PREFERRED STOCK</title>
        <cusip>012653200</cusip>
        <identifiers>
          <isin value="US0126532003"/>
        </identifiers>
        <balance>92238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3288284.70000000</valUSD>
        <pctVal>0.173390059730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARLYLE US CLO LTD</name>
        <lei>N/A</lei>
        <title>CARLYLE US CLO 2023-3 LTD CGMS 2023-3A E</title>
        <cusip>14318TAA2</cusip>
        <identifiers>
          <isin value="US14318TAA25"/>
        </identifiers>
        <balance>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>416334.91000000</valUSD>
        <pctVal>0.021953188819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.70198080</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>VISIO TRUST</name>
        <lei>N/A</lei>
        <title>VISIO 2023-2 TRUST VISIO 2023-2 B2</title>
        <cusip>92839CAF4</cusip>
        <identifiers>
          <isin value="US92839CAF41"/>
        </identifiers>
        <balance>460000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451354.62000000</valUSD>
        <pctVal>0.023799765428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.73773920</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>Government National Mortgage Association</name>
        <lei>N/A</lei>
        <title>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-111 SM</title>
        <cusip>38384QT40</cusip>
        <identifiers>
          <isin value="US38384QT406"/>
        </identifiers>
        <balance>28924749.47950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>937482.95000000</valUSD>
        <pctVal>0.049433135974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.95564160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE III</ncom:nameOfApplicant>
      <ncom:signature>Andrew Metzger</ncom:signature>
      <ncom:signerName>Andrew Metzger</ncom:signerName>
      <ncom:title>Treasurer, Controller and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
